What is the Executive Savings Program?
Companies operate in a highly competitive labor market. Being able to offer executives a comprehensive benefits strategy is crucial. Reliance Trust, in partnership with Renaissance Benefits Advisors, has developed a new, innovative approach to help meet the savings needs of your executives.
ESP Helps your Executives Save for Retirement on a Tax-Advantaged Basis
With the Executive Savings Program (ESP), your highly compensated employees will be better equipped to meet their financial and retirement objectives. ESP provides executives the opportunity to save for retirement on a low-cost, tax-advantaged basis without any contribution limits, forced government mandated distributions or concerns over corporate general creditor risk. ESP may be used alongside existing Qualified and Non-Qualified Deferred Compensation (NQDC) plans, or as a replacement for a NQDC plan. Additionally, and unlike traditional NQDC plans, ESP may be used by Partnerships, “S” Corporations or not-for-profit organizations.
Key Features for Executives
- Systematic, disciplined savings through convenient payroll deductions
- No limitations on contribution amounts
- No required distributions or penalties for early distribution
- No corporate general creditor risk
- Favorable capital gains tax treatment on investment earnings
- Low-cost, institutional investment management & advisory services
Key Features for Plan Sponsors
- Simplified administration with no IRS or DOL reporting or filings
- No impact on employer’s P&L or balance sheets
- Simplified & low-cost administrative services
For More Information
Please contact Kent Buckles, EVP, Manager Retirement Strategies Group, at
kbuckles@relico.com
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