For For-Profit Companies
The business structure of your company can have a great impact on the design of an effective retirement income solution. The Principal Financial Group® offers several different plans to help for-profit companies meet business and personal financial objectives.
- Executive Nonqualified "Excess" PlanSM (Deferred Compensation) - A nonqualified defined contribution plan that allows contributions in excess of qualified plan limits.
- Executive Nonqualified Defined Benefit Plan (Deferred Compensation) - A nonqualified defined benefit deferred compensation plan that allows employers to provide a supplemental retirement benefit in excess of qualified plan limits.
- Principal Executive Bonus PlusSM - A complete executive benefit solution for owners and key employees of growing businesses with an emphasis on bottom-line value and ease of use. Allows selected employees to make after-tax contributions and the company to make matching or discretionary contributions.
- Principal® Select Reward Plan - A program enabling employers to promise a lump-sum bonus payable upon fulfillment of a highly compensated executive's specified service requirement. No benefit is paid if the executive leaves early and vesting prior to the end of the service period is not allowed. Executive cannot alter time or form of payment.
- Principal Split Dollar PlusSM - A program that purchases a cash value life insurance policy for an employee and pays for it with loans from the employer. A portion of the cash value and death benefit equal to the loan is assigned to the employer. At retirement or death, the loan is paid off or forgiven and the assignment is terminated.
- Principal LLC BonusSM - A plan allowing members (owners) of limited liability companies (LLCs) to accumulate wealth and/or create retirement income above what is allowed by their qualified plan. Depending on the funding method used, can also provide a death benefit and help LLC members diversify their personal income tax liability.
- Principal S Owner PlusSM - A program allowing owners of S corporations to move cash from the business to the owner, personally. Depending on the funding method chosen, can also provide a death benefit and help maximize tax diversification.