Some of your Greatest Assets
Your clients are probably your greatest assets but it's your key people that may have found them and definitely keep them coming back. There are several strategies available to keep your key people with the company for extended time periods. Most of these strategies are linked to retirement plans and benfits.
A typical retirement plan may have a vesting period as long as 5 years. These plans may be expensive to manage and require that strict Federal ERISA requirements are followed. ERISA sets minimum standards for participation, vesting, benefit accrual and funding.
The new TRICOR I.R.A. permits a vesting schedule of 10 to 15 years and can be use for specific key employees rather than the ERISA required participation rate. You are able to be selective, retain key employees for a longer period and avoid the additional reporting requirements.