Capitalizing on the Ripple Effect of COVID-19 Business Decisions on Executive Retirement Benefits
Speakers: Michael Fontanini, MT, CFP®, CLU®, Vice President, Advanced Sales and Design and Adam Sandahl is Senior Vice President of Corporate and Business Solutions for Lion Street.
As COVID-19 continues to affect economic activity across the county, more and more businesses may find that they cannot afford to make safe harbor contributions to 401(k) or profit sharing plans, and/or rank and file employees may be voluntarily or involuntarily forced to cease elective deferrals as a result of budgetary constraints or being furloughed. The result could be that retirement plans may fail the various compliance tests, causing force-out distributions to the highly compensated key executives or limitations on how much these key employees can contribute. This webinar will discuss these possible issues and address a number of non-qualified executive benefit programs and plan designs that can be considered to help compensate for these potential adverse effects on key employee participation in defined contribution plans. Valuable information will be shared to help you in discussions with your business owner clients and prospects today about these potential problems and solutions to ensure they continue to reward and retain their top talent through and after this difficult time.