The Individual Retirement Bonus (IRB) product provides tax-deferred growth of earnings on contributions and a selection of diversified investment options. Unlike traditional non-qualified deferred compensation plans, employer contributions to the IRB product may be deducted immediately and deferred amounts are not subject to the company’s creditors, Great-West explained in a press release.
The product offers a setup and implementation without complicated accounting, recordkeeping, or administrative requirements, in most cases, the announcement said.
With the non-qualified plan, there are no contribution limits, no eligibility or participation requirements, and no accrued liability on the company’s balance sheet.
More information can be found at www.gwrs.com.