Principal SERP Select is designed specifically for key employees and owners of C corporations, as well as key employees of S corporations, limited liability companies (LLC), and partnerships. Benefitting up to five plan participants, total annual plan deposits can range from $25,000 to $150,000. The no-cost administrative services are a value-add feature.
Key features of the plan include:
- A dedicated executive benefits administrator;
- Consolidated annual plan level reports;
- Individualized participant annual statements;
- Consolidated billing services; and
- Economic benefit amounts (if applicable).
“This employer-financed deferred compensation plan is one more way owners can offer a valuable benefit to their key employees,” said Mark West, assistant vice president, advanced solutions, The Principal, Des Moines, Iowa. “This plan fills a small gap we’ve had in our nonqualified supplemental retirement platform offering.”
Advisers can learn more about the Principal SERP Select retirement plan at Principal eFinancial Professional, which can be found here.
The Principal Financial Group is a global investment management provider offering retirement services, insurance solutions and asset management.