A salary continuation plan is a contract between a business and key employees that pays a monthly salary after retirement or if they become disabled or die, but only if they stay until a set age. The employer gets tax deductions and insurance proceeds, while employees get long-term financial security.
What can you do to keep your most valuable people from being hired away by your competitors? And how do you get them to remain with your company until they retire? With a salary continuation plan. It's a private agreement between your business and your key people. It's a contractual guarantee that they will continue to receive a regular monthly salary for a specified number of years after they retire, or if they are ever unable to work because of a serious illness or debilitating injury, even if it results in their death or permanent disability. Salary continuation is a type of conditional deferred compensation plan because the employee can only receive the retirement benefit if they stay with your company until the age or the year specified in the agreement, and if they leave before then, they forfeit all the benefits. What's more, all the benefits are totally insured so that all the expenses can be recovered. Your business receives the insurance proceeds tax-free and takes a tax deduction for benefits paid out of the insurance proceeds. So there's little or
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