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Products December 18, 2007
Great-West Introduces New Small Business Non-Qualified Plan
Great-West Retirement Services has introduced a new non-qualified savings plan to help small business owners and their executives accumulate retirement savings above the limitations of qualified retirement plans.
Reported by Rebecca Moore
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.
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