Especially attractive to small business owners, Executive Section 162 Bonus Plans are appealing to entrepreneurial and executive clients looking for ways to incentivize key executives and create retirement options while creating additional tax advantages for the business and the executive. Brokers Alliance will ensure that you:
A Self Owned Life and Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where an employee purchases a cash value life insurance policy to provide death benefit protection and to help accumulate funds for retirement. The arrangement is funded through employer contributions as IRC § 162 bonuses, through after tax contributions from the employee, or a combination of both. While premium payments must be treated as ordinary income, the employee can borrow money from the Voya IUL-Global Choice life insurance policy to pay taxes.