As a business executive, you want to ensure the growth, success, and sustainability of your company. Providing additional incentives, including deferred compensation, for select executives or key employees helps reward performance and provide a retention benefit as you plan for future growth.
Deferred compensation is a term broadly used to describe any agreement between a company and an employee allowing compensation to be paid at a future date. With a non-qualified deferred compensation (NQDC) plan, the employer can offer certain employees the opportunity to defer compensation, without mandated contribution limits. Typically, employers choose to offer this kind of plan as an added benefit to reward selected executives or key employees and can help ensure your business continues and thrives.
Technology Association of Oregon and Bank of America hosted a conversation about planning and defining clear goals as your company considers adding a NQDC plan to your compensation packages.
“What would you like the power to do?” At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose and achieve responsible growth. By asking this question, we continue to learn what matters most to our clients, our employees and our shareholders. It helps us start a conversation centered on our commitment to use our capabilities to help those we serve be successful. Because we recognize that we can only be successful when the individuals, companies, communities and employees we serve are able to reach their vision of success.