Deferred Compensation Plans Overview
Attracting and retaining key executives who drive your co-op’s operational effectiveness and bottom-line success requires a competitive approach to compensation. Take a closer look at Homestead’s Deferred Compensation Plans Available to Tax-Exempt Co-ops.
For a detailed comparison of nonqualified deferred compensation plan types, click here.
Below you will find resources for co-ops that file a Form 990.
Executive Compensation 457(b) Plan
Allows co-ops to provide additional savings options for a select group of executives.
See the Executive Compensation 457(b) Checklist.
Related Resources
Information
Forms
Executive Compensation 457(b) Plan Sample Deferral Election Form
Sample Beneficiary Election Form
Executive Compensation 457(b) Plan Sample Normal Retirement Age Form
Executive Compensation 457(b) Plan Sample Payment Election Form (Age 72)
Executive Compensation 457(b) Plan Sample Payment Election Form (Age 70½)
Executive Benefit Restoration Plan
Allows co-ops to provide additional retirement benefits to a select group of executives who may have their pension benefits limited because of IRS restrictions on qualified retirement plans.
See the Executive Benefit Restoration Plan Checklist.
Performance Incentive 457(f) Plan
Allows co-ops to provide supplemental compensation to employees if specific performance goals are met within a predetermined time period.
See the Executive Compensation 457(f) Checklist.