Retaining Senior Management
Executive benefit plans are a major part of attracting and recruiting senior executives.
Senior management is frequently under-insured in core benefits like life and disability coverage. Income replacement in the event of an illness or injury can be a fraction of a senior person’s annual compensation.
High wage discrimination continues in the area of retirement benefits. Team members earning in excess of $150,000 reach the maximum contribution threshold for registered plans, making it harder to save for retirement–especially in light of recent changes to tax rules for passive income and employee share purchase plans.
Employees who regularly travel and work outside of Canada relying on standard out-of-country emergency medical coverage is another area of concern. Depending on the country and length of stay or frequency of travel, specialized coverage may be needed.
Whether your company is large or small, your senior executives are at the core of your value, culture and future. At Montridge, we are experienced in developing tax-efficient executive benefits strategies designed to address some of the structural challenges faced by high-income earners. We understand the myriad factors that must be considered to protect your company, and we maintain a network of insurance, legal and tax partners to assist our clients in rewarding the best while insuring against every eventuality.
“Browns Restaurant group began working with Montridge in 2005, when our restaurant chain consisted of one location in North Vancouver, BC. Since this time, we have grown to over 60 locations across Canada, with 2 restaurants located in Washington State.
As one of Canada’s fastest-growing restaurant chains, it’s imperative that we offer programs, vendors, and solutions to both our Franchisees and corporate staff that confirm our best-in-class status.
Our benefits program for both groups is one such example. Montridge has played a key role with our Finance and Human Resource teams in many areas throughout the years. Solutions for plan design, benefits administration and training were proposed and managed by Montridge – and are appreciated when our teams have heavy workloads. They will work with our independent Franchisees when issues arise and have managed complex claim situations. They successfully negotiate our benefit renewals every year and do due diligence with market surveys when required.
I highly recommend working with them.”
Kimberley Hollett, VP Finance & Administration
Browns Restaurant Group Inc.
Talk to a Montridge Advisor to learn how to craft an executive benefits plan that will protect the most valuable asset in your company, your people.