Financing a SERP and split dollar plan with a single policy

Article Abstract:

The US District Court for the Southern District of New York's decision in Miller v. Heller demonstrates that a single life insurance policy can be used to fund both a split dollar life insurance policy and a supplemental executive retirement plan (SERP). By offering both to an executive, employers account for both retirement and death before retirement. The decision indicates that the SERP and the split dollar plan should be drafted separately without reference to one another. The SERP must also be considered unfunded to avoid ERISA regulations.

Planning, Supplemental executive retirement plans, Split-dollar life insurance, Split dollar life insurance

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Life insurance as a qualified plan investment: taking on the qualified plan rules

Article Abstract:

Life insurance can make a valuable investment for qualified benefit plans but the qualified plan rules must be strictly followed since the insurance would become a plan asset covered by the plan's provisions. Eligibility for a life insurance investment and the requirements of the incidental limitations need to be determined. Beneficiary requirements and the employers' other plans need to be reviewed. Clients should be notified of the costs and the investment decision-making process must be evaluated for due diligence.

Qualified benefit plans

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The next generation - the Rabbicular Trust

Article Abstract:

The Rabbicular Trust is a good tool for those earning unqualified deferred compensation. It has the benefits of offering greater protection than a standard rabbi trust with more tax deferral than a typical secular trust. The structuring of a Rabbicular Trust and applicable laws are discussed.

Trusts and trustees, Trustees, Trusts (Law), Deferred compensation

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