BFB Gallagher has become one of SDAHO Enterprise’s primary Endorsed Business Partners, given their extensive work with healthcare organizations across the state. Further, BFB Gallagher has a plethora of experience consulting with healthcare organizations to provide solutions that recruit, reward, and retain their executive leadership and physicians. Through custom design, implementation, and administration, BFB Gallagher offers all types of executive benefit plans with various funding and cost offset strategies. In addition, plan designs are focused on reasonable compensation / regulatory compliance and aim to accomplish the goals of the organization’s board of directors, as the employee(s) in question.
There are two main areas in which healthcare organizations seek BFB Gallagher’s expertise:
1. Providing Supplemental Executive Retirement Plan (SERP) options to retain management (ex: “Golden Handcuffs”):
- More favorable Form 990 optics and Avoidance of the new 21% Excise Tax
- Designed with expense recovery (and possible income recognition) for the organization
- More efficient than 457(f), 457(b), 401(k), 403(b), and 401(a) plans
- Mutually beneficial for the organization and the employee
- Competitive with peer group benchmarks
2. Enhance Physician Retention / Recruitment via offering voluntary supplemental retirement plan options:
- Overcoming limitations on plan contributions for highly-compensated individuals
- Limitations on qualified 401(k)/403(b)/401(a) and non-qualified 457(f)/457(b) plans prevent key individuals (executives, physicians, etc.) from maximizing their retirement savings (ex: can only defer, at most, $50 K of current income on a tax preferred basis into their respective retirement)
- BFB Gallagher’s Physician Plan has no ceiling on the amount of income that can be deferred on a tax preferred basis
- Qualified plan administrators typically don’t specialize in solutions for this issue
- Organizations who are unable to address this issue end up competing for talent
If you would like more information please contact, Ryan Millman, Regional Vice President Executive Benefits at 401-595-6020 or Ryan_Millman@ajg.com
SDAHO Enterprise was developed to pursue valued services and increase non-dues revenue. Overall goals and objectives of providing revenue to supplement SDAHO strategies and providing support and benefit to members.