The 50 largest U.S. financial institutions each use at least one supplemental retirement plan to help retain and attract key executives, according to an analysis by executive benefits consultant The Todd Organization. Of those institutions, 96% offer at least one voluntary deferred compensation plan; 80% offer a supplemental executive retirement plan that will pay a defined benefit; and 74% have a defined contribution matching program. And 88% also offer at least one enhanced insurance benefit to executives; 76% offer post-retirement medical coverage.
America's largest financial services companies place a high value on retaining key executives," Ron Roth, Todd Organization executive vice president, said in a statement. "The cost for replacing such executives can be tremendous. It makes more sense than ever to design programs that provide compelling retirement benefits, particularly as a growing number of these institutions' executives are at the beginning of the baby-boom generation and now approaching retirement."
