Advancements in Supplemental Executive Retirement Plan (SERP) Design in Acquiring and Retaining Key Talent

Replacing a key executive can cost more than 100% of that leader’s annual salary, before accounting for lost institutional knowledge, disrupted strategy, and weakened client relationships. That’s why executive retention has become a board-level priority for many financial institutions.

In a recent issue of the Connecticut Bankers Association (CBA) Quarterly, Nate Siegel and Garrett Pasternak, CLU^® from our Executive Benefits team, explore how advancements in SERP design are helping banks attract, retain, and reward key talent.

Their article highlights the evolution of executive benefit strategies, including both traditional SERP designs and newer approaches such as the Platinum Security Plan™ (PSP), a fully funded structure that can help institutions address balance sheet considerations while providing stronger benefit security and earlier recovery of invested capital.

As competition for leadership talent continues to intensify, organizations are taking a fresh look at how executive benefit programs can support retention, succession planning, and long-term business objectives.

Read the full article here.

Have questions about executive benefit strategies? Reach out to Nate Siegel or Garrett Pasternak to learn more.