Business Services Division

Not sure which products are right for you? We offer a wide array of insurance products from many national carriers, and will tailor these products to fit your needs. We will work with you and customize a plan to protect you and your assets. We are a company you can trust!

We provide all lines of insurance to our customers, including Life Insurance, Long Term Care, Annuities, and more. So whether you are in need of health or life insurance, or are looking to set up a college fund or retirement plan, we can help you with these and more!

No matter what type of insurance you need, our specialists will provide you with a customized plan. Our extensive knowledge and expertise will help you sleep better at night.

Supplemental Executives Retirement Plans (SERPs)

supplemental executive retirement plans

Supplemental Executives Retirement Plans (SERPs) – ONFS form 2303 Rev. 1-06 for all data

Increase the Retirement Benefits of Your Key People, many business owners enhance their employee benefits to place golden handcuffs on their key employees. A SERP is a nonqualified plan, which can provide enhanced retirement benefits for select executives.

The appeal of nonqualified supplemental retirement plans is the ability to tie quality executives to a business by making retirement benefits conditional and too worthwhile to leave behind. As such, the promised benefits can help keep quality people with a business for the long term.

How SERPS work:

  • The company contractually agrees to pay the executive an annual retirement income. The agreement may specify that if the executive die before retirement, an annual benefit will be paid to the executive’s beneficiary.
  • The company informally funds it’s obligation by purchasing insurance on the life of the executive. The company pays the entire premium to Ohio National and is the policy owner and beneficiary.

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  • The company controls the cash value of the policy during the executive’s lifetime and receives the entire proceeds upon the executive’s death.
  • At retirement, the company pays benefits from the current cash flow or cash value of the policy.
  • Upon the executive’s death, the executive’s beneficiary receives benefits according to the terms of the agreement.


1. The plan place “golden handcuffs” on key people
2. IRS approval is not needed to install the plan, and only minimal Department of Labor (DOL) requirements that apply.
3. The business is free to select eligible participants.
4. The plans offer flexible benefits,
5. The business can recover all cost, including the time value of money tied up in the plan.


1. There is no plan cost and the employer makes 100 percent of the plan contributions.
2. Benefits can fit individual needs and provide retirement security.
3. There is no reverse discrimination for highly compensated employees as there might be in a qualified retirement plan.
4. The plan serves as a tax-deferred retirement benefit.

To learn more ask for the information in brochure format.