VIP Plan Advantages – Combining the Best Features of Defined Contribution and Defined Benefit Plans
Join host Scott Duda, Leader of Cherry Bekaert’s Professional Services Industry practice as he sits down with Jeff Gump, Financial Advisor with Cherry Bekaert Wealth Management, to discuss VIP plans. Although many think of very important people when they hear VIP, in this case, it stands for Direct Recognition Variable Investment Plans. Coincidentally, although many may think they are familiar with these types of plans and have seen them before, there are some considerations that may have been missed. In this episode, Jeff explains what sets these types of plans apart and why they are becoming more attractive to companies in the professional services space.
- What is a Direct Recognition Variable Investment Plan (VIP) and how do these types of plans compare to other deferred compensation plans?
- What are the considerations for business owners and professionals?
- How a VIP differs from a traditional Cash Balance Plan
- Steps for exploring the implementation of a VIP Plan
“Investment Advisory Services and insurance products are offered through Cherry Bekaert Wealth Management, LLC. Cherry Bekaert Wealth Management LLC and Cherry Bekaert LLP are affiliated companies. Cherry Bekaert Benefits Consulting and Cherry Bekaert Wealth Management LLC partner to service VIP but are not affiliated companies.”