NG Employee Benefits Savings and Insurance (NGEB)
Employee Benefit Programs
NGEB’s employee benefit plans are dual benefit programs that combine a savings element with permanent – universal life insurance. Highlights include:
- Tax-advantaged / tax-deferred growth. Because savings element is combined with permanent universal life insurance, savings grow tax-advantaged / tax-deferred under Internal Revenue Code 7702.
- NGEB’s plans are non-ERISA.
- Benefit programs can be offered to all employees or restricted to include only designated employees.
- NGEB’s plans can be used as a primary benefit program or, if an organization already offers a benefit plan and would like to increase participation levels, NGEB’s programs can be used as an optional program alongside an existing employee benefit such as a 401(k) or other benefit plan.
- Savings account values are funded with after tax dollars.
- Under Internal Revenue Code 162, related employer expenses are 100% deductible in the year expenses are incurred.
- Program has a guaranteed 0% base or floor (contributed savings portion is 100% protected from any loss and annual returns credited to account cannot go below 0%).
- Average annual returns 7 of last 10 years have been between 10 – 15% (please note: past market performance does not guarantee future market performance).
- Account values are annually locked-in.
- Policy holder has access to savings account / cash values after first year without incurring an IRS 10% early withdrawal penalty (or as per any Company Agreements).
- Once savings accounts have been given time to accumulate – account values can be used as collateral for low cost, preferred loans from insurance carrier and accessed tax-free.
- First-day permanent / universal life insurance coverage for insured individual.