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#RetirementPlanning

2 posts2 participants0 posts today
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Ozzie D, NP-hard :bikepump: :vegan:

What is a "rabbi trust"? From smithlegacylaw.com/resources/i :

There are several key features of a rabbi trust that make it appealing to employers and employees.

  • Flexible terms: The terms and distribution rights of the trust can be modified to suit the needs of the grantor company. For example, vesting schedules can be tailored to encourage employees to stay at the company for a longer period.
  • Tax advantages for employees: Contributions made to the trust for the benefit of the employee do not count as part of the employee’s wages. Accordingly, the employee does not pay tax on the contributions made by the company and the funds grow tax-free in the trust just as they would in a traditional qualified retirement plan. Employees are only taxed when the money is paid out.
  • Access to the assets: The grantor company cannot access the funds because the trust is irrevocable. However, the assets are not protected from creditors of the grantor company, which does pose a risk that the funds could be lost.
Smith Legacy Law · Harness the Power of a Rabbi Trust for Employee Benefits - Smith Legacy LawDiscover how a rabbi trust can enhance your business's ability to attract and retain top talent.Contact us to discuss your employee benefit and estate planning needs.
#RetirementPlanning#Finance
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Ozzie D, NP-hard :bikepump: :vegan:

I'd never heard the term "rabbi trust" before. Now I know not to trust one.

wbur.org/news/2025/05/01/stewa

[Retired former CMO Dr Alan] Hackford's funds, along with those of other participating employees, will likely be used to help pay off some of the more than 100,000 creditors Steward listed in court documents when it filed for bankruptcy last May.

"It was sort of like a big loan to Steward," Hackford said. "And now they're kind of saying, 'Well, we're taking it back, even though you earned it.' "

The St. Elizabeth’s Medical Center sign in front of the emergency room entrance with any reference to Steward Health Care covered up. (Jesse Costa/WBUR)
www.wbur.orgJudge allows bankrupt Steward to keep employee retirement fundsSome former Steward employees participated in deferred compensation plans, investing tens of millions from their salaries. A bankruptcy court has ordered the funds go to pay off some of the company's thousands of creditors.
#RetirementPlanning#Investment#USHealthcareSystem
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