Minneapolis Minnesota Split-Dollar Insurance Agreement with Policy Owned Jointly by Employer and Employee
Category:
State:
Multi-State
City:
Minneapolis
Control #:
US-1086BG
Format:
Word;
Rich Text
Instant download
Description
In a split-dollar plan, an employer and employee execute a written agreement that outlines how they will share the premium cost, cash value and death benefit of a permanent life insurance policy. Split-dollar plans are frequently used by employers to provide supplemental benefits for executives and/or to help retain key employees. The agreement outlines what the employee needs to accomplish, how long the plan will stay in effect and how the plan will be terminated. It also includes provisions that restrict or end benefits if the employee decides to terminate employment or does not achieve agreed-upon performance metrics.
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