Many businesses have at least one key employee that contributes to the profitability of the company. This key person could be a manager or a sales person or young person in training to run the company at some point in the future.
Wouldn’t it be nice to offer a special enticement to give this key person an extra reason to stay with the company?
A Golden Handcuffs plan says “Work for me for XX years, and I will provide you a special retirement income plan. If you die prematurely I will pay it to your family. Leave the company and you lose this benefit.”
These plans give that key person something special to consider if they are ever enticed to quit.