“If you are not offering the PIP, contact Custom Benefit Services about creating your own Production Incentive Program.”
Brad Ditton, Company Owner
Oakhurst, CA
The Production Incentive Program is a custom benefit, structured to
reflect the unique needs and goals of each client company implementing
the plan. The PIP is an incentive based restrictive bonus plan that allows a company owner to participate in the financial future of his or her most valuable associates / employees.
There are six (6) decisions each company owner must make when designing their custom PIP plan.
Qualification / Eligibility: This is the minimum standard of production each participant must achieve to be eligible for the company plan.
Matching Amount / Bonus Schedule: The amount of money the company is willing to contribute to the plan based on production qualifications.
Matching Mode: The mode in which the company will match participant contributions. (i.e. monthly, quarterly, semi-annual, annual)
Vesting Schedule: The amount of time each participant must stay with the company to be fully vested.
Payment Process: The company can set up a contribution option in which the participant is able to contribute to their individual plan through a process of commission / payroll deduction, or the company can allow participants to contribute through writing personal checks.
Enrollment Period: This is the length of time each participant has
each year to make the decision to join their company’s PIP.