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Yes. Its called a non-qualified plan. There are different types, it just depends on the situation.
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Most likely you would want to do an Executive Bonus Plan if you went the Non-Qualified Route.
It wouldnt have as much tax deductiblilty on immediate income as a traditional Qualified Plan (SEP/401k/SIMPLE/Pension); although there is some.
But it can have tax favorable treatment when you access funds. So the NET taxes once funds are used; are about the same often times.
The Executive Bonus Plan usually does not have age/access restrictions, discrimination restrictions, or arbitrary contribution limits.
Depending on how much you want to contribute per year, you might want to combine a SEP & an Executive Bonus Plan for yourself.
If you planned on contributing $40k this year, you could do $20k to the SEP and $20k to the Exec Bonus.
If you have employees age into the SEP, you can always reduce contributions to it and increase Exec Bonus contributions.
Also, a Profit Sharing Plan is always an option as an alternative once employees age into the SEP.
With the PSP you can have different "classes" or "tiers" of employees based on compensation. And contributions to the Profit Sharing are Graduated, with a larger portion going to the top tier.
In other words; a PSP would allow you to have a much higher contribution than a lower paid employee. And it would keep the same general tax treatment as a SEP or 401k.
Honestly, how much you want to contribute per year will dictate things to an extent.
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