“One of the questions often posed by mid-market companies has been ‘why can’t we take advantage of these tax-efficient benefits large corporations have been enjoying for years?’,” said Tony Laudato, vice president, Product Development and Innovation at Clark Consulting. “The response, in most cases, is that up until now it often has been cost prohibitive,” he said.
Clark’s response is the launch of “R3,” a packaged solution combining a voluntary non-qualified deferred compensation (NQDC) plan with informal funding via corporate-owned life insurance (COLI).
According to the announcement, costs traditionally have been too high for mid-sized companies because NQDC plans are a highly specialized discipline, often used in conjunction with COLI. The set-up and administration of such plans, typically with custom design, can be too costly for smaller corporations, Clark asserted. “By streamlining the process, and reducing insurance product selection, R3 allows smaller corporations to level the playing field and compete effectively and responsibly in recruiting, retaining and rewarding top performers,” Laudato said.
R3 also includes “Flex” and “Custom” offerings depending on the needs of the particular client.
Adviser, Consultant Opportunity
Clark said that the turnkey approach is also beneficial for insurance agents, financial advisers and benefits consultants, as “R3 includes the key tools needed to present, sell, implement and administer NQDC plans, all backed by Clark Consulting’s experienced professionals.”
Clark Consulting, Inc. is an AEGON company. AEGON NV is an international life insurance, pension and investment group based in The Hague, The Netherlands, with businesses in more than 20 markets in the Americas, Europe and Asia.
Firms interested in R3 should inquire call 1.866.446.7499 or visit http://clarkconsulting.com/r3coli.