Compliance July 1, 2009

Franken Thrust into Pension Reform Debates

The newest U.S. senator—Al Franken (D-Minnesota)—will help ponder significant reforms in both the pension and health care arenas when he formally takes his seat in the chamber.
Reported by

That’s because, shortly after the Minnesota Supreme Court declared the comedian-turned-politician the winner of the hard fought race against Republican Norm Coleman, Franken was appointed to the Senate Health, Education, Labor and Pensions (HELP) Committee. Franken also won a spot on the Senate Judiciary Committee, according to a Washington Post report.

Products June 30, 2009

Plan Protects Retirement Savings of Disabled Physicians

Corporate Compensation Plans Inc. (CCP) announced the Retirement Security plan for physicians to continue contributions to their retirement plans when a career-ending disability occurs.
Reported by

CCP’s new disability plan allows physicians to purchase up to an additional $1,000,000 in tax free benefits—regardless of the amount of disability insurance they already have, the company said in a press release. When they become disabled, these benefits will be paid to them to be invested so their retirement assets will grow just as if they were working.

In addition, the plan will pay benefits if the disability prevents the physicians from practicing in their own specialty, and the insurance can be issued without medical examinations on a guaranteed issue basis, the press release said.

The insurance is issued on a group basis and requires that at least 10 physicians participate, and that they are either employees of a medical unit or members of a medical practice group.

CCP recently introduced another offering that would protect non-qualified deferred compensation benefits (see “New Program Designed to Protect NQDC Benefits“).

«