MullinTBG, independent provider of executive benefits, today announced the introduction of IDP SelectSM, a cost-effective solution for implementing deferred compensation plans at middle-market companies to help them compete with industry giants for top talent.
IDP (Income Deferral Plan) SelectSM is a unique offering developed by MullinTBG to help growing companies meet their own corporate objectives as well as the wealth accumulation and retirement income needs of their key executives. To realize administrative efficiencies, MullinTBG has selected Wilmington Trust, a leading provider of trustee and administrative services for corporations worldwide and a specialist in retirement plan trustee services, as well as household name insurance companies, to deliver an executive deferred compensation plan that can be quickly and easily implemented.
MullinTBG's comprehensive approach fast tracks companies through the entire IDP SelectSM set-up and administration process, from plan design and informal funding with corporate-owned life insurance (COLI), through implementation, recordkeeping and reporting.
Like most income deferral plans made available only to highly compensated employees, IDP SelectSM allows executive participants to determine how much compensation to defer and when to receive benefit payments. Unlike qualified plans, there are no statutory limits on contributions, and benefits are unlimited. The company promises to make future payments of the deferred amounts, plus any earnings or losses based on the returns of the executives' "deemed" investments.
To deliver rabbi trust services that protect the executives' benefits in the event of a change of control or management change of heart, MullinTBG teams with Wilmington Trust, which also provides high-quality, cost-effective COLI premium remittance processing, benefit payment services and tax reporting.
IDP SelectSM clients will also have their choice of insurance companies to underwrite the COLI, which is designed to track the plan liability, insulating the P&L from volatility. The insurance company provides daily electronic net asset value transmissions for the plan, cash value reporting and fund reporting.
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