To offset the increasing costs of consultants' benefit needs
Clark Consulting has launched R3, a packaged solution combining a non-qualified deferred compensation (NQDC) plan with informal funding through corporate-owned life insurance (COLI).
Tony Laudato, vice president of product development and innovation at Clark Consulting, said: 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?”.
The costs traditionally have been too high for mid-sized companies because NQDC plans are a 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.
R3 also includes flex and custom offerings depending on the needs of the particular client. It is also beneficial for insurance agents, financial advisors 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.
Mr Laudato said: “Clark has a long history as a leader in the fields of COLI and non-qualified benefits. We are pleased to now have the ability to provide our consultants and distribution partners with a unique source of return generation as well as offer new and existing clients a cost-effective way to offset the ever-increasing costs of their benefit needs.”