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MullinTBG Introduces IDP Select(SM), Cost-Effective Executive Benefit Plan Designed for Middle-Market Companies
| Source: MullinTBG
LOS ANGELES, CA--(Marketwire - December 4, 2007) - MullinTBG, the nation's largest independent
provider of executive benefits, today announced the introduction of
IDP Select(SM), 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) Select(SM) 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 Select(SM) set-up and administration process, from plan design and
informal funding with corporate-owned life insurance (COLI), through
implementation, recordkeeping and reporting.
"For more than 50 years, we have worked with Fortune 1000 companies to
develop executive benefit plans that provide a competitive advantage
critical to corporate retention," said Mike Shute, chief executive officer
of MullinTBG. "We're offering all of that expertise with
IDP Select(SM), which provides the same flexible, state-of-the-art system
functionality and exceptional client service at a price structure that
makes it more accessible to a wider range of companies that need to
recruit, reward and retain key executive talent."
Like most income deferral plans made available only to highly compensated
employees, IDP Select(SM) 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.
"Most employers understand that qualified plans severely limit executives'
opportunities to save pre-tax dollars in order to financially prepare for
retirement," said Jim Clary, president of MullinTBG. "We've efficiently
integrated all of the necessary executive benefit plan features into IDP
Select(SM), making it simple for middle-market companies to offer enhanced
savings opportunities to the executives that are driving their success. At
the same time, this new solution is scalable, so its full-service offerings
will adapt as these businesses continue to evolve and grow."
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 Select(SM) 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.
About MullinTBG
MullinTBG is one of the nation's largest providers of nonqualified
executive benefits, with more than 600 customized plans and $21 billion in
total assets under management (as of 09/30/07) representing over 50,000
corporate executives. The firm operates two client service centers, one
from its Los Angeles headquarters and one from Chicago, and has regional
offices in Baltimore, Boston, Dallas, New York, and Newport Beach. For
more information, please visit www.MullinTBG.com.
About Wilmington Trust
Wilmington Trust Corporation (NYSE : WL ) is a financial services holding
company that provides Regional Banking services throughout the Mid-Atlantic
region, Wealth Advisory Services for high-net-worth clients in 36
countries, and Corporate Client Services for institutional clients in 86
countries. Its wholly owned bank subsidiary, Wilmington Trust Company,
which was founded in 1903, is one of the largest personal trust providers
in the United States and the leading retail and commercial bank in
Delaware. Wilmington Trust Corporation and its affiliates have offices in
California, Connecticut, Delaware, Florida, Georgia, Maryland,
Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South
Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin,
Frankfurt, and Luxembourg. For more information, visit
www.wilmingtontrust.com.