SOURCE: Spring Consulting Group

Risk Management, Captive, Insurance, Employee Benefits

April 14, 2014 11:03 ET

Intel Gains Approval From DOL to Fund Benefits in Their Captive

Spring Creates Innovative Funding Strategy in Landmark Case

BOSTON, MA--(Marketwired - April 14, 2014) - Spring Consulting Group announced today that Intel Corp (www.intel.com), has received approval by the U.S. Department of Labor (DOL) of their application to fund their employee benefits in their captive. Spring had submitted the application to the DOL on behalf of Intel.

Intel was seeking to reinsure their life and accidental death and dismemberment coverage through their existing Hawaii-based captive. They had received preliminary approval back on November 6, 2013.

More information about this development can be found in the April 10th Federal Register in Application No. L-11760.

Funding a corporation's benefit risks though a captive is an innovative financial strategy that has become increasingly important for organizations facing accelerating benefits costs. There are a number of employers that have been waiting for a ruling on this case before they can proceed with their own benefit captive strategies.

"We are delighted that Intel's request was approved and to see all of the hard work that our combined teams put into the project pay off," said Karin Landry who heads the Intel team at Spring. "This case is a landmark ruling that is sure to be cited in the future as other employers look to create new fast track processes and to have Spring play a role in it is very exciting."

About Spring Consulting Group:

Spring Consulting Group (@SpringsInsight) is a leading professional services firm whose core focus is developing integrated and innovative solutions in the areas of employee benefits, risk management and wealth strategies. Spring is the proud winner of the prestigious Business Insurance Magazine Innovation Award as well as awards from Captive Review for Actuarial Firm of the Year and Risk & Insurance Magazine for Top Employee Benefits Consultant, Risk Innovator and Power Broker. Spring also possesses four U.S. patents for benefit funding solutions.

More information about Spring Consulting Group can be found at: www.springgroup.com 

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