Nonqualified benefit plans can be complex, with many variations in features separating one plan from another. Yet, plan participants are accustomed to sophisticated technology that allows them to monitor and manage other investments, and they expect a similar level of service with their nonqualified plans.
To provide the level of service demanded by the world's leading organizations, Benefits Group WorldWide has developed an industry-leading administration and record keeping platform, designed exclusively to service the specific needs and intricacies of nonqualified deferred compensation plans.
At the center of our platform is a core record keeping package purchased from SunGard, whose software supports 70% of all US qualified plan administration and record keeping. Around this SAS 70 certified system, we have developed a flexible full-service platform designed to handle the regulatory and plan design considerations specific to the nonqualified deferred compensation business.
Our system is configurable to virtually any plan design without customizations, and therefore does not force our clients to accept compromises in terms of plan design limitations or administrative procedures. Instead of forcing a plan design to fit within the system, our platform allows unmatched flexibility for our client's benefits plans to accommodate design revisions, new deferral sources, or other changes over time. Participants are able to defer many sources of compensation, such as:
- Commissionable income
- Signing bonus
- Annual bonus
- Incentive plan awards
- Executive stock bonus programs
- Company stock allocations
- Restricted stock units, performance units or shares, and stock appreciation rights
- Severance payments negotiated upon termination
This list is intended to be representative rather than exhaustive. Other deferral sources may arise during the design or yearly review process, which can easily be handled by our administrative platform.
Our plan administration system is also designed to integrate other executive benefit programs that are of increasing importance in today's marketplace, such as the deferral of accumulated vacation pay and sick leave that some companies recognize as deferred compensation. Whatever the compensation source, we can accommodate the administration and record keeping.
Furthermore, our administrative platform is complemented by sophisticated online services whereby plan participants and administrators can easily access relevant plan information.
If you have any questions about our proprietary administration platform, or would like to see a demonstration of our online services, please contact us.