NFP is a provider of benefits consulting services that includes executive benefits and nonqualified deferred compensation, while benefitRFP, Inc. is a national executive compensation consulting firm and provider of executive benefit plan solutions.
The partnership will offer the means to provide targeted recommendations for nonqualified deferred compensation plan administration and funding providers based on a client’s specific planning requirements, according to the two firms. The resulting technological platform is designed to deliver unbiased product comparisons based on particular plan data, while simplifying the complex funding mechanisms that are used to facilitate many benefit plans.
“BenefitRFP will complement NFP’s ability to empower clients to recruit, retain and reward top talent with a seamless plan, funded in the most competitive fashion and administered with NFP’s administration platform,” says Joe Carpenter, president of NFP Executive Benefits, based in New York. “There’s a growing and continuous need to deliver benefit packages for all employees and provide senior executives with the most competitive solutions available as our clients continue to expand and prosper.”
The proprietary tools and technology of benefitRFP—including planBuilder, Liability Specific Performance Targeting (LiSPT) and benefitMATRIX—will provide clients with a comprehensive benefit offering to evaluate plan funding results, help enhance product performance, and create a positive plan acquisition experience. LiSPT and benefitMATRIX will help enable plan sponsors to streamline the plan vendor search by utilizing a benchmarking technology process that can quickly reference more than 250 data points derived from specific plan needs.
These new tools will further simplify the complex funding mechanisms that are used to facilitate many nonqualified deferred compensation plans, says benefitRFP CEO Bob Nienaber, based in Sacramento, California. “Eliminating confusion in the market will empower clients to choose the solutions that best fit their needs and maximize the corporate and participant financial results.”