Insurance Product Continues NonQual Plan for Disabled Workers

May 19, 2005 ( - A Danbury, Connecticut company has unveiled a service that continues contributions to disabled employees' nonqualified deferred compensation programs.

Corporate Compensation Plans (CCP) said its WealthSecure plan continues contributions and accruals to the disabled workers’ nonqualified plans.

“In many corporations the single most important wealth accumulation plan is its nonqualified deferred compensation program. However, when employees become disabled, contributions and accruals to these programs usually stop. As a result a disability can cause a catastrophic loss of cash and retirement benefits,” Philip Davis, CCP’s President, said in a news release.

WealthSecure uses a disability insurance to informally “fund” the plan and doesn’t involve employer costs. According to the news release, the net cost to a 40-year-old employee toinsure that $70,000 a year will continue to be accrued to his or her deferral account until age 65 is $48 a month.

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