John Westerman, director of enterprise business development for the company said the product’s flexibility should be appealing to smaller companies. “Plans can be designed to accommodate deferral of salary, bonuses, commissions or any combination. Participants may allocate their deferrals between retirement income needs and specific life event distributions such as meeting educational costs. And Executive Privilege can stand alone or work in conjunction with an existing qualified plan,” he said in the news release.
AUL has partnered with Magner.Network, a third party administrator of deferred compensation plans, to offer the product. According to the press release Magner.Network provides complete plan design, a prototype plan document, implementation, and administrative services, while AUL provides funding through tax-advantaged life insurance.
More information about the product can be found at www.oneamerica.com/executiveprivilege .