Complementing its human resource consulting, the new service assists clients in:
- reducing benefits costs, especially for international employees
- improving working capital management
- restructuring the funding of benefits liabilities like deferred compensation and supplementary pension obligations
- capitalizing on the value of pension surpluses
Geared mainly to large benefit plans, the new service focuses on accounting, regulatory, insurance, and tax methods to help absorb the risks of long-term benefits obligations. “These are substantive financial issues that can have a profound effect on a company’s balance sheet and income statements,” noted company principal Mitchell Cole.
Cole emphasized the service was not about saving costs by reducing benefits. “We want both our clients and their employees to be better off at the end of the day; we don’t want to alienate certain groups or classes. Our service aims to be both inclusive and cost effective.”
The team behind the new service operates out of both the United States and Europe. Members are experts in accounting, corporate finance, executive compensation, health and welfare, life and annuity products, pensions, and tax. “We work cooperatively internally so plan design and finance are considered in equal measure,” said Cole.