The Principal Financial Group Interprets Recent Legislation for Nonqualified Plans
Oct. 13, 2005
Media Advisory
What:
Recent guidance released by the U.S. Department of Treasury regarding nonqualified deferred compensation plans, creates important decisions for American businesses to consider as they try to determine the impact on their business. A team of attorneys, accountants and deferred compensation professionals from the Principal Financial Group® has been tracking the impact of the American Jobs Creation Act regulations since its inception in 2004. The team recently reviewed the guidance and has released an initial analysis, helping employers better understand and address key findings.
"We remain convinced that properly structured and administered deferred compensation plans will continue to provide an excellent way to supplement qualified retirement plans, but realize companies have questions about recent guidelines and the impact on these plans," said Blaine Laverick, second vice president for the Principal Financial Group. "We continue to analyze the guidance and will provide additional updates on not only their meaning, but also the implications for new and existing plans going forward."
Who:
Experts from The Principal® - the nation's 401(k) leader and the second largest provider of nonqualified plans in the United States1 - are available to discuss recent regulations and the impact these will have on the financial services industry and American businesses.
Blaine Laverick, CEBS, CRPS, CLU, ChFC - Exclusively focused on working with companies to design, implement, finance and provide Internet-based, plan-level administrative services for selected nonqualified deferred compensation programs, Laverick is a second vice president for the Principal Financial Group. He has more than twenty years of experience working directly with employers on their qualified and nonqualified retirement plans and other employee benefits.
Mark West, JD*, CLU - As director of Advanced Solutions for the Principal Financial Group, West specializes in executive benefit planning, business succession and estate planning. The company's field force and clients' professional advisors consult with him on plan design and tax and legal issues related to executive benefits, business succession and estate planning. West is a frequent speaker and author on topics related to tax strategies, executive benefits, estate and business planning.
WHEN:
Interviews can be arranged with experts from the Principal Financial Group following receipt of this advisory. Please contact Sonja R. Sorrel at 515-362-2431 or sorrel.sonja@principal.com
About The Principal Financial Group
The Principal Financial Group®
(The Principal®)2
is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $187.8 billion in assets under management3 and serves some 15.2 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Media inquiries should be directed to Sonja R. Sorrel, 515-362-2431 or sorrel.sonja@principal.com.
*JD is an educational degree and holder does not provide legal services on behalf of the companies of the Principal Financial Group.
Insurance plans and plan administrative services are provided by Principal Life Insurance Company, a member of the Principal Financial Group, Des Moines, IA 50392.
1) Plan Sponsor, December 4, 2004
2) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
3) As of June 30, 2005.
