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October 04, 2012 at 08:45 AM
MullinTBG, a unit of Prudential Retirement, has launched a new website for participants in non-qualified deferred compensation plans (NQDC).
“MullinTBG’s web presence is vital to how participants interact with our systems and experience overall satisfaction with their plans,” said Yong Lee, MullinTBG chief operating officer.
“Enhancing the participant website supports our strong commitment to providing participants with easy access to their account information and the resources they need to prepare for retirement and meet other financial goals,” Lee said.
Lee is responsible for MullinTBG’s overall corporate strategy, and reports to George Castineiras, Prudential Retirement senior vice president, Total Retirement Solutions.
“The new participant website has been updated to improve the “overall user experience” with redesigned account information displays, homepage customization options and navigation enhancements that make accessing NQDC plan online account details easier than ever,” Lee said.
The announcement shone a much-needed spotlight on a large if obscure life insurance product line whose fortunes have recently improved as the economy has stabilized and restarted on a growth path.
MullinTBG, based in Los Angeles, is one of the nation’s largest providers of NQDC plans, managing $22.9 billion in total assets as of June. MullinTBG offers more than 855 customized plans, company officials said.
Industry numbers are hard to come by, but industry officials acknowledge it is a large and profitable business, both for underwriters and the agents who sell the plans.
For example, SNL Financial, which tracks financial data through statutory insurance company filings, said that Corporate-Owned Life Insurance data, which is what companies use to fund these plans, is not readily broken out in the statutory financials.
The industry began experiencing a downturn in 2008 after a strong 2007, according to Lee said.
Lee said that 2010 “saw an uptick in participant appetites for market-based investment options and companies starting bringing back matching contributions.”
He said the trend continued in 2011, indicating a return of investor confidence and renewed faith in the strength of the economy resulting in a bounce back in revenue for 2011 and 2012 to date.
NQDC continues to be attractive for company executives, Lee said.
“With traditional pensions and defined benefit plans waning in prevalence year after year, company-sponsored savings vehicles that offer enhanced deferral opportunities are still fulfilling most company’s objectives to add value by serving as an effective retention tool, making up for qualified plan restrictions, and rewarding outstanding performance that contributes to their and their executives’ bottom lines,” Lee said.
