At its core, Supplemental Executive Benefit Arrangements comprise of three lifecycle phases — design, implementation, and administration. With an emphasis on stakeholder collaboration and education, the initial design phase is an iterative process culminating in a design that meets the goals and objectives of the organization and its key executive(s). Once a design is finalized, the benefit arrangement is subsequently memorialized and implemented. This sets the stage for an ongoing administration relationship that will continue for the life of the arrangement.
The design phase focuses on establishing the “what” and the “why,” by determining the most advantageous method of structuring and delivering a Supplemental Executive Benefit Arrangement. On the other hand, the implementation phase is focused solely on “how” the chosen arrangement is executed. Critically important to the success of the implementation phase is for the organization and its key executive(s) to partner with a benefits provider that is skilled and experienced in leading an effective implementation process. In practice, the implementation phase demands engaged participation by all stakeholders, including the organization, the participating executive(s), and the benefits provider. Every subset of the implementation phase is interconnected, meaning that all stakeholders must be aligned to ensure a seamless and efficient implementation experience.
Additionally, at TriscendNP, we believe that thoughtful implementation of Supplemental Executive Benefit Arrangements is vital to ensuring the arrangement’s post-implementation success. In our experience, by imploring an implementation approach centered on careful contemplation and attention to detail, it results in enhanced benefit projection accuracy and reliable plan performance. A thoughtful implementation approach should include:
- access to a dedicated team of highly skilled professionals
- rigorous, scientific analyses to produce benefit projections, illustrations, and comparative analyses
- expert knowledge of underwriting techniques
- the skill set to collect the data required to complete the plan agreements
- flexibility to pivot and alter any of the initial transactional assumptions and/or to capture any necessary design modeling or legal documentation revisions
If you or your organization is interested in learning more about Supplemental Executive Benefit Arrangements or is contemplating the implementation of such, TriscendNP representatives would be delighted to be of service to you. Contact us today to begin designing your program.
