Financing Nonqualified Plan Liabilities with Cash Flow:
Advantages:
- Simple
- ROE greater than promised, benefits company
- Provides current cash flow to grow the company
Disadvantages:
- Liquidity (increased risk to participant)
- Company liable for benefit payments regardless of earnings
- “Legacy Cost” to future management to pay future benefits
Financing Nonqualified Plan Liabilities with Mutual Funds:
Advantages:
- Investments can be used to offset participant liabilities
- Investment selections from a diversified mutual fund universe
- Asset values based on underlying investments
Disadvantages:
- Tax impact on realized gains/losses
- Investments subject to market value fluctuations
Financing Nonqualified Plan Liabilities with Corporate Owned Life Insurance (COLI):
Advantages:
- Tax-efficient growth of policy earnings
- Positive accounting treatment of policy earnings
- Investment selections from a diversified fund universe
- Life insurance component can be used to provide additional benefits and cost recovery
Disadvantages:
- Potential underwriting challenges
- Cost of insurance policy fees and expenses in early years
