The Principal Financial Group Unveils COLI Financing Options: Employee benefits provider and 401(k) administrator the Principal Financial Group has introduced Benefit Variable Universal Life, a financing vehicle for nonqualified deferred compensation plans for both smaller and growing companies.
The Benefit VUL offering completes Principal Life Insurance Co.’s portfolio of corporate-owned life insurance products. In June, Principal Life rolled out its Executive VUL product, which was designed for larger premium COLI cases. The Benefit VUL provides a COLI product in line with the design and pricing requirements of smaller plans.
Benefit VUL contains all of the traditional benefits of life insurance, including tax-deferred earnings, tax-free withdrawals and loans for the life of the policy. Benefit VUL also offers a wide array of investment options similar to those found in qualified retirement plans.
Companies financing their nonqualified plans with Benefit VUL may choose from 73 investment divisions from 26 well-known investment advisors like American Century, Fidelity, Janus, MFS, Putnam and Vanguard. Benefit VUL is part of Principal Life’s turnkey nonqualified executive benefit plan management platform.
Jetton Named FPA President-Elect: The Financial Planning Association has named Elizabeth Jetton as its president-elect for 2003.
Jetton, who has served on the FPA’s board since 2000, will serve as president of the organization in 2004, succeeding David Yeske, of Yeske & Co., in San Francisco.
Jetton is president of Financial Vision Advisors Inc. in Atlanta. Previously, she was an adjunct professor at Hofstra University and a financial advisor with Total Asset Planning, in New York.
Separately, the FPA named four new members to its board: Mark Johannessen, CFP, senior planner at Sullivan, Bruyette, Speros & Blayney Inc., in McLean, Va.; Troy Jones, president of Access Financial Resources Inc., in Oklahoma City; Dan Moisand, principal at Spraker, Fitzgerald, Tamayo & Moisand, in Melbourne, Fla; and Nicholas Nicolette, principal at the Sterling Financial Group, in Sparta, N.J.
Each will serve a three-year term beginning in 2003. Outgoing president Bob Barry, of Barry Capital Management in Hackettstown, N.J., will serve as FPA’s chair in 2003.
Senate Confirms Two SIPC Directors: Deborah D. McWhinney, president of Schwab Institutional, and Armando J. Bucelo Jr., a Miami attorney and former Freddie Mac director, were confirmed by the U.S. Senate to serve as the newest directors of the Securities Investor Protection Corporation, a body that maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms.
President George W. Bush named both McWhinney and Bucelo to the SIPC board of directors. They replace acting chairman of the board Debbie Dudley Branson and director Albert J. Dwoskin, respectively. The SIPC board is comprised of seven individuals, five of whom are appointed by the president subject to Senate approval, one by the secretary of the Treasury Department and one by the Federal Reserve Board.
Before joining Schwab in February 2001, McWhinney was group president of Engage Media Services Division, an Internet site performance measurement firm. Prior to her career at Engage, she was executive vice president of business planning and strategy for Visa International. The majority of McWhinney’s 17-year career was spent at BankAmerica Corp., where she held various positions in systems, operations and marketing in the consumer and wholesale divisions.
Born in Cuba, Bucelo has been a practicing attorney for 23 years specializing in real estate and banking. He currently is a director of the National Housing and Development Corp., which was created in 1997 to help preserve the nation’s at-risk affordable housing stock, and is a trustee of Miami-Dade College.
