PONTE VEDRA BEACH, FL — (April 14, 2020) Fulcrum Partners, a leading executive benefits advisory, has just released a new report on some potential consequences of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on executive compensation. As the report noted, the CARES Act, drafted with urgency to respond to the COVID-19 pandemic, lacks definitions and specificity in a number of important areas that pertain to executive compensation issues.
Steve Broadbent, a Fulcrum Partners Managing Director & Partner based in Atlanta, GA, explained, “The challenge for corporations to retain top talent is always an issue. But the pandemic crisis emphasizes the significant need for a company to have a stable executive team that can quickly respond to a rapidly changing business environment.”
Broadbent added, “We are a month or more into the COVID-19 pandemic. Responsive leadership is not only evaluating, ‘What are we going to do now,’ they are strategically planning ‘What are we going to do next?’”
Bruce Brownell, a Fulcrum Partners Managing Director & Partner based in Ponte Vedra Beach, FL, said, “A well-designed nonqualified deferred compensation plan historically has provided solutions for many types of talent retention issues. Now is certainly the time companies and compensation committees should be reviewing their options to help retain the key executives their organization needs to lead it through and beyond these next critical months and years.”
The Fulcrum Partners Executive Benefits Advisory Report, “Executive Compensation Restrictions and the CARES Act” is available for download or viewing as a PDF. Additional insights on some impacts of the CARES Act on benefits, furloughs and other issues related to executive compensation can be found at Deferred Compensation News on the Fulcrum Partners executive benefits website.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.
About Fulcrum Partners LLC:
Fulcrum Partners (fulcrumpartnersllc.com) is a wholly independent, member-owned firm dedicated to helping organizations enhance their Total Rewards Strategy. Founded in 2007, today the company has offices in Atlanta, Georgia; Chicago, Illinois; Charleston, South Carolina; Columbus and Cleveland, Ohio; Delray Beach, Orlando and Ponte Vedra Beach, Florida; Honolulu, Hawaii; Los Angeles and Newport Beach, California; Portland, Oregon; Salt Lake City, Utah and Washington D.C. Fulcrum Partners is an independent member of the BDO Alliance USA. Learn more about the Fulcrum Partners Team at fulcrumpartnersllc.com/fulcrum-partners-team/.
Securities offered through Lion Street Financial, LLC (LSF) and Valmark Securities, Inc. (VSI), each a member of FINRA and SIPC. Investment advisory services offered through CapAcuity, LLC; Lion Street Advisors, LLC (LSF) and Valmark Advisers, Inc. (VAI), each an SEC registered investment advisor. Please refer to your investment advisory agreement and the Form ADV disclosures provided to you for more information. VAI/VSI, LSF and BDO Alliance USA are non-affiliated entities and separate entities from Fulcrum Partners and CapAcuity, LLC. Unless otherwise noted, VAI/VSI, LSF and BDO Alliance USA are not affiliated, associated, authorized, endorsed by, or in any way officially connected with any other company, agency or government agency identified or referenced in this document.
CONTACT: Bruce Brownell
|Executive Compensation Restrictions and the CARES Act||Whitepaper|
|Report on Executive Compensation Restrictions and the CARES Act from Fulcrum Partners||Media Release|