[December 12, 2012]

Alvarez & Marsal Launches Executive Benefits Consulting Division

Leading global professional services firm Alvarez & Marsal announced the launch of A&M Executive Benefits Consulting, a specialty advisory division dedicated to providing comprehensive and unbiased solutions to clients' executive compensation and related benefit program needs.

Albert "Bud" Schiff, the former chief executive officer of NYLEX Benefits, the executive benefits consulting arm of New York Life Insurance Company, has joined Alvarez & Marsal as managing director and head of the newly created division. Also joining are Jay Lubin, Steven Leifer and Christine Church, previously with NYLEX Benefits, who will serve as senior directors. The team is based in New York.

A&M Executive Benefits Consulting brings a proven business approach to developing and implementing comprehensive executive benefit programs. An experienced team delivers effective results so clients can attract and retain top performers needed in today's competitive business environment.

"Executive compensation continues to be a lightning rod issue among investors and regulators," said Bryan Marsal, co-chief executive officer of A&M. "At the same time, companies must ensure they are able to recruit and retain top leadership talent and encourage management to achieve certain goals - even in a challenging economy. Bud and his team bring tremendous experience in this field, with capabilities that complement our range of offerings to companies, investors, advisers and others."

"Our expertise lies in assisting companies to structure effective executive benefits programs that achieve performance objectives and fuel profitable business growth," added Mr. Schiff. "Partnering with our clients, ur aim is to fully understand and support them across all business functions, including benefits and compensation, and help them attract and retain top executives to get the job done."

Over the course of his career, Mr. Schiff has held numerous insurance industry leadership roles, including president of the Association for Advanced Life Underwriting (AALU), chairman of the International Million Dollar Round Table Top of the Table, president, New York City Chapter of the Society of Financial Service Professionals, and current Trustee of The American College. Additionally, he has testified in Congress as an expert witness numerous times before the Senate Finance and House Ways and Means Committees and before the U.S. Treasury and Internal Revenue Service on behalf of the life insurance industry. Mr. Schiff is a graduate of the University of North Carolina at Chapel Hill and holds Pension Actuary (MSPA), Chartered Life Underwriter (CLU), Chartered Advisor in Philanthropy (CAP) and Accredited Estate Planner (AEP) professional designations.

Mr. Lubin, who will serve as chief technology officer, brings extensive experience in the development of executive benefit programs with particular emphasis on nonqualified plans. He also has broad experience in the BOLI (bank-owned life insurance) marketplace. As the former executive vice president with NYLEX Benefits, his responsibilities included development of nonqualified executive benefit programs financed with corporate-owned life insurance. He was also the architect of a broad range of proprietary financial modelling software programs. Mr. Lubin is an associate member of the American Society of Pension Professionals & Actuaries.

As the former vice president of technical services with NYLEX Benefits, Mr. Leifer brings significant executive benefits planning experience to A&M Executive Benefits Consulting. In his prior role, he was responsible for developing and structuring nonqualified executive benefit plans, as well as working with clients to ensure that proposed plans complied with statutory and regulatory requirements. An attorney and CPA, Mr. Leifer previously was a partner at Ernst & Young, where he provided a broad array of tax services to a range of multinational clients. He is active in several professional associations, including the American Institute of Certified Public Accountants (AICPA), where he has chaired the Tax Policy and Simplification Committee, the Task Force on Taxation of Electronic Commerce and the Task Force on the Taxation of Split-Dollar Life Insurance. He is also currently a member of the New York State Society of CPAs' Professional Ethics Committee.

With more than 40 years of experience in funding and administering executive benefits as well as being a CPA, Ms. Church has worked across various industries, including healthcare, manufacturing, retail and service suppliers. Specializing in institutional products to fund benefit plans, she spent seven years implementing and servicing executive benefit programs at NYLEX Benefits. As corporate vice president for client services, she was involved in process definition, insurance underwriting and plan implementation. Before moving to NYLEX, she worked in benefit and insurance consulting in Dallas and Houston for 25 years.

About Alvarez & Marsal Executive Benefits Consulting

Alvarez & Marsal's Executive Benefits Consulting team brings a proven business approach to developing and implementing targeted executive compensation and benefit programs. Focusing on cash compensation, broad-based qualified benefits, supplemental nonqualified executive benefits and equity arrangements, the team of senior professionals provides both advisory and ongoing administrative support services to deliver value and help clients align management and performance objectives. A&M's Executive Benefits Consulting team's comprehensive, unbiased executive compensation and benefits solutions can help clients attract and retain the top talent that is critical to achieving business success.

Alvarez & Marsal (A&M) is a global professional services firm specializing in turnaround and interim management, performance improvement and business advisory services. A&M delivers specialist operational, consulting and industry expertise to management and investors seeking to accelerate performance, overcome challenges and maximize value across the corporate and investment lifecycles. Founded in 1983, the firm is known for its distinctive restructuring heritage, hands-on approach and relentless focus on execution and results.

To learn more, visit www.alvarezandmarsal.com.

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