Contact:
Lisa Lee, V.P., Marketing
Clark Consulting
213.438.6300
lisa.lee@clarkconsulting.com

COLI/BOLI "Best Practices" Legislation Approved by Congress

Clark Consulting Launches New Website Dedicated to IRC §101(j)

Barrington, IL, August 9, 2006 - Clark Consulting, Inc. (NYSE:CLK), a national firm providing integrated financial solutions for corporate liabilities and executive compensation and benefit programs, has developed a new website, www.101j.com, to better help employers understand the provisions of the COLI/BOLI "Best Practices" legislation approved by Congress as part of the Pension Protection Act of 2006. The President is expected to sign the bill into law next week.

When signed by the President, this legislation will add a new section to the Internal Revenue Code - §101(j) - that will codify life insurance industry "best practices" relating to the use of employer-owned life insurance to fund/finance employee benefits (sometimes referred to as "COLI" or "BOLI" policies). New IRC §101(j) will also codify the tax-free treatment of death benefits from COLI/BOLI policies if certain requirements are satisfied. The legislation will generally apply to COLI/BOLI policies issued after the date on which the legislation is enacted.

"We view the enactment of the COLI legislation as a major victory for employers and employees," said Tom Wamberg, chairman and chief executive officer of Clark Consulting. "Businesses can continue to use COLI or BOLI to fund the cost of employee benefits, such as retiree health benefit obligations and deferred compensation plans. Best of all, businesses can act with confidence because Congress has explicitly evaluated and acknowledged the value of COLI," Wamberg emphasized.

"A cloud of uncertainty has been lifted," Wamberg continued. "Given these new rules all business finance officers should seriously consider whether life insurance may be beneficial to funding their long-term benefit obligations."

Under §101(j), death benefits from COLI/BOLI policies will be excludable from an employer's taxable income if the requirements of the statute are satisfied. The requirements of §101(j) generally are consistent with current life insurance industry "best practices." In particular, §101(j) contains notice and consent requirements that must be satisfied before a COLI/BOLI policy is issued, and generally limits potential insureds to directors and "highly compensated" employees.

More information on the provisions of §101(j) and employer-owned life insurance can be found at www.101j.com.

Founded in 1967, Clark Consulting is a firm with expertise in executive compensation and benefit design, funding and plan administration. With more than 3,800 corporate, banking and healthcare clients, the Company's mission is helping companies keep their best people.

###