Considerations in Succession Planning EBN was recently featured in the May/June Issue of Indiana Bankers Association’s magazine, Hoosier Banker, with an article on Succession Planning and the Important Issues to Address. We are happy to support and be a part of such a great Association. Read the entire article here!
Fixed Rate Nonqualified Compensation Plan As employers review their executive benefit packages in 2019, one old-fashioned plan design might come into vogue. That is the Fixed Rate Nonqualified Deferred Compensation Plan. For years, employers have offered their executives the opportunity to defer salary, bonus and equity compensation as a way to manage personal income tax,… Read more »
Management teams are responsible for ensuring that their company’s investments are getting the best returns. One investment option that they may consider is Bank Owned Life Insurance (BOLI) or Corporate Owned Life Insurance (COLI). While BOLI/COLI can provide a variety of benefits, many companies with tight liquidity overlook life insurance as one of their investment… Read more »
Employer-sponsored life insurance has traditionally played an important role in an executive’s pre-retirement planning for family and financial obligations. Many view the group life insurance plans as a large part of their estate planning strategy. Group life plans however, are not portable at retirement thus creating a void in the Executive’s planning needs. A company… Read more »
DOL rules and Disability Claims The DOL has presented new rules regarding the claims procedures for disability benefits in employee benefit plans effective April 1, 2018. These new rules were established to provide additional protection for participants of long-term and short-term disability plans, 401(k) and qualified retirement plans, non-qualified deferred compensation plans and SERPs. Companies… Read more »
In today’s market there is a much stronger focus to recruit, retain and reward your key executives. It is important to ensure your executive’s goals are in line with the company’s goals and that both the executive and company see a future in one another. Many companies are implementing Top-Hat plans, which are nonqualified deferred… Read more »
There are multiple ways to recruit, retain and reward your key executives that can also be tied to the succession plan of your bank. One example is the implementation of an Employee Stock Ownership Plan (ESOP). An ESOP is an employee benefit plan that many banks and corporations use to retain their leadership team and… Read more »
How do banks attract young employees and retain key executives? David Fritz Jr. and Patrick Marget of Executive Benefits Network explain that bank compensation plans should appeal to multiple generations and outline how Bank-Owned Life Insurance (BOLI) can offset compensation costs. Challenges in Attracting & Retaining Employees Focusing on Long-Term Incentives BOLI’s Role in Compensation… Read more »
“The Faces of Milwaukee” Executive Benefits Network was featured in the August 2017 Edition of Milwaukee Magazine in “The Faces of Milwaukee” Section!
Reasons for Life Insurance When it comes to putting aside funds for a Business Owner’s retirement, the options beyond qualified plans are limited. Owners of pass through entities are taxed on the profits of their business regardless of what they do with the Company’s money. To build a source of retirement income that grows tax-deferred and could… Read more »