In today’s world of constant pressure for our time and attention has personal communication lost its value? There are over 380 influence attempts daily for the average person. It starts with the commercials on your alarm clock radio. It moves to the advertisements in your local or national newspaper. It is every eight minutes on… Read more »
Banks Saving Tons of Money with this Idea
Most banks pay up to eight weeks of maternity benefit at 100% of salary. If the bank has a large female employee pool it might make sense to spread the risk. Instead of self- insuring for the entire maternity leave, consider a Group Short Term Disability policy which would provide a 60% benefit and the… Read more »
Multiple Uses of Deferred Compensation Plans
With the improving economy, key employees that had been limited in other employment opportunities and resistant to look for new jobs are now willing to explore possible employment changes. Employers need well designed incentives to recruit and retain key employees. Key executive deferred compensation programs are popular vehicles to motivate, incent, and retain key personnel…. Read more »
Guaranteed Issue for BOLI / COLI and Nonqualified Deferred Compensation Plans
Lisa Oddis- BOLI / COLI Underwriting Guaranteed Issue underwriting for BOLI and COLI is a desirable type of insurance underwriting for banks and corporations. It is simple and does not put a burden on your key employees. Medical exams, lab work and Ecg’s are NOT required. There is a simple questionnaire which usually asks for… Read more »
Designing a Customized Benefit Plan
The design features of an executive benefit plan can help drive bottom line performance and retention. Each person is different, and each person has a different idea as to what is important to them. A Senior VP who is in his fifties may think retirement is more critical than a 30-year-old, while the 30-year-old believes… Read more »
The Many Benefits of Corporate and Bank Owned Life Insurance (COLI / BOLI)
Companies use Corporate and Bank Owned Life Insurance (COLI / BOLI) to help fund their employee benefit plans, increase earnings and shareholder value as well as recruit, reward and retain key officers and directors. Tell us something we do not already know, such as its uses in: Succession Planning Supporting the Employee’s Family and Community… Read more »
The Importance of Communication in Succession Planning
Lindsey M. Bessy, ALMI, CLTC, MBA, CLU, CASL- Financial Advisor We recently talked with a client who was facing a more common problem with succession planning than one may think. The Situation: The current President of the Bank was 5-10 years out from retirement. The board had discussions on the next generation of leadership and… Read more »
Putting the Freeze on Fees
Martha Petitjean – Executive Benefits Coordinator Executive Benefits Network provides fee-free access to client’s financial information, including illustrations and annual reports. This is not the case with most companies. As illustrated by Peter Katt & Company’s article, Quagmire of Life Insurance Policy Service*, access to information about financial products is not common in the industry…. Read more »
BOLI / COLI Case Study: Supports the Bank and its Community
Background: The bank initially purchased BOLI on a few of its executives and directors to informally finance the cost of deferred compensation plans. Later, the bank decided to purchase additional BOLI (on a Guarantee Issued basis) on all of its existing officers where the bank was the owner and sole beneficiary without establishing new or… Read more »
Split-Dollar Plans and Net Amount at Risk Considerations
Andrew Bainbridge- Client Service Specialist Employer owned split-dollar life insurance is a method of sharing both the obligations and benefits of life insurance with an employee while also providing an incentive for retention of key-employees. For the purposes of this article, assume the employer is the owner of the policy and is providing an interest… Read more »