David/Pat, BOLI Yields (canva.com) BOLI yields have remained competitive to other bank investments partly due to the tax-free build-up of BOLI earnings. The yields on BOLI products have been attractive, and has sustained their competitiveness during the low interest rate environment we’ve experienced for the last several years. Learn more in our video!
Video: What is BOLI?
EBN is answering some commonly asked questions on Bank Owned Life Insurance (BOLI), starting with the basic question of What is BOLI? BOLI is the purchase of a single premium permanent life insurance policy that is owned by the bank and generally issued on the lives on key bank employees and directors. Watch the short… Read more »
Why Own Bank Owned Life Insurance (BOLI)?
Each year, there is an increasing amount of Bank Owned Life Insurance (BOLI) purchased in the United States. BOLI is life insurance owned by the bank and issued on the lives of bank employees and directors. According to the FDIC, in 2021, 66% of all US banks owned BOLI. Listed below are the primary reasons… Read more »
Volunteer Day – Hunger Task Force
On Monday, October 18, EBN had the opportunity to volunteer for the Hunger task Force Farm in Franklin, Wisconsin. We learned so much about the Hunger Task Force and all that they provide for the Community. We were grateful to help such a great Organization. We spent the afternoon washing over 1,500 pounds of collard greens!
Celebrating 20 Years!
EBN is celebrating 20 years in business!! Thank you to our clients who trust us to provide service and plans that fit your needs, to our employees who go above and beyond to assist our clients, and to the different organizations that allow us to partner together to provide “Knowledge You Can Bank On.” We look forward to… Read more »
2021 COLA Numbers
The 2021 Cost of Living Adjustments for various qualified retirement plans and other amounts have recently been released by the Internal Revenue Service. The numbers have been updated based on IRS Notice (2020-79). The change in the employee benefit plan limitations is due to an increase in the Cost of Living Index meeting the statutory thresholds…. Read more »
Factors in Choosing the Top-Hat Group
Determining Who is in the Select Group In today’s market there is a strong focus to recruit, retain and reward your key executives. To accomplish this, companies are implementing Top-Hat plans known as Nonqualified Deferred Compensation (NQDC) plans that are “unfunded” and maintained by the employer. Top-Hat plans are exempt from the Employee Retirement Income… Read more »
Feeling the Squeeze in Net Interest Rates?
Take a Look at BOLI 2020 has seen a significant drop in interest rates with several cuts by the Fed over the past several months. While these dramatic steps work to ward off an economic recession, it is also creating major issues on bank margins by shrinking yields on the short-end of the yield curve…. Read more »
Effects of COVID-19 on Nonqualified Plans
Nonqualified Plans and the American Pandemic, COVID-19 The new coronavirus, COVID-19, has created great social and economic uncertainties for companies, their employees and families. This article provides helpful information to assist nonqualified plan sponsors in answering the most common questions they may be receiving from their participants. In this brief newsletter we will have answers… Read more »
The Why for Business Life Insurance
How Life Insurance and Business Succession Go Hand in Hand Life insurance plays a significant part in an individual’s future and financial plan. Personal life insurance planning protects a family from the unknowns in life. Along with personal planning, insurance can be critical in business succession to ensure a business’ financial security and longevity. As… Read more »