Solutions
How do you make sure that your most valuable assets – your top executives – feel rewarded, valued, and motivated to continue making your company great? Create an executive benefits program that helps give them long-term financial stability. And just think about the advantage you’ll have in attracting and retaining top talent.
Our Executive Benefits team has one main focus: to build the best executive benefits package for your company and its key people. We offer a comprehensive range of executive benefit consulting services as well as strategic financing and investment solutions to help offset benefit liabilities. More specifically, we provide the following:
Banks need to provide a competitive suite of employee benefits while also managing costs. We provide BOLI portfolio services that are designed to enhance your banks’ earnings. We offer general, separate, hybrid and indexed universal life account BOLI products from almost all of the nation’s top BOLI providers. Our unique BOLI service model will help you understand every aspect of the transaction and plan design. We'll also help you implement, monitor, and maintain those assets in line with the most current regulatory and compliance requirements.
We maintain a strong position in the financial institutions marketplace by offering the highest caliber of products from the nation’s top insurance carriers.
Your bank depends on the talents of its key executives. They depend on you to help them save for retirement. But government rules restrict the amount of money these highly compensated employees can contribute to tax-deferred plans, like 401(k)s. In fact, they may be able to replace only 30 to 50 percent of their salary — unless you offer a deferred compensation plan. And we know exactly how to help You design, implement and administer your strategic benefit plans and BOLI solutions.
We provide benefit planning to help banks address the retirement income shortfalls resulting from qualified benefit plan limitations, while at the same time we incorporate rewards based on targeted performance or other benchmarks. We design and implement nonqualified benefit plans, including:
- Supplemental executive retirement plans (SERPs)
- Supplemental life insurance plans
- Performance-driven benefit plans
- Executive deferred compensation plans
- Director deferred fee plans
- Director retirement plans
- Director supplemental life insurance plans
BOLI can be as complex as it is beneficial. Choosing a knowledgeable and experienced administrator is imperative when looking for a partner who will operate with your best interest as their primary service focus. At NFP, we’ve built a simple, sophisticated, and streamlined BOLI system — all with the way you work in mind. We call it NFP Connect, and it makes managing your BOLI program easier than ever.
Take as much – or as little – control of your BOLI administration as you need, with our proprietary, all-in-one tool that delivers:
- Monthly, quarterly, and annual reporting
- BOLI compliance reporting
- Insurance carrier financial and rating information
- Retirement and split-dollar benefit accounting
- Participants statements
- Tax reporting
- Secure online access
In addition to the reporting, information and analytical tools available to client users via the client access site, we perform daily social security sweeps to identify unreported, insured deaths.
Currently, we administer BOLI and benefit plans that include:
- Bank-owned life insurance (BOLI) programs
- Community bank scholarship programs,
- Director and executive deferred compensation plans
- Director retirement plans
- Group term replacement plans and split-dollar endorsement plans
- Performance-driven benefit plans
- Stock appreciation plans
- Supplemental executive retirement plans
- Revenue neutral plans and index plans
As always, we’re completely upfront about how we can help you, every step of the way. There are no hidden costs, and if you ever have questions, just call up your account executive for help figuring out the answer.
Your top leaders want a competitive benefits package. You need manageable costs, easy administration, and best-in-class support. With us, you have the potential to achieve it all. We can review your current BOLI assets and provide a detailed and actionable summary of findings and recommendations. In addition, many of our clients request a review of their current nonqualified benefit plans. Our decades of experience balancing cost with competitiveness will take you from plan design consulting, evaluation, analytics and modeling through product placement, education, and implementation.
We provide our clients with monthly comprehensive BOLI reporting packages, annual risk assessment reviews, carrier updates, and more. We offer individualized support through our independent consultants, client relationship managers, and national service centers.
As always, we’re completely up front about how we can help you, every step of the way. There are no hidden costs, and if you ever have questions, just call up your account executive for help figuring out the answer.
NFP’s compensation consultants have effectively assisted clients through the difficult executive compensation environment caused by Sarbanes Oxley, the Banking Agency Regulations, Dodd-Frank and many other regulatory impacts to financial services. We understand the varying financial services models, ever-evolving regulatory environment and the need to align compensation programs with the culture and philosophies of each unique organization.
Unlike other industries, financial services face intense scrutiny from government regulators and shareholders — which necessitates a unique focus on the development of competitive, yet defensible compensation solutions. NFP Compensation Consulting has advised banking organizations through these challenges, building a best-in-class reputation for data and service.
Our diverse offerings for banks include executive and director compensation analysis, incentive plan design, compensation risk assessment, succession planning and retirement compensation among many other services. Visit NFP Compensation Consulting to learn more about our diverse service suite.
