Here is a good article from BankDirector.com written by David Shoemaker and Ken Derks from Equias Alliance, LLC. Shoemaker is a CPA and the President of Equias and Derks is a principal with Equias. The Equias team has assisted over 800 banks in the design of nonqualified benefit plans, performance based compensation plans and bank owned life insurance.
The article, Compensation for Privately Owned Banks: What to Know, published November 9, 2015, provides a good summary of some of the key types of plans privately owned banks utilize to attract and retain key bank executives. These plans include:
- Supplemental executive retirement plans (SERP)
- Deferred compensation plans (DCP)
- Split dollar plans
- Survivor-income plans/death benefit only plans
It is a well-written summary for those bank execs that want a quick and easy-to-read overview with some excellent content.
Kelly Coughlin, CPA is the CEO of BankBosun and an independent consultant with Equias Alliance, LLC (“Equias”). Kelly provides a balanced consultative approach in the design, implementation and administration of bank owned life insurance (BOLI) and nonqualified deferred compensation (NQDC) plans that best serve clients’ objectives and needs.
Bank C-Suite officers are encouraged to contact Kelly Coughlin to discuss Bank Owned Life Insurance and Nonqualified benefit plans for their bank:
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