Here is a good article from BankDirector.com written by David Shoemaker and Becky Pressgrove, of Equias Alliance. What Are the Best Ways to Fund Your Retirement Plans for Executives and Directors?
They are a couple of really smart professionals, both CPAs, who have been in the nonqualified executive benefit and bank owned life insurance space (BOLI) for many years. The article describes how a bank can use BOLI to informally “fund” a nonqualified deferred compensation (NQDC) plan.
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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