Competing for new talent and retaining top talent are two challenges that all companies face. And the competition for top talent in financial services and banking is fierce.
Thankfully, there are strategic nonqualified deferred compensation (NQDC) programs banks can utilize that allow them to offer attractive benefits to their key employees or prospective hires along with funding solutions that minimize the costs of providing the NQDC benefits.
There are a number of plan types available, and it is important to design and implement a plan or plans that align the interests of employees with those of the shareholders.
Typical plan types include:
- Salary continuation plans
- Deferred compensation plans
- Incentive/performance driven plans
- Director retirement plans
- Supplemental life insurance plans
Properly designed NQDC plans can help the bank compete for and retain high-quality executive talent with a total compensation package that benefits both the employees as well as the bank.
Bank C-Suite officers are encouraged to contact David Shoemaker, CEO, Equias Alliance to discuss BOLI for their bank:
David is an independent consultant with Equias Alliance, LLC (“Equias”). David provides a balanced consultative approach in the design, implementation and administration of bank owned life insurance (BOLI) programs and nonqualified deferred compensation (NQDC) plans that best serve clients’ objectives and needs.