We are proud so share this amazing opportunity to learn from Scott Richardson, CEO/Founder of IZALE Financial Group, plus his remarkable team Chris Richardson, Jonathan Barnes, and Phil Aderton as to why they are the go-to BOLI experts and why BOLI is a viable solution today for financial institutions to attract, reward and retain their key talent – their most valuable asset.
A Retirement Success Strategy from IZALE Expert Gary Wilberg, EVP Estate &
Join the IZALE Experts and their Allied Partners with We Offer Wisdom Strategies 2017 Webinar Series! The following webinars are scheduled, and ready to get on your calendar. Click the links below to register now for these insightful opportunities to value your people and improve your earnings while protecting your assets.
1/24 Demystifying BOLI for Credit Unions Webinar W.O.W.S.
1/24 Demystifying BOLI for Banks Webinar W.O.W.S.
2/6 How To Pay Your CEO with BalancedComp & IZALE Special Event Webinar
2/9 Fee Income Strategies Webinar W.O.W.S.
2/23 Executive Benefits Overview Webinar W.O.W.S.
3/9 Split Dollar Plans Webinar W.O.W.S.
3/23 SBLI Term Life Insurance Webinar W.O.W.S.
We look forward to seeing you there!
By: R. Scott Richardson
Attracting and retaining the most talented senior executives are key responsibilities of the bank board. But how do you do that, especially in an age where compensation programs are changing and there is more pressure on bank boards to design compensation programs that reward performance?
News Designing the Pay-For-Performance SERP: Executive Retirement Plans Transformed Attracting and retaining the most talented senior executives are key responsibilities of the bank board. Jan 8, 2014 Category: Articles By: Scott Richardson Attracting and retaining the most talented senior executives are key responsibilities of the bank board. But how do you do that, especially in an age where compensation programs are changing and there is more pressure on bank boards to design compensation programs that reward performance?
For key employees, one of the more popular ways to provide wealth accumulation opportunities is through a nonqualified deferred compensation plan, more specifically a Supplemental Executive Retirement Plan or SERP. Traditionally, SERPs have been defined benefit (DB) plans, where the bank promises to pay a fixed dollar amount (e.g., $50,000 per year) or a percentage of compensation (e.g., 25 percent of final average salary) during retirement. Defined benefit SERPs offer the highest attraction and reward value, and are often used to address the disparity between key and rank-and-file employees. (Typically, rank-and-file employees have a greater percentage of their income replaced in retirement than executives using traditional retirement plans.)
Accounting rules dictate how the bank should expense and accrue for the benefit. If the participant remains employed by the bank until retirement, the benefit will be paid. Defined benefit SERPs are not tied directly to bank performance, and this has led to some criticism and resistance to implementing them.
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Effective June 9, 2017, all individuals who provide advice to retirement plans, including Individual Retirement Accounts (IRAs), must abide by the fiduciary standard. What does the fiduciary standard mean? This means that your advisor must put your interests first before their own or that of the firm, make prudent recommendations, charge reasonable compensation and make no misrepresentations to you regarding recommended investments. The recommendations made by your advisor must be based upon your specific investment needs and objectives. The fiduciary standard is applicable to any recommendations that your advisor makes to you, the client, for your retirement account.
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