ICOLI is a capital and tax-efficient tool that insurance companies use to generate stable, long-term income. In this Q&A, VP of Consulting Dave Gagnon addresses questions about ICOLI and provides insight into the role it plays in the insurance industry.
NQDC is a supplemental benefit that permits the deferral of earned income to a future date, often aligning with retirement when one’s taxable income is expected to be lower. NQDC provides high-income earners with enhanced savings potential beyond what qualified plans offer. Its flexible structure allows for customization, making it an effective tool for attracting top talent and promoting long-term loyalty and motivation.
As an employer, you may be considering implementing a Nonqualified Deferred Compensation Plan (NQDC) for your key employees. However, your board of directors may have some concerns regarding the cost, risk, and complexity of this plan. Don’t worry, this article provides four tips that can help you prepare for success.
In short, BOLI is a tax-efficient method banks use to generate additional income as a means to offset employee benefit expenses. In this Q&A, VP of Consulting Dave Gagnon addresses questions about BOLI and provides insight into the role it plays in the banking industry.
These tax tables are designed to offer a quick summary of tax brackets and taxes for: personal income, capital gains, children, and both employer and personal retirement plans.
Recruiting, retaining and motivating vital employees is a constant concern for businesses regardless of the economic and regulatory climate. For business owners and human resource professionals, hiring and retaining quality employees has always been a top priority. The challenge remains as to how to reward key hires in a way that aligns well with the company’s long-term strategic goals.
Deferred compensation provides a unique savings tool for key employees and has proven retention qualities. So why is this widely used strategy in corporate America being overlooked in the banking industry?
The more pervasive objection to BOLI is philosophical in nature and generally relates to the discomfort of receiving death benefit payments on the lives of current or former employees. This creates a misconception that the bank is profiting on the death of an executive.
An LTIP is an incentive bonus plan that makes payments based on the achievement of specific goals which are generally paid three to four years after they have been earned and after satisfying the vesting requirement. In this Q&A, Principal John Gagnon addresses common concerns to help determine if an LTIP is a proper benefit choice for your organization.
How will BOLI react in a rising interest rate environment? At the start of 2021, banks faced several challenging economic conditions including declining net interest margins, lower asset yields, and excess liquidity.