Our Alternative Approach
Our approach is to breakdown complex executive benefit and insurance needs into an understandable process.
There are many parts of what we do that many third party administrators (TPA) are capable of such as cash value reporting and asset/liability reporting. This is not the sole reason clients should want to work with BoliColi Where we differ from a typical plan administrator is when complex issues need to be resolved or looking at the situation in a different way to accomplish a more favorable outcome.
- A regional CEO was negotiating his employment contract and we defined the Supplemental Executive Retirement Plan (SERP) parameters in the document to help him understand how slight changes in actuarial assumptions could make significant differences in the outcome.
- Updating an existing board of director retirement program that was out of 409A compliance and overly complex
- Reviewing a large SERP program for the most appropriate actuarial approach which resulted in an immediate expense savings of several hundred thousand dollars.
- Coordinating the final retirement income calculations for outgoing executives, generally well in advance of retirement so that all parties have ample time to review and adjust where necessary.
- Educating boards on the value of appropriate executive benefits and the effect they have on retention and attracting top talent.
- Advocacy, generally the more complex the issue is the harder it is to get what we need from outside sources such as insurance companies, documentation, investment reports. Our job is to complete these difficult tasks in order to solve the issue at hand.
- Helping a new accounting firm understand the actuarial assumption so that they had a comfort level in what was being booked for a director plan liability.
From time to time issues will arise that will result in complex problems that need to be addressed now. Often we have new clients come to us once this realization happens and their current provider does not have the depth of resources to help them. Our goal with clients is to monitor consistently so that issues are addressed long before they become a problem.
DISCLOSURE: All Examples are for illustrative purposes only and may not reflect the typical client’s experience, and are not intended to represent or guarantee that anyone will achieve the same or similar results.