BOLI Administration

Once a bank elects to purchase BOLI, Todd’s involvement does not end. We guide the bank through the paperwork, planning, and execution of the implementation and then oversee the ongoing administration. By utilizing strong industry partnerships, our administration services include:

• Implementation Plan and Timeline: A customized timeline provides bank clients with a detailed chronology of the key events in implementing their BOLI program. It provides projected timelines and deliverable dates for each step in the implementation process.

• Accounting and Financial Reports: These reports provide the bank with the detail necessary for financial accounting and reporting of BOLI assets, suggested journal entries, as well as regular assessments of carrier credit ratings and financial strength.

• Benefit Plan Reports: For BOLI programs that include a nonqualified executive benefit plan, such as a supplemental executive retirement plan (SERP) or a deferred compensation plan, we provide a complete set of accounting, participant, and management reports.

• Policy Reports: This set of reports and procedures is designed to assist our clients with the timely and accurate receipt of insurance proceeds and the processing of policy changes. These procedures are performed on a regular basis and reports are provided to the client as necessary.

• Annual Plan Review: The annual plan review provides an analysis of the current financial status of the BOLI program, as well as its financial performance during the year. It also provides a detailed review of each carrier within the program, including its current financial status and claims paying ability. This report is a comprehensive document which can be utilized by management to effectively assist in monitoring the bank’s BOLI program.