Equias Alliance is in the BOLI and benefit plan news often.

Equias Feature Associate Member

Community Bankers West Virginia, February 2017

Equias Alliance is a proven leader for executive/ director benefit plans and BOLI, serving many banks throughout West Virginia and the entire nation. Beginning with each bank’s unique philosophy and situation, we consider a number of different basic nonqualified plan designs, including Supplemental Retirement Plans (SERP’s) and Deferred Compensation Plans (DCP’s), each with many possible variations. We take great pride in creating tailored plan solutions to meet each bank’s specific needs and those of key employees. For example, plans can be designed to provide baseline benefit levels coupled with performance based incentive components. Further, plans can be tailored to meet the needs of individual participants based on each participant’s life stage.

In addition, Equias Alliance has implemented and administers Bank-Owned Life Insurance (“BOLI”) for over 800 community banks across the country, including many in West Virginia. Some of these BOLI investments have been implemented in connection with new nonqualified benefit plans, while many are not.

Over 60% of the banks in the U.S. now have BOLI as an asset on their balance sheet. BOLI has become an attractive financial option to banks because it offers a higher after-tax yield than most other investments with a similar duration and risk profile. BOLI earnings grow on a tax-advantaged basis which can be used to help your bank offset or recover employee benefit expenses.

Equias Alliance Team

In West Virginia, Jim Olson has sincerely enjoyed developing relationships with community banks in the state by providing analytical and consultative expertise for over 10 years. He can sometimes be found enjoying the beautiful bike trails in the state.

The entire team at Equias Alliance includes 20 consultants and 30 other professionals located in15 regional offices across the U.S. Nationally, our consultants have helped over 800 banks design and implement more than 1,500 nonqualified benefit plans and assisted with 2,000 BOLI placements, making Equias Alliance one of the largest and well known service providers in the industry.

Our highly trained and experienced staff includes CPAs, attorneys, MBAs, CLUs, a CFP®, a ChFC®, a former insurance company executive, a former bank regulator, and several former bankers and bank directors. Based on this depth of knowledge, we take a consultative approach to plan design and developing a customized program for each of our clients.

Services

We distinguish ourselves in the BOLI and benefits market because of the quality, range and depth of the technical expertise we are able to bring to the table to assist our clients throughout the design, implementation and administration process.

From the beginning, our experienced and knowledgeable consulting team conducts a thorough review of the design and structure for each product and benefit plan design option and makes objective comparisons to determine the right solution for each bank’s specific goals as it relates to employee incentives, capital position and risk tolerance.

As part of our implementation process, our consultants along with our highly experienced supporting team provide comprehensive due diligence reports and sample BOLI policy statements to help guide the decision-making process, and prepare compliance and administration manuals with supporting documentation once a program is in place.

To ensure that selected programs continue to align with your needs over time as well as comply with regulatory requirements, the Equias team annually provides a comprehensive risk assessment review and update of your bank’s BOLI policies that evaluate, among other things, the carriers’ financial condition and the BOLI policy’s investment performance along with any recommendations.

We continue to receive successful SSAE 16 audits covering both implementation and administration of BOLI and nonqualified benefit plans.

Reports

Clients of Equias Alliance are provided with comprehensive recordkeeping and administration services for all plan types, including updated benefit plan records to reflect changes in participant status, and annual participant benefit statements. In addition, our technical support staff provides unrivaled tax and accounting support and continual guidance to ensure regulatory compliance. We provide timely, relevant information regarding regulatory, tax and accounting issues to our clients through bulletins and white papers and are available to answer questions and offer recommendations at any time.

Reputation

Equias Alliance enjoys an extremely favorable reputation in the marketplace. Commendations from our satisfied clients and endorsements from leading industry groups are evidence of our commitment to delivering unparalleled service and the highest caliber products. Equias Alliance has the exclusive endorsement for BOLI and executive & director benefit services from many state and national banking associations.

For more information or if you have questions regarding either design or administrative issues relating to BOLI or compensation plans, please contact Jim Olson at 804-784-7216 or email at jolson@equiasalliance.com, or visit our website www.equiasalliance.com.

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