Nonqualified benefit plans are effective tools to attract, reward and retain top talent within a bank. Selecting a plan involves evaluating current compensation programs, identifying deficiencies with in them and building and implementing the right nonqualified plan to address those shortfalls. BCC’s consultants and staff are uniquely qualified to guide banks through this process as well as provide continued support for the administration of these plans.
Banks are allowed, through the 2004 Interagency Statement on the Purchase and Risk Management of Life Insurance, to purchase Bank-Owned Life Insurance (BOLI) to help offset the cost of pre and post retirement employee benefits. The Statement outlines specific steps that a bank must take when purchasing BOLI. BCC has developed specialized services that support the bank through each of these steps and assists with ongoing service and compliance of BOLI.
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To be competitive in the future, small community banks need to rely on company's like Bank Compensation Consulting that are at the top of their field.
— Steve Carr, President & CEO - Community Bank of Wichita
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Bank Compensation Consulting (BCC) made an excellent presentation to our Board showing a variety of benefit plans to meet our needs with minimal costs and the results have exceeded our expectations. BCC continues to be attentive to our program with excellent service and I highly recommend them as a client-centered firm.
— An Illinois banker
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WOW! The new Quarterly Benefit Report is excellent, and it will be extremely helpful to me since I am responsible for posting and monitoring the balances of the accrued benefit accounts. An improvement to an already outstanding reporting system.
— Brad Woolard, EVP - Success Bank
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I have learned more and have more information after spending a few hours with BCC than I have been able to accumulate in years of serving on the compensation committee, reading banking publications, and attending seminars. Very beneficial.
— Rebecca Dugan, Director - Focus Bank
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The feedback from the examiner was that our Bank's overall and ongoing due diligence is the best they have ever seen.
— Midwest Bank Client
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I attended a compensation strategies seminar hosted by Bank Compensation Consulting. It was the single most important seminar that I have attended in my 30 years as a community bank CEO and Owner.
— Joe Framptom, Chairman & CEO
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