BOLI - Consulting & Implementation

The key component of our process is to identify the purpose of the BOLI holding and insure that assets held are in alignment with the goals and objectives of the bank management. From there, the next step is creating a transparent and smooth implementation of the product.

  • BOLI Portfolio Analysis: Performance analysis, Interest rate benchmarking, policy expense analysis, assessment and recommendations
  • Administrative & Compliance Analysis: Qualitative reporting, compliance review (regulatory, legal, and accounting), competitive benchmarking, capital analysis
  • Product & Carrier Analysis:  Product type summary, carrier credit risk and financial strength, rating changes update
  • Separate Account & Stable Account Analysis:  Investment policy statement review, asset allocation review, investment manager analysis, stable value contract & term sheet review, carrier representation & warranty, wrap provider review, and accounting analysis
  • Executive & Director Plan Review:  Proper accounting compliance, discount rates, payroll reporting, tax compliance (plan design and operation), and liability risk analysis
BOLI Implementation and Design:

During the implementation and design phase, the professionals of FCG will assist in the design, prepare the documents and analysis of any executive or director benefit plan.  The staff will also guide the bank through each step of the implementation process:

  • Implementation meeting.  The introductory meeting with bank management/ directors to identify objectives, review the compliance requirements (Pre-Purchase Analysis), and a timeline for the process
  • Meeting with officers (if new benefit plan is being implemented).
  • Underwriting.  The FCG staff will prepare and deliver the necessary paperwork and forms to place the BOLI policies
  • Draft and deliver the bank’s BOLI Policy & Procedures and documentation of the Pre-Purchase Analysis
  • Set up accounting and administration files for FASB compliant accounting for assets and liabilities associated with the benefit plans and BOLI purchase