Over the past two decades, Bank Owned Life Insurance (BOLI) has shown to be a great asset for banks, but occasionally a policy group may need to be replaced with a new product. A replacement is typically executed via tax-free exchange under Internal Revenue Code Section 1035 (“1035 Exchange”). A 1035 Exchange should not be taken lightly, and there are many factors to consider before executing an exchange.
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An annual cash incentive plan can be a great motivator to drive organizational results. And it all begins with a good plan design.
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Employers that sponsor non-qualified deferred compensation plans may choose to set aside funds in order to create a pool of assets that can be used to pay benefits that have been promised to executives.
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Common Questions from Plan Sponsors and Plan Committees
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