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Annually update the original census listing for employment
status and last known address based on information provided by the bank. The
updated census will provide an insured status report based on the categories
of active, deceased, and inactive.
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Provide annual updates of insurance carrier ratings from
Standard & Poor’s Corporation, Fitch Research, Moody’s Investor Service, and
A.M. Best Company. In the event of a material change in ratings or
condition, EBS will notify the bank as soon as possible.
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Meet annually with the bank’s management to provide a
Program Review. This review will include a review of the historical
performance of the program.
Prior to year-end, EBS will provide the bank’s management with an earnings
projection for the upcoming fiscal year to assist management with its
financial budgeting.
-
Provide annual cash value confirmations from the carrier for
the bank’s external auditors.
-
Assist the bank with preparing and monitoring regulatory
compliance and furnish additional BOLI information needed.
-
Provide periodic updates of life insurance industry issues
and other matters relevant to the BOLI program.
-
Perform sweeps of the Social Security Administration system
to assist with death claims for inactive employees.
-
Provide the bank with suggested journal entries for policy
cash values and benefit expenses including assisting the bank with annual
calculations of liability accruals for the Benefit Plan.
-
Prepare annual participant statements for the Benefit Plan.
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Provide the Bank with the annual amounts to be included in
the Participant’s FICA income, if applicable.
-
Process death claims with each insurance carrier.
