EBS provides the following ongoing administrative services to the Bank:

  • Updates of 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, inactive and deceased.
  • 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.
  • Program Reviews with the Bank’s management and/or Board of Directors. This review includes historical performance of the program.
  • Earnings projections to assist with financial budgeting.
  • Annual cash value confirmations for each insurance carrier for the Bank’s auditors.
  • Monitoring and Reporting for regulatory compliance and additional BOLI information as requested.
  • Periodic updates of life insurance industry issues and other matters relevant to the BOLI program.
  • Sweeps of the Social Security Administration’s Master Death File and other databases to assist with death claims for insured employees.
  • Preparation of suggested journal entries for policy cash values and benefit expenses.
  • Preparation of annual participant statements for applicable benefit plans.
  • Preparation of an annual BOLI Board Reporting package.