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| Kaeding, Ernst & Company is a New England regional firm with a business focus of employee benefits brokerage and customized consulting serving a national clientele of approximately 5000 employees. Our services include the design, marketing, implementation and management of a full spectrum of core employee benefit plans. In addition to our independent insurance brokerage services, we maintain a highly visible, consultative relationship with our clients. Our mission statement is to be a partner to and extension of the human resource and financial departments in all employee benefit related areas.
The employee benefits field is a dynamic one faced with the reality that both the value of these plans to employees as well as the cost of these programs to employers have skyrocketed over the past few years. We have faced these challenges by introducing innovative solutions to traditional services. In July 2000, Kaeding, Ernst & Company completed a two (2) year project and implemented the first Multiple Employer Welfare Arrangement (MEWA) ever approved by the Maine Bureau of Insurance under the Maine “MEWA” statute. This entity has allowed our bank clients in the state of Maine to join together in large number to increase control over inflationary medical care trends while providing comprehensive medical benefits to bank employees. Over the past two decades, we have developed a strong, loyal clientele across New England with a particular specialization in the bank market. Our team of insurance, investment, and financial specialists allow us to bring value to our clients in the following program areas:
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| Bank owned life insurance is life insurance coverage on a select group of bank executives and officers in which the bank is the beneficiary. As a widely accepted bank asset, BOLI enables a bank to realize attractive tax-free yields. The income generated from the BOLI policies can be used as a tool to offset the cost of specific retirement plans or the core benefits (i.e. medical, dental, 401(k), etc.) of the bank and its employees.
Since the early 80’s, Kaeding, Ernst & Company has helped banks use BOLI and its tax-free earning status to design programs that allow community banks to increase their profitability and improve their financial standing. Through our affiliation with Benmark, one of the nation’s leading BOLI providers headquartered in Atlanta, GA, Kaeding, Ernst & Company will design and implement the appropriate plan to suit the banks individual needs and ensure that the compliance and administration follows stringent regulatory guidelines imposed on banks.
BOLI clients are provided with the following services:
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Supplemental executive retirement plans address a very real need for highly paid executives, and the key to understanding the value of a SERP is understanding the retirement planning dilemma faced by these executives. Typically, non-executive bank employees retire at 70 to 100 percent of their final salaries through the bank provided benefits such as pension plans, 401(k)s and Social Security. But because of caps on employee and employer contributions to pension plans or 401(k)s, executives who earn larger incomes typically, cannot rely on qualified plans or Social Security to provide more than 40 to 50 percent of their final salaries. Hence, how to maintain their lifestyle in retirement is a serious question.
Through our affiliation with Benmark, one of the nation’s leading benefits consultants, headquartered in Atlanta, GA, we at Kaeding, Ernst & Company design, install and administer retirement plans that meet the income goals of the executive while improving the earnings of the bank through the use of specially designed financing. These plans help motivate and retain executives and directors, can be incentive driven, and can enhance compensation objectives. When designed properly, these plans have little or no impact on the bank’s bottom line.
There are several plan options available when designing a SERP such as:
Expert administration is the key, to that end we provide the following:
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| We are currently updating our Corporate Planning/Executive Wealth Planning information. Please check back for further updates. Thank you
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| Top executives and board members, loan officers and tellers: people at every level of a bank can make a significant contribution to profitability. From capital investments to the kind of service that keeps the customer satisfied, the better people perform, the more profitable the bank becomes.
How do you hire, train and motivate people to focus on the growth and profit? This is a comprehensive commitment, cutting across the entire organization and virtually every bank activity. It’s about people – management, staff, even directors. It’s about culture – a pervasive way of doing business. And in the end, it’s all about performance and pay – managing people to perform in the best interests of the bank and paying them according to their contributions. Our performance improvement and compensations consultants tailor an engagement to meet specific goals and requirements. We work with banks to help them recruit the right people, put them in the right jobs, manage them toward high performance and compensate them appropriately. Through our affiliation with Benmark, one of the nation’s leading benefits consultants, together, since 1988, we have served as trusted advisors to our community bank clients, providing benefits and compensation programs that help them recruit, retain and reward executives, directors and staff. Today, through our Performance and Compensation Consulting practice, we provide banks the knowledge and support systems they need to implement a comprehensive program for managing their people toward levels of performance that ensure growth and success. Some of the services we can provide include:
Performance Consulting
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