Nonqualified Plans

First Bankers is a Leading Provider of Nonqualified Plans

With expertise and experience in nonqualified plans, First Bankers can administer nonqualified plans to meet the needs of your company and employees. We can help you find the ideal mix of qualified and nonqualified plans for maximum flexibility. In addition, we will ensure you are compliant with applicable federal regulations related to give you peace of mind.

What is a Nonqualified Plan?

A nonqualified plan is an agreement from an employer to compensate certain employees or directors at a future date for current services. These plans typically provide more design flexibility and are not subject to the same government requirements that apply to other qualified plans such as a 401(k) plan or IRA.

Nonqualified plans are generally established to:

  • Supplement retirement benefits to a select group of management or highly compensated employees
  • Attract, motivate, reward, and retain key employees with benefits often accessible before retirement
  • Provide a benefit to individuals who are not employees, such as directors, and who do not meet the requirements for participating in an employer’s qualified plan

Our Services

First Bankers serves as trustee, consultant, or custodian for many different types of plans, including, but not limited to:

  • Excess Benefit Plans  An employer’s funded or unfunded plan to provide benefits for select employees in excess of what can be saved because of limits applicable to most qualified plans. These are ideal for highly compensated employees.

Examples of Excess Benefit Plans include:

  • Deferred Compensation Plan (DCP)
  • Stock-Based Incentive Plan (SBIP)
  • Recognition and Retention Plan (RRP)
  • Director Deferred Fee Plan (DDFP)

Other options include:

  • Rabbi Trust – An irrevocable trust established for the participant’s benefit. The plan assets are beyond the control of the employer but are subject to claims of the employer’s general bankruptcy and insolvency creditors.
  • Stock Appreciation Rights (SARs) – Rights of participants – who don’t have to be employees – to be paid an amount equal to the difference between the value of a specified number of shares of employer stock on the date the SARs are granted and the value of the stock on the date the SARS are exercised.
  • Supplemental Executive Retirement Plans (SERPs) – An employer’s unfunded plan that provides deferred compensation for a select group of management or highly compensated employees. This is often referred to as a “Top Hat Plan.”

With our comprehensive and process-driven approach, First Bankers can help identify the plan structure and parameters that best meet the needs of your targeted employees.

Key Contacts

 

Ashley Melton – Senior Vice President, Fiduciary Advisory Group

Philadelphia Office

Ashley has over two decades of experience in employee benefits. Her past work experience includes Vice President with Wilmington Trust Company and ING as well as holding a management position at The Vanguard Group. Ashley’s memberships include ASPA, the Profit Sharing Council of America, NCEO, and The ESOP Association. She holds NASD Series 6, 26, 63, 65, and Life, Accident, Health, Disability, Property, and Casualty Insurance Licenses. Ashley has been with First Bankers since 2006.

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Blake Mock, AIF® – Vice President, Fiduciary Services Group

Quincy Office

Blake’s expertise is in ERISA qualified plans including 401(k) plans and nonqualified plans. He gained this expertise through working for MetLife Financial Services and eventually running an independent financial services firm. Blake is a graduate of Quincy University with a BS in Management. He earned the Accredited Investment Fiduciary designation from the Center for Executive Education at the Joseph M. Katz Graduate School of Business at the University of Pittsburgh. Blake has been with First Bankers since 2006 and currently services numerous employee benefit plans nationwide assisting them with 404(c) compliance, Investment Policy, Section 408(b)2 matters, valuation of closely held stock, and plan design.

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Linda Shultz, CPA, CRSP – Senior Vice President, Fiduciary Services Group

Quincy Office

With more than 20 years’ experience in banking, public accounting, and auditing, Linda Shultz is responsible for over 70 publicly traded financial institution ESOPs and 40 nonqualified plans. She received her BS in Accounting from Truman University and a Certified Retirement Services Professional (CRSP) designation in 2004. She is a member of The ESOP Association as well as the National Center for Employee Ownership. Linda has been with First Bankers since 1992.

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