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Administrative Services

BCC provides ongoing plan administration and monitoring services through a “high touch” approach to clients and a top-tier reporting and documentation system. BCC recognizes that failure to have properly serviced benefit plans adds unnecessary risk to the financial health of any business. Administrative services include:

Initial Design and Implementation

  • Customized nonqualified compensation plans
  • Regulatory documentation
    • Pre-Purchase Analysis& Compliance Manual
    • Recording of Board’s decision (Minutes of Action)
    • Establishing policies & procedures (Discount Rate & COLI Policies)
    • Measurements for incentive based compensation plans (Scorecards)
  • Legal agreement reviews
  • Introduction & enrollment of plans
  • Initial accounting for plan expenses & asset income
  • Management of underwriting process

Reporting and Recordkeeping

  • Individual plan participant recordkeeping
  • Annual benefit statements to provide to individual plan participants
  • Monthly income and expense reporting
  • Carrier financial condition review & reporting updates
  • Tax Reporting

Ongoing Administrative Services

  • Assistance in communicating with regulators ensuring compliance with current regulation
  • Ongoing monitoring & compliance with regulatory changes
  • Preparation of documentation to record required regulatory changes
  • Social security sweeps to ascertain deaths of former employees
  • Dedicated Client Relationship Manager to ensure client satisfaction