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IFM GROUP Case Studies

By way of example, recent engagements for New Jersey financial institutions have included:

  • Benchmarking the base salary, total cash, non-cash and total overall compensation for each officer and director position as compared to a bank’s peer institutions and IFM Group’s data bases. Our review incorporated an analysis of the bank’s cash and equity incentive programs. Result-a much more competitive salary program, an integrated and more effective cash and equity incentive program and updated competitive officer and director compensation.

  • Redesign of a bank’s short term cash incentive compensation plan. The new program much more effectively incented plan participants and incorporated a varied series of metrics and a customized peer group comparisons as well as individual performance measures based upon level of job and each individual’s job performance. Result- greater incentive effectiveness and improved motivation and performance.

  • Development of an employee and officer objective setting and performance evaluation process, formats, and the associated coaching manuals. Result- Improved motivation and more effective counseling.

  • Critical assessment of senior executive compensation programs. We looked at stock, certain perquisites and long- and short-term cash incentive plan design to ascertain consistency and compliance with the bank’s business strategy, current market forces and performance goals. By constructing a custom-tailored peer group with similar business and market focus, our consultants compared the current practices and financial results of our client with higher and median performing institutions. Result- a set of revisions to current base salary and incentive plans that worked cost effectively to better foster and reward business results and drive increased equity value over time.

  • Redesign of the Directors Retirement Plan & Funding. IFM Group revamped the formula and retirement provisions and developed the funding strategy and made recommendations as to investment options and vehicles. The executive’s Supplemental Executive Retirement Plan (SERP) Trust was also restructured and the Plan funded and placed with a professionally managed investment firm. Result- a better balanced Plan with diversified assets professionally managed through an investment firm.

  • Updated employment and change-of-control contracts for senior officers. Working with the organization’s outside counsel, employment contracts for senior officers were updated to conform to current regulatory requirements. Result- Updated arrangements consistent with regulatory requirements.

  • Developed a Financial Association Long-Term Care Insurance Association Plan. For the New Jersey League of Community Bankers, designed and developed a long-term care insurance Plan for its member banks.

  • Performed a third party review of a financial institution’s Bank Owned Life Insurance funded Plan. Result- an improved design and increased investment return on the insurance policies.

  • Performed the annual actuarial valuations and cost studies for the organization’s non-qualified executive and director retirement Plans and retiree medical FAS 106 calculations.

Why IFM Group?

IFM Group brings their leadership experiences and disciplines together in advising its clients how to most effectively develop compensation structures which incent their organizations to grow revenues, manage costs and increase profits, while recognizing competitive standards and parameters, and the need to integrate all elements of executive and director benefit programs into a well conceived compensation strategy.

Click Here to Learn More  Go!

 

About IFM Group

Bringing experience & discipline together

IFM Group brings experience and discipline together in advising its clients how to most effectively develop compensation structures which incent their organizations to grow revenues, manage costs and increase profits, while recognizing competitive standards and parameters, and the need to integrate all elements of executive and director compensation and benefit programs into a well conceived compensation strategy.

Click Here to Learn More  Go!