Executive Benefit Survey 2022 Findings

In this survey, we had 132 respondents, 55% were from Massachusetts and 71% were from New England. Eighty-six percent of respondents worked for private financial institutions, vs. 14% for public institutions. Fifty-five percent were existing clients of BoliColi.

Nonqualified retirement benefit plans (such as Deferred Compensation, SERP, or Phantom Stock) are very common, with over 82% of respondents answering that their employers offer them. Over 30% of respondents said their financial institutions are currently investigating Non-qualified retirement benefit plans (an increase of 13% from last year), and 37% of respondents had considered it.

Continuing the trend from the last four years, Non-qualified plans are typically more popular among larger organizations.

The reduction of usage of traditional SERP’s at banks above $5B is because most are public banks that utilize stock options. Larger banks generally also utilize Long- Term Incentive Plans (LTIP).

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