Business Market Administration
Business Market Administration (BMA) provides complimentary service for employer-owned and employer-sponsored plans. This team is here to help make it easier for you to get these plans implemented—and retain them. And we'll be here for you and your clients not just today, but throughout the life of the plan.
View our BMA Services Flyer (PDF) (BB9441) for a summary of the services described below.
We regard our business insurance solutions as complete plans—not just individual policies. And the services you and your clients receive reflect this approach. Our knowledgeable, dedicated BMA team provides personalized service and support.
Support every step of the way:
- Determining the right solution
- Working in tandem with our Business and Advanced Solutions team (which is staffed with attorneys, CPAs, and plan design specialists), BMA can assist with plan design and billing consultation.
- Multi-life business underwriting programs are available.
- Proactive service and support
- Plan sponsors will receive proactive service and support from the BMA team, who will work with their financial professional to help ensure the needs of the plan(s) and the policies are being met.
- Plan sponsors will receive proactive service and support from the BMA team, who will work with their financial professional to help ensure the needs of the plan(s) and the policies are being met.
- Education
- Plan sponsors are reminded what they purchased and why, to see if their plan is on track.
- Plan sponsors are reminded what they purchased and why, to see if their plan is on track.
- Plan implementation/new enrollments
- BMA can assist with assembling appropriate submission forms based on the selected plan design.
- New employer-sponsors receive a welcome email that introduces the BMA administrator and provides instructions on how to obtain online access.
- Online access
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We've enhanced our online experience to help plan sponsors and participants better manage their plans and policies online—offering quick access to summary annual reports, payment options, policy census information, customer service forms, and more. Employer-sponsors will have online access to the asset & liability tracking as applicable.
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Key employees/participants have online access to policy information when policies are personally-owned. And with variable life insurance, they may also request policy changes online, such as division transfers, allocation percentage changes, etc. For SERP and Select Reward plans, participants can view their benefit information online.
- To see the online experience and convenient features employer-sponsors can enjoy, check out this overview.
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- List billing – Principal delivers consolidated payment reminders covering all policies under the plan.
- Dedicated administration team – This will be your point of contact for any policy adjustment questions, service requests, illustration needs, etc.
- Annual plan-level reports are available online and mailed directly to employer-sponsors.
- BMA summary annual report – Bonus (BB11825)
- BMA summary annual report – Endorsement Split Dollar (BB12602)
- BMA summary annual report – Key Person (BB12603)
- BMA summary annual report – Select Reward (BB12699)
- BMA summary annual report - Loan Split Dollar (BB12712)
- BMA Annual Loan Report (imputed interest) – Loan Split Dollar (BB12249)
- Proactive plan and policy review – Plan sponsors will receive proactive service and support from the BMA team working with their financial professional to help ensure the needs of their plan—and policies—are being met. This may identify gaps that could lead to additional sales opportunities for you—and better coverage for your client.
- Applied Knowledge - While designed primarily as reference material, these documents may also be used for sales and marketing purposes with both financial professionals and business owners and employers. If using with business owners or employers, make sure to use only the content applicable to their specific plan type.
Bonus
- Bonus design options and key employee income tax consequences (BB12735)
- Bonus plan retention tools (BB12736)
- Accounting guidelines for Bonus plans (BB12715)
- Accounting guidelines for Bonus – LLC plans (BB12717)
- Accounting guidelines for Bonus – S Owner plans (BB12716)
Deferred compensation
- Accounting guidelines for Deferred compensation – SERP plans (BB12719)
- Accounting guidelines for Deferred compensation – Select Reward plans (BB12718)
Key Person
Split Dollar
Call 800-654-4278, options 4, 2, 3 or contact your BMA team.
