About us
Iron Key Advantage
Organization & Background
Iron Key specializes in the service of Bank Owned Life Insurance (BOLI) and Corporate Owned Life Insurance (COLI) programs, as well as nonqualified employee benefit plans. BOLI/COLI programs utilize life insurance to finance existing employee benefits, as well as to informally fund new or existing nonqualified executive benefit plans. Iron Key delivers comprehensive implementation services and the ongoing administration required to support these programs. These services include assistance with regulatory due diligence, monthly and annual reporting, periodic credit reviews of the insurance carriers, updates on legislative issues and more.
Iron Key provides its comprehensive services through a team of qualified professionals experienced in insurance and public accounting. Each client has a specific plan service manager who is supported by an extensive back-office team. Professional designations held include CPA, JD, MBA, CMA and others.
In fall 2023, a new name was adopted — Iron Key Insurance Services — a rebrand that reflects both our new ownership and our two-decade-long and ongoing commitment to helping our clients maximize the opportunities of their insurance programs. Iron Key continues with the same support team serving clients and their financial advisors.
Founded in
2001
in Birmingham, Alabama
Launched Proprietary
Servicing System
2020
Rebranded ‘as’
Iron Key
2023
Service personnel
more than
100
total years of experience
with Iron Key
A Higher Standard of Service
Iron Key has an in-house attorney, as well as five in-house CPAs, available to meet your service needs and reporting requirements. Summary resumes are provided in our presentation materials. All of our personnel come from public accounting, insurance or customer service backgrounds.
Independent accountants have completed a SOC 1 and SOC 2 audit of Iron Key resulting in a clean opinion of the firm’s BOLI Policies and Procedures and Privacy Standards.
Iron Key has taken over numerous clients from other vendors. We are pleased to provide specific references from clients who switched to Iron Key.
Iron Key top carriers include: Northwestern Mutual, New York Life, MassMutual, Protective Life, Midland National and Guardian. We also have extensive knowledge and access to life insurance products from many other insurance carriers.
Our Process
Our process is based on four functions, at the center of which is the dedicated and focused attention of a Plan Service Manager:
Reporting
Providing timely, accurate and customized information related to your insurance program and nonqualified benefit plans
1
Monitoring
Monitoring regulatory changes, accounting changes and other items that affect our clients’ insurance and benefit plan programs
2
Consulting / Advising
Answering questions from clients, benefit plan participants, outside auditors and regulators, and financial representatives
3
Sales Support
Providing insurance agents with back-office support for items such as presentations, pre-purchase documentation, and sample benefit plan designs and documents
4
At Iron Key, you get something unique — a dedicated Plan Service Manager backed by an experienced team. Your Plan Service Manager is your one-stop source for service, guidance and solutions.
Our Service Commitment
Monthly
Detailed report of policy cash surrender values and death benefits
Suggested journal entries to record the monthly change in the cash value
Annually
Annual BOLI Board reporting package
Annual cash value confirmations for each insurance carrier for the bank’s auditors, as requested
IRS Form 8925 information
Updated list of insureds/participants
Annual participant statements and payroll reporting for applicable benefit plans
Updated insurance carrier ratings
Annual journal entries for benefit plan accruals
Ongoing
Assisting with death claim processing
Monitoring and reporting of accounting and compliance changes related to client insurance and benefit plan programs
Monitoring of insurance carrier ratings changes
Periodic updates of life insurance industry issues and other matters relevant to the insurance program
Recalculation of plan accruals, as necessary for vesting or discount rate changes
Leadership
-
Bryan S. Gunn, JD, CPA
COO/CFO
Bryan leads the Iron Key Birmingham operations, coordinates client services, and works with clients to design and implement nonqualified executive plans. Bryan began his career with the company in April 2015.
205-949-4077
bgunn@ironkeyis.com
-
Cindy J. Willis, CPA
Director of Plan Services and Insurance Administration
Cindy has extensive experience assisting clients with all aspects of bank and company owned life insurance and nonqualified benefit plans…
205-803-7347
cwillis@ironkeyis.com
-
Thomas E. Walker, Jr., CPA
Director of Executive Compensation and Plan Implementation
Tom is primarily involved in the implementation of BOLI programs specializing in regulatory compliance matters and nonqualified executive plan design, documentation and service.
205-271-7042
twalker@ironkeyis.com
-
Rebecca M. Michael, CPA, CMA
Plan Services Manager
Rebecca has extensive experience assisting clients with all aspects of bank and company owned life insurance and nonqualified benefit plans, including monthly reporting, death claims…
205-949-4063
rmichael@ironkeyis.com
-
Leisa S. Kizer, CPA
Plan Services Manager
Leisa has extensive experience assisting clients with all aspects of bank and company owned life insurance and nonqualified benefit plans, including monthly reporting, death claims, annual BOLI board reporting packages…
205-949-4066
lkizer@ironkeyis.com
-
John David Walker
Plan Services Manager
John David is responsible for assisting clients with ongoing service needs, as well as their annual BOLI board packages.
205-271-7021
jdwalker@ironkeyis.com