Understanding the Ins and Outs of Non-Qualified Retirement Plans for Your Credit Union
Dec 14th, 2009 by nafcuservices
To successfully plan and implement non-qualified retirement plans, there are key steps that you must first consider. In this podcast we visit with Jennifer Jackson, Senior Manager at Burns-Fazzi, Brock and Kirk Sherman, a partner with Sherman & Patterson, LTD, to explore the ins and outs of non-qualified retirement plans, including a look at what your peer credit unions are doing, proper steps to implement your plans, legal risks to consider, and vendor due diligence.
Burns-Fazzi, Brock is the NAFCU Services Corporation Preferred Partner for credit union Executive Benefits and Compensation Consulting Services.
Contacts: Ms. Jennifer Jackson, Senior Manager, Burns-Fazzi, Brock, jjackson@bfbbenefit.com; Web: www.bfbbenefit.com; Phone: 877-332-2265, x210
Mr. Kirk Sherman, Partner, Sherman & Patterson, LTD, ksherman@splawfirm.net; Web: www.splawfirm.net; Phone: 763-479-2699
Interviewer: David C. Frankil, President, NAFCU Services Corporation, dfrankil@nafcu.org, 703-842-2226
Show References: www.nafcu.org/bfb
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Supplemental Retirement Plan [457(f)] Remediation
Posted in Finance and Insurance by nafcuservices on May 1st, 2009
Considering the looming competition for executive talent within the financial services sector, credit unions are strategically deploying non-qualified retirement plans, known specifically as 457(f) or Supplemental Executive Retirement Plans, to retain and recruit executive talent. Non-qualified retirement plans offer far greater benefits to credit unions then generally acknowledged and vary greatly in design, size and how they are used. But they are complex, and the regulations governing these plans can also change. In this podcast we interview Dave Emery, a Partner with Burns-Fazzi, Brock & Associates to address the overarching question that credit unions must continuously answer: whether or not each plan is accomplishing its goal of aligning incentives of the credit union and its key executives.
Burns-Fazzi, Brock & Associates is a leading compensation consulting firm for credit unions as well as the NAFCU Services Corporation Preferred Partner for credit union Executive Benefits and Compensation Consulting solutions.
Contact: Mr. Dave Emery, Partner, demery@bfbbenefit.com, Phone: 704-332-2265.
Interviewer: David C. Frankil, President, NAFCU Services Corporation, 703 842-2226, dfrankil@nafcu.org
Show References: www.nafcu.org/bfb
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Using 457 Plans to Recruit Top Executive Talent
Posted in Operations and Infrastructure by nafcuservices on June 11th, 2009
Industry forecasts have predicted that as many as 20% of CEO posts will need to be filled at credit unions by the year 2010. Attracting top quality executives can affect the success of your credit union for years to come, but how should non-qualified retirement plans both satisfy the expectations of your top candidates as well as ensure that you’ve made a safe and sensible investment? In this podcast, we interview Rich Brock, Principal at Burns-Fazzi, Brock & Associates to explore the importance of 457 plans to the recruitment process, what your top executive candidates are expecting you to offer, and what you should expect when working with an experienced plan provider.
Burns-Fazzi, Brock & Associates is a leading compensation consulting firm for credit unions as well as the NAFCU Services Corporation Preferred Partner for credit union Executive Benefits and Compensation Consulting solutions.
Contact: Mr. Rich Brock, Principal, Burns-Fazzi, Brock & Associates; rbrock@bfbbenefit.com;, Phone: 887-332-2265.
Interviewer: David C. Frankil, President, NAFCU Services Corporation, 703 842-2226, dfrankil@nafcu.org
Show References: www.nafcu.org/bfb
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Have You Looked At Your Split-Dollar Retirement Plan Lately? Posted in Finance and Insurance, Operations and Infrastructure by nafcuservices on October 15th, 2008
With the way that today’s markets are trending, everyone is looking nervously at their retirement accounts and plans. Nothing is more unsettling than believing you’re all fixed for retirement, and then seeing you’re not, which is what many credit union executives with split-dollar retirement plans are finding out. Tax and accounting rules have changed the manner in which these plans function, with significant implications for the long term performance and risks. In addition, the IRS is requiring a review of these plans by year-end.
This podcast features a conversation with Larry Brody of Bryan Cave LLP, a nationally known expert in estate planning and the use of life insurance in estate and non-qualified deferred compensation planning, including split-dollar. Also joining us is Chris Burns-Fazzi, a principal at Burns-Fazzi, Brock — Chris has worked in retirement and benefit planning for executives in financial institutions since 1995, and in benefit planning in public and private corporations since 1985.
Burns-Fazzi, Brock is also offering a free legal evaluation of split-dollar plans for NAFCU Members — please contact Chris directly for more information.
Contacts: Chris Burns-Fazzi, Principal, Burns-Fazzi, Brock, cfazzi@bfbbenefit.com, 704 332-2265 x1
Interviewer: David C. Frankil, President, NAFCU Services Corporation, dfrankil@nafcu.org, 703 522-4770 x226
Show References: www.nafcu.org/bfb
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