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Burns-Fazzi, Brock Executive Benefits Learning Series (Webinar Series)

The most efficient executive benefit plan is designed with your credit union's specific needs and strategic goals in mind. By blending executive benefit plans, you can take advantage of each plan's strengths and improve overall efficiency.

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Overview

Burns-Fazzi, Brock is a leading compensation consultant to credit unions. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to credit union executives, directors and employees. The organization aims to help credit unions recruit, reward and retain its talented executives.

Burns-Fazzi, Brock’s broad expertise in the complex tax, accounting, legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to its clients.

Products/Services

Executive Non-qualified Benefits Plans
Executive Compensation Consulting 

NAFCU Member-only Benefits

Burns-Fazzi, Brock offers a complimentary educational meeting about executive benefit plans and a complimentary actuarial and legal review of existing non-qualified plans for due diligence.

Free Downloads

Vendor Selection Checklist for Executive Benefits
Ongoing Nonqualified Plan Due Diligence Checklist
Informal Funding Checklist

NAFCU Executive Compensation & Benefits Survey for Federal Credit Unions 

Register to participate in the 2014 survey (and receive the results) »

Together with NAFCU Services, Burns-Fazzi, Brock co-sponsors the NAFCU Executive Compensation & Benefits Survey of Federal Credit Unions yearly. Every participating federal credit union receives a copy of the summary report at no cost. The survey is conducted by independent research firm Clark & Chase Research, Inc.

The 2013 NAFCU Executive Compensation and Benefits Survey report is now available. If you participated in the study, please email Liz Santos for your free copy of the report. All others, please email Janelle Lynch.

Educational Resources

  • Resource TypeExecutive Benefits 101: Achieving the Right Mix to Increase Efficiency and Maximize Retention (Webinar)
    The most efficient executive benefit plan is designed with your credit union's specific needs and strategic goals in mind. By blending executive benefit plans, you can take advantage of each plan's strengths and improve overall efficiency.
  • Resource TypeResults of the 2014 NAFCU-BFB Survey of Executive Compensation and Benefits (Recorded Webinar)

    Results of the 2014 NAFCU-BFB Survey of Executive Compensation and Benefits (Recorded Webinar) The annual NAFCU-BFB Survey of Executive Compensation and Benefits helps credit unions make informed decisions about executive compensation. In this webinar, Jack Clark of Clark Research Associates LLC, will review the findings of the 2014 survey. 

  • Resource TypeAligning Credit Unions Executive Incentives with Credit Union Goals and Member Needs (Article)

    Dr. Jack Clark from Clark Research Associates presented the results of the 2014 NAFCU-BFB Executive Compensation and Benefits Survey last month at the NAFCU Annual Conference. There were many tidbits in the presentation, but one topic caught my eye – the wide variety of incentives that Boards have used to create bonus plans for top executives.

  • Resource TypeCall Report Form and Instructions for Q1 2014 (Article)
    The NCUA recently issued its Call Report Form and Instructions for Q1 2014. The document answers several questions credit unions have had about reporting business-owned life insurance (BOLI) and split dollar life insurance arrangements used to fund employee benefits.
  • Resource TypeTax Reform Draft Proposes Changes Affecting Executive Compensation (Article)
    On February 26, 2014, House Ways and Means Committee Chairman Dave Camp released a draft of the Tax Reform Act of 2014 (TRA 2014). Our partner, Sherman & Patterson, reviewed this 979-page proposal and identified key changes affecting executive compensation.
  • Resource TypeWhat’s in store for 2014? Burns-Fazzi, Brock Looks Ahead (Blog Post)
    For a look at what lies ahead in 2014 for credit unions, we turned to the Preferred Partner experts. Here is what Rich Brock, CEO, Burns-Fazzi, Brock had to say.
  • Resource TypeSurvey Results: 2013 Executive Compensation and Benefits Study (Recorded Webinar)
    Now in its 8th year, the annual NAFCU-BFB Survey of Executive Compensation and Benefits helps credit unions make informed decisions about executive compensation. In this webinar, Jack Clark of Clark & Chase Research, will review the findings of the 2013 survey.
  • Resource TypeHow Do Your Executive Benefits and Compensation Stack Up Against Your Peers? (Blog Post)
    Compensation and benefits are a private and very personal issue, and one that most people are reluctant to ask or talk about, even to peers. Which is why BFB (in conjunction with NAFCU) established the NAFCU-BFB Executive Compensation and Benefits Survey of Federal Credit Unions.
  • Resource TypeBurns-Fazzi, Brock Executive Benefits Learning Series (Webinar Series)

    The most efficient executive benefit plan is designed with your credit union's specific needs and strategic goals in mind. By blending executive benefit plans, you can take advantage of each plan's strengths and improve overall efficiency.

  • Resource TypeOne Thousand Pound Pumpkins Don’t Grow By Chance (Nor Do Executive Benefit Plans)! (Blog Post)
    What does pumpkin growing and growing an executive benefit plan have in common? Turns out a lot!
  • Resource TypeExtraordinary Growth Doesn’t Just Happen: A Giant Pumpkin Farmer’s Perspective on Executive Benefits (Blog Post)

    Thousand-pound pumpkins don’t grow by chance, nor do great executive benefit plans accidentally happen. Both require work, care, and commitment from everyone involved if you’re hoping for results that will set records or exceed expectations.

  • Resource Type2013 NAFCU BFB Survey of Federal Credit Union Executive Benefits & Compensation (Podcast and Presentation)
    First introduced in 2007, the NAFCU-BFB Survey of Federal Credit Union Executive Benefits and Compensation was created to better understand the compensation and benefits for the top five executives of Federal credit unions. Get the 2013 results.
  • Resource TypeLoan Regime Split Dollar (Article)
    “Split dollar” refers to a broad array of arrangements where an employer and a key employee split the dollars in a life insurance policy. Since the IRS issued new regulations in 2003, the array has consolidated into two general regimes, one of which is the loan regime. The policy owner determines which regime applies. Loan regime applies when the executive owns the policy or when the executive and the credit union jointly own the policy and the executive is the first named owner.
  • Resource TypeCredit Union Industry Experts: What's in Store for 2013 (Blog Post)
    For our year-end blog post I asked our Preferred Partners to tell us what they see coming over the horizon, from their perspective, that credit union executives need to be focused on and/or prepared for as we head into 2013. Looking back a year, I see some common themes—revenue issues, economic uncertainty, regulatory uncertainty, and political uncertainty. Read more of this NAFCU Services Blog post.
  • Resource TypeBurns-Fazzi, Brock Newsletter (Fall 2012)

    In this edition, you will find "Credit Unions and the Struggling European Markets", an article by Rich Brock, President/CEO of Burns-Fazzi, Brock, more about the NAFCU-BFB Compensation Survey, a schedule of upcoming events, The Pumpkin King, and a BFB Foundation Update. Read more about these topics in this newsletter. 

  • Resource Type2012 NAFCU BFB Survey of Federal Credit Union Executive Benefits & Compensation (Podcast and Presentation)

    In order for credit unions to make informed decisions about executive compensation, a reliable survey is important. The NAFCU -BFB Survey was created to help credit unions understand the compensation and benefits of top federal credit union executives. In this recording, Jack Clark, from Clark & Chase Research, discusses what surveys are, some key factors you should consider when using a salary survey, and the relationship between credit union asset size and compensation. He also highlights the findings of the 2012 NAFCU-BFB Survey and how they found them.

  • Resource TypeDo you know where your credit union stands on executive compensation and benefits? (Blog Post)
    Every credit union is unique, and every CEO places a different emphasis on how they want their executive compensation and benefits package tailored, which makes an assessment of ‘market rates’ for executive benefits and compensation challenging. Read more of this NAFCU Services Blog post.
  • Resource TypeExecutive Compensation Checklist for New and Experienced Board Members (Podcast and Presentation)
    Looking for an Executive Compensation Checklist for your credit union? This presentation serves as a valuable tool for new and experienced board members in pinning down the latest information on new regulations and compensation philosophies associated with creating a successful executive compensation plan. 
  • Resource TypeHow Does Compensation Compare for Women Credit Union Executives? (Blog Post)
    For many industries, gender equity has been a topic of discussion.  Have you ever wondered how men and women compare as credit union executives and the compensation they receive? We did too. Read more of this NAFCU Services Blog post.
  • Resource TypeSome Good News about Deferred Compensation (Article)
    A pending IRS rule has some credit unions worried about the fate of their deferred compensation plans. For some eight years now, the IRS has been considered the tax status of non-qualified deferred compensation plans offered by federal credit unions (FCUs). At issue is whether FCUs are entities of the federal government. In its analysis, the IRS concluded that FCUs are not because they are not federal instrumentalities. The IRS also had the option of finding that FCUs are eligible to offer these compensation plans because they are tax exempt organizations.
  • Resource TypeSome Good News about Deferred Compensation (Blog Post)
    A pending IRS rule has some credit unions worried about the fate of their deferred compensation plans. For some eight years now, the IRS has been considering the tax status of nonqualified deferred compensation plans offered by federal credit unions (FCUs). Read more of this NAFCU Services Blog post.
  • Resource TypeBenefit Liability Managment (Webcast)
    webcast 2012With Benefit Liability Management's potential to offset the expense of your employee benefit obligations, it's important to have your questions answered about it. In this webcast, we discuss benefit liability management, including what that means and the types of investments that are available for your credit union.
  • Resource TypeBurns-Fazzi, Brock Executive Benefit Focus (Newsletter) - Winter 2011

     Burns-Fazzi, Brock specializes in providing benefit plans for credit union executives and directors. Utilize their expertise by reading this newsletter! This issue contains: understanding salary surveys, schedule of upcoming events, introducing the BFB Foundation, and BFB earns SSAE 16 SOC 1 Type II Certification.

  • Resource TypeExpected impact of 457(f) regulations on credit union plans (Blog Post)
    After years of waiting, we are hearing rumblings that the proposed 457(f) regulations may be issued in 2012. The IRS “anticipates” changing the current 457(f) rules to recognize only cliff vesting and disallow elective deferrals. Read more of this NAFCU Services Blog Post.
  • Resource TypeUnderstanding Credit Union Salary Surveys (Blog Post)

    With executive compensation under scrutiny, salary surveys are increasingly important. If done correctly, surveys provide reasonable estimates of what you could expect if you had access to this data for every credit union. Read more of this NAFCU Services Blog post.

  • Resource TypeInternal Control Certification – It’s Not Just an Accounting Thing (Podcast and Presentation)
    In this recorded 2012 NAFCU Technology & Security Conference session, you will learn about the internal control certification process and how it impacts more than just the accounting department, including the importance of becoming internal control certified, insight on the impact of recent regulation change from SAS70 to SSAE 16, a walkthrough of the process and audit reports (Type I & Type II) and much more!
  • Resource TypeBoard Due Diligence and Executive Compensation (Webcast)
    NCUA's new fiduciary rule sets the expectation that federal credit union directors become financially literate within six months of their election or appointment. In this webcast we will take a closer look at this rule, what it means and best practices for your credit union board to meet their requirements.
  • Resource TypeRisk Management Reports for Impermissible Investments (Webcast)
    Risk management has always been important in credit unions, and there seems to be an even greater focus on it at the NCUA in recent months. In this webcast, we take a look at the seven risks that the NCUA has defined for credit unions to be aware of when it comes to impermissible investments used to offset employee benefit expenses.
  • Resource TypeNAFCU Executive Compensation and Benefits Survey – Initial 2011 Findings (Webcast)
    Since 2007, NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock have co-sponsored a survey of federal credit union CEOs and senior executives to assess compensation and benefits. In this 2011 NAFCU Annual Conference session you get a sneak peak at this year’s initial findings, and see how you stack up against other federal credit unions in your region.
  • Resource TypeImpermissible Investments and Their Associated Risks for Employee Benefits (Webcast)

    The NCUA offers credit unions the ability to invest in otherwise "impermissible investments" for the purposes of off-setting future employee benefit obligations. In this webcast, we discuss different types of impermissible investments -- and most importantly, focus on their associated risks for your employee benefits, including insurance product structure, their effects on your balance sheet and current regulations.

  • Resource TypeThe case for credit unions providing their directors with long-term care (Article)

    Long-term care is an opportunity for a credit union to provide something of value to their board members for volunteering their time, talent and dedication to the success of the organization. Tom Telford of Burns-Fazzi, Brock guest-writes this edition of "Inside NAFCU Services" for the May/June issue of The Federal Credit Union magazine.

  • Resource TypeExploring Long Term Care Insurance for Credit Union Officials (Podcast)
    Late last year the NCUA issued a letter affirming that federal credit unions can offer long term care insurance to Board members. In this podcast you’ll hear from two experts about what long term care insurance is and how to evaluate key features, costs and benefits associated with offering this benefit to your credit union volunteers.
  • Resource TypeSecuritizing Split-Dollar Life Insurance Plans (Webcast)
    According to the 2010 NAFCU Executive Compensation & Benefits Survey, 22% of federal credit union respondents with non-qualified benefit plans use Split Dollar Life Insurance for executive compensation. This webcast provides an overview of how you can use split-dollar life insurance plans at your credit union. Learn about the possible risks of using split dollar plans and how to mitigate them.
  • Resource TypeExecutive Benefit Plans and Board Due Diligence (Webcast)
    Assets needed to fund executive benefit and incentive plans are the responsibility of the credit union’s board of directors. Oversight to ensure compliance with NCUA regulations regarding “Fair and Reasonable” total compensation and “Safe and Sound” investments require careful and extensive efforts.
  • Resource TypeNCUA Investment Due Diligence (NCUA Letter NO: 10-CU-18) (Podcast)
    NCUA now requires credit unions to evaluate and document specific fundamental elements before purchasing an investment. In this podcast, we discuss how these new investment due diligence guidelines will affect credit union executive benefit plans with Tom Telford, Consultant with Burns-Fazzi, Brock.
  • Resource TypeNAFCU 2010 Executive Compensation and Benefits Survey (Webcast)
    Discover the key findings to NAFCU's 2010 Executive Compensation & Benefits Survey in a new webcast with Jack Clark, PHD, of independent research firm, Clark & Chase Research.
  • Resource TypeThe Lessons Learned from Executive Compensation, and the Plans that Withstood the Financial Crisis (Podcast)

    Some executive compensation plans fared well during the financial crisis others did not. In this podcast, we visit with T.J. Telford, Partner at Burns-Fazzi, Brock, to learn about the key characteristics of plans that withstood the test of the financial crisis.

  • Resource TypeHow to Evaluate an Executive Benefit Plan Vendor (Podcast)

    The right vendor can make or break your retirement plan, as anyone who has struggled with fixing a broken plan knows too well. In this podcast we visit with Michael Blank, Senior Manager at Burns-Fazzi, Brock to discuss how to separate the good vendors from the bad, and specifically what criteria makes the difference.

  • Resource Type2009 NAFCU Executive Compensation and Benefits Survey Results (Webcast)

    Co-sponsored by NAFCU, NAFCU Services and Preferred Partner Burns-Fazzi, Brock, the 2009 NAFCU Executive Compensation and Benefits Survey Results are summarized. In its third year, the survey was created to better understand the compensation and benefits offered to the top executives of NAFCU member credit unions.

  • Resource TypeDesigned to Fit (Article)

    NAFCU's bi-monthly magazine, The Federal Credit Union has turned to Diane Molvig, a freelance writer who has extensively written on credit union issues, to look at how credit unions are attracting and retaining quality executive talent.  In the article Designed to Fit Diane discusses how easily it is to figure out what credit unions must do to create an executive package that puts executives in the running to not only attract them, but to retain their quality talent.

  • Resource TypeExecutive Compensation Plan Evaluation and Resuscitation (Article)

    In years of market growth, the financial instruments sometimes used to fund executive benefit and incentive plans parallel the upward market direction, requiring only annual monitoring to generate success smiles for all concerned. The Federal Credit Union Magazine turned to David Emery of Burns-Fazzi, Brock to understand executive compensation plan evaluaton and resuscitation considerations.

  • Resource TypeHave You Looked at Your Split Dollar Retirement Plan Lately? (Podcast)

    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...

  • Resource TypeExploring the Three Critical Factors of Your Split-Dollar Retirement Plan: Understanding, Design and Administration (Podcast)

    Developing an effective Spilt-Dollar Retirement plan for executives can be challenging, and requires expert insight into the goals and objectives of the plan, design issues to meet those goals and objectives, and ongoing administration to ensure that it still meets those goals and objectives over time.

  • Resource TypeNavigating the Regulatory Haze of Compensation Risk (Article)

    Chris Burns-Fazzi, CLU, ChFC, Principal, Burns-Fazzi, Brock, is featured as a guest columnist in the May/June 2010 issue of NAFCU's The Federal Credit Union magazine, addressing the many inherent risks to consider when developing benefits for key people at the credit union, including informally funding those benefits.

  • Resource TypeSupplemental Retirement Plan [457(f)] Remediation (Podcast)

    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.

  • Resource TypeUnderstanding the Ins and Outs of Non-Qualified Retirement Plans for Your Credit Union (Podcast)

    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.

  • Resource TypeUsing 457 Plans to Recruit Top Executive Talent (Podcast)

    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? 

  • Resource TypeThe Perfect Storm That's Swamping Compensatory Split-Dollar Arrangements (Article)
    Split-dollar agreements were traditionally governed by a series of published I.R.S. rulings, dating back to the early 1960's. Now for the first time, the I.R.S. has taken the position that on termination of these agreements during the insureds lifetime, any policy cash value in excess of company-advanced premiums will, with some limited potential exceptions, be taxable income to the employee. In this essay by Larry Brody, of Burns-Fazzi, Brock, "The 'Perfect Storm' That's Swamping Compensatory Split-Dollar Arrangements," Larry explains Compensatory Split-Dollar Arrangements.

News

  • Burns-Fazzi, Brock Acquires Executive Compensation Solutions (May 13, 2014)
    Burns-Fazzi, Brock (BFB) announced today that Executive Compensation Solutions (ECS) and its clients are joining the BFB family.
  • Burns-Fazzi, Brock and NAFCU Services Invite Credit Unions to Participate in Their 2012 Executive Compensation and Benefits Survey (January 31, 2012)
    ARLINGTON, VA – NAFCU Services Corporation and Burns-Fazzi, Brock announced that its sixth annual Executive Compensation & Benefits Survey is now open for federal credit unions to participate. Any credit union that completes the survey will receive a free copy of the detailed results, which provide invaluable benchmarking information on compensation and benefits for the top five credit union executives.
  • Burns-Fazzi, Brock Selected as NAFCU Services Preferred Partner for Long-term Care Insurance (May 24, 2011)
    NAFCU Services Corporation today announced that Preferred Partner Burns-Fazzi, Brock has expanded its solution category to include long term care insurance for credit unions. Burns-Fazzi, Brock has been the NAFCU Services Preferred Partner for executive benefits and compensation since 2006. Late last year, the NCUA issued a letter affirming that federal credit unions can offer long term care insurance to board members.
  • Webcast Reviews Results of 2010 NAFCU Exec Survey (November 9, 2010)
    NAFCU Services Corporation (www.nafcu.org/nafcuservices) today released a free webcast with its Preferred Partner, Burns-Fazzi, Brock, on the results of the 2010 NAFCU Executive Compensation & Benefits Survey. Sponsored by NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock, the survey was open to all federal credit unions in 2010. Previously, just NAFCU members were eligible to participate.
  • Podcast Uncovers Lessons Learned from Exec Compensation Plans that Withstood the Financial Crisis (October 14, 2010)
    NAFCU Services Corporation today announced a new podcast featuring an expert view on how the financial crisis has affected executive compensation plans at credit unions, which plans have performed the best, and reasons why they have endured the crisis so well. The podcast features an interview with T.J. Telford, partner at Burns-Fazzi, Brock.
  • Free Webcast Reveals Results of 2009 NAFCU Exec Compensation Survey (October 21, 2009)
    NAFCU Services Corporation today released a free webcast with its Preferred Partner, Burns-Fazzi, Brock, on the results of the 2009 NAFCU Executive Compensation & Benefits Survey. Sponsored by NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock, the survey is in its third year and was created to better understand the compensation and benefits offered to the top executives of NAFCU member credit unions.
  • Burns-Fazzi, Brock and NAFCU Services Offer Free Podcast on Exec Split Dollar Plans (October 27, 2008)
    NAFCU Services Corporation and its Preferred Partner for executive compensation and benefits, Burns-Fazzi, Brock, today announced a free podcast that discusses the legal and tax requirements that credit union executives must address in order for their split dollar plans to be in compliance with new requirements by the end of 2008. If not amended by the end of 2008, the executive might be subject to significant penalties.
  • Burns-Fazzi, Brock and NAFCU Services Release 2007 Executive Compensation & Benefits Survey Findings (January 16, 2008)
    Burns-Fazzi, Brock and Associates and NAFCU Services Corporation recently announced the availability of the complete 2007 NAFCU Executive Compensation and Benefits Survey report. An 18-minute webcast summarizing the survey findings is now available at www.nafcu.org/bfb. Conducted by an independent research firm, Clark & Chase, the survey was sent
    to all NAFCU member CEOs last May. Initial findings were presented at NAFCU’s Annual Conference in July 2007 in Honolulu.
  • Burns-Fazzi, Brock and NAFCU Services Partner, Launch 2007 Executive Survey (May 30, 2007)
    NAFCU Services Corporation recently named compensation consulting firm Burns-Fazzi, Brock & Associates to its Preferred Partner Program. The two organizations also announced their first co-sponsored survey to the credit union community, the 2007 Executive Compensation & Benefits Survey, sent Tuesday to NAFCU members.

Contact Burns-Fazzi, Brock

Richard Brock | 704-332-2265
http://www.bfbbenefit.com
rbrock@bfbbenefit.com