Executive benefit plans are a critical tool in recruiting, rewarding, and retaining your leadership team. A key concept in designing these plans is “fair and reasonable.” As expected, the NCUA has rules regarding fair and reasonable compensation. This webinar provides an overview of these rules and how to successfully navigate them to recruit and retain your leadership team. You will also learn the Board’s role in this process.
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.
Executive Non-qualified Benefits Plans Executive Compensation Consulting
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.
Vendor Selection Checklist for Executive BenefitsOngoing Nonqualified Plan Due Diligence ChecklistInformal Funding Checklist
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 2014 NAFCU Executive Compensation and Benefits Survey report is now available. If you participated in the study, please email Pamela Reid for your free copy of the report. All others, please email Janelle Lynch.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
View All Educational Resources