BFB Gallagher

Executive Benefits: Impact of Tax Reform (Webinar)
Executive Benefits: Impact of Tax Reform (Webinar)

This webinar addresses how the Tax Cuts and Jobs Act affects executive compensation. In particular, new Section 4960 of the tax code imposes a 21% excise tax on credit unions and other tax-exempt employers for providing compensation in excess of $1 million to any individual and for paying "parachute payments." Our experts will discuss how to determine if your credit union is affected and adjustments you can make to minimize or eliminate the taxes. 

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Partner Contact: Liz Santos 

Overview2014 Innovation Award Seal

BFB Gallagher 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.

BFB Gallagher’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

Free Downloads

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

BFB Gallagher also offers an Executive Benefits Learning Series

NAFCU-BFB Executive Compensation & Benefits Survey for Credit Unions

BFB Gallagher and NAFCU Services co-sponsors the NAFCU Executive Compensation & Benefits Survey of credit unions annually. Every participating credit union receives a copy of the summary report at no cost. The survey is conducted by independent research firm Clark Research Associates, LLC.

The 2017 NAFCU Executive Compensation and Benefits Survey report is now available. For more information about the study and to get copies, please email Liz Santos.

Educational Resources

  •  Executive Benefits: Impact of Tax Reform (Webinar)
    This webinar addresses how the Tax Cuts and Jobs Act affects executive compensation. In particular, new Section 4960 of the tax code imposes a 21% excise tax on credit unions and other tax-exempt employers for providing compensation in excess of $1 million to any individual and for paying "parachute payments." Our experts will discuss how to determine if your credit union is affected and adjustments you can make to minimize or eliminate the taxes. 
  •  Executive Benefits: Overview of Newly Issued Guidance for NCUA 701.19 (Webinar)
    After several years in the making, the NCUA recently published its guidance for examiners on Section 701.19. Under this regulation, a federal credit union may hold otherwise impermissible investments if the investment is “directly related” to the credit union’s obligations or potential obligations under an employee benefit plan. The guidance addresses due diligence and direct relationship requirements, in addition to concentration limits for typical investments and individual insurers.
  •  Total Rewards for Credit Unions (Webinar)
    Human capital is the most important asset for any organization yet it is the most overlooked or undervalued. Using Total Rewards Optimization, you can align cost, core people strategy, competitive assessment, and employees need to create the best ROI for your credit union and the most value for your employees.
  •  Proper Accounting for BOLI and SERPs (Webinar)
    This webinar digs into the details of proper accounting methods for Business-Owned Life Insurance (BOLI) and Supplemental Executive Retirement Plans (SERPs). In addition to call report treatment, we look at what servicing questions you need to ask. We will also review red flags to keep the regulators happy. This webinar is geared toward CFOs, the accounting team, and those with financial reporting responsibilities.
  •  Benefit Liability Management 101 (Webinar)
    Benefit Liability Management isn’t a new concept in the credit union industry, yet many are unsure of what it means. Before implementing benefit liability management, several key questions must be considered. While there is no right or wrong answer, it’s important to note that each credit union must carefully decide what’s appropriate for their particular situation and their membership.
  •  NAFCU/BFB Gallagher 2017 Executive Compensation Survey Report (Webinar)
    The annual NAFCU/BFB Gallagher Executive Compensation and Benefits Survey is the trusted source for comprehensive data on credit unions of all asset sizes, coast-to-coast.
  •  Is Asset Management Worth the Fuss? (Webinar)
    With the cost of healthcare and other employee benefits on the rise, investment portfolios may be an appropriate solution, but what questions should credit unions be asking? This presentation will focus on the ins-and-outs of investment portfolios, as well as the regulatory landscape and due diligence requirements that should be top-of-mind when considering these types of investments.
  •  Credit Union CEOs Learn What Your Boards Want From You (Webinar)
    At the NAFCU Board of Directors and Supervisory Committee Conference, BFB Gallagher explored how enhanced board governance can help board members respond to changes in their "job description." They are tasked with balancing their fiduciary duty while responding to changes in technology, your membership demographic, regulatory compliance, and more.
  •  Financial Fitness Strategies for Executives – Part 1(Webinar)
    Given complex retirement plans and tax codes, credit union executives face certain challenges to ensure all of their benefits from various sources work together to create the retirement they envisioned. This webinar will provide an overview of executive benefits and strategies on how to coordinate and maximize executive benefits.
  •  Charitable Foundations: Getting Started (Webinar)
    Many credit unions are considering creating a charitable foundation as a way to provide institutional structure for their giving program. However, there are several preformation decisions to be made to be compliant with various federal and state laws.
  •  Executive Benefits: Plan Overview and Strategies (Webinar)
    With three out of ten credit union executives set to retire in the next five years, there is a recruiting frenzy taking place. Current CEOs, as well as other senior management executives, are being recruited into these positions. During this session, learn the pros and cons of nonqualified benefit plans (457, Split Dollar, Bonus) and how to combine the best features of each to achieve your goals.
  •  Executive Benefits: How the Proposed IRS 457 Regulations Will Affect You (Webinar)
    The IRS recently issued its long-awaited proposed Section 457 regulations. During this session, BFB Gallagher partners with the law firm of Sherman & Patterson to explain the implications of the proposed regulations and what action, if any, your credit union should take now
  •  NAFCU/BFB Gallagher 2016 Executive Compensation Survey Report (Webinar)
    Now in its 10th year, the annual NAFCU/BFB Gallagher Executive Compensation and Benefits Survey is the trusted source for comprehensive data on credit unions of all asset sizes, coast-to-coast.
  •  Executive Benefits: Pitfalls to Avoid in Due Diligence (Webinar)
    During this webinar you will learn how to execute a comprehensive due diligence plan based on recent trends and red flags found by examiners.
  •  Executive Benefits: Plan Accounting and Reporting Considerations (Webinar)

    This webinar explores a board considering a nonqualified deferred compensation plan for executives must understand how the plan and its funding will affect the credit union’s call reports and, in the case of state-chartered credit unions, IRS Form 990.

  •  Executive Benefits: Plan Servicing and Administration (Webinar)
    This webinar explores what you should look for in the service and administration of your executive benefit plans. You’ll learn how to evaluate your current or potential provider. Attendees will receive helpful checklists to streamline their evaluation.
  •  2015 NAFCU-BFB Executive Compensation and Benefits Survey (Webinar)
    The NAFCU–BFB survey helps credit unions make informed decisions about recruiting, rewarding, and retaining its leadership. This webinar explores the key findings of the 2015 survey and how to use the results.
  •  Executive Benefits: The Dos and Don’ts of Vendor Selection (Webinar)
    Executive benefit plans have the power to recruit, reward, and retain your leadership team. Now that you’ve decided to implement these plans, how do you find the best vendor to help you achieve your goals? Beyond client lists and references, find out what you really need to know.
  •  Compensation and Severance Plan Rule Changes May Impact Your Credit Union (Blog Post)

    After almost eight years and several false alarms, the IRS may finally issue the new Section 457(f) regulations addressing nonqualified deferred compensation plans and severance plans. Two IRS attorneys speaking at separate events have expressed hope that the regulations will be released by this summer.

  •  Attracting and Retaining Executive Talent with Fair and Reasonable Compensation (Webinar)

    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.

  •  Executive Benefits: A 360-View of Administration, Accounting, and Regulatory Compliance (Webinar)
    Executive benefit plans are an important tool to recruit, reward, and retain your high-performing leadership team. While these plans have adapted to recent changes in regulatory guidance, there are still misperceptions in the marketplace about how and when they can be used.
  •  Best Practices for Choosing an Insurance Carrier for Executive Benefits (Webinar)
    Your credit union’s institutional life insurance program is only as strong as its carriers. Although life insurance is one of most regulated industries, the sheer volume of data available about the carriers can complicate or delay the decision-making process. This webinar will help you make sense of this data and provide a roadmap for selecting an insurance carrier. Join your colleagues to learn about key metrics, data sources, ratings, and more.
  •  Purpose of an Executive Benefit Plan: Human Capital (Webinar)
    In the modern business climate, credit unions are looking at executive benefit plans as ways to recruit, reward and retain top talent. This webinar explores the fundamental purpose of executive benefits. It will look at your credit union’s greatest asset and how to achieve a shared success between the credit union and executives. Previous webinars of the BFB Executive Benefit Webinar Learning Series have looked at what plans are available, now Tom Telford will explain the purpose of these nonqualified plans.
  •  Ins and Outs of Split-Dollar: Loan Rate and Product Risks (Webinar)
    As credit unions look to recruit, reward, and retain their leadership in an increasingly competitive market, split-dollar plans emerge as an attractive executive benefit. Split-dollar plans have appealing tax advantages and, if properly structured and administered, can ultimately return all money spent, plus interest, back to your credit union.
  •  Executive Benefits 101: Achieving the Right Mix to Increase Efficiency and Maximize Retention (Recorded 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.
  •  Aligning 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.

  •  Results 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. 

  •  Call 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.
  •  Tax 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.
  •  What’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.
  •  Survey 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.
  •  How 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.
  •  BFB Gallagher Executive Benefits Learning Series (Webinar Series)
    In the modern business climate, credit unions must recruit the best possible talent to compete in highly competitive markets. This webinar explores how credit unions of various asset sizes are using executive benefits to recruit, retain, and reward their top executives.
  •  One 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!
  •  Extraordinary 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.

  •  2013 NAFCU BFB Survey of Federal Credit Union Executive Benefits & Compensation (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.
  •  Loan 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.
  •  Credit 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.
  •  Burns-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. 

  •  2012 NAFCU BFB Survey of Federal Credit Union Executive Benefits & Compensation (Presentation)

     

    Understand what surveys are, some key factors you should consider when using a salary survey, and the relationship between credit union asset size and compensation. Also see highlights of the findings of the 2012 NAFCU-BFB Survey.

     

  •  Do 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.
  •  Executive Compensation Checklist for New and Experienced Board Members (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.
  •  How 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.

View All Educational Resources

News

  • Burns-Fazzi, Brock Wins the 2014 NAFCU Services Corporation Innovation Award (September 8, 2014)
    Burns-Fazzi, Brock announced today that it won a 2014 NAFCU Services Corporation (NSC) Innovation Award.
  • 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
    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

Liz Santos
877-332-2265 ext. 599
http://www.bfbbenefit.com
Liz_Santos@ajg.com