Guest post written by Christine Burns-Fazzi, Principal, Burns-Fazzi, Brock.
Burns-Fazzi, Brock (BFB) is the NAFCU Services Preferred Partner for Executive Compensation and Benefit Consulting.
There is a lot of mystery swirling around executive benefits. A well-designed plan does more than pay for performance and longevity, or provide the ability to offer supplemental retirement benefits to key executives. While executive benefit plans are designed to recruit, reward, and retain senior executives, they are also arranged to have a positive impact on the credit union’s earnings. Of course, all of this must be accomplished with a constant eye on federal and state regulations.
While we all can agree on what an executive benefit plan is, it is equally as important to note what an executive benefit plan is not. Here are the top five common myths about executive benefit plans: