Written by John E. Pinto, President and CEO, Pentegra Retirement Services
It was not a typical day for retirement plan professionals, but it was certainly memorable.
On May 15, 2014, I had the pleasure of joining 15 of our passionate employees from our White Plains headquarters to clean gardens, dig in the dirt to plant flowers, and create crossword puzzle white boards. This was one of the most productive and fulfilling days—personally and professionally—we agree we’ve all had in a long time, and I guarantee that we will be doing it again soon! Read more
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: Read more
Originally posted on cuinsight.com.
Guest post written by Dennis Zuehlke, Compliance Manager, Ascensus
Ascensus is the NAFCU Services Preferred Partner for IRA, Retirement Plan, and Health Savings Account (HSA) Solutions Software, Training, Documents and Consulting.
The Obama administration’s fiscal year 2015 revenue proposal would make significant changes to Roth IRAs. If implemented, these changes would make the Roth IRA a less attractive savings vehicle for many—and have a significant impact on credit union IRA programs.
The Administration has proposed “harmonizing” the required minimum distribution (RMD) rules for tax-favored retirement accounts that would—in a game-changing move—subject Roth IRAs to the same RMD rules as Traditional IRAs. The proposal would require Roth IRA owners to begin receiving RMDs in the year that they attain age 70½, eliminating one popular reason for converting a Traditional IRA to a Roth IRA: to avoid RMDs. It also would diminish the amount of assets Roth IRA owners would be able to pass along to their heirs—tax free—in a Roth IRA. Read more
Originally posted on CUInsight.
By Randy Salser, President, NAFCU Services
Download a complimentary copy of the “Grow 2020: Driving Effective Member Engagement” paper here.
Credit union executives are facing more challenges than ever. In November 2013, Sundeep Kapur of Allied Solutions conducted a study on the challenges facing credit unions. The purpose of the resulting report is to:
- Release survey results highlighting the top concerns of 547 credit union executives
- Introduce prescriptive ideas for addressing these concerns
- Explore where we are headed over the next seven years Read more