By David Frankil, President, Burns-Fazzi, Brock and Associates
Some people are lucky enough to be able to walk into a store, pick a nice suit off the rack, maybe have the sleeves adjusted and the cuffs hemmed, and walk out with something that fits them perfectly.
My experience is more like major surgery, but when done right the suit looks great.
The same is true for executive benefits – some rare executives and their credit unions are fortunate enough to have a set of circumstances and needs that allow them to take something basic and off-the-shelf. But more often they end up with their proverbial arms sticking out and socks visible with cuffs four inches off the floor. What they really need is a more complex mix of solutions that are tailor-made for them.
Where we see credit union executives considering (or stuck in) ‘one-size-fits-all’ solutions, it is usually because there is a misperception that credit union executives can only have one type of executive benefit. In other words, they think they have to pick just one from a long list that includes 457(b), 457(f), Split-Dollar Plans, Invested Retirement Plans, and others.