Originally posted on CUInsight.
By Randy Salser, President, NAFCU Services
With the financial pitfalls of the Great Recession behind us, and security breaches becoming a common threat, members are more mindful of their personal finances than ever before. Because credit unions are a reliable and trusted source, they have the unique opportunity to educate their members about financial literacy. For expertise on where credit unions should focus this National Financial Literacy Month, we turn to our Preferred Partners: Read more
Category: Growth & Retention
Tags: Allied Solutions
, Burns-Fazzi Brock
, Cathedral Corporation
, credit union
, Human Capital Solutions Group
, mortgage cadence
, NAFCU Services
, National Financial Literacy
Guest post written by Tyler Quigley, National Director of Marketing, Burns-Fazzi, Brock (BFB). Tyler and his family tend their field of dreams in Mountain Green, Utah.
BFB is the NAFCU Services Preferred Partner for Executive Compensation and Benefit Consulting.
My name is Tyler, and I grow giant pumpkins. Not just big pumpkins. Giant pumpkins. The kind of pumpkins that could someday rise out of the murky depths of the Pacific Ocean and terrorize Tokyo. My personal best came from one of the pumpkins I grew last season. It weighed in at 1,454.5 pounds and was the second largest ever recorded in Utah.
Growing a pumpkin that large is an enormous (pardon the obligatory pun) undertaking, and as I’ve learned more about the planning, hard work, and dedication necessary to cultivating these behemoths, I’ve realized there are a lot of parallels to be drawn between cultivating pumpkins and the principles of my day job.
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. If you’re a board member you want to be both fair to your executives, provide a combination of compensation and benefits with the right mix of incentives to ensure alignment with your strategic goals, and also fulfill your fiduciary obligation to fellow credit union members.
As an executive, you want to make sure that your compensation and benefits are competitive and fit your personal needs, and are also flexible enough to adapt as those needs change throughout your career.
One great way to find out where your credit union stands relative to the market is with the NAFCU-Burns-Fazzi, Brock (BFB) Executive Compensation and Benefits Survey (free to survey participants).
Guest post written by Chris Burns-Fazzi, Principal, Burns-Fazzi, Brock
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.
The NAFCU Annual Conference coming up at the end of July in Nashvillewill feature a Women’s Leadership Summit, with a number of timely topics, including an initial look at how men and women credit union executives compare in regards to compensation and their presence in top executive positions.
A bit of background – for five years now, Burns-Fazzi, Brock (the NAFCU Services Preferred Partner for Executive Compensation and Benefits) has underwritten the annual NAFCU-BFB Survey of Federal Credit Union Executive Benefits & Compensation. Conducted by an independent firm, Clark and Chase Research, there is no cost to participate, and the results are shared with participants as well as each year at the NAFCU Annual Conference. This year, we compared the survey results by gender.
We’ll go through the analysis in much greater detail at the conference, but some highlights — Read more
Guest post written by Tom Telford, Executive Vice President, Burns-Fazzi, Brock
A pending IRS rule has some credit unions worried about the fate of their deferred compensation plans.
For some eight years now, the IRS has been considering the tax status of nonqualified deferred compensation plans offered by federal credit unions (FCUs). At issue is whether FCUs are entities of the federal government. In its analysis, the IRS concluded that FCUs are not because they are not federal instrumentalities. The IRS also had the option of finding that FCUs are eligible to offer these compensation plans because they are tax exempt organizations.
These plans have historically been an additional option for retirement planning above and beyond traditional 401(k) plans. Read more