Tailoring Executive Benefits to the Executive and the Credit Union

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.

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We’re Embedding Our Best Technology in Apple Pay… and Into All Digital Transactions

Originally posted on Cashless Pioneers blog

Guest post written by James Anderson, Group Head and SVP, Mobile and Emerging Payments, MasterCard

James Anderson_MC

MasterCard is the NAFCU Services Preferred Partner for Credit, Debit, and Prepaid Branded Products.

In bringing Apple Pay to consumers, Apple wanted to deliver the highest quality transactions possible. So who did they turn to? Those who’ve built the scalable payment infrastructure that is the envy of others – MasterCard.

We believe that payments should always be a simple proposition to the consumer – but once you get under the hood, there’s a very sophisticated network in place that enables any of us to walk into a store and make a purchase – trusting that our cards will work as we expect them to. We realize that consumers don’t care about that – but what they do want to know is that their information and their money are secure.  Through the work that MasterCard did with Apple and with the active engagement of the first four issuers – we’ve delivered the most secure combination of technologies that we’ve ever deployed:

Phones_MC

Top Things to Know About Apple Pay and the Security of Our Digital Payments Platform:

1. Apple Pay Transactions Will Work Just Like Any Other MasterCard Transaction

Transactions that originate from Apple Pay will work the same as any other MasterCard transaction. The consumer will see the card they wish to use in their iPhone from the issuer that they are used to doing business with, the merchant sees a MasterCard transaction – either the familiar contactless form in store or Digital Secure Remote Payment for in-app. Apple is never in the transaction path.

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New Study Highlights Need For Increased Credit Literacy

Originally posted on CUInsight.

By Randy Salser, President, NAFCU Services

As the availability of credit reports has become more convenient due to the pervasiveness of the Internet, knowledge of credit scoring still suffers. The National Credit Score Knowledge Survey results were released this month by the Consumer Federation of America (CFA) and VantageScore Solutions.  Among the surprising findings in the study:

  • While 80% of respondents consider their knowledge of credit scores to be good, fair, or excellent—94% of participants do not know which factors are among those used to calculate a credit score
  • Only 7% know that neither FICO nor VantageScore will lower one’s credit score if multiple inquiries are made during the same two-week window
  • Only 50% of respondents understand the three instances when lenders are required to inform borrowers of the credit score used in the lending decision
  • 53% of millennials surveyed don’t know that age is not used in calculating credit scores
  • Only 50% of millennials surveyed know that credit repair companies are rarely helpful in fixing credit scores
  • 51% of millennials surveyed have not obtained a free copy of their credit report, while 74% of older adults have obtained a free copy of their credit report

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Getting Our Hands Dirty

Written by John E. Pinto, President and CEO, Pentegra Retirement Services

Register for the webinar, “The 401(K) Plan of the Future,” presented by Pentegra Retirement Services and NAFCU Services on Wednesday, August 13, 2:00-3:00 p.m. ET. Register here.

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!

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Extraordinary Growth Doesn’t Just Happen: A Giant Pumpkin Farmer’s Perspective on Executive Benefits

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.

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