Press Releases

Burns-Fazzi, Brock Acquires Executive Compensation Solutions
 

May 12, 2014

Combination increases market footprint and operational efficiencies
Charlotte, NC (May 12,2014)

Burns-Fazzi, Brock (BFB) announced today that Executive Compensation Solutions (ECS) and their clients are joining the BFB family.

“BFB and ECS are a perfect match in terms of culture and client focus, and this acquisition further solidifies BFB’s position as the pre-eminent provider of executive benefits and compensation consulting solutions to credit unions,” said David Frankil, BFB president. “Our expanded footprint and increased operational efficiencies will translate into unparalleled service for all of our clients, coast-to-coast. In addition to a wide range of solutions, ECS clients will have access to BFB’s industry-leading client service, administration and compliance monitoring.”

ECS clients will be served from BFB’s headquarters in Charlotte, North Carolina, corporate offices in Ogden, Utah and Los Angeles, California, and field offices throughout the United States.

“BFB and ECS have always shared a strong commitment to providing excellent solutions and client service to credit unions,” said Alec Berkman, founder and CEO of ECS. He added, “BFB has a long history of building strong relationships, and I’m confident in their ability to continue the exemplary ECS tradition.”

About Burns-Fazzi, Brock and Associates
Burns-Fazzi, Brock and Associates is the pre-eminent provider of executive benefits and compensation consulting services to credit unions, dedicated to providing solutions for the retention, reward and recruitment of executive talent. BFB also provides top-quality client service through its proprietary administrative platform and thorough compliance assistance. Founded in 1995, BFB is headquartered in Charlotte, North Carolina, with a corporate office located in Utah. BFB is also the National Association of Federal Credit Unions Preferred Partner for Executive Benefits and Compensation Consulting Services. More information is available at www.BFBbenefit.com and www.nafcu.org/BFB.

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Camp Tax Reform Draft Released February 26, 2014 MEMO
 

March 3, 2014

MEMORANDUM
FROM:  Kirk D. Sherman &James S. Patterson SHERMAN & PATTERSON, LTD.
DATE:   March 1, 2014
RE:       Camp Tax Reform Draft Released February 26, 2014

Executive Summary
House Ways and Means Committee Chairman Dave Camp has proposed a revamp of the tax code. Three significant proposals affecting executive compensation are:
     • Imposing a 25% excise tax on any tax‐exempt organization on compensation in excess of $1 million that it pays to any of its top five executives,

     • Eliminating 457(b) plans for non-­governmental tax-­exempt employers, and

     • Taxing deferred compensation of all employers (taxable or tax-­exempt) as soon as there i no substantial risk of forfeiture.

We have found nothing that would affect loan regime split dollar.

Whether or when these proposals would become law is uncertain, but it appears unlikely to happen this year.

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Tyler Talbot Is New BFB Regional Vice President
 

August 1, 2013

CHARLOTTE, NC     BFB has named Tyler Talbot as its new Regional Vice President. Tyler will be responsible for ongoing benefit plan administration and compliance supervision.

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Team BFB Welcomes Brandon Cousanca
 

August 1, 2013

CHARLOTTE, NC     Brandon Cousanca has joined Team BFB as Split Dollar Client Service Manager. In his new role, Brandon will be responsible for implementing and maintaining the client service standards for Split Dollar participants as well as ensuring all deliverables are accurate and provided on time.

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Kerry Murphy Joins Team BFB as Regional Manager
 

August 1, 2013

CHARLOTTE, NC     BFB is pleased to welcome Kerry Murphy as its new Regional Manager. Kerry will be responsible for overseeing benefit plan administration and regulatory and compliance guidelines for clients in the Southwest region.

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