Executive Benefits

In the modern business climate Credit Unions must find the best possible talent to compete in competitive markets. BFB will assist in designing and maintaining the perfect plan for finding the most skilled and talented executives, CEOs, and the best board benefits.

Free Plan Audit

Executive benefit plans are a long-term program, sometimes outlasting a 30-year mortgage. During the life of your plans, many changes could take place in regulatory compliance, due diligence requirements, and certainly market conditions. Get confirmation that your plans are performing as expected and that the design is fully compliant with state and federal regulations.

BFB Gallagher offers a free audit of your existing plans. With some basic information, we can review your program to determine whether your goals are being met and show you the real cost of the benefit. Contact us today to get started »

Incentive & Bonus Plans

As millions of Baby Boomers reach retirement age, the structure of the modern workforce is changing dramatically. Boards are looking to strengthen their succession plans, yet they realize that little value exists in offering retirement benefits to younger executives. BFB will work with your Credit Union to design incentive and bonus programs that offer pre-retirement benefits and will appeal to the next generation of talented leaders.

§ 457(b)

A 457(b) plan is ideal for those who wish to contribute deferred compensation above the annual limits of 401(k) plans. Using this plan, your Credit Union can help its executives save for retirement without needing to operate extensive pension plans.

§ 457(f)

A 457(f) plan is a non-qualified deferred compensation program that allows your Credit Union to contribute money to a designated account on a pre-tax basis. There are no contribution limits to this type of plan, giving your Credit Union the ability to contribute on behalf of its executives beyond the limits of qualified retirement plans.

Death Benefit Only Plan

Death Benefit Only plans provide an executive’s designated beneficiaries a lump sum benefit should the executive die while employed by the Credit Union.

Supplemental Executive Retirement Plan

Also known as “Top Hat” plans, SERPs are non-qualified retirement plans that provide benefits beyond what is covered in other retirement plans, such as 401(k)  and defined benefit pension board plans. Many different kinds of SERPs are available and BFB will help you build an attractive plan for your Credit Union.

Split Dollar

Split Dollar plans can be a very attractive executive benefit for Credit Unions. Split Dollar plans have appealing tax advantages and, if properly structured and administered, can ultimately return all money spent, plus interest, back to your Credit Union. BFB's team of experts can help you make the most of this time tested executive benefit.