We understand Credit unions must provide meaningful benefits to their key employees in order to compete with other non-profit and for-profit financial institutions when attracting and retaining top talent. In addition, many existing plans that have been established to meet these obligations are not sufficiently funded, tax efficient, or are unnecessarily risky.
We’ll help implement and maintain customized nonqualified benefit plans to help your credit union recruit, retain, and reward their most valuable executives. These institutionally-designed supplemental retirement plans (SERPs) are often designed to be income-statement neutral such that the credit union offsets 100% of the costs associated with providing non-qualified benefits to its key executives.
Improving Existing Plans
In many instances, existing SERPs, including 457(f) and split-dollar plans, can be designed more efficiently thereby producing greater and more tax-efficient economics for both the key executive and the credit union.
Like many other businesses, credit unions are also challenged to find yield on its safest and most liquid assets today’s low-yielding interest rate environment. Our cash alternative strategy helps credit unions earn a higher current yield without sacrificing safety or liquidity and to potentially benefit from owning life insurance on its key people.
If your credit union has an existing SERP in place, or is thinking of offering one for its key executives, it would be our pleasure to work with you. Please contact Scott Jentz at firstname.lastname@example.org,