Press
BFB & NAFCU Services Offer Podcast
Contact: David C. Frankil
703-842-2226
dfrankil@nafcu.org
Christine Burns-Fazzi
704-332-2265
cfazzi@bfbbenefit.com
Podcast from Burns-Fazzi, Brock and NAFCU Services Uncovers Lessons Learned fromExecutive Compensation Plans that Withstood the Financial Crisis
WASHINGTON — NAFCU Services Corporation (www.nafcu.org/nafcuservices) today announced a new podcast featuring an expert view on how the financial crisis has affected executive compensation plans at credit unions, which plans have performed the best, and reasons why they have endured the crisis so well. The podcast features an interview with T.J. Telford, partner at Burns-Fazzi, Brock.
The podcast can be heard at www.nafcu.org/bfb.
In the podcast, Telford discusses the common mistakes that led to failed executive benefit plans at credit unions, plan strategies that fared well during the downturn and the active role that board members can take to ensure safe and effective executive benefit plans.
“The most common mistake I have seen in credit unions with regards to their executive compensation plans leading up to the financial crisis was a simple lack of understanding,” said Telford.
Telford continues by offering advice for credit unions and their boards for how to overcome their current executive benefit plan challenges, as well as some sound strategies for future plan design.
“If there is one thing we learn from financial crises, it is that they will occur again – go back to the Tulip bubble of 1637, and you will see some very familiar problems,” said David Frankil, president of NAFCU Services Corporation. “It doesn’t matter whether you see our current crisis as a once-in-a-lifetime ‘black swan’ or as a regular cyclical bubble, credit union executives can craft executive benefits plans that will be better prepared to withstand future events.”
Burns-Fazzi, Brock is the NAFCU Services Corporation Preferred Partner for compensation consulting services for credit unions.
About Burns-Fazzi, Brock
Burns-Fazzi, Brock is a leading compensation consultant. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to credit union and bank executives, directors and employees. Burns-Fazzi, Brock’s broad expertise in the complex tax, accounting legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to clients. Learn more at www.bfbbenefit.com.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.