In this episode, Doug is joined by guest Matt Haid, area vice president of Gallagher Executive Benefits. Matt has more than 30 years of experience helping leaders of the credit union movement design, fund, and implement split-dollar plans along with other instruments meant to attract, retain, and reward top executive talent.

On the show, Matt explains the different funding options most credit unions use when offering a split-dollar plan, including whole life or index universal life insurance, and the nuances involved within each type. Stream the full episode to learn the key differences and how credit unions can make the best use of the powerful split-dollar executive benefit.

Collateral assignment split-dollar and 457(f) plans have become popular among credit unions as retention and retirement tools for their top executives. But which of these benefits should your credit union implement?

Doug welcomes guest Mike Downey, senior managing director at Newcleus Credit Union Advisors, back to the show. They discuss the key differences between the plans, the benefits a 457(f) may offer over a split-dollar and vice versa, and what credit unions should keep in mind when designing their executive benefits package.

If you’re proposing new executive benefits, listen to the full episode to hear details that may help to inform your decision.

With the legalization of medical and adult-use marijuana spreading across the country, your credit union may be considering how to begin providing financial services to cannabis-related businesses—or if you should.

Doug welcomes Gary Lax to the podcast, a partner at Luse Gorman, specializing in regulatory and enforcement law for financial institutions. Gary offers insight into the rapidly growing cannabis industry, what credit unions should know before entering the space, and factors that may prevent your credit union’s participation.

Stream the episode to learn more valuable tips and guidance about serving the cannabis industry.

As a credit union executive, any bold initiative or decision comes with financial or political risk. However, while necessary in driving your credit union forward, your choices ultimately have the potential to affect your future employment and overall financial and retirement plan.

In the episode, Doug speaks with ACT Advisors Wealth Specialist Paul Lloyd, CFP®. Paul shares his latest white paper and data regarding the ACTion Point, or the point in time when an executive’s financial plan will maintain a statistical level of success if their benefits or income unexpectedly change due to termination or changing jobs. He goes on to explain why identifying your ACTion Point, understanding your executive benefits, and feeling secure in your personal financial plan are critical components to leading your credit union daringly.

Listen to the full episode or access the white paper now.

At first glance, collateral assignment split-dollar plans (CASDs) appear similar to a pension plan as a means to retain top credit union executives. However, the complex nature of CASDs may mean credit unions and executives could overlook the risks in how the plan’s design, legal agreements, and vesting schedule are structured.

To help clarify the features of these plans and offer strategies to help reduce these risks is Mike Downey, senior managing director at Newcleus Credit Union Advisors. Mike shares his insight and expertise in helping credit unions design and implement executive benefit programs that serve both credit unions and executives.

Stream the episode as Mike and Doug discuss the CASD components to consider and how to avoid future challenges.

Succession planning for credit union CEOs ideally occurs years before their anticipated retirement date. On the show, Doug speaks with Steve Harkins, retired CEO of the former SC Telco Federal Credit Union, about his thorough and innovative exit strategy.

Steve shares valuable step-by-step insight into how he positioned internal candidates for the job and involved his board to create buy-in and confidence in the credit union’s future.

If you’re a credit union CEO planning your succession, you won’t want to miss Steve’s experience and perspective on how you may exit strategically and successfully.

With a significant increase in member deposits due to multiple government stimulus payments, credit unions have to find new ways to create yields and offset costs. Doug welcomes guest Mike Downey to the show to discuss how credit unions can generate more income and increase profits using a charitable donation account (CDA).

Mike discusses how a CDA, which offers alternative investment options, can enable credit unions to provide donations to the community while also generating income. Doug and Mike discuss the details of this investment instrument, how credit unions can fund the account through credit union-owned life insurance (CUOLI), and the risks and benefits credit unions should consider.

Stream the full episode now.

The 2017 Tax Act included provisions that could impose a 21% excise tax for certain nonprofit institutions, including credit unions. Credit unions could be subject to the tax if they pay more than $1 million in income to an executive in one calendar year. While many executives may not meet that threshold in salary alone, the law also factors in executive benefits such as 457(f) distributions, which could pose significant tax implications for credit unions.

Doug welcomes attorney Rick Miller to the show to discuss this and other situations in which the tax would be payable and offers strategies to help credit unions avoid or mitigate the tax impact.

Stream the full episode now.

Is your executive compensation benefits package positioned to support your credit union and management team 5, 10, or 20 years down the road? Doug welcomes insurance and executive benefits expert Michael Blank to the show to discuss why conducting ongoing due diligence when selecting service providers, designing and implementing a plan, and considering long-term performance are essential.

Additionally, he talks about the risks and rewards of split-dollar plans, why plan education is so important, and how you can strengthen your plans to sustain executives when they need them.

Stream the full episode now.

From the front line to the executive suite, every credit union employee has different needs when planning for retirement. It is why guest Phil Westhoff, who leads the Qualified Plan Advisory Group at Stearns Financial, discusses why a one-size-fits-all approach to employer-sponsored retirement plans isn’t beneficial for plan participants.

Doug and Phil discuss why credit union executives should take a different approach when it comes to investing in target date funds, tips for optimizing your retirement strategy, and what you should look for in a retirement plan.

Listen to hear the full details.