Credit Unions2018-11-02T19:27:25+00:00

 

In the wake of tax reform, credit unions are rethinking executive retention

In the wake of tax reform, credit unions are rethinking executive retention

As baby boomers age and retire, the pool of available executive talent is dwindling, creating even more pressure for credit unions to retain mission-critical employees. As a non-profit entity, credit unions already are at a disadvantage against their for-profit competition and now more than ever, you need to find new ways to drive executive loyalty.

The missing piece to your executive benefits package.

Traditionally credit unions have focused on adding non-qualified deferred compensation plans (457(f)) plans and defined benefit SERPS to boost their executive compensation packages. While important, this overlooks one of the most critical aspects of benefits in the eyes of employees: health coverage. Ultimate Health, ArmadaCare’s executive health supplemental insurance plan, can be offered to just executives to enhance benefit packages for this vital resource and help drive long-term loyalty.

The missing piece to your executive benefits package.

Traditionally credit unions have focused on adding non-qualified deferred compensation plans (457(f)) plans and defined benefit SERPS to boost their executive compensation packages. While important, this overlooks one of the most critical aspects of benefits in the eyes of employees: health coverage. Ultimate Health, ArmadaCare’s executive health supplemental insurance plan, can be offered to just executives to enhance benefit packages for this vital resource and help drive long-term loyalty.

See all that Ultimate Health has to offer: robust coverage, convenience features, wellness protection and more. Check out Ultimate Health here.

Benefits and compensation in the wake of tax reform.

The passage of the Tax Cuts and Jobs Act changed the landscape for non-profit organizations, adding a 21% excise tax on certain highly compensated and rolling in deferred compensation payments into the taxable compensation. This has increased the interest in so-called split dollar arrangements, which can be more favorable to both the organization and to the executive and can also provide a funding source for an expanded benefit package such as adding Ultimate Health to the mix.*

ArmadaCare’s executive benefits practice works closely with Executive Benefit advisors and their clients. We offer access to funding arrangements, including Split Dollar Arrangements. Click here to set up an appointment.

Reap the rewards of an innovative solution.

How do you accomplish your recruitment and retention goals with the limitations of your non-profit budget and against for-profits with deeper pockets? Avoid the bidding wars. Tap into ArmadaCare’s Ultimate Health insured supplemental plan to add a highly valued dimension to your executive benefit and compensation package.

*This is not local, state or federal tax advice as each person and company is unique. It is recommended that you seek the independent counsel of a professional tax adviser.

Reap the rewards of an innovative solution.

How do you accomplish your recruitment and retention goals with the limitations of your non-profit budget and against for-profits with deeper pockets? Avoid the bidding wars. Tap into ArmadaCare’s Ultimate Health insured supplemental plan to add a highly valued dimension to your executive benefit and compensation package.

*This is not local, state or federal tax advice as each person and company is unique. It is recommended that you seek the independent counsel of a professional tax adviser.