Benefit Consulting Group, LLC (BCG) offers unique expertise in the complex tax, accounting, legal, regulatory, financing and administrative issues that govern credit unions’ use of benefits programs. Our unparalleled knowledge and experience ensure that your executive retirement program is structured to meet the goals of your credit union and the plan participants and the requirements of tax and regulatory agencies – at implementation and through the years as those goals and requirements change.
Unlike traditional retirement plans that build savings by deferring income, BCG plans can provide additional income throughout the executive’s life, including inflation-offsetting increases, and a tax-free death benefit to the executive’s beneficiary.
We combine custom plan design with specially designed life insurance products to allow your credit union to deliver an attractive retirement benefit for the covered executive with little or no impact on the bottom line. Life insurance is used to offset the cost of the benefit, with the credit union recovering its premium investment first while the remaining cash value accumulates to pay the benefit. BCG relies on its long history of successful negotiation with the highest-rated insurance carriers for policies designed to maximize cash value for the credit union.
BCG combines technical expertise and its commitment to unparalleled service to ensure executive benefit plans are intelligently designed and properly installed. Our implementation program includes the following key services:
- Meet with your credit union’s management and board of directors to determine the goals and requirements for your executive retirement benefits program
- Custom design your retirement plans to meet those goals and those of the participating executives
- Consult on the insurance product or annuity structure used to finance the plans, and assist in carrier selection and product placement
- Provide the required legal documents for review by your credit union’s counsel
- Provide comprehensive documentation of plan details and regulatory analyses