CEO Landscape Succession Planning

Size: px
Start display at page:

Download "CEO Landscape Succession Planning"

Transcription

1 CEO Landscape Succession Planning

2 Presenter Gene Mandarino

3 Presentation Objectives Define succession planning List components of a succession plan Understand the steps required to do a full succession plan Gain the knowledge required to begin your succession planning process

4 Why Succession Planning is Important 75% of executives listed executive succession as their primary concern (SHRM 2008) 50% of organization have a succession plan in place (Mercer/Delta Salary Survey 2008) 56% of credit unions > $1m have a succession plan in place (CUNA Salary Survey 2008) 10%of CEO s are going to retire in the next 2 years (CUNA Salary Survey 2008)

5 Why Succession Planning Is Important NCUA and state examiners say it is Key employees leave, get ill, become disabled, or die all the time A succession plan helps the credit union maintain stability and keep critical operations going

6 Benefits of A Succession Plan Ensure continuous quality service Anticipate future position needs Identify and prepare internal successors for advancement opportunities

7 Benefits Of A Succession Plan Fills vacancies with internal candidates where appropriate Hires and grooms future leadership Identifies leadership gaps that could create a risk Utilizes professional development investments more effectively

8 The Board s Role Ensure there is continuous effective leadership Request a succession plan Review and understand the succession plan Conduct timely performance appraisals on CEO Make SP part of the strategic planning process

9 The CEO s Role Develop and administer the SP Identify successor candidate/s and: evaluate their performance provide ongoing feedback plan appropriate development activities to strengthen their capabilities Report on the SP at planning sessions Delegate authority to successor candidates

10 Two Types of Succession Planning 1. Planned Succession 2. Emergency succession plan

11 Emergency Succession Planning Management team pre-identified by the Board; responsible for credit union operations until Board appoints interim President/CEO Management team addresses immediate needs, including internal communications, if they can t wait for an emergency Board meeting

12 Components of an Emergency Succession Plan See H/O

13 Planned Succession It is simply a more deliberate focus on career pathing and development planning

14 Planned Succession Steps Establish succession planning goals Define future structure Identify and assess successors Create development plans Update annually or as needed

15 Establish Succession Planning Goals Emergency SP? Planned SP? Or both? Positions targeted for succession? Professional assessment and development?

16 Define Future Structure Review strategic plan and business environment Determine impact the strategic plan has on future structure and roles Update position descriptions and future structure to reflect strategic plan

17 Activity Define Future Structure

18 Identify And Assess Potential Successors Review organization to identify potential internal successors Create successor organization chart (see next page) Assess skills and capabilities of each potential internal successor Create capabilities report on each potential successor

19 Sample Successor Chart (Handout) CEO/Manager VP/Manager Finance/Accounting CEO Successor Code 1 VP/Manager Marketing/Business Development VP/Manager Member Services CEO Successor Code 2 VP/Manager Lending Successor Code 1 Successor Code 4 Successor Code 1 Successor Code 2 Successor Code 3 Successor Code 2 Readiness code: Readiness codes: 1 Immediate 1 = Ready now 2 = 1-2 years 3 = 3-4 years 4 = 5 years 2 Within months 3 Within months 4 Too early to assess Successor Code 3

20 Activity Identify And Assess Potential Successors

21 Create Development Plans Identify strengths and developmental needs Determine critical development needs Identify appropriate development option to suit development needs Set completion dates Include plans in performance management process

22 Finalize Succession Plan Document Administrative guidelines Process for planned and unplanned vacancies Successor chart with job descriptions Professional development plans Potential funding requirements

23 Retention Strategies Look for opportunities to promote and advance individuals Consider deferred compensation (golden handcuff) arrangements to supplement current compensation, fill retirement gaps, and tie the executive to the organization 457(f) arrangements provide the golden handcuff retention tool

24 Retention Strategies - Continued Defined contribution 457(f) program, executive gets growth on contribution amount Defined benefit 457(f), credit union guarantees future set amount These arrangements provided to senior executives can ensure a smooth transition when there is a planned date for a CEO transition

25 Retention Strategies - Continued Split Dollar Insurance Insurance protects both the credit union and the executive. The death benefit repays the cu its premiums with additional dollars for transition. Also, benefit dollars available for the beneficiaries. At retirement, the cash value goes to pay back the cu s premiums and to provide a supplemental retirement amount for the executive.

26 Succession Planning Without a plan, the right people properly prepared, the right outside resources available, and the money to implement, succession will be chaotic, hurting the credit union, the members, and the employees trying to give great service.

27 Questions?

Changing Trends in Credit Union Executive Compensation. presented by Scott Albraccio. Agenda Topics

Changing Trends in Credit Union Executive Compensation. presented by Scott Albraccio. Agenda Topics Changing Trends in Credit Union Executive Compensation presented by Scott Albraccio EXBEN-0612-EA62 Agenda Topics Key Statistics around Changing Trends What s Changing in Executive Benefits How to use

More information

A Guide to Life Insurance for Small Business SUN LIFE FINANCIAL

A Guide to Life Insurance for Small Business SUN LIFE FINANCIAL A Guide to Life Insurance for Small Business SUN LIFE FINANCIAL For a small business owner, group life insurance and qualified plans may not be adequate to protect the business from unforeseen risks or

More information

Presented by: David Hayward, CLU, ChFC, FLMI Marketing Consultant

Presented by: David Hayward, CLU, ChFC, FLMI Marketing Consultant Key Person Insurance Presented by: David Hayward, CLU, ChFC, FLMI Marketing Consultant National Life Group is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of

More information

Key Person Life Insurance Strategies

Key Person Life Insurance Strategies Key Person Life Insurance Strategies The information contained in this presentation is being provided with the understanding that it is not intended to be interpreted as specific legal or tax advice. Individuals

More information

Financial Disclosure. Objectives. Succession Planning for Administrators. Succession Planning for Administrators

Financial Disclosure. Objectives. Succession Planning for Administrators. Succession Planning for Administrators Succession Planning for Administrators Maureen Waddle, Elizabeth Holloway, & Andrew Maller BSM Consulting 2015 ASCRS ASOA Symposium & Congress Financial Disclosure Succession Planning for Administrators

More information

Business Life Insurance Strategies Guide

Business Life Insurance Strategies Guide Business Life Insurance Strategies Guide Nationwide Business Solutions Group In this guide, Nationwide assumes that universal or variable universal life insurance is used for each of the strategies, unless

More information

CEO and Board Succession Planning

CEO and Board Succession Planning CEO and Board Succession Planning Director s Institute Southeast Leadership Development Conference November 4, 2015 Who has been involved with recruiting a new CEO at your credit union? 2 1 Format of Presentation

More information

EXECUTIVE SUCCESSION PLAN

EXECUTIVE SUCCESSION PLAN EXECUTIVE SUCCESSION PLAN PLANNING AND PREPARATION The Board of Directors and Management of Lacamas Community Credit Union (LCCU) recognize that a realistic Succession Plan is critical to the future of

More information

Full- Time Employees Overview of Life Insurance Coverage Options for Full- Time Employees

Full- Time Employees Overview of Life Insurance Coverage Options for Full- Time Employees Life Insurance The Company offers different life insurance coverage options to protect you and your family in the case of your death or accidental injury (AD&D insurance only applies to full- time employees).

More information

Endorsement Split Dollar with Salary Continuation

Endorsement Split Dollar with Salary Continuation Endorsement Split Dollar with The Plan Description Of all the strategies used by employers to provide significant amounts of life insurance for the protection of the families of valuable executives as

More information

Peter Cappelli Professor and Director Center for Human Resources The Wharton School

Peter Cappelli Professor and Director Center for Human Resources The Wharton School Peter Cappelli Professor and Director Center for Human Resources The Wharton School What is Talent Management? Why should we care about it? The supply chain analogy - At the Individual Level: The Financial

More information

2) Consult with Human Resources or outside expertise to advise on personnel issues regarding disability insurance, etc.

2) Consult with Human Resources or outside expertise to advise on personnel issues regarding disability insurance, etc. Section 1: Succession Policy SUCCESSION PLAN CEO Succession Plan Policy A change in executive leadership is inevitable for all organizations and can be a very challenging time. XXX has created a CEO Succession

More information

A Group Carve-Out Plan

A Group Carve-Out Plan A Group Carve-Out Plan Are you aware that there may be a more advantageous way for your business to provide selected employees, including owner-employees, with large amounts of life insurance protection

More information

Educational Series. Supplemental Executive Retirement Plan (SERP)

Educational Series. Supplemental Executive Retirement Plan (SERP) Supplemental Executive Retirement Plan (SERP) Supplemental Executive Retirement Plans (SERP) Guide What is a Supplemental Executive Retirement Plan (SERP)? A supplemental executive retirement plan is a

More information

MANAGING THE EMPLOYEE LIFECYCLE

MANAGING THE EMPLOYEE LIFECYCLE MANAGING THE EMPLOYEE LIFECYCLE Current Position Jose Laurel Experience & Expertise 16 years experience in management, operations, marketing and international commerce Prior to G&A, served as country manager

More information

Benefits Handbook Date May 1, 2015. Personal Life Insurance Plan Marsh & McLennan Companies

Benefits Handbook Date May 1, 2015. Personal Life Insurance Plan Marsh & McLennan Companies Date May 1, 2015 Marsh & McLennan Companies Personal Life Insurance is Unum s Interest-Sensitive Whole Life Insurance policy which you may purchase through Mercer Health & Benefits Administration. This

More information

Succession Planning Process

Succession Planning Process Planning Process INTRODUCTION planning is a systematic approach to: Building a leadership pipeline/talent pool to ensure leadership continuity Developing potential successors in ways that best fit their

More information

Life insurance benefits for small-business owners

Life insurance benefits for small-business owners Allianz Life Insurance Company of North America Life insurance benefits for small-business owners Protecting the life of your business Small-business life insurance uses M-5101 Life insurance benefits

More information

Attracting and Retaining Executive Talent with Fair and Reasonable Compensation

Attracting and Retaining Executive Talent with Fair and Reasonable Compensation Attracting and Retaining Executive Talent with Fair and Reasonable Chris Fazzi, Burns-Fazzi, Brock Loretta Dodgen, HCSGroup Kirk Sherman, Sherman & Patterson, Ltd. Your Presenters Chris Burns-Fazzi, Principal

More information

Total Rewards for Employees

Total Rewards for Employees Total Rewards for Employees Xcel Energy provides Total Rewards to employees: Pay for Time Off 9 % Other Cash Compensation 4 % Health and Welfare Benefits 17 % 60 % Base Compensation Retirement Benefits

More information

CHAPTER 9 BUSINESS INSURANCE

CHAPTER 9 BUSINESS INSURANCE CHAPTER 9 BUSINESS INSURANCE Just as individuals need insurance for protection so do businesses. Businesses need insurance to cover potential property losses and liability losses. Life insurance also is

More information

The Importance of Succession Planning and Best Practices. Shellie Haroski, SPHR

The Importance of Succession Planning and Best Practices. Shellie Haroski, SPHR The Importance of Succession Planning and Best Practices Shellie Haroski, SPHR Questions to consider What percentage of your employees will retire in the next 5 years? 10 years? What percentage of your

More information

BOARD OF DIRECTORS HUMAN RESOURCES AND COMPENSATION COMMITTEE MANDATE

BOARD OF DIRECTORS HUMAN RESOURCES AND COMPENSATION COMMITTEE MANDATE BOARD OF DIRECTORS HUMAN RESOURCES AND COMPENSATION COMMITTEE MANDATE The Human Resources and Compensation Committee The by-laws of Suncor Energy Inc. (Suncor) provide that the Board of Directors (Board)

More information

POLICY ON SUCCESSION PLANNING FOR THE BOARD AND SENIOR MANAGEMENT

POLICY ON SUCCESSION PLANNING FOR THE BOARD AND SENIOR MANAGEMENT POLICY ON SUCCESSION PLANNING FOR THE BOARD AND SENIOR MANAGEMENT Page 1 of 7 CONTENTS S. No. Content Page No. 1 Background and Significance 3 2 Objectives of the Succession Planning Programme 3 3 Applicability

More information

Key Person Insurance. Protect your business from the loss of a key person with life insurance payable to the business.

Key Person Insurance. Protect your business from the loss of a key person with life insurance payable to the business. Key Person Insurance Protect your business from the loss of a key person with life insurance payable to the business. We offer you this concept piece to help you understand how life insurance can be used

More information

B. Probationary Evaluations

B. Probationary Evaluations A.R. Number: 5.7 Effective Date: 2/1/2007 Page: 1 of 9 I. PURPOSE A. This policy outlines the Employee Performance Evaluation System (EPES) and the process to be followed for evaluating City of Richmond

More information

Supplemental Executive Retirement Plan. Recruit, Reward and Retain your best employees. Life. your way SM

Supplemental Executive Retirement Plan. Recruit, Reward and Retain your best employees. Life. your way SM Supplemental Executive Retirement Plan Recruit, Reward and Retain your best employees Life. your way SM HOW CAN I recruit, reward and retain KEY EMPLOYEES? CONSIDER A SUPPLEMENTAL EXECUTIVE RETIREMENT

More information

Business Planning Fact Finder For the Qualified & Nonqualified Marketplace

Business Planning Fact Finder For the Qualified & Nonqualified Marketplace Fax or E-Mail completed Fact Finder to: Diamond Financial Group (check one or both): ( ) Qualified ( ) Nonqualified Telephone: 954.625.1606 Fax: 954.625.1650 E-Mail: @metlife.com Producer Name Agent #

More information

Career Development and Succession Planning. Changing Landscape of HR 2012 Conference

Career Development and Succession Planning. Changing Landscape of HR 2012 Conference Career Development and Succession Planning Changing Landscape of HR 2012 Conference Overview Career Development Program Succession Planning Process Benefits Reduced organizational risk. Increased productivity.

More information

Executive Benefits for Nonprofit & Tax-Exempt Organizations

Executive Benefits for Nonprofit & Tax-Exempt Organizations Executive Benefits for Nonprofit & Tax-Exempt Organizations Recruit, Retain, and Reward Your Top Talent with Nonqualified Retirement or Estate Planning Benefits As a nonprofit or tax-exempt organization,

More information

Agenda. Strategic Succession Planning: Building Your Bench Strength. The Numbers say. SP Defined* The Art of Choosing Positions

Agenda. Strategic Succession Planning: Building Your Bench Strength. The Numbers say. SP Defined* The Art of Choosing Positions Agenda Strategic Succession Planning: Building Your Bench Strength The Business Case for Succession Planning The Wedding: Succession Planning meets Leadership Development Top 10 Ideas for Building Your

More information

Corning Incorporated Corporate Governance Guidelines

Corning Incorporated Corporate Governance Guidelines Corning Incorporated Corporate Governance Guidelines The Board of Directors of Corning Incorporated, acting on the recommendation of its Nominating and Corporate Governance Committee, has adopted these

More information

02 - HUMAN RESOURCES / STAFFING

02 - HUMAN RESOURCES / STAFFING 02 - HUMAN RESOURCES / STAFFING 02.01 Position management Electronic records Data used in the management of employment positions: incumbents, position status, job descriptions, position groups, benefit

More information

Planning your client s future

Planning your client s future Planning your client s future Using insurance for your client s corporate planning needs TAX, RETIREMENT & ESTATE PLANNING SERVICES This information is for advisor use only. It is not intended for clients.

More information

Succession Planning & Management

Succession Planning & Management Succession Planning & Management ARL-ACRL Human Resources Symposium November 15, 2012 Washington, D.C. Pat Hawthorne Interim Chief Administrative Officer Emory University Libraries phawthorne@emory.edu

More information

Key Person, Split Dollar & Deferred Compensation Combination. Three Needs One Policy Presentation

Key Person, Split Dollar & Deferred Compensation Combination. Three Needs One Policy Presentation Three Needs One Policy Presentation Does the business identify with the following? The business relies on one or more executives for generating the bulk of the revenue or for acquiring most of the new

More information

Discover What s Possible

Discover What s Possible Discover What s Possible Guaranteed Choice SM Whole Life for Business Guaranteed Choice SM for Business Owners Whole Life There is comfort in predictability There s a certain comfort that comes with knowing

More information

SUCCESSION PLANNING:

SUCCESSION PLANNING: Colleen B. Mendel, MBA, Executive Director,T/TAS Eric Dupree, MBA, Management Specialist,T/TAS SUCCESSION PLANNING: Planning and Managing Succession of the CEO and Other Key Positions A Publication of

More information

EITF ABSTRACTS. Title: Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements

EITF ABSTRACTS. Title: Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements EITF ABSTRACTS Issue No. 06-4 Title: Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements Dates Discussed: March 16, 2006; June

More information

Succession Planning: Developing Your Bench Strength. Presented By: Michelle McCall, Managing Principal, IMG

Succession Planning: Developing Your Bench Strength. Presented By: Michelle McCall, Managing Principal, IMG Succession Planning: Developing Your Bench Strength Presented By: Michelle McCall, Managing Principal, IMG Agenda The Business Case for Succession Planning The Wedding: Succession Planning meets Leadership

More information

What s the blueprint for keeping good employees?

What s the blueprint for keeping good employees? Small Business Planning Executive Bonus Plan Using Life Insurance Restrictive Executive Bonus Arrangement (REBA) Using Life Insurance What s the blueprint for keeping good employees? 2 Add life to your

More information

Part 2 Ins and Outs of Split-Dollar: Loan Rate and Product Risks

Part 2 Ins and Outs of Split-Dollar: Loan Rate and Product Risks Part 2 Ins and Outs of Split-Dollar: Loan Rate and Product Risks Chris Burns-Fazzi, Principal Burns-Fazzi, Brock Agenda Review of Split-Dollar Types of Split-Dollar Economic Benefit Regime Loan Regime

More information

Business Succession Planning

Business Succession Planning Business Succession Planning Dr. Younes Khataybeh President of Arab Trainers Union www.arabtrainers.org ! what is succession planning and how will it address these human resource i s s u e s?! How does

More information

How To Give Your Employees Life Insurance As An Employee Benefit

How To Give Your Employees Life Insurance As An Employee Benefit White Paper: www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What

More information

COMPENSATION COMMITTEE CHARTER

COMPENSATION COMMITTEE CHARTER COMPENSATION COMMITTEE CHARTER Amended and Restated by the Board of Directors of Lam Research Corporation on May 15, 2014 Purpose The purpose of the Compensation Committee (the Committee ) of Lam Research

More information

MINNEAPOLIS EMPLOYEES RETIREMENT FUND JANUARY 2004 MINNEAPOLIS, MINNESOTA MINNEAPOLIS EMPLOYEE RETIREMENT FUND (612) 335-5950

MINNEAPOLIS EMPLOYEES RETIREMENT FUND JANUARY 2004 MINNEAPOLIS, MINNESOTA MINNEAPOLIS EMPLOYEE RETIREMENT FUND (612) 335-5950 MINNEAPOLIS EMPLOYEES RETIREMENT FUND JANUARY 2004 MINNEAPOLIS, MINNESOTA MINNEAPOLIS EMPLOYEE RETIREMENT FUND (612) 335-5950 1 RETIREMENT BOARD MEMBERS Agnes M.Gay President Dennis W. Schulstad Vice President

More information

COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER

COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER Name COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER There shall be a committee of the Board of Directors (the "Board") of Aurcana Corporation (the "Company") known as the Governance and Compensation

More information

Nonqualified benefits questionnaire

Nonqualified benefits questionnaire FOR LIFE Nonqualified benefits questionnaire The Lincoln National Life Insurance Company, Fort Wayne, IN Lincoln Life & Annuity Company of New York, Syracuse, NY 2065722 For Prepared by Date This questionnaire

More information

Small-business prospecting guide

Small-business prospecting guide Allianz Life Insurance Company of North America Small-business prospecting guide Making the most of this untapped market P For financial professional use only. Not for use with the public. Small-Business

More information

Retirement Compensation Arrangement

Retirement Compensation Arrangement tax efficient retirement planning tool business GUIDELINES Retirement Compensation Arrangement Supplement Retirement Income while providing Tax Deductible contributions RRSPs and Pension Plans provide

More information

Organization and Operations. Metric Name Formula Description

Organization and Operations. Metric Name Formula Description Metric List Organization and Operations *Revenue Factor Revenue / Regular FTE Revenue per FTE. Workforce s Revenue Factor Revenue / Workforce On Payroll FTE Revenue per FTE (including all regular employees

More information

AMERICAN CAPITAL AGENCY CORP. COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER Amended as of April 21, 2015

AMERICAN CAPITAL AGENCY CORP. COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER Amended as of April 21, 2015 AMERICAN CAPITAL AGENCY CORP. COMPENSATION AND CORPORATE GOVERNANCE COMMITTEE CHARTER Amended as of April 21, 2015 ORGANIZATION This charter governs the operations of the Compensation and Corporate Governance

More information

State of Connecticut Employee Benefits

State of Connecticut Employee Benefits TR SU ANS T TULI OM S R C I TI Q U NE T STA T T CU TI E CONNE F C O P T RO L L E State of Connecticut Employee Benefits A message from Kevinlembo connecticut s state comptroller Dear Fellow State Employee,

More information

Career Management. Succession Planning. Dr. Oyewole O. Sarumi

Career Management. Succession Planning. Dr. Oyewole O. Sarumi Career Management & Succession Planning Dr. Oyewole O. Sarumi Scope of Discourse Introduction/Background Definitions of Terms: Career, Career Path, Career Planning, Career Management. The Career Development

More information

The Children's Museum of Memphis SUCCESSION PLAN

The Children's Museum of Memphis SUCCESSION PLAN The Children's Museum of Memphis SUCCESSION PLAN Introduction The Children s Museum of Memphis recognizes the importance of planning for the future success of the organization including a smooth transition

More information

18/20 Retirement Plan. Summary of Plan Provisions

18/20 Retirement Plan. Summary of Plan Provisions 18/20 Retirement Plan Summary of Plan Provisions Table of Contents Introduction...ii Plan Highlights...ii Eligibility...1 Plan Provisions...2 Benefit Payment Stream...4 Gainful Employment Rule...5 How

More information

Comprehensive Split Dollar

Comprehensive Split Dollar Advanced Markets Client Guide Comprehensive Split Dollar Crafting a plan to meet your needs. John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock Life Insurance Company New York (John

More information

Immediate Annuity. Move confidently into the future. 10000256 Rev 0413

Immediate Annuity. Move confidently into the future. 10000256 Rev 0413 MEMBERS Single Premium Immediate Annuity GUARANTEED retirement income Move confidently into the future 10000256 Rev 0413 A financial services company serving financial institutions and their clients worldwide.

More information

Small Business Planning. Split Dollar Plans Using Life Insurance. What s the prescription for a successful workforce?

Small Business Planning. Split Dollar Plans Using Life Insurance. What s the prescription for a successful workforce? Small Business Planning Split Dollar Plans Using Life Insurance What s the prescription for a successful workforce? 2 Add life to your business You finally have the staff you ve always wanted for your

More information

Life s brighter under the sun. Business Succession Planning Checklist

Life s brighter under the sun. Business Succession Planning Checklist Life s brighter under the sun Business Succession Planning Checklist Table Of Contents Table of Contents......................................................................... 3 The Family Business........................................................................

More information

The Retirement Road Map presentation has three major components:

The Retirement Road Map presentation has three major components: The Retirement Road Map presentation has three major components: I. "The Brochure" this section is similar to the tri-fold brochure that tells the story of retirement distribution planning. II. The Current

More information

Group Plan Benefits Life, AD&D, STD, LTD

Group Plan Benefits Life, AD&D, STD, LTD BENEFIT HIGHLIGHTS ILLUSTRATION Canadian National - Wisconsin Central General Committee of Adjustment Group Plan Benefits Life, AD&D, STD, LTD Railroad Retirement can fall short of giving you complete

More information

The Ideal Solution - A 457(f) Plan

The Ideal Solution - A 457(f) Plan Cammack LaRhette s 403(b) Curriculum series provides timely articles to plan sponsors offering qualified 403(b), 401(a) and 457 plans. Qualified plans, such as 403(b) plans, may impose income restrictions

More information

Designing an income protection plan The Union Central Life Insurance Company DI 1071 5/07

Designing an income protection plan The Union Central Life Insurance Company DI 1071 5/07 Disability Income Insurance Client Highlights Designing an income protection plan The Union Central Life Insurance Company DI 1071 5/07 Disability Income Insurance What is your greatest asset: Your home?

More information

Case Study 2 Protection Planner

Case Study 2 Protection Planner Case Study 2 Protection Planner Objectives Anthony and Alan are keen to implement some form of succession planning for their business because neither of them have children nor any obvious management successors.

More information

How Parents Can Help Their Children Retire

How Parents Can Help Their Children Retire Shared Dollar Life Insurance: PETER L. McCARTHY JD, CLU, ChFC, is a senior advanced sales consultant for ING U.S. Insurance Solutions. He has more than 20 years of experience in advanced marketing and

More information

What Your Attorney & Auditor Wish You Knew About Executive Benefits..

What Your Attorney & Auditor Wish You Knew About Executive Benefits.. What Your Attorney & Auditor Wish You Knew About Executive Benefits.. Attracting Quality Developing Loyalty Embracing Leadership 1255 West 15th Street, Suite 830; Plano, TX 75075 / www.bcc-usa.com About

More information

Retiree Health Plan at Dartmouth: Medicare Supplement and Early Retirement. November 2007

Retiree Health Plan at Dartmouth: Medicare Supplement and Early Retirement. November 2007 Retiree Health Plan at Dartmouth: Medicare Supplement and Early Retirement November 2007 History: 2003-2007 2003: Trustee concern over financial obligation and charge to address liability 2003-2004: Health

More information

Life Insurance: Business Applications

Life Insurance: Business Applications Life Insurance: Business Applications What is business life insurance? Life insurance is an important part of a business. It may be used as a funding mechanism for your buy-sell agreement and as business

More information

Sample Succession Plan

Sample Succession Plan Sample Succession Plan Association of Baltimore Area Grantmakers Leadership Development and Emergency Succession Plan Leadership Transitions 1. Rationale The executive director position in a nonprofit

More information

Age Discrimination in Employment Act of 1967

Age Discrimination in Employment Act of 1967 A. Document Retention Policy 1. Objective The Objective of this policy is to establish a records retention program for SOME. Under this program, SOME s records will be retained for at least the minimum

More information

Shared Dollar Life Insurance: Insuring Adult Children to Build Retirement Funds

Shared Dollar Life Insurance: Insuring Adult Children to Build Retirement Funds Shared Dollar Life Insurance: Insuring Adult Children to Build Retirement Funds What Will Retirement Look Like for Our Children? If you are like most working people, from time to time you think about retiring.

More information

Key Person Life Insurance

Key Person Life Insurance Key Person Life Insurance The Concept Key person life insurance helps reimburse a business for economic loss when a key employee dies. The insurance covers the life of an employee who is critical to the

More information

ira individual retirement accounts Traditional IRA

ira individual retirement accounts Traditional IRA ira individual retirement accounts Traditional IRA Grow dollars for tomorrow, save on taxes today. A traditional IRA may provide you significant immediate tax savings, and due to the deferral of all taxes

More information

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14

CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14 CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS 04.07.14 PURPOSE The purpose of the Compensation Committee (the Committee ) of the Board of Directors (the Board ) of Transgenomic, Inc.,

More information

Fact Finder for Small Business

Fact Finder for Small Business Fact Finder for Small Business A. Company Background Company Name: How did you get started in your business? When did you establish your business? What makes your business unique? How is your business

More information

EMPLOYMENT COMMITTEE 15 JUNE 2005. SUCCESSION PLANNING POLICY (Director of Corporate Services & Resources Human Resources)

EMPLOYMENT COMMITTEE 15 JUNE 2005. SUCCESSION PLANNING POLICY (Director of Corporate Services & Resources Human Resources) EMPLOYMENT COMMITTEE 15 JUNE 2005 (ITEM 8) SUCCESSION PLANNING POLICY (Director of Corporate Services & Resources Human Resources) 1 INTRODUCTION 1.1 Succession planning is increasingly gaining acceptance

More information

Life Insurance as an Employee Benefit

Life Insurance as an Employee Benefit Life Insurance as an Employee Benefit What is it? Life insurance is a contract whereby the insurance company pays a sum specified within the contract to a named beneficiary upon the death of the insured,

More information

Moss Adams Introduction to ESOPs

Moss Adams Introduction to ESOPs Moss Adams Introduction to ESOPs Looking for an exit strategy Have you considered an ESOP? Since 1984, we have performed over 2,000 Employee Stock Ownership Plan (ESOP) valuations for companies with as

More information

Workforce Planning Toolkit

Workforce Planning Toolkit Workforce Planning Toolkit A Guide To Developing Your Agency s Succession Plan 2007 NASPE SUCCESSION PLANNING IN A MERIT SYSTEM Introduction The nation s estimated 78 million baby boomers began turning

More information

2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY

2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY 2U, INC. CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS PURPOSE AND POLICY The purpose of the Compensation Committee (the Committee ) of the Board of Directors (the Board ) of 2U, INC.,

More information

RIVERSIDE TRANSIT AGENCY FULL-TIME ADMINISTRATIVE EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015

RIVERSIDE TRANSIT AGENCY FULL-TIME ADMINISTRATIVE EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015 RIVERSIDE TRANSIT AGENCY FULL-TIME ADMINISTRATIVE EMPLOYEES NEW HIRE ENROLLMENT OVERVIEW 2015 Riverside Transit Agency (RTA) is extremely proud of the package of benefits available to you. The benefits

More information

How To Sell A Family Owned Business

How To Sell A Family Owned Business OWNERSHIP AND LEADERSHIP SUCCESSION A STRATEGIC ISSUE By: Keith A. Clark, Chairman SHUMAKER WILLIAMS, P.C. Harrisburg/Camp Hill/York, PA and Towson, MD Direct Telephone 717.909.1612 clark@shumakerwilliams.com

More information

Life Insurance Basics

Life Insurance Basics Life Insurance Basics The Purpose of Life Insurance At the heart of all kinds of life insurance is the ability to pay cash to a family after the insured dies. Life insurance may be used to replace lost

More information

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings 1 Many people think of life insurance as something they ll need when they get a bit older and want to ensure their loved

More information

DIPLOMA OF MANAGEMENT BSB51107 or DIPLOMA OF HUMAN RESOURCES MANAGEMENT-BSB50615. Study Support materials for

DIPLOMA OF MANAGEMENT BSB51107 or DIPLOMA OF HUMAN RESOURCES MANAGEMENT-BSB50615. Study Support materials for DIPLOMA OF MANAGEMENT BSB51107 or DIPLOMA OF HUMAN RESOURCES MANAGEMENT-BSB50615 Study Support materials for Develop and Manage Performance Management Processes - BSBHRM512 STUDENT HANDOUT Elements and

More information

Your Benefits Under the IMRF. Regular Plan Tier 1. Illinois Municipal Retirement Fund. Helping you build a secure retirement

Your Benefits Under the IMRF. Regular Plan Tier 1. Illinois Municipal Retirement Fund. Helping you build a secure retirement Your Benefits Under the IMRF Regular Plan Tier 1 Illinois Municipal Retirement Fund Helping you build a secure retirement table of contents Your Benefits at a Glance... 2 Why you participate in IMRF...

More information

Public Retirement Planning Defined Contribution and Defined Benefit Plans

Public Retirement Planning Defined Contribution and Defined Benefit Plans JOEL L. FRANK Retirement Analyst PO Box 148 Marlboro, New Jersey 07746-0148 732-536-9472 Email: rollover@optonline.net MEMORANDUM January, 2006 Public Retirement Planning Defined Contribution and Defined

More information

Business Planning. Key Person Insurance. Who is your most valuable employee?

Business Planning. Key Person Insurance. Who is your most valuable employee? Business Planning Key Person Insurance Who is your most valuable employee? 2 Add life to your business Every company has that one person the star, if you will who really drives profitability. It could

More information

Retirement/ Disability Retirement

Retirement/ Disability Retirement 2015 Insurance Benefits Guide Retirement/ Disability Retirement www.eip.sc.gov S.C. Public Employee Benefit Authority 173 Insurance Benefits Guide 2015 Table of Contents Benefits for Retirees...175 Planning

More information

CHIEF ADMINISTRATIVE OFFICER CONTINGENCY SUCCESSION PLAN Adopted by Executive Committee: June 11, 2013 Amended: July 29, 2014

CHIEF ADMINISTRATIVE OFFICER CONTINGENCY SUCCESSION PLAN Adopted by Executive Committee: June 11, 2013 Amended: July 29, 2014 Chapter 8. Section 4. Subsection i Page 1 8.4.i. Guidelines A. PURPOSE: CHIEF ADMINISTRATIVE OFFICER CONTINGENCY SUCCESSION PLAN Adopted by Executive Committee: June 11, 2013 Amended: July 29, 2014 To

More information

THAILAND. Despite major political unrest in 2014, the labour market in Thailand remained buoyant.

THAILAND. Despite major political unrest in 2014, the labour market in Thailand remained buoyant. THAILAND Despite major political unrest in 2014, the labour market in Thailand remained buoyant. The national currency stabilised, unemployment stayed below 1%, and the general outlook for the Thai economy

More information

SUCCESSION PLANNING. April 31, 2015

SUCCESSION PLANNING. April 31, 2015 SUCCESSION PLANNING April 31, 2015 What We ll Cover: Succession Planning Leadership Development Now What Do We Do??? Succession Planning Succession planning ensures that the agency (or a department in

More information

IBN Glossary - Benefit Definitions. Accidental Death and Dismemberment

IBN Glossary - Benefit Definitions. Accidental Death and Dismemberment IBN Glossary - Benefit Definitions Accidental Death and Dismemberment Actuary - (Pension) Added Years Additional Voluntary Contributions (AVC) AVCs in house AVCs - FSAVCs AD&D provides coverage for death

More information

MEMBERS Select Fixed Annuity II

MEMBERS Select Fixed Annuity II MEMBERS Select Fixed Annuity II GUARANTEED, STEADY GROWTH Move confidently into the future 1385-P1809 REV 0112MHC A financial services company serving financial institutions and their clients worldwide.

More information

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...

More information

Individual 401(k) Plans For Small Business Owners

Individual 401(k) Plans For Small Business Owners Individual 401(k) plan For small-business owners Allianz Life Insurance Company of North America Allianz Life Insurance Company of New York AMK-094-N Page 1 of 12 Owning your retirement with an individual

More information

The Compensation Committee of Directors and Organizational Staff

The Compensation Committee of Directors and Organizational Staff Purposes The purposes of the Compensation Committee (the "Committee") are to discharge the responsibilities delegated by the Board of Directors (the "Board") with respect to the Company's compensation

More information

LPL INSURANCE ASSOCIATES. Taking Care of Business. Insurance Strategies to Help You Protect Your Business

LPL INSURANCE ASSOCIATES. Taking Care of Business. Insurance Strategies to Help You Protect Your Business LPL INSURANCE ASSOCIATES Taking Care of Business Insurance Strategies to Help You Protect Your Business Opportunities, Rewards and Responsibilities Not many business owners want to think about the time

More information