There has been a lot of discussion in the media and in the financial sector, about the state of struggling European markets, and particularly about the Greek economy. More broadly, people are concerned about what overall impact the distressed Euro Zone could have on financial institutions here in the United States if confidence in the Euro’s stability continues to deteriorate. As always, when talking about the future of the international market, and more particularly about banks and Credit Unions here in the United States, it’s difficult to say anything with certainty. In this case, that difficulty is only increased by the likelihood that banks and Credit Unions would be affected differently. For more info: www.nafcu.org/bfb

1. EXECUTIVE
BENEFIT WINTER 2012
FOCUS
NAFCU-BFB Compensation Survey
The Pumpkin King
BFB Foundation Update
Additions to the BFB Team
BURNS-FAZZI, BROCK SPECIALIZES IN PROVIDING BENEFIT PLANS FOR CREDIT UNION EXECUTIVES & DIRECTORS | BFBbenefit.com
Credit Unions and the
Struggling European Markets
By Rich Brock | President / CEO Burns-Fazzi, Brock
There has been a lot of discussion in the media and in the To narrow in our focus a little, we’ve had a lot of questions in
financial sector, about the state of struggling European the last few months from clients sharing this unease about
markets, and particularly about the Greek economy. More the international market, and in particular, worried about
broadly, people are concerned about what overall impact what effect Europe’s problems might have on the safety and
the distressed Euro Zone could have on financial institutions soundness of their Credit Union’s benefit plans. They aren’t
here in the United States if confidence in the Euro’s stability worried about how they’re Credit Union will deal with issues
continues to deteriorate. of hyper-liquidity, but instead are concerned about attaching
themselves to benefit providers that might be involved with
As always, when talking about the future of the international some of these risky European markets.
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with We only partner with insurance carriers that have proven track
certainty. In this case, that difficulty is only increased by the records of responsible service. I spend a great deal of time
likelihood that banks and Credit Unions would be affected on-site, visiting with our insurance carries, and a large portion
differently. of that time is spent reviewing the plans they have in place
to mitigate and minimize any risk associated with the plans
With Moody’s recent downgrade of the ratings of 15 of the they underwrite. All the carriers we work with have little to
world’s largest banks, including a number of larger U.S. banks, no exposure to Greek debt, or to debt from any of the other
public perception of all financial institutions, including Credit struggling economies in and around the Euro Zone. Those
Unions could become more negative. Unlike banks, however, carriers we partner with have taken impressive steps in their
instability in the world market has a potential to increase own corporate models to make sure their plans will always
deposits in Credit Unions as people worry less about profit remain safe and sound.
and instead worry about simply protecting their principal.
Credit Unions are ideally structured to offer security to their Knowing what I know about our insurance partners, and
existing and future members. knowing what I know about BFB’s dedication to safety and
continued on page 2

2. continued from page 1
soundness, I feel pretty confident saying any impact there could be on the plans
we administer would be insignificant. However, I don’t want anyone to think that
THE NAFCU-BFB
even though it’s unlikely that our clients’ plans will be affected by a downturn in 2012 EXECUTIVE
Europe that we’re not scrutinizing the global economy. We know how important it
is to remain vigilant and prepared to deal with even remote problems.
COMPENSATION
SURVEY REPORT
We work in a dynamic industry, and we are tied to a market that is constantly in
motion. But that doesn’t mean we always have to labor under the shadow of an The results of this year’s Executive
unstable, and at times unpredictable system. When we have the best team, have Compensation Survey were
taken the right steps, and put the best possible administrative system in place, we presented at the NAFCU Annual
always feel confident in knowing that we don’t have to stress or worry about the Meeting.
ups and downs of the market. Instead, we just get the remarkable chance to help
expand the Credit Union movement. First introduced in 2007, the
NAFCU-BFB Survey was created to
better understand the compensation
and benefits offered to the top
executives of Federal Credit Unions.
The sponsors wanted to provide a
service to member Credit Unions to
help their decision-making related
to these matters.
To obtain a copy of the annual
survey report, contact Tyler Quigley
at 888-494-8911, or
tquigley@BFBbenefit.com
The Pumpkin King!
Tyler Quigley, BFB’s National Director of Marketing, was hard at work this year THE 2012 SRT
growing another of his famous giant pumpkins. After the ninety day growing cycle EXECUTIVE
came to a close, his pumpkin was harvested and measured at the annual Utah
Giant Pumpkin Growers Association weigh off. The 1,454 pound mammoth won COMPENSATION
a first place as the biggest pumpkin in the state for 2012. SURVEY REPORT
Watch a time-lapse video of it being carved at: https://vimeo.com/52908616
BFB, with Clark & Chase Research,
conducted an Executive and
Board compensation survey for the
California & Nevada Credit Union
Leagues. The summary report
was presented at their July 2012
Summit Round Table meeting.

3. In recent months, we re-evaluated the scope and concentration of the new
BFB Foundation and how it will carry out its mission to elevate women,
families and communities. Initially, we planned to award scholarships to
women from Guatemala that would allow them to receive education and
Credit Union experience here in the United States. After a visit to Guatemala
in January of this year, it became evident we could impact the lives of more
women by supporting several groups and initiatives within their country.
Alliances have been formed and strengthened with organizations that are
focused on helping and teaching women and children that have limited
access to education. The BFB Foundation will seek to assist these
organizations through raising capital to help fund new school classrooms
and infrastructure, supplies, scholarships, and personnel. Additionally, the
BFB Foundation will serve as a conduit for those wanting to give of their time
and talents to directly teach and mentor groups and individuals in Guatemala.
To find out more about the work we are doing and for information on how
you can get involved, please or contact Pilar Fitzgerald at 678-852-8590 or
pfitzgerald@BFBfoundation.org.
Additions to the BFB Team
David Brock – Regional Vice President
David will consult with Credit Unions in Texas, Oklahoma, and New Mexico. With over 25 years of experience in
the financial services industry, including 15 years spent serving as a director of community, state, and federal
Credit Union Boards, David is highly qualified to help Credit Unions design optimal plans for executive benefits and
compensation. He holds a BBA in Marketing from Stephen F. Austin State University.
Fred Palmer – Regional Vice President
Fred will consult nationally with nonprofit organizations to help implement and manage nonqualified benefit plans.
With over 30 years of experience, Fred has assisted financial institutions with nonqualified plans and BOLI transactions
as a Senior Consultant with NFP Executive Benefits. He also pioneered Association Banking for SunTrust, served
as Senior Vice President and Area Executive in Trust and Investments for Barnett Bank, and has served in many
leadership roles with foundations and nonprofit organizations. He holds a BS in Finance from Florida State University.
Steve Schramm – Regional Vice President
Steve’s role will be to design and implement executive benefit and compensation plans for the Credit Union industry.
Steve brings 26 years of experience from MT&T Bank. He spent the majority of his career as a Correspondent Banker
supporting Credit Union clients, with a wide variety of products ranging from international services, to treasury
management, credit and investments. He has a Bachelor of Arts from Franklin & Marshall College and an MBA in
Finance from Loyola College.
Janelle Lynch – Associate Director of Marketing
Janelle will be responsible for providing support to BFB team members in the Western United States, event planning,
and will assist in all national marketing efforts. Janelle holds a Bachelor of Arts in Design Management from Arizona
State University.
Michael Mason – Client Service Manager
Michael will be responsible for helping the BFB Team by coordinating the underwriting process for new Credit Union
clients. Mike has worked for two years in the financial services industry as a Financial Advisor. He has a BSBA in
Finance, Banking, and Insurance from Appalachian State University.

4. BENEFIT FROM
OUR FOCUS
We Specialize in Executive Benefits for Credit Unions.
In today’s environment of ever-changing regulations, your organization needs someone that is dedicated to your industry.
We understand your needs better than anyone, and no one is better equipped to help you develop, implement, and
administrate executive benefit plans that will attract and retain the most talented executives and directors. You can
be confident knowing we have designed your plan to be compliant from the moment we put it in place, and will work
to make sure it remains compliant for its entire life. Let us show you how our focus will benefit your Credit Union.
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Charlotte, NC 28204