Compensation and severance plan rule changes may impact your credit union

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Kirk D. Sherman and James S. PattersonAfter almost eight years and several false alarms, the IRS may finally issue the new Section 457(f) regulations addressing nonqualified deferred compensation plans and severance plans. Two IRS attorneys speaking at separate events have expressed hope that the regulations will be released by this summer.Credit unions at greatest risk of having to modify their plans are those that sponsor:Nonqualified deferral plans (other than 457(b) eligible plans) that allow elective deferrals,Nonqualified deferral plans that use noncompete restrictions as substantial risks of forfeiture, andSeverance plans providing severance benefits greater than two times compensation.For other credit unions, the new regulations may be a non-event.What Should Your Credit Union Do Now?While awaiting the new 457(f) regulations, credit union boards and management can determine whether the credit union sponsors 457(f) plans that use noncompetes or elective deferrals, and whether it has promised severance greater than the two-times limit. continue reading »last_img read more

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Leasing programs look to get a boost in 2018…time to review strategies!

first_imgNow is the time to review strategies for growth. What worked, and what didn’t, as we approach 2018. What will serve members with what they want?  How does all of this benefit the member and the credit union? What’s the big picture?There is solid news being conveyed for auto sales in 2017, as sales will remain near 2016’s record, as reported in USA Today. Popular vehicles delivered profits in the sport-utility, crossovers and pickup truck categories, this year. While opportunities in new vehicle sales is looking to remain the same as 2016, there are other predictions on the horizon. There’s some very good news for credit unions looking to increase auto loan portfolios in 2018, through leasing. While mixed reports have the new car sales market with little to flat growth, the desire to lease continues in popularity as aggressive incentives can be readily found.Growth StrategyHow did your portfolio perform this year? Depending on the financing made available to members, the answer to this question could be varied. This was a year of peaks and valleys with respect to numbers being reported. According to Autodata, U.S. auto sales increased by 1% in November from a year earlier, yet overall the first 11 months of the year found industry sales for new cars down 1.5%. Let’s also keep in mind the cost of a new vehicle reached an all-time high of $35,870 according to Kelly Blue Book. There is a great deal of pressure to obtain financing that will fit a member’s budget while vehicle prices continue to soar.Enter leasing. As the cost of a new vehicle continues to head skywards, members will look towards leasing to keep their average monthly payment at or below $410. The average monthly payment to finance a new car is $509, while leasing is at $410, according to Experian Automotive. The contrast between them can make a big difference during the decision-making phase, and swing members towards leasing. Credit unions need to be full-service lenders at the point of sale, at the dealership. This means offering diverse finance options to members, including leasing.Give Members What They WantIt really is easy to give members what they want. The difficult part is sometimes knowing what the ‘wants’ are. When it comes to auto buying, don’t go it alone. Partner with a third party that specializes in providing the resources to make the connection with members looking purchase or lease a vehicle. Third parties don’t all offer the same programs so it’s best to do some homework to see what the features, benefits and risks are associated with each.Vehicle leasing represents over 30% of new car sales nationwide, in more urban areas of the U.S. that number climbs to over 70%. Credit unions should include leasing to provide all the financial options to satisfy the member, if not, a credit union’s traditional financing program will be competing in a very crowded field. The point is, strive to be competitive 100% of the time.Your auto buying members are very focused on obtaining a vehicle, each generation has the desire to get into a vehicle that is both safe and loaded with the latest technology. According to TransUnion, consumers from the age of 21 through 34 are taking out loans and leases at a rate of 21 percent higher than the generation that proceeded them, the Gen Xer. People still need cars, providing options will get them into one. Credit union online shopping tools will suit your members’ desire to research and shop, while keeping your message relevant along the vehicle buying journey. Not only is your credit union providing a service, it is providing a tool to obtain something a member wants, in a format they’re comfortable with.The Big PictureThere are some very exciting opportunities for credit unions in 2018. The road to becoming a full-time service lender should be on a credit union’s radar by offering a leasing program to members. Here’s why. There will be more opportunity as manufacturers will not be supporting many of the popular vehicles consumers enjoy. The doors on vehicle leasing for credit unions have swung open for 2018. Leasing partners will be offering inventory on vehicles that were once out of reach. Competing at a higher level with a diversified inventory will put credit unions where they want to be, in the driver’s seat in 2018. 31SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Frank Rinaudo Frank Rinaudo is Senior Vice President of GrooveCar Inc. and CU Xpress Lease, he has been responsible for the direction of the company since 2001 following an 18-year career at … Web: www.groovecarinc.com Detailslast_img read more

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VINUM.IN is a new domestic magazine dedicated to wine and oenology

first_imgSource / photo: VINUM.IN Temu broja – rajnski rizling – predstavio je Ivo Kozarčanin, Tomislav Radić je čitateljima pripremio tekst o kraljevini, a Željko Suhadolnik prenio je čitateljima svoje bogato iskustvo vinskih putovanja po inozemstvu. Marija Vukelić je u rubrici „Vino na visokoj peti”  ugostila enologinju Evu Krištof  te intervjuirala Željka Suhadolnika u rubrici „Razgovor s vinom o vinu“.  Ivana Erhardt Draganić kroz rubriku „Vinska mušica“ predstavila je vina Slavonije i Baranje, dok je Nina Levičnik prikazala vinsku arhitekturu na primjeru jedne hrvatske vinarije, a Domagoj Jakopović Ribafish ispričao je kako nastaje bajkovito vino Potribica vinarije Boškinac. Moderni dizajn časopisa najbolji je pokazatelj smjera u kojem se ide, a za fotografije pobrinuo se urednik fotografije Julio Frangen. Editor Dijana Grgić explained to us how she came up with the idea of ​​relaunching a magazine dedicated to oenology and wine-related topics. “Back in 2013, I worked for VINUM.IN magazine in the marketing department, but after a while the magazine stopped publishing and I went the other way. Yet that love for the wine and media world has always remained present in me. A year ago, I realized that Croatia has a rich wine scene, but no wine magazine. The idea was to have a print edition of the magazine, something that people would be able to pick up and read, collect all the copies and come back to them after a while. Wine can be written about in a variety of forms and we can relate it to a lot of things, and that gives the magazine breadth and variety. When desires, ideas and a good team come together then it is easy to come up with a good product. From the first reactions, I see that we have made the step that the wine scene neededShe said. VINUM.IN will be published quarterly, and its goal is to show wine through various forms. Already in the first issue, wine was associated with architecture, poetry and cakes. In addition to the Croatian wine scene, which was represented by a trip through continental Croatia, Dalmatia and the islands, the wine scene was peeked at by neighbors from Serbia, and Matija Lesković traveled to distant South Africa. A different, interesting and educational magazine will find its place in newsstands from the next issue in order to be available to all wine lovers. The first issue, as a special edition, is distributed by sending a free copy to the addresses of winemakers, restaurants, wine bars, wine shops, hotels, wine associations and many wine lovers. A web edition is expected soon, where the magazine will be available online, and the web itself will be in the form of a wine portal on which current events between the two issues will be followed. center_img U zagrebačkom restoranuFino&Vino predstavljen je novi časopis o vinu, VINUM.IN.  Na svečanoj promociji glavna urednica DijanaGrgić predstavila je svoje suradnike, vinare i koncept časopisa.   Grgić believes that tourists love indigenous products, including Croatian wines, and that it is up to us to introduce them to wine roads and tasting rooms during their stay in Croatia. “Certainly much more can be done in this field. Croatia is rich in that sense. We have great wineries to be promoted, and wine roads should become something we will be especially proud of. We still have room to work in this field, but there has certainly been a shift in recent yearsShe added. In order to further promote Croatian mono-tourism, the plan is to publish an online edition of the magazine in English. “Croatia can invest much more in single tourism, and there is great potential for attracting tourists. We are thinking in that direction and we plan to have an online edition of the magazine in English, so that the Croatian wine scene becomes part of the plan for tourists coming to Croatia. Recommendations for guests will be available on our website, all with the aim of further developing single tourism”, Concluded Grgić.last_img read more

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Spelinspektionen suspends Global Gaming’s Ninja Casino property

first_imgShare Share Soft2Bet continues new market drive with Irokobet launch August 26, 2020 Submit Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 Global Gaming adds sportsbook extension to Ninja property August 25, 2020 StumbleUpon Related Articles Spelinspektionen, Sweden’s gambling inspectorate has moved to suspend Ninja Casino, the flagship online casino property of Stockholm-listed Global Gaming AB with immediate effect.Issuing a market update, Spelinspektionen has discovered ‘major deficiencies’ in the running of ‘SafeEnt’, a Global Gaming subsidiary operating the Ninja Casino brand.Moving to suspend SafeEnt, The Swedish inspectorate has found several operator failures related to Ninja Casino maintaining adequate player protections and further applying correct anti-money-laundering procedures.In its update, Spelinspektionen states that Ninja Casino has violated a number of its most critical gaming laws, aimed at protecting online gambling consumers.Spelinspektionen outlines that Ninja Casino customers have been able to wager large amounts of money, without SafeEnt carrying out ‘duty of care’ procedures and that a number of customers have played beyond ‘their deposit limits’.With regards to AML, Spelinspektionen states that it has found ‘serious systematic failures’ related to Ninja Casino KYC provisions on risk assessment and customer profiling.Adding to Global Gaming woes, Spelinspektionen states that its subsidiary appears to lack a basic understanding of Sweden’s new online gambling laws, having offered bonus incentives to customers on more than one occasion.Speaking to Swedish media, Tobias Fagerlund Acting CEO of Global Gaming confirmed that Ninja Casino had been taken offline, as the Stockholm firm ‘deals with the situation’.Founded in 2009, Global Gaming AB has branded itself as an ‘online casino challenger brand’, promoting its Ninja Casino brand as a ‘No Registration’ and ‘Instant Cashout’ casino property.In November 2017, Global Gaming floated on the Stockholm Nasdaq, as corporate governance aimed to secure a ‘deeper pool of professional investors’, helping the company develop its European and Nordic profiles.last_img read more

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