Impact of Tax Reform
Impact of Tax Reform
This webinar addresses how the Tax Cuts and Jobs Act affects executive compensation. In particular, new Section 4690 of the tax code imposes a 21% excise tax on credit unions and other tax-exempt employers for providing compensation in excess of $1 million to any individual and for paying “parachute payments”. Our experts will discuss how to determine if your credit union is affected and adjustments you can make to minimize or eliminate the taxes.
BFB Gallagher can help you restructure your plans to reduce or mitigate your excise tax. Contact us to schedule a 30-minute discovery call.
Jeremy DeBruin, Vice President, BFB Gallagher
Jeremy DeBruin has more than 15 years of experience in the financial services industry, specializing in the design and implementation on nonqualified executive benefit plans. Jeremy consults with executives and boards to develop strategic benefit programs that focus on retaining, attracting, and rewarding their key people. Jeremy is a published author and national speaker at credit union industry events. In 2016 he presented “Executive Benefits: Top Three Trends” at both the NAFCU Board of Directors and Supervisory Committee Conference and the Moss Adams Credit Union Conference. He earned a Bachelor of Science in Business Economics from the University of California—Los Angeles, and holds FINRA series 7 and 63 licenses. Jeremy lives in Northern California with his wife and three children.
Kraig Klinkhammer, Chief Operating Officer, BFB Gallagher
Kraig Klinkhammer has 20 years of experience in executive benefits, asset management, and various applications of life insurance and financial planning. As BFB Gallagher’s chief operating officer, Kraig ensures our clients’ benefit and investment programs run smoothly, from design to ongoing service. He sets the pace for staff goals, development training, and forward-looking corporate initiatives. Kraig also manages our investment and portfolio strategy, working closely with asset management firms, life insurance companies, and other financial service organizations to ensure clients have access to a wide variety of compliant solutions.
Prior to joining BFB Gallagher, Kraig serves as manager of the bank-owned insurance portfolio for a large regional bank where he was responsible for the oversight of insurance investments exceeding $5 billion. In this role, he was also responsible for budgets, forecasted revenue/expenses, cash flow management, P&L impact, Sarbanes-Oxley/GAAP compliance and financial account procedures.
Kraig earned his Master of Science in Financial Analysis and Bachelor of Science in Finance-Law from Portland State University in Oregon. He holds an insurance license as well as FINRA series 7, 63, and 65 licenses. Kraig lives outside of Portland, Oregon, where he and his family enjoy exploring the coastline and new local restaurants.