I purchased my 2002 Jeep Wrangler through my credit union\u2019s new car buying service. With almost 210,000 miles, there are a few signs of ![\"\"](\"http:\/\/www.ncultheaffiliate.com\/wp-content\/uploads\/2026\/09\/sheeter.jpg\")
old age \u2014 the radio stopped working years ago and the green paint has faded to grey. I live in Washington, DC so this city Jeep doesn\u2019t see the great outdoors like the television ads, climbing mountains or crossing rivers. I\u2019m often asked how I keep the Jeep in great shape. Aside from avoiding potholes, the key is regular, purposeful maintenance.<\/p>\n
Your executive benefit plans carry far greater value than my old Jeep, but the maintenance schedule is similar: annual servicing and periodic full inspection. Your plan\u2019s Annual Review is like a car\u2019s annual preventive service, like checking the oil and replacing filters. The Annual Review is often a status update with year over year performance tracking.<\/p>\n
Conducted every few years, a Plan Audit is like the full inspection of all vehicle systems like the engine, frame, transmission, and more. The mechanic takes the Jeep on the road and highway to stress test all components. Over the decades, the full inspection has uncovered issues like frayed wiring and deteriorating belts. A Plan Audit is completed every three to five years or triggered by some event like a leadership change, merger, or regulatory update.<\/p>\n
In practice, a well-serviced executive benefits plan gets both: Annual Reviews to keep tabs on funding and administration, and periodic Plan Audits to help ensure the foundation underneath is actually sound.<\/p>\n
Your existing executive benefit plans are long-duration, high-stakes promises with significant regulatory and financial impact. Failing to periodically audit these plans \u2014 a \u201cset it and forget it\u201d approach \u2014 is one of the common ways credit unions end up with compliance exposure or funding shortfalls they didn\u2019t see coming.<\/p>\n
How a Plan Audit Serves Your Credit Union and Executives<\/strong><\/p>\n From the credit union\u2019s perspective, periodic Plan Audits review several key elements of a well-designed executive benefits plan, including:<\/p>\n From the executive\u2019s point of view, a periodic Plan Audit matters just as much, though the concerns may be different:<\/p>\n <\/p>\n Upcoming Webinar<\/strong><\/p>\n Plan Audits should be conducted by a seasoned executive benefits and compensation firm, with experience in leading clients through various financial and regulatory landscapes (the good and the bad). The Sheeter Group has served credit unions since 2004 \u2026 that\u2019s two full decades of full inspections and finding fraying wires!<\/p>\n To dig into more about Plan Audits, join my colleague Troy Allen for an upcoming webinar. He\u2019ll share what Plan Audits often uncover and best practices to prepare. Troy consults with credit union boards and executives on retention strategies, performance incentives, and funding solutions. He doesn\u2019t drive a Jeep, but I\u2019d say he\u2019s a pretty great guy.<\/p>\n <\/p>\n Executive Benefits: Auditing Your Plan for Performance and Compliance<\/p>\n Wednesday, October 28, 2026<\/p>\n 2:00 pm\u20132:45 pm CT<\/p>\n\n
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