Credit unions and their board members should consider this information and the potential outcome of the IRS’ final issuance as they consider adopting a 457(b) deferred compensation plan. Recently, the IRS issued an advance notice of proposed rulemaking that includes a new facts-and-circumstances test for determining if an entity is a “governmental entity” or an “instrumentality of a governmental entity.” The conclusion, as applied to an example credit union........ Some Good News about Deferred Compensation | NAFCU Services Blog
When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...

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