To say putting together a split-dollar plan for two of BMI Federal Credit Union's top executives was a frustratingly drawn-out ordeal would be putting it mildly.

"Because it's more complex, and it was a newer product for credit unions at the time, we raised a lot of questions that we were not getting answers to," recalled Sharon Custer, president/CEO of the $330 million BMI FCU in Dublin, Ohio. "The process literally went on for a couple of years."

Nearly four years ago, Custer had conversations with several providers of 457 plans, including Andy Sheeter, who previously worked for Benmark Inc. as a senior benefit consultant designing executive benefit plan for credit unions before launching Sheeter Consulting LLC, a benefits solutions firm in January 2004. With other pressing items such as the development of an operations center in the forefront, BMI put the 457 plan on the shelf. Soon after, the credit union was approached by more providers offering a split-dollar plan agreement as an alternative for Custer and another credit union executive.