Jim Patterson
Practice Areas
- Employee Benefits
- Deferred compensation
- Section 409A compliance issues
- Credit union employee benefits regulations
Education
- Juris Doctor, J. Reuben Clark Law School, May, 1995
- Bachelor of Arts, magna cum laude, Economics and Italian, Brigham Young University, 1992
Professional Profile
Jim is a partner with Sherman & Patterson, a law firm focusing in the areas of tax, nonqualified deferred compensation (e.g., 409A and 457(f)) and employee benefits. Most of his deferred compensation clients are credit unions and healthcare systems. Jim has worked closely with state credit union regulators in the 47 states that have state credit union charters, as well as with regulators at the National Credit Union Administration.
Jim has drafted numerous split dollar plans, SERPs, and other nonqualified deferred compensation arrangements and welfare benefits plans. After Congress passed 409A and the IRS published 409A regulations, Jim focused significant time in updating deferred compensation arrangements to comply with those new rules. Jim’s practice also includes drafting employment agreements and severance plans that integrate nonqualified deferred compensation concepts with other issues relating to an individual’s employment.
Bar Admission
Minnesota, May 1996
Professional Associations And Memberships
Board Chair, J. Reuben Clark Law Society, Minnesota Chapter
- Webinar - Excise Tax Update - Recent IRS Changes and Proposed Regulations July 23, 2020
- Webinar - Tax Cuts and Jobs Act – Impact on Credit Union Executive Compensation February 19, 2019
- Split Dollar Life Insurance - NCUA Regional Capital Market Specialist Training September 13, 2018
- Webinar - NCUA Examiner Guidance on Benefit Plans and Plan Investments October 31, 2017
- Webinar - Overview of 457(f) Proposed Regulations August 24, 2016
- NAFCU | Executive Benefits - A 360-View of Administration, Accounting, and Regulatory Compliance January 22, 2015
- AICPA | Employee Benefits - Structures, Funding and Accounting Considerations October 21, 2014
- NASCUS | 10 Best Executive Compensation Practices & Life Insurance, BOLI, & Split Dollar August 19, 2014
- NASCUS | Tax Compliance, Life Insurance, BOLI, and Split Dollar May 08, 2014
- NAFCU | Best Practices for Executive Compensation and Benefits March 19, 2014
- NASCUS | BOLI and Split Dollar March 12, 2014
- NASCUS | BOLI Webinar March 06, 2014
- NAFCU | Otherwise Impermissible, Investments under § 701.19 May 17, 2013
- NAFCU | The Compensation Checklist May 16, 2012
- NAFCU | Board Due Diligence & Executive Compensation August 10, 2011
- NAFCU | Board Due Diligence - Now and In the Future March 16, 2011
- NAFCU | Executive Benefit Plans and Board Due Diligence, A Case Study December 08, 2010
- MACUMA | Regulatory Update October 04, 2010
- Oregon joins the ranks of states permitting credit union board compensation July 23, 2015
- NAFCU Services | Compensation and Severance Plan Rule Changes May Impact Your Credit Union May 04, 2015
- CA&NV CUL | Documenting Board Due Diligence August 01, 2013
- CA&NV CUL | Expansion of the Interagency Statement Among State and Federal Regulators August 01, 2013
- CA&NV CUL | Snake Oil Or Liquid Gold? A Board’s Guide To Due Diligence For Loan Regime Split Dollar August 01, 2013
- CU Business | Best Executive Compensation Practices February 14, 2013
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