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A stronger future for your credit union. |
As credit unions grow, greater talent, skills and experience are required of top management. Credit unions need to have a plan in place to properly compensate their executive management team...beyond salary. The need to attract and retain top management is a challenge credit unions will face even into the 21st century.
CUNA Mutual's Executive Benefits Program is a highly consultative process using senior sales professionals to help credit unions design and implement a customized executive benefits plan. The process focuses on plan design, not product sales, and often involves the development of a plan not only for the CEO, but for one or two additional top executives. A hallmark of the CUNA Mutual program is our partnership with the credit union CEO to educate the chairman and other board members on the need for an executive benefits program. Designing an executive benefits plan is complex, involving a review of the credit union's total compensation program and strategic goals. An executive benefits plan requires the credit union to look at its succession planning, its incentive design and its own leadership philosophy. CUNA Mutual's Executive Benefits Specialists help the credit union move through this process, which can take up to a year, while designing a plan that is in concert with the credit union's attorney and other professional advisors. CUNA Mutual understands why executive benefits solutions for other businesses can't simply be transferred to the credit union environment.
CHOICES INSTEAD OF CHOICE Because each credit union is different, the consultative approach will build an executive benefits program that fits the needs of the individual credit union. Building a customized plan may focus on one or more of the following:
- Supplemental Pension Plans
- Executive Life Insurance
- Cost-effective Group Life Insurance Plans
- Tax Deferral Strategies
EXPERTISE EQUALS CONFIDENCE Rest assured that CUNA Mutual has the experience in benefits plan design that is particular to the not-for-profit industry. For example, CUNA Mutual has stringent requirements for its Executive Benefits Specialists. At least 10 years of life insurance and deferred compensation experience, plus industry credentials are required. And, each specialist must complete an intensive certification process. In addition, these specialists are backed by home office legal, compliance and plan administration resources.
BEYOND THE SIGNATURE Once your program is in place, CUNA Mutual is still with you every step of the way. We'll be there to answer your questions, help with compliance issues, and even conduct an annual review to help you make sure the plan you have in place still meets your needs. CUNA Mutual is committed to creating financial security--for your members, your credit union and your credit union's employees. Our Executive Benefits Program will help your credit union attract and retain the top executives you need to lead your credit union through the challenging and competitive times ahead. To find out more about building an Executive Benefits Program for your credit union, call your CUNA Mutual Sales Executive at 1-800-356-2644 or e-mail us.
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