MADISON, Wis. – CUNA Mutual Group’s Executive Benefits Program for credit unions continues to enjoy rapid growth and recently reached the $3 billion milestone in assets under management.
Celebrating its 20th anniversary, the program is the credit union industry leader, serving more than 1,200 credit unions and with plans for more than 3,800 executives. In the past five years, assets under management more than doubled, up from $1.3 billion at year-end 2013.
“Non-qualified deferred compensation plans have provided credit unions a great opportunity for many years to supplement the compensation and retirement income of their executive teams in an effort to support leadership continuity,” said Bruce Bauer, CUNA Mutual Group senior executive benefits specialist. “Our AUM keeps growing as more credit unions add executive benefit plans and Total Benefit Pre-Funding. They have also discovered the exceptional value in using non-703 investments to fund a Charitable Donation Account to provide additional contributions to local charities and foundations, such as the National Credit Union Foundation.”
CUNA Mutual Group’s Executive Benefits Program boasts a 97 percent retention rate, which allows invested funds to continue growing. “Customers stay with us because of the service and credentialed support we provide in the fiduciary and compliance components of our plans,” Bauer said. Of particular benefit now is the company’s expertise relative to new excise tax planning, which requires understanding, strategy and collaboration with a credit union-knowledgeable attorney.
“We began our Total Benefits Pre-Funding plan in 2012 with the help of CUNA Mutual Group,” said David Solis, chief financial officer, GECU, El Paso, Texas. “They recommended a funding program to include Business-Owned Life Insurance (BOLI) and a managed investment account through their vendor, City National Rochdale. For six years, the funding program has allowed GECU to offer a robust total benefits pre-funding plan for its employees.”
For more information, contact your CUNA Mutual Group Executive Benefits Specialist or go to www.cunamutual.com/executivebenefits.
About CUNA Mutual Group:
CUNA Mutual Group is a financially strong insurance and investment company. For generations, we’ve partnered with credit union leaders to protect and grow their businesses, and help people plan, protect and invest for their future. CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
Source: CUNA Mutual Group internal data, 12/31/17.
Proprietary insurance is underwritten by CMFG Life Insurance Company. Proprietary and brokered insurance is sold by CUNA Mutual Insurance Agency, Inc., a wholly owned subsidiary. This insurance is not a deposit and is not federally insured or guaranteed by your credit union. For more information, contact your Executive Benefits Specialist at 800.356.2644. Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member, FINRA/SIPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 866.512.6109. Insurance and annuity products are sold through CMFG Life Insurance Company. Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the credit union.