How Strategic CEO Succession Planning Can Position Internal Executives for Success
Planning to exit your organization as a credit union CEO ideally occurs years before your anticipated retirement date. Strategic credit union leaders understand the logistical and emotional process ahead of them. As a result, succession planning is an essential component to ensure the credit union’s success in the future, and the confidence of the credit […]
How Credit Union Executives May Optimize Early Retirement Cash Flow to Secure Low-Cost Medical Insurance
Early retirement may be a goal you’ve been working toward your entire career by strategically saving, allocating your risk, and positioning your personal finances.. As a credit union executive, if you choose to retire before age 65, the age at which most people qualify for Medicare, you may also have to consider how to secure […]
How Credit Unions May Overcome Income Challenges with a Charitable Donation Account
Credit unions across the country are currently facing a common challenge—how to create more yield and income. They traditionally rely on reinvesting money from lending products as one form of income. However, due to the increase in government stimulus payments and record-low loan growth, credit unions have had to find alternative income-generating sources to offset […]
How Credit Unions with Highly Compensated Executives Can Avoid the 21% Non-Profit Excise Tax
Do any of your executives currently earn more than $1 million in annual income? Perhaps not. But consider additional benefits and compensation for retirement, such as a 457(f); do any of your executives exceed the $1 million a year mark? These are the questions credit unions have begun to ask since the 2017 Tax Act […]
Why Due Diligence Is Essential to Your Executive Benefits Plan
Credit unions charge board members with making decisions that are best for the membership and retain top management. One of the incentives they use is providing executive benefits and compensation packages that supplement an executive’s salary or bonuses. A common benefit is a split-dollar collateral assignment, a legal agreement between the credit union and executive […]
Webinar: Don’t Tell Anyone…But You’re Planning Your Exit Strategy
As a CEO or senior executive, exiting your credit union for retirement requires planning years ahead of your last day, mainly because your exit planning is more complicated than the average credit union employee. For example, you have various savings instruments available to you, each with its own funding frequency, investment choices, and tax structure. […]
How Credit Union Executives Can Optimize an Employer-Sponsored Retirement Plan
Nearly 80% of credit union 401(k) plan participants have all or some of the retirement savings going into a target-date fund. The concept is certainly attractive, offering an entire portfolio with automated rebalance features for those who are less comfortable with self-managing their investments. But is the target date fund a one-size-fits-all solution suitable for […]
C.U. Women Who Lead: Lessons Learned From Judy Tharp
Few careers start as uniquely as the career of “C.U. on the Show” guest Judy Tharp, retired president and CEO of Piedmont Advantage Credit Union. After finishing college, Judy came across a newspaper ad for -Cape Fear Employee Credit Union, a new start-up in North Carolina. While she had bookkeeping, inventory, and customer service skills […]
C.U. on the Show: How One Credit Union League Shifted to Meet Growing Needs and Trends
It may be hard to imagine a time when credit unions didn’t offer member services like mortgages, ATMs, and debit cards. But the advent of those services represented a significant shift for credit unions and credit union leagues when the industry started rapidly growing. When larger institutions began to dominate the industry, leaders of the […]
How to Ask a Credit Union Board to Add or Expand Executive Compensation Benefits
As a credit union CEO or executive, have you ever struggled to bring up the topic of adding executive compensation benefits to your board members? Ideally, a credit union board would add these types of benefits unasked—and many do—as a way to incentivize and retain top executives. It’s also mathematically impossible, at your level, to […]
