How Credit Unions Can Invest in Life Insurance for Executives and Minimize Risk
Credit unions commonly use life insurance-based executive benefits, such as collateral assignment split dollar plans to retain key talent. One of the original intentions has always been to leverage these benefits to incentivize an executive to stay in place in exchange for receiving life insurance coverage and tax-free income throughout retirement. However, what happens when […]
When to Take Strategic Risk in Your Credit Union—Your ACTion Point
As a credit union executive, should you consider your personal financial success before the direction of your credit union? Yes and no. The reality of your position challenges you to lead your organization boldly into new initiatives, technology, and markets; however, every major decision you make comes with risk. Whether it will pose a financial […]
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 […]
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 […]
