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CU exec benefits detailed at A.C.
Reviewing the newest NAFCU/BFB Gallagher Executive Compensation and Benefits Survey, credit unions left an educational session at NAFCU's Annual Conference yesterday with data to inform their decision-making process when creating or revising compensation packages.
Jack Clark, president at Clark Research Associates LLC, and Rich Brock, national practice leader of executive benefits at BFB Gallagher, delivered comprehensive data from the survey, including total executive compensation by asset size, structure of bonus plans, types of nonqualified plans, demographic profiles and benefits for board volunteers.
Clark noted that much of what goes into determining compensation benefits is subjective, but the data from the survey is meant to help credit unions remain competitive within the industry and to better attract and retain leaders. He also acknowledged the strong correlation between a credit union's asset size and its CEO's total compensation.
The survey included respondents from federally-insured credit unions – both state and federal charters – and was sent to respondents Feb. 19; results started being compiled in April. The newest survey also compared compensation and benefits from 2015 to 2019. Those interested in receiving a copy of the report can request it here.
A number of other sessions Wednesday focused on important information credit union leaders should be aware of, including:
- Blind Spots in Succession Planning: Deedee Myers and Peter Myers of DDJ Myers review research conducted by NAFCU, DDJ Myers and BFB Gallagher on succession planning for CEOs and board members. They consider age and gender trends in the workforce, internal versus external hiring and more.
- Being an informed fiduciary: Pentegra's Pete Swisher outlined recent changes to the fiduciary landscape as a result of Department of Labor rules, state laws and the Dodd-Frank Act. As credit union board members act as fiduciaries, Swisher highlighted litigation risk and the seven universal fiduciary principles.
- Women and Retirement: Ascensus' Maureen Revak offered insights to the challenges women face when preparing for retirement. She also offered solutions credit unions can provide to improve to address this issue.
- Lifetime Value of a Student Lending Relationship: Lewis Goldman from LendKey described the trend of increasing student loan debt, as well as private lenders entering the space and success in cross-selling these loans.
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