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Survey CUs offer SERPs to keep executive talent
MADISON, Wis. (11/10/09)--Many credit unions assist senior executives in planning for the future by offering supplemental executive retirement plans (SERPs), according to the Credit Union National Association’s (CUNA) recently released 2010 Senior Executive Total Compensation Survey. About 30% to 50% of credit unions offer SERPs to top executives. The SERPs allow the executive and the credit union to make contributions, while these contributions--and earnings--remain untaxed until the funds are drawn on at retirement. Among credit unions with $100 million in assets or more, 51% of credit unions offer SERPs to the executive vice president, nearly 40% offer them to chief financial officers and chief operation officers, and almost 30% offer them to chief information officers. The likelihood of providing SERPs increases with credit union asset size. “Due in part to dramatic declines in U.S. retirement funds, Social Security benefits and qualified retirement plans fall significantly short of meeting the retirement income needs of highly compensated executives,” said Beth Soltis, senior research analyst for CUNA. “This increases the importance of offering SERPs to credit union senior executives. SERPs cannot only bridge the gap between current retirement funds and executive income needs, but also can be the difference between retaining highly qualified executives and losing them to another organization,” Soltis added. The survey provides nationwide compensation data for the top four credit union senior executive positions--executive vice president, chief financial officer, chief operation officer, and chief information officer--for credit unions $100 million plus in assets. Results are categorized by asset size, region, and other points of comparison to help a credit union attract or retain top executive talent. The report--available in print or PDF format--also provides the monetary value of the total compensation package to help measure the bottom-line value of senior executive compensation packages compared with other credit unions. For more information, use the link.
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