MADISON, Wis.—A sizable number of credit unions assist senior executives in planning for the future by offering supplemental executive retirement plans (SERPs), according to CUNA’s recently released 2010 Senior Executive Total Compensation Survey. About 30% to 50% of credit unions offer SERPs to top executives, which 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 percent 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 offering SERPs increases with credit union asset size.

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"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. This increases the importance of offering SERPs to credit union senior executives," said Beth Soltis, senior research analyst for CUNA. "SERPs can not only bridge the gap between current retirement funds and executive income needs, but can also be the difference between retaining highly qualified executives and losing them to another organization."

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 conveniently categorized by asset size, region, and many other points of comparison to help your 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 to other credit unions.

Purchasers of the survey report may also receive a discount on the Senior Executive Total Compensation: Self-Selected Peer Analysis. This customized analysis reveals senior executive salaries, health plans, contract terms, bonuses,
retirement plans, and more for 10 or more specific credit unions that meet a credit union’s own peer criteria. Each report is presentation ready.

CUNA's 2009-2010 Senior Executive Total Compensation Survey sells to credit unions for $799 for the print version or
$750 for the PDF. For more information or to order online, visit buy.cuna.org, and enter stock number 28815 (print) or 28815P (PDF) in the product finder search box. To order by phone, call (800) 356-8010, press 3, and use the stock number as a reference.