Whitepaper

The 125% Credit Union Executive

person reviews a financial planning binder
By ACT Advisors

20 minutes

The typical credit union executive benefits package presents many complexities that require personal, strategic financial planning.

The COVID-19 pandemic and the resulting phenomenon of the Great Resignation has disrupted labor markets across many sectors of the economy and credit unions are no exception. While much of the impact has been felt more in entry-level positions, there is a growing trend of retirements for CEOs. Credit unions seeking to replace executive leadership are faced with the high cost of benefits packages in the war to attract and retain top talent. However, most organizations are overlooking an important and inexpensive element to their offerings that can provide enormous benefit to their executives: financial planning.

In addition to the traditional 401(k) plan, most credit union executive benefits packages include some combination of collateral assignment split-dollar, 457(b), and 457(f) plans. However, without personal financial planning that optimizes income timing, risk allocation, and tax planning opportunities, the executive does not realize the full impact of their benefits suite. Financial planning is one of the least expensive benefits that a credit union can provide its executives while greatly improving their financial outcomes—by as much as 25%. The peace of mind that comes from engaging in this process also results in less financial stress and an executive that is more focused on leading their credit union.

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The 125% Credit Union Executive
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