Print
CUNA Mutual Group, a valued partner of the Maine CU League, recently announced some exciting news regarding its Executive Benefits Program for credit unions. The Program has now reached the $3 billion milestone in assets under management.
Celebrating its 20th anniversary, the program is the credit union industry leader, serving more than 1,200 credit unions and with plans for more than 3,800 executives. In the past five years, assets under management more than doubled, up from $1.3 billion at year-end 2013.
“Non-qualified deferred compensation plans have provided credit unions a great opportunity for many years to supplement the compensation and retirement income of their executive teams in an effort to support leadership continuity,” said Bruce Bauer, CUNA Mutual Group senior executive benefits specialist. “Our AUM keeps growing as more credit unions add executive benefit plans and Total Benefit Pre-Funding. They have also discovered the exceptional value in using non-703 investments to fund a Charitable Donation Account to provide additional contributions to local charities and foundations, such as the National Credit Union Foundation.”
CUNA Mutual Group’s Executive Benefits Program boasts a 97 percent retention rate, which allows invested funds to continue growing. “Customers stay with us because of the service and credentialed support we provide in the fiduciary and compliance components of our plans,” Bauer said. Of particular benefit now is the company’s expertise relative to new excise tax planning, which requires understanding, strategy and collaboration with a credit union-knowledgeable attorney.
For more information, contact your CUNA Mutual Group Executive Benefits Specialist or go to www.cunamutual.com/executivebenefits.