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On Thursday, March 12, Maine's credit unions and the perspective of credit unions as small to medium employers were represented on Capitol Hill when Rob Carmichael, SVP of HR at Maine Savings FCU, presented testimony before the Senate Special Committee On Aging.
Chaired by Senator Susan Collins, the Committee held a hearing on How Prepared are Americans for Retirement. One of four witnesses to testify before the Committee (well-known and respected money expert and NBC Financial Correspondent, Jean Chatzky was one of the other witnesses), Carmichael shared his experience on the challenges, opportunities and initiatives that his credit union is undertaking to help its employees be better prepared financially for retirement. "Like other Americans, our employees struggle with the cost of energy, health care, and for the younger generation, the burden of significant school loan debt. Some also struggle with significant credit card debt. For many, preparing for retirement can become lost in the fog of their current financial challenges. Nevertheless, our credit union, as a small to medium employer with a low turnover rate, has taken several steps to assist our employees and credit union members with financial management and education. Currently, we have an 86% participation rate in our 401k plan. I urge this Committee to find ways to make 401k plan solutions available to more small businesses that may not have the resources we do. I understand Chairman Collins has introduced legislation along with Senator Nelson to provide important incentives for small businesses to offer retirement plans to their employees, which strikes me as a step in the right direction. "
Your League's President John Murphy said the opportunity to have a representative from Maine's credit unions appear before the Committee came about as a result of the work and leadership that we have done on elder financial abuse and exploitation. "We have served as a resource to Senator Collins on this issue, and she is aware of our role in helping to develop the Senior$afe program and other initiatives designed to help raise awareness and to prevent financial exploitation of older Mainers. Her staff recognized our willingness to help Senator Collins as she looks for ways to help Maine's seniors be better prepared and protected when it comes to finances. One of the areas she is focusing on since she became the Chair of this Committee is ways in which people can be more financially secure when they retire. Rob's experience and involvement with providing benefits to employees not only through his current position but as a member of the Maine CU HR Council and serving on the Executive Committee of CUNA's HR Council, made him an ideal person to testify and offer ideas to the Committee."
Resources:
Listen to a recording of the Hearing including Rob Carmichael's testimony