GLENDORA, Calif. - Larger credit unions are more apt to offer 457(b) and 457(f) plans to attract and retain executives. Credit unions in the $500 million to $750 million range tend to offer more 457(b) plans than any other size credit union, according to the Employee and Executive Benefits Survey for the Credit Union Movement from Executive Compensation Solutions (ECS), a provider of credit union recruitment and retention programs and KG & Associates, a Wichita, Kan.-based developer and administrator of compensation programs for small and mid-sized organizations. Respondents in all asset size groups offer 457(b) plans with the highest prevalence in the asset range between $500 million and $750 million at 56%. When looked at by employee size, the highest concentration of 457(b) plans is in the 100 - 200 employee range, also at 56%. Split-dollar plans follow a familiar pattern of higher prevalence in credit unions with larger asset size, whereas 457(b) plans tend to have higher concentration in the $100-750 million asset range, the survey revealed. The survey also showed that 99% of the 213 respondents said they have some form of qualified benefit plan with 401(k) topping the list followed by pensions. -msamaad@cutimes.com
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the January-26, 2005 issue of Credit Union Times Magazine • Subscribe!
Nearly 100% of Credit Unions Have Some Form of Qualified Benefit Plan, Survey Shows
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
