WASHINGTON — When CUNA President/CEO Dan Mica's deferred compensation package reached maturity last year, his salary more than doubled.
CUNA's IRS Form 990 revealed that Mica's salary came to $1,818,501 for 2006 plus employee benefit plan contributions of $70,643. A footnote states that $917,850 came from a 457(f) deferred compensation plan that covered a five-year period, leaving his regular salary at $900,651.
As an incentive for Mica, CUNA's board extended his compensation package "to bring our CEO into a pay range more consistent with other CEOs of top trade associations in Washington," according to a memorandum from CUNA Chairman Alan Kemp McMorris, president/CEO of Oakland County Credit Union in Michigan. Based on studies for comparison purposes, CUNA discovered its CEO pay was "considerably lower" than other similarly situated trade associations in Washington. Looking strictly at other financial institution trade associations in Washington, Mica's pay was still low as a percentage of total revenue.
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Following the math, Mica's salary without the deferred compensation represents 1.8% of CUNA's $51.2 million total revenue. By comparison, NAFCU President/CEO Fred Becker's salary of $309,244 represents 2.7% of NAFCU's $11.4 million total revenue, according to NAFCU's IRS Form 990.
McMorris also pointed out that Mica serves as president of a number of CUNA's affiliates, including CUNA Strategic Services, the National Credit Union Foundation, and Credit Union House "giving him a scope of responsibilities exceeding that of many other CEOs of financial trade groups."
If Mica had not reached the board's goals for him as outlined in his contract or left CUNA, he would not have been eligible for the one-time payout. "This arrangement created an added incentive to keep our CEO at the helm of CUNA, which we believed was in the best interests of our association, and the credit union movement," McMorris said in the memo.
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