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Don Curristan is a principal at Executive Compensation Solutions. Contact 626-914-2333 or [email protected]

In its publication of Rule 701.19 (April 2003), the NCUA recognized the need for credit unions to attract and retain key value creators in order to succeed, and their need for competitive options in financing such attraction and retention programs.

In the nearly 10 years since this guideline was published, many credit unions have implemented these programs for their senior management team. Boards have focused their attention on concerns such as benefit magnitude, timing of payments and other plan design issues. This is appropriate as part of the board’s fiduciary duty. However, many boards have paid less attention to how best to mitigate the expense incurred in implementing an effective executive program.

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Tonya Knudesn

Credit Union Times

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