The COVID-19 pandemic has highlighted the need for more robust employee benefits. As a result, credit unions are rethinking benefits in the context of supporting employees during difficult times. Benefits packages that are more comprehensive, however, drive up the cost of programs. Employee benefits and compensation account for more than 50% of credit union operating expenses, and healthcare costs alone are projected to grow at a rate of 5.5% a year.
In this episode of the “Credit Union RX 2020” podcast series, we spoke with Jason Ritzenthaler, Co-Chief Investment Officer and Director of Investments and Institutional Business for Members Trust Company. He explains how Members Trust Company has helped credit union partners offset 63% of employee benefits costs. To learn more, hit play.
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