Kirk Kordeleski Money Talks Episode 9: Knowing Your Risk Tolerance
Talk about Hatfields vs. McCoys. In the world of credit union C-suite retirement planning there are two major competing scenarios. There are SERPs based on whole life policies. And there are IULs, indexed universal life plans. In this intro I am not going to tell you the difference. That’s because this is a complex topic […]
CUbroadcast: 4 Foundations of Executive Compensation to Help Keep the “Band” Together
Recently, I and Tansley Stearns, President/CEO at Community Financial Credit Union, sat down with Mike Lawson of CUbroadcast. It was a great day at the CUES Symposium. And, as luck would have it, it was also a great day to discuss the strategic power of executive compensation planning. Tansley had been at Canvas Credit Union […]
Kirk Kordeleski Money Talks Episode 8: Why Low Pay for the CEO Sets Your CU on a Path of Failure
Pick a number… and here’s the question: Over the last 11 years, CEO pay in credit unions has gone up 2% per year, 5% per year, or greater than 10% per year? Take a deep breath now. The answer is 7.5%, said Kirk Kordleski, past CEO of Bethpage Credit Union, one of the nation’s biggest, […]
Kirk Kordeleski Money Talks Episode 7: Revisiting a Now Out of Date SERP or a 457F Retirement Package
Lucky you. You negotiated a satisfactory SERP (Supplemental Executive Retirement Plan) or maybe it was a 457F bonus package. Just one problem: Ballooning prices in today’s economy coupled with the fast-paced growth many credit unions have experienced in the past five years probably have rendered those plans as woefully too small. Remember, the standard goal […]
Persuading the Board on Executive Retirement Packages
The overall environment is gloomy, volatile, inflationary, and mired in recession. How can credit union executives work with boards to agree on market-rate executive retirement packages? It used to be that credit unions didn’t feel the heat of competition. They had a monopoly on their SEGs and there was general parity for technology across other […]
Kirk Kordeleski Money Talks Episode 6: How to Persuade a Board on Executive Retirement Packages
Tune into the podcast here. Here is where the pedal hits the metal. In this show credit union executive retirement compensation expert Kirk Kordeleski tells how the credit union senior executives can persuade their board to agree to market rate retirement plans that may well involve multiple millions of dollars for the executive team. That’s […]
5 Generations of Credit Union Leaders, Compensation, and Recession
The times, they are a-changing. In fact, 5 generations ago, credit union leadership was completely different. Most leaders were volunteers with little expertise in running a financial institution. Today, leaders have more skills, experience, and support than ever. And, when it comes to finding a good credit union leader, you get what you pay for. […]
How the Current Rate Environment Impacts Credit Union Executive Compensation
Tim Strandquist, Executive Benefit Consultant at PARC Street Partners (formerly OM Financial Group), stopped by the CU Broadcast Studio Lounge to discuss how today’s rate environment is impacting executive compensation in the credit union industry. Very interesting discussion here with Tim… especially in the current executive turnover era we are in right now. See the original […]
Kirk Kordeleski Money Talks Episode 5: The Five Generations of Credit Union Leaders, Their Compensation, and Surviving Recession
Today’s credit union leadership – especially at the nation’s best and biggest credit unions- is professional and deeply versed in financial services. But that wasn’t always so in credit union land. This episode opens with Kirk Kordeleski – onetime CEO at Bethpage Federal Credit Union, one of the nation’s biggest, and now an executive at […]
Thoughts on the CUES Executive Compensation Numbers
According to CUES, the average total executive compensation rose by 14.9% over the last year. That’s stunning. Usually, we look for increases of 3–4%. But inflation, higher demand for talent, and overall asset growth are driving a remarkable rise in total compensation numbers. NAFCU’s data shows a slightly lower compensation increase at around 12%. However, […]