The stark reality is that as interest rates edge up - and already in much of Europe inflation has climbed above 10% in the year and interest rates will follow - a fresh new look is being given credit union executive retirement plans.
It is just is exponentially harder - and more expensive - to plan retirement in a high inflation world.
Accept that funding such plans will cost more. Maybe a lot more.
But not funding it has its own costs starting with loss of executive talent and difficulty in recruiting new talent.
In this show, Kirk Kordeleski, onetime CEO at Bethpage Federal Credit Union, one of the nation's biggest, and now an executive at OM Financial Group, which specializes in SERPs which are building block retirement plans for key credit union executives, untangles the fast changing environment for executive retirement planning and he looks at it from the viewpoint both of senior execs but also the board members who will have to authorize such plans.
No one talks about income, definitely not in the credit union world. But in this show you will here the facts.
Be prepared to be surprised.
Want to know more about SERPs - or other matters raised in this podcast? Email Kordeleski Kkordeleski@om-financial.com
This show is in a Money Talks series where credit union compensation is untangled. This show will help some executives negotiate better pay packages and will also help some board members understand the ways in which 2022 credit union compensation is utterly different from 1992 comp plans, even 2012 plans because now competition for talent is so much fiercer.
Hear episode one in Money Talks here. Episode 2 is here. Episode 3 is here.
Have suggestions for topics to explore in this show? Email me, Robert McGarvey - rjmcgarvey@gmail.com