Credit Union Executive Compensation and Benefits Survey Overview

This document is a technical report detailing the Gallagher Executive Compensation and Benefits Survey, which was first introduced in 2007 to analyze compensation and benefits for credit union executives. The survey categorizes data by asset ranges and includes total compensation tables, bonus components, and fringe benefits for both executives and staff. It emphasizes the importance of retaining key leaders in a competitive job market and outlines the necessity for credit unions to benchmark their compensation strategies annually. The report discusses the role of executive benefits, particularly nonqualified plans, in succession planning and retention strategies. Specific plans such as 457(f) and Split Dollar are highlighted for their effectiveness in retaining executives nearing retirement. Additionally, the report addresses the significance of proper servicing of executive benefits programs to ensure they meet organizational needs and compliance requirements. It concludes with considerations for evaluating total compensation and the importance of consulting for optimal results.