David C. Frankil
WASHINGTON — NAFCU Services Corporation (www.nafcu.org/nafcuservices) today released a free webcast with its Preferred Partner, Burns-Fazzi, Brock, on the results of the 2010 NAFCU Executive Compensation & Benefits Survey. Sponsored by NAFCU, NAFCU Services Corporation and Burns-Fazzi, Brock, the survey was open to all federal credit unions in 2010. Previously, just NAFCU members were eligible to participate.
The 28-minute, pre-recorded webcast and corresponding handouts are available at www.nafcu.org/bfb.
“Since this year’s survey cast a wider net to obtain a more representative sampling of federal credit unions, it will undoubtedly prove an even greater benchmarking tool for credit unions to assess how their executive compensation stands when compared with their peers,” said David Frankil, president of NAFCU Services. “The information will enhance their ability to recruit, reward and retain top executive talent.”
The webcast is presented by Jack Clark, PhD, principal at Clark & Chase Research, Inc., an independent research firm and conductor of the survey. Clark discusses salary, bonus, and benefits for the top executive. As the findings are revealed, he explains how viewers can identify their credit union according to asset size, allowing them to immediately compare themselves to peers.
As expected, total compensation is mostly related to asset size—as asset size increases, total compensation for top executives also tends to increase. However, the portion of their total compensation that is based on incentives is more varied. Although the use of bonus plans and bonus percentages tend to increase as total assets increase, unlike compensation, the relationship is not as strong. The use of bonus plans and bonus percentages vary quite a bit even among credit unions of similar size.
In addition to compensation and benefit information for the top five executives at a credit union, the survey also asked about benefits and expenses for board members provided by these credit unions, as well as their plans for review of executive compensation and non-qualified benefits plans.
The full survey report, free to participating credit unions, is now available to non-participants for a fee. Please contact Pilar Perotti at firstname.lastname@example.org to receive a copy.
About Burns-Fazzi, Brock
Burns-Fazzi, Brock is a leading compensation consultant. Since 1995, it has provided an increasingly wide range of retirement benefits and other compensation-related services to credit union and bank executives, directors and employees. Burns-Fazzi, Brock’s broad expertise in the complex tax, accounting legal, regulatory, funding and administrative issues that govern the use of benefits/compensation programs by financial institutions allows it to deliver a wide range of solutions to clients. Learn more at www.bfbbenefit.com.
About NAFCU Services Corporation
NAFCU Services Corporation is a wholly owned subsidiary of the National Association of Federal Credit Unions (NAFCU). Since 1975, NAFCU Services has partnered with the industry’s leading solutions providers to offer value-added products and services at a discount to credit unions. Currently, it offers 28 Preferred Partner programs to the credit union community and maintains the credit union locator website CULookup.com. For more information about NAFCU Services Corporation, please visit www.nafcu.org/nafcuservices.