When Bruce Foulke joined American Heritage Federal Credit Union in 1979, it was a $5 million financial institution serving 4,000 members. Under the CUES member’s leadership as president/CEO, the credit union has grown to $2 billion. Over time, says Chair Cecilia Grady, “We began to hear warnings: ‘You have to be careful about compensating him well, because as he makes a name for himself, other credit unions may try to steal him from you.’ We began looking at other forms of compensation that would entice Bruce to stay with our credit union.”
The board’s executive committee took on the task of gathering information about options for structuring deferred compensation plans to supplement Foulke’s salary and annual bonus. About 15 years ago, the board voted to offer him a 457(f) plan structured to enhance retention. In addition, a split-dollar life insurance program was put in place for him in 2016.
American Heritage FCU now offers deferred compensation plans to its full senior management team:
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