Executive benefit programs aren’t just a perk, but a strategic tool for leadership continuity and retention. It’s long‑term commitment and the right partner makes all the difference. But even the best plan design can fall short without the right partner behind it.
When evaluating vendors to design and manage your executive benefits program, credit unions should focus on four critical areas as part of the due diligence process.
1. Company background
Your executive benefits program is a long‑term commitment. Vendor longevity and stability matter.
- Does the firm specialize in credit unions?
- Are consulting and service teams full‑time, in‑house?
- Can the vendor demonstrate financial strength, audited statements, and a plan for their own succession?
- How many active executive benefit plans and participants do they support today?
- Are recommendations carrier‑agnostic, or limited by carrier relationships?
2. Plan design experience
Strong design starts with informed strategy.
- Can the vendor model the financial and balance‑sheet impact of informally funding benefits?
- Do they provide comprehensive analysis aligned with your institution’s goals?
- Will senior, experienced consultants be actively involved in the process?
3. Installation & implementation
A smooth rollout protects both the institution and participants.
- Is there an in‑house underwriting and service team to manage implementation?
- Are qualified legal and accounting resources involved to help ensure regulatory, IRS, and accounting compliance?
- Is the team appropriately staffed for a complex installation?
4. Ongoing service & administration
Executive benefits don’t end at implementation.
- What level of data security and encryption supports participant information?
- Are reporting tools and online platforms designed for both executives and the credit union?
- Are administrative services handled internally and supported for the long term?
Executive benefits programs are only as strong as the partner behind them. Choosing a vendor with deep credit union experience, disciplined processes, and a long‑term service mindset can make all the difference.
Want a deeper look at what to ask and why it matters? Download our full Executive Benefits Vendor Selection Checklist.
For more than 30 years, 500+ credit unions have chosen Gallagher to design, implement, and administer executive benefit programs built for regulatory discipline, stability, and day‑to‑day reliability. We understand the vital role executive benefits play in attracting and retaining your key leadership team.
Why credit unions partner with Gallagher
- Our in‑house service team provides end‑to‑end administration, from underwriting through ongoing service of your plan.
- We provide ongoing regulatory oversight, supported by dedicated legal counsel with extensive executive benefits experience.
- Because one size doesn’t fit all, our carrier‑agnostic approach provides access to a broad range of investment and insurance solutions for plan design.
- An SOC 1–certified online account portal for administrators and participants to have real-time access to their plans.
As part of our commitment to the credit union industry, for 20 years we’ve offered the largest executive compensation and benefits benchmarking survey at no cost, with comprehensive data on pay, incentives, nonqualified plans, perks, and demographics across all asset sizes. Here’s a snapshot of last year’s findings.
Start with a thoughtful review of your executive benefits program
Gallagher can audit your existing executive benefits plan or develop a customized program aligned with your organizational goals. We take seriously our roles as stewards of your program.
If you’d like to continue the conversation—whether you’re exploring an executive benefits program or assessing whether your current provider is delivering everything they should. We focus first on helping you navigate and understand your executive benefits options.
Consulting and insurance brokerage services to be provided by Gallagher Benefit Services, Inc. and/or its affiliate Gallagher Benefit Services (Canada) Group Inc. Gallagher Benefit Services, Inc., a non-investment firm and subsidiary of Arthur J. Gallagher & Co., is a licensed insurance agency that does business in California as “Gallagher Benefit Services of California Insurance Services” and in Massachusetts as “Gallagher Benefit Insurance Services.” GFA/Osaic CD (8896892)(exp042028)
