What the “Miracle on Ice” reveals about the leaders you can’t afford to lose

As the closing ceremonies commenced at the 2026 Winter Olympics in Milan-Cortina, Team USA had achieved a historic, unprecedented sweep of ice hockey gold medals with both the men’s and women’s teams defeating Canada 2–1 in overtime thrillers! My congratulations to both teams for representing the USA with dignity. While I was watching the men’s gold medal game, I couldn’t help but remember the 1980 Lake Placid Olympic Games—the last time the US Men’s Hockey team won the gold medal. 

In 1980, professional athletes were not permitted to compete in the Olympic Games. The US Olympic Committee turned to Coach Herb Brooks to build the Men’s Hockey team made up of amateur college players. Coach Brooks was the head coach of the University of Minnesota Golden Gophers and had just won his third NCAA Championship in six years. When Coach Brooks built the team, his selections drew skepticism from critics who focused on skill alone, rather than the character and mindset he valued. To his critics Coach Brooks would reply: “I wasn’t looking for the best players. I was looking for the right players.”

Jim Craig, the legendary Team USA and University of Minnesota goaltender, described Herb Brooks’ approach this way: “Herb was really quite brilliant. He had a character in mind who he wanted, a type of personality, and it had a lot to do with how he was brought up. He had this unique ability to see talent inside people, see an attitude about them and bring them to a level that they weren’t even capable of imagining.” Under Coach Brooks’ leadership, the US defeated the Soviet Union 4–3, then went on to beat Finland 4–2 to capture the gold medal completing what is now remembered as the “Miracle on Ice” at the 1980 Winter Olympics.

Applying Coach Brooks’ mentality to organizational leadership begins with a fundamental question:

Are you truly attracting, retaining, and rewarding the right people for your team?

While professional sports and corporate leadership operate in different arenas, the principles behind identifying and investing in top contributors are remarkably similar. In my experience working with boards and executive teams, two questions surface repeatedly—who should receive a Supplemental Executive Retirement Plan (SERP), and how many executive plans make sense for the organization? The following sections address these questions individually.

Culture is the heartbeat of any organization and almost always reflects its leader, in most cases the CEO. Coach Brooks set the culture for the US Men’s Hockey Team through work ethic, high expectations, loyalty to teammates, and a shared commitment to a clearly defined goal. You want to attract people who know who they are, understand the role they play, and are willing to put the success of the organization ahead of themselves without ever compromising their standards.

It’s important to recognize that SERPs are nonqualified plans, meaning they are intentionally reserved for a select group, not the broader organization. These types of plans are discriminatory by nature and should be limited to executives who truly drive the success of the organization—those whose departure would leave a significant void. For example, your executive team may consist of six people, but a smaller group may truly drive results and represent talent the organization cannot afford to lose. A SERP is designed specifically for those key leaders, to retain them and reward their meaningful contributions to the organization’s long‑term success.

This is not as straightforward of a question to answer since asset size often plays a significant role in determining what makes sense for an organization. Survey data from 2025 shows a continued expansion in executive benefit usage: 93% of credit unions with more than $1B in assets now cover two or more executives with a nonqualified plan, compared to 76% in 2015.* This trend reflects a broader reality: larger organizations often rely on a deeper bench of key executives, making expanded SERP coverage both practical and necessary.

As coverage expands, it’s equally important to understand the regulatory framework that guides how these plans are funded and structured. In 2017, the NCUA gave formal guidance on what is permitted when it comes to these types of investments. The NCUA stated that no more than 15% of an organization’s net worth should be allocated to any single credit risk or carrier. And while allocating more than 25% of net worth into these plans is permissible, doing so may trigger an expanded regulatory examination.

When it comes to leadership and executive benefits, the most successful organizations are those that deliberately identify their difference‑makers and align compensation strategies to retain them for the long term. Like the 1980 US Olympic Committee, organizations today are looking for their own Coach Herb Brooks to lead their team. One who can set the vision and choose the right players. Perhaps you are fortunate enough to already have those players in place. If so, there’s a responsibility to keep them for the long haul. And if you are still searching, the goal remains the same because when we find and retain the right people, we put ourselves in a position to create our own Miracle on Ice.

For organizations evaluating how to retain and reward key leaders, I am available to discuss how these considerations may apply to your board and executive team.

Considering whether a split dollar plan is right for your organization? Start with these five questions every credit union board should ask before moving forward.

*Gallagher Executive Compensation and Benefits Survey for Credit Unions (2015, 2025)

This material was created to provide information on the subjects covered, but should not be regarded as a complete analysis of these subjects. The information provided cannot take into account all the various factors that may affect your particular situation. The services of an appropriate professional should be sought regarding before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.

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