CORRECTION

* A story in the March 26 issue, “North Island Financial CU Recognized for Pioneering Involvement in SBA 504 Program” incorrectly stated the credit union’s assets as being $1.1 million. The correct asset figure for North Island Financial is $1.2 billion. We regret the error. * Due to a reporting error, Credit Union Times incorrectly stated in its April 2 issue that the beneficiaries of NCUA employees called to duty would not receive life insurance benefits if killed in action. The beneficiaries of NCUA employees who may be killed while on active duty in Iraq are able to collect benefits from the employee’s life insurance coverage provided through the agency. Beneficiaries of any federal employee who makes less than $10,000 can receive $10,000 of insurance coverage. The premiums for this coverage are divided, the agency pays two-thirds and the employee pays one-third. Employees making more than $10,000 get the basic $10,000 and are free to purchase additional coverage at their own cost. Coverage from NCUA is not the only life insurance available to employees on active duty. Service members also have access to the Service Members Group Life Insurance, which pays $250,000 in case of combat death. Accidental death and dismemberment payments, which are covered under a separate policy, will not be paid since combat, by its very nature, is not accidental, according to Clifford Northup, director of NCUA’s Office of Public and Congressional Affairs. Even though the federal accidental death and dismemberment insurance does not pay in the case of injuries sustained in combat, the federal government will provide disability coverage based on the nature of the injury and the rank of the service member harmed. The vast majority of NCUA’s policies on insurance and other matters related to personnel on military duty are not the agency’s to set but are instead established by the Office of Personnel Management.