CUNA 2003 Benefits Demonstrate Rocky Economy; NAFCU Holds Steady Course

WASHINGTON-The tough economy last year has shown itself in CUNA’s senior officers’ benefits. In a number of cases, CUNA had to up its contributions to the benefit plans because of the low interest rate environment, according to CUNA Vice President of Communications and Media Outreach Pat Keefe. Actually, the overall benefit levels have not changed under CUNA’s defined plan, but larger contributions were necessary between the low interest rates and the stock markets effect on the plan’s underlying assets, he explained, and many companies with defined benefit plans are in a similar situation. Just reviewing the numbers, it appears that CUNA President and CEO Dan Mica’s salary dropped from $697,084 last year to $688,372 this year, but Keefe pointed out that 2002′s salary was artificially high due to some retroactive pay from the previous year. Mica’s benefits came to $154,946 in 2003, nearly double the previous year, but again, that was because of the economic difficulties. Coming from a smaller credit union trade association, NAFCU President and CEO Fred Becker reported making $265,759 last year, up from $260,747 the previous year. His benefits were up slightly to $33,858 from $31,615 in 2002. NAFCU does not report any other senior officers on its Form 990. Other CUNA senior staff disclosed included: * EVP and Chief of Staff Richard McBride who made $274,484, up from $269,405 in 2002 and benefits increased from $41,353 to $112,555. * EVP for External Relations Pete Crear had a 2003 salary of $297,051 with benefits of $178,084, as compared with 2002 when he made $294,107 with benefits of $62,042. * General Counsel Eric Richard’s 2003 salary came to $275,300 compared to $260,225 in 2002 and benefits last year of $86,667 up from $39,565 in 2002. His pay increased was the highest of CUNA’s top executives at 5.79%. * CFO Mary Meixelsperger made a total of $239,839 ($200,960 in salary and $38,879 in benefits) in 2003 up from $224,318 ($199,241; $25,077) in 2002. [email protected]