WASHINGTON — When CUNA President/CEO Dan Mica's deferred compensation package reached maturity last year, his salary more than doubled.
CUNA's IRS Form 990 revealed that Mica's salary came to $1,818,501 for 2006 plus employee benefit plan contributions of $70,643. A footnote states that $917,850 came from a 457(f) deferred compensation plan that covered a five-year period, leaving his regular salary at $900,651.
As an incentive for Mica, CUNA's board extended his compensation package "to bring our CEO into a pay range more consistent with other CEOs of top trade associations in Washington," according to a memorandum from CUNA Chairman Alan Kemp McMorris, president/CEO of Oakland County Credit Union in Michigan. Based on studies for comparison purposes, CUNA discovered its CEO pay was "considerably lower" than other similarly situated trade associations in Washington. Looking strictly at other financial institution trade associations in Washington, Mica's pay was still low as a percentage of total revenue.
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