ShareBuilder Torn on Cuts

BELLEVUE, Wash. — Deciding which credit union partnerships to keep and which to end has been a difficult process, online broker ShareBuilder Corp. acknowledged.ShareBuilder will continue to have credit union partners, reiterated Kathy Schanno, a company spokeswoman, but not as many as in the past. The change comes after ShareBuilder was bought by ING DIRECT in November 2007. Since then, ShareBuilder’s CU clientele has dropped from 125 to approximately 50.“Although we have enjoyed working with our many credit union marketing partners, we have redirected resources elsewhere and are no longer able to support these programs at the same levels as in the past,” Schanno said.One of the broker’s first credit union clients, $4 billion Patelco Credit Union received notice in December that ShareBuilder will end their co-branded service agreement, effective January 2010. Schanno did not say how many CU agreements will not be or have not been renewed.

Health Plan to Debut

SAN FRANCISCO — Credit Union Health Benefits of America, a new health plan, nonprofit, mutual benefit corporation, will make its debut in 2009.Formed by two credit unions belonging to Credit Union Self-Insured Group of California, a workers’ compensation coverage provider, CUHB will offer a variety of cost-effective, health-related plans in alliance with AssureCare, a Minneapolis-based national health benefits company, the group said.Participants will be able to choose PPO and HMO plans that mirror plans they currently provide to employees. Those currently providing Kaiser’s HMO to employees will be able to continue to do so, according to CUSIG. Health reimbursement arrangement and health savings account qualifying plans, dental plans, vision plans and a prescription drug plan administered through ExpressSripts will also be available.CUHB has aligned with many of the same partners used to build CUSIG’s workers’ compensation company, the group said. These same partners are now forming Captive Insurance Co. to provide stop-loss insurance coverage.CUHB will launch in the first quarter of 2009 with a small number of CUs and is expected to go national in 2010. Interested CUs can contact Tom Swedberg, vice president, strategic planning at WesCorp [email protected] or 909-720-5904 for more information.