In the wake of the news on Dan Mica's and Fred Becker's latest salaries, Credit Union Times looks back to their paydays in 2004.
With a tough economy in 2003, Dan Mica's salary had dropped from $697,084 in 2002 to $668,372 in 2003. CUNA also pointed out at the time that Mica's salary in 2002 was artificially high due to retroactive pay from the previous year. The CUNA president/CEO received benefits totaling $154,946 in 2003, which was nearly double the previous year. Due to a tough economy, CUNA in 2004 had to increase its contribution to its benefit plans because of low interest rates and a downturn in the stock market, which reduced the value of the underlying assets.
CUNA also disclosed the salaries of its senior staff members at the time. The executive vice president and chief of staff made $274,484, up from $269,405. Benefits for the role increased from $41,353 to $112,555. The executive vice president for external relations made $297,051 in 2003, up from $294,107 in 2002, with benefits of $178,084, up from $62,042. The general counsel made $275,300, up from $260,225 in 2002, with benefits of $86,667, up from $39,565. The chief financial officer made $200,960 in salary and $38,879 in benefits, up from $199,241 in salary and $25,077 in benefits in 2002.
At NAFCU, Becker's salary increased from $260,747 the previous year to $265,759. Becker's benefits increased slightly to $33,858 from $31,615.