NAFCU on Tuesday released its IRS 990 form for 2012, which reveals a significant increase in base salary from 2011 for President/CEO Fred Becker, as well as part of his retirement payout.
Becker will retire from the Arlington, Va.-based trade association July 31.
Becker received $583,358 in base compensation, an increase from the $408,458 he received in 2011. Becker said the NAFCU board increased his 2012 base salary to make it more competitive with median salaries for similar positions.
The 13-year NAFCU veteran also received $126,500 in incentive pay, slightly higher than his 2011 bonus, and a $331,262 payout for a 457(f) retirement plan.
Another $40,983 in other deferred compensation and nontaxable benefits round out Becker's $1,082,103 total compensation for 2012.
At first glance, incoming NAFCU President/CEO Dan Berger appears to have received less total compensation in 2012 than the previous year: $409,883 in 2012 compared to a $412,444 reported in 2011.
However, NAFCU changed the date it awarded bonus and incentive pay to employees, moving the payout after its traditional late December date. Becker said he was the only employee to have received bonus pay last year, and other employee bonuses will be reported on the association's 2013 990 filing.
Berger received $304,470 in base compensation plus an additional $105,413 in additional compensation and non-taxable benefits.
CUNA 2012 income data is not yet available. Vice President of Communications Pat Keefe said rather than file the 990 report by the May 15 deadline, CUNA instead filed for an extension until this summer. In 2011, CUNA President/CEO Bill Cheney earned $1,129,651 that included a base salary of nearly $700,000.
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