WASHINGTON NATIONAL HARBOR, Md. – Pay raises were down for credit union CEOs this year, but still around 4%, even as credit unions reported their worst year ever in 2008.
The average raise is down from 8%, according to a survey conducted for NAFCU by Clark & Chase Research and presented yesterday during NAFCU’s annual convention.
The survey showed that 37% of CEOs had no raises this year, compared to just 14% in 2008. "In 2009 there were more who got nothing," said Jack Clark, a principal in the research firm, which conducted the survey for NAFCU partner Burns-Fazzi Brock. The survey broke down credit unions into five different asset categories and separated them into four parts of the country: Northeast, Southeast, Midwest and West.
The survey found that 87% of the credit unions provided their CEOs with a 401(k) plan and 22% with a defined benefits plan.
The survey also found that 70% of credit unions give their CEOs a cell phone; 35% pay for education; 23% pay for spouse travel; 17% pay for reserved parking; 15% get low-interest loans from the credit union; 10% pay for a physical exam and 7% for country club membership.
The survey was sent to the five top executives at NAFCU’s 812 member credit unions and executives at 222 credit unions responded, a 27% response rate. Clark said they hope next year to expand the survey to all federally chartered credit unions.
