By: Robert Perry | CUNA CFO Council
It is a healthy practice for credit unions to continually revisit their strategies in attracting and retaining great employees. Providing employee benefits, such as healthcare and insurance benefits, play a significant role in the labor marketplace.
Unfortunately, as many employers know all too well, some benefits’ costs have risen substantially; one could even say exponentially. To deal with these rising costs, credit unions have a great tool at their disposal: pre-funding current and potential employee benefits (found in Section 701.19, NCUA Rules and Regulations).
Having recently released guidance on the subject, it is clear the NCUA is thinking about these issues, too. Comprehending the guidance release, as well as understanding the significance of this important tool for credit unions, is imperative for the industry. This will enhance credit unions’ competitiveness in today’s environment, while maintaining safety and soundness within the industry.