Monday, May 7, 2018

Average Chief Executive Compensation at Large State Chartered CUs Tops $1 Million in 2016

Chief executives of state chartered credit unions with at least $1 billion in assets earned on average $1.051 million in total compensation in 2016.

Median compensation in 2016 was $784,360.

This is the third consecutive year in which average chief executive pay topped $1 million.

There were 155 state chartered credit unions with $1 billion or more in assets at the end of 2016. Compensation information was obtained for all but one credit union, DFCU Financial CU (Dearborn, MI).

Compensation data are pulled from Schedule J of Form 990s filed by state chartered credit unions.

Federal credit unions are currently exempt from filing Form 990s and the National Credit Union Administration has not acted upon recommendations to require federal credit unions to disclose senior management compensation.

Total compensation includes base salary, bonus and incentives, other reportable income, retirement and deferred compensation, and nontaxable benefits.

Fifty-three credit union executives reported total compensation of at least $1 million.

Base compensation averaged $485,308. Median base compensation was $475,703. The following graph looks at base pay with respect to asset size.

One hundred thirty-nine executives received bonus and incentive compensation in 2016. For these 139 executives, the average bonus compensation was $185,907 with a median compensation of $133,360. The following graph examines the relationship between bonus and incentive pay and asset size.

Below is information on compensation for chief executives at state chartered credit unions with at least $1 billion in assets (click on image to enlarge).

Update: an earlier version of this post stated that Lake Michigan Credit Union did not disclose the compensation information for Sandy Jelinski. The credit union in an e-mail reconsidered its position to not disclose this information. Here is the information provided. Base and bonus compensation was $1,638,000, other compensation was $42,735.20, and deferred compensation was $49,950.00.

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