Mo’ Money, No Problems! Large Credit Union CEO’s Hit the Jackpot, Rake in More Than $1 million/year Thanks In Part to Federal tax Exemption

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Average total compensation for CEOs of state chartered credit unions with at least $1 billion in assets in 2014 was $1,017,720.

The median total compensation for 2014 was $796,722.

Compensation data are pulled from Form 990s filed by state chartered credit unions. Unfortunately, I was not able to obtain compensation data for four credit unions — WEOKIE (OK), Advia (MI), DFCU Financial (MI), and American Eagle Financial (CT). American Eagle Financial Credit Union had not filed a Form 990 for 2014, as it switched from a federal to state charter at the end of 2014. The other three credit unions had not responded to requests for information appearing on the Form 990 Schedule J at the time this blog was published.

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.

Thirty-seven credit union CEOs earned a total compensation package of at least $1 million in 2014. The highest paid CEO was Olan Jones of Eastman Credit Union (Kingsport, TN) at almost $9.3 million. Glen Yeager at Utilities Employees Credit Union (Wyomissing, PA) was the next highest compensated CEO at slightly more than $5 million.

The mean base salary was $510,890. The average bonus and incentive pay was $152,889. The mean other compensation was $165,496. Retirement and deferred compensation was an average of $174,822.

 

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