CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CU's HR exec testifies before Senate Committee on Aging
Policy & Issues

CU's HR exec testifies before Senate Committee on Aging

March 12, 2015

WASHINGTON (3/13/15)--A human resources director from a CUNA-member credit union testified on behalf of his institution before the Senate Special Committee on Aging Thursday.

Rob Carmichael, senior vice president of human resources at Maine Savings FCU, Hampden, spoke at the hearing, which examined how prepared Americans are for retirement.

Carmichael said his credit union offers has offered a 401(k) since 1993 and has an 86% participation rate among its employees. Maine Savings FCU provides at 50% match of the employee's deferral of up to 6% of their salary.

"Why don't all of our employees contribute to their 401(k)? Although I can't speak for each employee, my general sense is that they are merely trying to make ends meet at this point and they are unable to put money aside for something not seen as an 'immediate' need," Carmichael said.

According to Carmichael, the average employee's 401(k) deferral is 6.7%, with entry-level employees deferring about 6%.

For many of these employees, their 401(k) will be their only source of retirement income other than Social Security, Carmichael said.

He also noted that, while the credit union's health insurance plan is likely the most important benefit to a majority of Maine Savings FCU's employees, he believes that the retirement savings opportunities are "a close second."

"I urge this committee to find ways to make 401(k) plan solutions available to many more small business employers who may not have the resources that we do," Carmichael said, adding that a proposed bill--the Retirement Security Act of 2015 (H.R. 557), which proposes several modifications which will provide incentives for small businesses to offer retirement plans to their employees--is a step in the right direction.

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • CFPB proposes to raise remittance threshold to 500 transfers

  • PODCAST: Bettering people’s lives

  • Compliance: Recapping the 2019 BSA Conference

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors