CU 2.0 Podcast Money Talks with Kirk Kordeleski: Retirement, Terminations, and Still More

Send us a Text Message.Here’s the fact: more senior executives are coming into credit unions and are insisting on competitive retirement plans, typically a SERP (Supplemental Executive Retirement Plan).On the show today is Kirk Kordeleski, onetime CEO of Bethpage Federal Credit Union, one of the nation’s largest, and now a partner with PARC Street, where the focus is on matching executives and credit unions with appropriate SERP packages.  Know this: credit unions cannot attract and retain top executive talent without offering competitive retirement plans.  And today Kordeleski talks about how the SERP marketplace is faring in today’s unusual times for credit unions.But as always with a talk with Kordeleski many topics get explored. Tough topics are discussed. For instance: against what institutions should you benchmark your credit union? Probably the answer isn’t the ones you think. Hint: think New York Yakees.We also discuss why - probably for the first time ever in credit unions - there’s been a number of CEO terminations because the institution isn’t holding its own against peers.And there’s the matter of AI, how it will trigger significant numbers of credit union employee redundancies, and how credit unions need to handle this. We start with me raising a point I recently discussed with Martin Walker of CURQL, a venture fund focused on fintechs and credit unions.  It’s a fact: VC funds see many of their investments fizzle out.  So I asked Walker why it is that credit unions obsess over trying to prevent small losses when such losses are immaterial to the health of the credit union. That conversation happened at a recent CU 2.0 event in Fountain Hills AZ; there’s no recording.  But in this show Kordeleski tackles this issue - and it definitely is a credit union issue.Listen up.