Minnesota Credit Union Employee Benefits Plan Holds First Meeting, Files Paperwork
Wednesday, May 22, 2019
The Minnesota Credit Union Network is continuing to make progress towards forming an association health plan (AHP) for Minnesota-headquartered credit unions.
In April, the MnCUN Board of Directors approved the appointment of a board of trustees for what will be known as the Minnesota Credit Union Employee Benefits Plan (Plan). The initial board of trustees will be comprised of:
- Mark Cummins - President/CEO of MnCUN
- John Ferstl - COO of Minnesota Credit Union Network Service Corporation
- Brian Sherrick - President/CEO of Ideal Credit Union
- Dave Boden – President/CEO of Hiway Federal Credit Union
- Aaron DeJong – President/CEO of Redwing Credit Union
- Richard Nesvold – CEO of SouthPoint Credit Union
- Daryl Doucette – Vice President of HR at Mid-Minnesota Federal Credit Union
The Board of Trustees held its first meeting last week. Among other actions, the Board approved a document filed yesterday with the Minnesota Department Commerce for approval of the creation of the Plan. The goal is to provide health insurance coverage options by the end of this year, potentially as soon as October 1.
Using the cooperative model, Minnesota credit unions can take advantage of economies of scale and reduce cost burdens of employee health plans. An association health plan can offer big company benefits for smaller credit unions and help contain costs now and in the future for organizations of all sizes. Managing expenses also helps credit unions put more resources back into serving their members.
The goal is to provide health insurance coverage options by the end of this year, potentially as soon as October 1.
More information will be posted on the MnCUN website and announced in the Pulse.
If you have any questions, please contact Tim Tacheny, General Counsel of the Minnesota Credit Union Network.