The Pulse (06-03-15)



The Pulse (06-03-2015)

June 3, 2015 ● Volume 04, Issue 22


The Pulse Archive

Credit Union News


MnCUN’s webinar library provides instant access to timely training

Along with its full list of live education sessions, the Minnesota Credit Union Network, through a partnership with the Credit Union Webinar Network, also offers a host of Webinars OnDemand. These sessions bring important information on credit union hot topics, updates and compliance standards to you – no matter where you are! OnDemand sessions are provided via web link, enabling credit union professionals to learn valuable information at any time, anywhere. New webinars are added monthly and are available for six months after their release date.

View and order archive webinars. Simply order the sessions and use them at a time that's convenient for you!

Your credit union. Your stories. Our shared vision.

In July, the Credit Union National Association (CUNA) will be showcasing positive credit unions stories from around the world at the America's Credit Union Conference and World Credit Union Conference, which they are co-hosting with the World Council of Credit Unions. There will be wall art in the lobby to highlight the difference credit unions are making.  
Credit unions are encouraged to submit stories that show creating awareness, fostering service excellence and removing barriers within the community.  Submit stories and photos to Nicole Daniels no later than Friday, June 5.

MnCU4Kids holding 20th annual Golf Tournament

On Wednesday, June 17, the Minnesota Credit Unions for Kids Committee (MnCU4Kids) will hold its annual Credit Unions for Kids golf tournament. Credit union staff and guests are invited to participate through individual or corporate sponsorship, and as golfers. All donations to MnCU4Kids will be used to support Gillette Children's Specialty Healthcare, helping kids with disabilities and chronic conditions.

Registration deadline is this Friday, June 5.

More information and pricing are available on the event flyer. If you would like to pay with a credit card please register here. Once registered online, please fill out the attached event flyer and make a note that you paid online.

With questions, please contact Marty Kelly at US Federal Credit Union by email or call (952) 736-5396.

Resources available to promote Financial Literacy 5K

The Minnesota Credit Union Foundation has resources available to assist credit unions in promoting the second annual Financial Literacy 5K. Set for Saturday, July 11, at Lake Normandale in Bloomington, this event is a walk/run and kids run.

The Financial Literacy 5K is open to credit union staff, volunteers, members, and supporters – along with educators, non-profits, agencies, and financial literacy enthusiasts. Any credit unions, school or organization that registers five or more Financial Literacy 5K participants will automatically be “in the running” for the team award. Participants’ times will be aggregated and averaged to determine the best team time. Teams of five or more will be registered to win an award. 

Resources are available on the Financial Literacy 5K page on the Foundation website, and include: 

  • downloadable logos
  • sample newsletter article / web text
  • 5K poster
  • lobby flyers  

If you have any questions or are looking for additional tools to promote the Financial Literacy 5K, please contact Lyndsay Miller.

Help improve your trade organization's communications

In order to provide the most valuable resources to our members about credit union industry news and information, MnCUN is evaluating all of the communication vehicles used to share information and has put together a brief survey to help gather feedback.

The survey includes questions about a broad range of MnCUN communication pieces, should take about 10 minutes to complete, and is available online here.

Please complete the survey no later than Friday, June 19. Feel free to contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527 if you have questions. 


Credit Unions in the News

Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Connie Kuhn.  

Embarrass Vermillion Federal Credit Union celebrates National Credit Union Youth Month


St. Cloud Federal Credit Union matching grant funds Sartell High School freshman social studies project


Minnco Credit Union supports local food shelves



Program quickly and securely supports effective advocacy

Data breaches: a big problem


View all Governmental Affairs news stories


CFPB releases spring 2015 rulemaking agenda

NCUA issues Letters to Federally Insured Credit Unions

Letter 15-CU-03: Tax Medallion Lending Questions and Answers

Federal Reserve Board seeks comments on NACHA same-day ACH rule

DOL proposes new rule expanding definition of “financial advisor”

Upcoming compliance effective dates


View all Regulatory Compliance news stories




Study: Online Calculators Improve

Probability of Saving Enough for Retirement


Article by CUNA Mutual Group

Over the last several years, you’ve probably read about dozens of surveys in which a large majority of American workers say they’re not saving enough for retirement. But that only tells half the story, if that.

For a deeper understanding of how many of us are saving enough for retirement, measure how many of us actually have an educated idea of how much “enough” is likely to be.

According to the 2015 Retirement Confidence Survey (RCS) conducted by the Employee Benefits Research Institute (EBRI), less than half of workers report that they or their spouses have tried to calculate how much they’ll need to live comfortably in retirement. 1

Guessing how much you need to save for retirement doesn’t appear to be a good idea. In 2013, EBRI developed the “modified Retirement Readiness Rating” (RRR) to estimate the probability that RCS respondents will not run out of money as retirees. 2 Respondents who guessed at how large their nest egg needed to be lost an average of between seven and eight percentage points from their RRR.

The good news is that respondents who used an online retirement income calculator increased their RRR by an average of up to 18 percentage points.

Help Employees Track 401(k) Progress—Easily

A myriad of retirement income calculators exist online. If your credit union’s retirement plan website offers employees a calculator, promote that fact and encourage them to use it. Start by using it yourself. If you’re finding the calculator difficult to use, contact your 401(k) provider to discuss it.

Look for these features in an effective retirement plan calculator:

  • Pre-populated. Your retirement plan provider should have all the data necessary to produce at least a preliminary estimate of how much each employee should be saving for retirement: age (and therefore approximate years until retirement), account balance, investment choices, and projected returns for these choices.

    All of this data should be automatically mapped to the online calculator for your employees. They can customize the variables if they choose, but if they don’t—and most probably won’t—they’ll still get an accurate estimate.
  • On-track status visible at a glance. When employees log in to their 401(k) account website, they should be able to see immediately whether their current contribution level and investment choices have them on track to retire with sufficient income. A strong graphic element, such as a prominent thumbs-up, check-mark, or traffic light should do it.
  • One-stop access. In addition to measuring the progress of your credit union’s 401(k) or other retirement program, the calculator should allow employees to track their household’s other retirement plans. That provides a quick, single-screen look at their overall progress.

Your credit union’s retirement plan demonstrates your commitment to employees. Double-down on your investment by giving employees the encouragement and easy-to-use online tools to improve their chances of retiring securely.

For more information about CUNA Mutual Retirement Solutions, call your Sales Executive at 800.356.2644 or visit (click on Products, Employee Benefits, and 401(k) and Retirement Plans).

1 EBRI Issue Brief, April 2015, © 2015, Employee Benefit Research Institute-Education and Research Fund.

2 EBRI Notes, March 2013, © 2013, Employee Benefit Research Institute-Education and Research Fund.


If this describes you, then you are invited to join The Crew. This group 
If this describes you, then you are invited to join The Crew. This group 

 Joanna Drennen
 Nathan Dormody

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034