CUNA's The State of Small Credit Unions Today cited health care costs as a top challenge facing small credit unions. This is not limited to small credit unions -- many credit unions don’t have the scale and number of employees to receive competitive pricing. This combined with continuing rising costs often means a reduction in the quality of the benefits a credit union is able to provide, which creates issues in obtaining and retaining talent. It’s also an issue that is likely to get worse, not better. According to a recent article published by the Society for Human Resource Management (SHRM), inflation, shortages of nurses and supply shortages will likely drive up the cost of health care. According to one source, costs will double in less than 10 years.
Rising health care costs and cost volatility are two of the factors that to led formation of an association healthcare plan for Minnesota credit unions -- the Minnesota Credit Union Employee Benefits Plan. By pooling costs under one plan, Minnesota credit unions have more bargaining power and control, can reduce healthcare costs and volatility, and offer more options to offer employees. The plan is currently fully insured and the goal is to become self-insured, which helps to further reduce costs and volatility. The faster the plan grows, the sooner that goal is realized.
Get Competitive Pricing, Request a Quote Today
Pricing for 2022 should be available within the next few weeks. Please consider obtaining a quote. Visit our website for more information on the plan, including information on plan designs, provider networks, wellness benefits and ancillary benefits. If you have questions, are interested in learning more or obtaining a quote, contact Tim Tacheny or Tommy Rempfer of MnCUN.
With the yield curve moving significantly, this webinar will cover many important topics to help you manage your balance sheet moving into the 2nd half of 2021 and into 2022. The webinar takes place tomorrow, Thursday, July 15, at 10:30 a.m. There is no cost for this webinar and 1.5 hours of CPE will be granted to attendees of the live version.
Who Should Participate: Credit unions’ CEOs, CFOs, investment officers, board members, and those who are directly or indirectly responsible for financial management functions will benefit from this webinar.
Registration: The Baker Group (webex.com)
The video entitled “Inclusiv - 7 Pillars of CDFI Certification Success” is the latest addition to the CDFI Learning Series. Credit unions interested in becoming a CDFI will benefit from this short module that highlights the 7-pillars of a qualifying CDFI credit union.
More resources on becoming a CDFI:
MnCUN members are invited to a two-part virtual educational series that the FHLB Des Moines is hosting exclusive for credit unions. There is no cost to attend.
More information and the links to register for both events are available on the FHLB Des Moines site.
Meet CO-OP live June 17 at 1 p.m. to learn about how credit unions can reconnect with members in the re-emerging economy using new solutions and the power of CO-OP integration. Chief Product Officer Bruce Dragt and key members of the CO-OP product team will discuss 2021 Roadmap solutions coming your way. Also, get a sneak peek into what members need now, based on our recent member survey conducted with EY.
Get updates on CO-OP SmartGrowth consulting and CO-OP Developer Portal, along with the latest on THINK 21—just in time to size up and deliver on new member needs. Ask your questions live!
The Minnesota Credit Union Employee Benefits Plan (Benefits Plan), an association health plan for employees of Minnesota head-quartered credit unions, is preparing to provide quotes for 2022. The Benefits Plan offers an opportunity for credit unions to come together to purchase and offer health and ancillary benefits to employees and their families.
Through the Plan, credit unions have increased bargaining power and are able to reduce cost and risk volatility. In 2021, the benefits plan grew to 17 employer groups and currently provides coverage for over 800 individuals. We expect to be able to provide quotes for 2022 by the end of July.
If you are interested in learning more, please visit our webpage or contact Tim Tacheny or Tommy Rempfer of MnCUN
There’s never been a more important time to examine the credit union model. That’s why, once again, CO-OP Financial Services is bringing you a brand new THINK experience, transforming the industry-renowned in-person conference into a complimentary, content rich 4-part virtual series designed to help you rethink everything.
This year’s THINK Virtual event series will unpack the needs of credit union members and consumers through the lens of a brand new member research study conducted by CO-OP and EY. Attendees will receive exclusive content and insights from the study, as well as hear from industry experts and distinguished change agents already incorporating these strategies into their business transformation.
Here’s a quick look at schedule of THINK Virtual events CO-OP has in store this year:
RECORDING: Rethink what drives your P&L to unleash future growth
Get a first look at new member research study into what’s driving Primary Financial Relationships today as well as hear insights from others who have mastered customer centricity and the business-of-experience. Attendees will receive a copy of the executive summary from the research.
Thursday, May 25 at 12 p.m. CT: Rethink your service model: exceeding expectations at every moment.
CO-OP will discuss how shifting consumer expectations and a digital and remote preference requires meeting members where they are in a holistic, connected way. Owning micro-moments along with milestones. Member lifestyles as well as life stages.
Tuesday, July 27 at 1 p.m. CT: Rethink data: turning insights into personalized experiences
CO-OP will share how intelligently investing in data insights and a modern payments infrastructure coupled with dedication to member empathy pays off. So you’ll readily (and efficiently) be there for every key member moment now and in the future.
Tuesday, November 9 at 1 p.m. CT: Rethink your operations: how to maximize the power of payments
How empathetically you serve your members is directly tied to the focus of your operations, and your success. Learn how making the pivot to becoming a modern payments platform is necessary to own members’ digital lifestyles. And how an ecosystem of orchestration, vendor integration, microservices, and cloud-based architecture can remove the obstacles to getting you there.
For more information, please visit: http://visit.coop/380wf8
The podcast begins its first season with a preamble episode to introduce the unique history of credit unions, their commitment to community, and the importance of nonprofit partnerships. Noelle and Patrick are joined by NetGiver’s president and co-founder, Eric Berg. Berg remarks, “Credit unions are passionate about empowering community engagement, but they don’t shout it from the rooftops. Imagine the Difference provides the platform for credit unions to celebrate, share, and learn from each other and from their nonprofit partners.”
Upcoming episodes include a conversation with Dan Stoltz, president and CEO of SPIRE Credit Union, and Abby Patterson, SPIRE’s Giving Coordinator. Subsequent guests include representatives from Envista Credit Union, Blue Federal Credit Union, and their nonprofit partners. New episodes are released every week on Wednesday for the duration of the 12-week initial season.
NetGiver is currently inviting submissions and requests for participation in its second season. Credit unions and nonprofit organizations interested in sharing their community impact stories are encouraged to contact NetGiver’s podcast team at: https://www.netgiverapp.com/podcast.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.
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