The Minnesota Credit Union Employee Benefits Plan (Plan) saw growth in membership for 2021. All credit unions that participated in the inaugural year of the Plan (2020) renewed for 2021. The average renewal increase was 5.9% with many credit unions seeing renewal increases of less than 5%. Three additional credit unions joined the Plan for 2021, bringing the total number of employer groups in the Plan to 17 and the total number of covered employees to over 400.
The Plan is currently fully-insured by Medica with the goal of becoming self-insured within the new few years. The benefits of being self-insured include, reduced costs and volatility, more control and flexibility. Although the Plan is helping participants save money now, it’s the long-term savings and benefits we are focused on because they will have the largest impact in the long-run.
The faster the plan can grow, the sooner this goal can be achieved. If you are interested in learning more about the Plan, please contact Tim Tacheny or Tommy Rempfer. Information is also available on our website.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.