Blueprints for Credit Union Success Workshop at America’s Credit Union Museum
CU Insurance Solutions and CUAlliance are pleased to sponsor a special Fall CU Insurance Solutions University Workshop to be held at America’s Credit Union Museum in Manchester, NH on September 17-18, 2018.
This dynamic workshop will be split into two focused 1-day sessions. On Day 1, our morning session titled “Ready. Set. GROW!” will be presented by Julie Ferguson. This workshop will be focused on growth strategy and business development topics.
Our afternoon session titled “Managing and Compensating Performance” will be presented by Mike Higgins. This workshop will be focused on real-world examples of how credit unions successfully manage and compensate for performance.
On Day 2 our “Amplify Member Engagement” workshop with Julie Ferguson will explore what it means to live the brand, be passionate about making a difference, define needs, and provide members with solutions.
During the day, experience the history of the credit union movement with a tour of America’s Credit Union Museum. After the event, step out and enjoy the great restaurants and nightlife that downtown Manchester, NH has to offer.
About Julie Ferguson
I spent sixteen years at First Tech Federal Credit Union in the Pacific Northwest before going out on my own and starting JRF Consulting Services in 2009. My financial services career began as a part-time Teller and took me on a journey that included stops as a Loan Officer, Branch Manager, Director of Operations, and Business Development Director.
While at First Tech, I developed strong relationships with SEGs like Microsoft, Amazon.com and Google. When First Tech became Microsoft’s credit union, my staff and I grew the relationship from 0 to 15,000 members in 7 quick years. We were problem solvers for our SEGs and the community, and focused on building trust and creating opportunities to educate employers and their employees on a regular basis.
About Mike Higgins
Mike Higgins, Jr., is a partner in the firm of Mike Higgins & Associates (MHA). His consultants work with clients in the financial services industry. His primary areas of focus are performance management, performance-based compensation, board education and strategic planning to maximize member value. Mike is also a Filene Applied Research Advisor. He has presented at numerous Filene events and participated in the inaugural Center for Performance and Operational Excellence Research Colloquium at Stanford University.
Since 1998, Mike has worked with over 300 community-sized credit unions and banks. Mike has presented his contemporary approach to managing performance to numerous state and national associations. He coauthored the book Performance Compensation for Stakeholders: 14 Prerequisites for Success.
About America’s Credit Union Museum
Housed in the building where our country’s first credit union was born, America’s Credit Union Museum offers a one-of-a-kind interactive experience that brings to life a vision as relevant today as it was 100 years ago.
The Museum is more than a collection of artifacts and documents. It’s the soul of an unwavering national movement of people helping people. America’s Credit Union Museum honors our shared history, documents today’s achievements, helps credit unions prepare for tomorrow’s challenges, and inspires our industry’s collective future.
Please email Seth McClellan at smcclellan@insurancetrust.us for registration information.
CU Insurance Solutions Partners with ADP to offer Savings on Payroll, Compliance and HR Solutions
Build a stronger credit union with better payroll, compliance and HR solutions.
CU Insurance Solutions is excited to partner with ADP to offer credit unions the opportunity to use ADP’s trusted, turnkey solution for payroll, compliance and HR needs at a relationship discount.
ADP’s solutions help credit unions to:
- Manage cash flow with payment solutions like direct deposit and paycards, and mobile solutions that give you the ability to run payroll from anywhere, anytime.
- Minimize compliance challenges by staying on top of changing payroll tax and labor regulations. Manage multiple locations, states and local taxes from one portal.
- Reduce administrative burden and better manage your people with time and attendance, hiring and human resources (HR) solutions, so you can maximize staff productivity and re-focus your energy on building your business.
- Save money with preferred pricing on payroll, HR and payroll tax filing services based on our existing relationship with ADP®.
- Grow your business with access to valuable tools and resources from the leading thinkers in payroll and HR solutions.
- Gain access to industry experts who will support your business’s payroll, compliance and HR needs 24/7/365.
ADP Offers:
- Payroll and Tax Filing
- Human Resources Solutions (HR)
- Employer Tax Credit Assistance
- ADP Payment Solutions
- Employee Handbook Wizard
- Time and Attendance Solutions
With 60+ years as a payroll, compliance and HR leader, ADP has helped thousands of businesses better manage their cash, their people, their risk.
View Fact Sheet
CU Insurance Solutions Social Responsibility Committee Presents Check to Special Olympics Maine
Pictured Above: Special Olympics Maine President & CEO Phil Geelhoed with Winslow Community FCU CEO and Social Responsibility Committee Board Chairperson Cathy Bond.
For 23 years, CU Insurance Solutions and Maine Credit Unions have supported Special Olympics Maine with unwavering dedication. Each year, we collectively pull together to share an hour, a day or a weekend to volunteer for a Special Olympics event. Credit unions are always finding creative and heartfelt ways to raise funds. Regardless of the level, every contribution is welcomed and appreciated.
At our 55th Annual Meeting on April 27, 2018, the CU Insurance Solutions Social Responsibility Committee presented a check for $75,000 to MSO for 2017/2018 fundraising efforts. This year, Saco Valley FCU was presented with our annual Caring and Sharing award. View the full list of Special Olympics Maine contributors.
CU Insurance Solutions would like to thank all of our credit union partners and vendors for your overwhelming financial contributions and dedication to helping at the Special Olympics events throughout Maine.
If you’ve been hesitant to step forward and volunteer for a Special Olympics event, it’s never too late to get involved. With events happening year round, there are always opportunities for volunteers; from preparing and serving meals and snacks to coaching or coordinating athletic events and more.
The experience will give back more smiles, hugs, and laughter than time and money could ever buy.
Contact CU Insurance Solutions to learn how you can help!
16th Annual Golf Tournament for Special Olympics Maine – Register Now
REGISTER NOW
16th Annual Golf Tournament for Special Olympics Maine
Thursday, July 19, 2018
Falmouth Country Club
One Congressional Drive
Falmouth, ME 04105
Join CU Insurance Solutions for our 16th Annual Golf Tournament and our largest yearly fundraiser for Special Olympics Maine on Thursday, July 19, 2018. For the first time, the tournament will take place at Falmouth Country Club a premier private course in Falmouth, ME. Registration will be from 7:45 AM to 8:45 AM with a continental breakfast available. Tee off will be at 9:00 AM with a “Shot Gun” start. A bag lunch will be provided for the golfers. Please come out, have some fun and help support Maine Special Olympic Athletes and their families!
View Golfer Registration Information
If your company is interested to sponsor this event, please contact Barbara Christy at bchristy@insurancetrust.us.
CU Insurance Solutions 55th Annual Meeting & Silent Auction for Special Olympics Maine
CU Insurance Solutions is pleased to announce its 55th annual meeting that will take place at 2:00 pm on Friday, April 27, 2018, at the Italian Heritage Center in Portland, ME. Join us as we celebrate more than half a century of service to the Maine credit union community.
During our meeting, each Trust committee chair will report on their committee’s accomplishments during the previous year. You will also be brought up-to-date on the financial condition of CU Insurance Solutions. There will be (1) Trustee-at-large and (3) Credit Union Chapter Trustee elections. Trustee elections are for three-year terms and we are currently accepting nominations.
As part of our meeting each year, the CU Insurance Solutions Social Responsibility Committee will be recognizing our credit union partners for their generous efforts and contributions to Special Olympics Maine. We will also present the annual Sandra A. Doucette award to an individual for outstanding service, volunteerism and support of Special Olympics Maine. Join us for a reception directly following our meeting with complimentary fare and refreshments.
Silent Auction for Special Olympics Maine
This year, CU Insurance Solutions will be holding our Second Annual Silent Auction with all proceeds to support Special Olympics Maine. If your credit union would like to donate an item for the auction, please let us know!
Contact Us for More Info
To register as a delegate/alternate or guest at the CU Insurance Solutions 55th Annual Meeting, please contact Barbara Christy at bchristy@insurancetrust.us or complete the contact form below.
Newsletter Signup
Benefits Update – IRS Lowers 2018 HSA Family Contribution Limit
As the result of a provision in H.R. 1 (“Tax Reform”), the IRS now adjusts for inflation using the Chain Weighted CPI method, believed to be a more accurate calculation, keeping in line with cost-of-living. This applies immediately and has impacted family HSA contributions for 2018.
Typically, the IRS releases the following tax year’s HSA contribution limits in early May for the following tax year. However, the previously released maximum family contribution limit to a Health Savings Account (“HSA”) has been REDUCED from $6,900 to $6,850 in 2018. The self-only maximum remains $3,450.
HSA Account holders who signed up to make the family maximum contribution for 2018 should be aware as pre-tax payroll deductions will need to be updated, reflecting this lower limit. Any family contribution to an HSA in 2018 over $6850 could be subject to taxes and penalties.
Flexible Spending Accounts (“FSAs”) and Commuter or Transit Benefits are also subject to this change, though there does not appear to be an impact for 2018. Previously announced limits still apply. There are no changes to the statutory minimum annual deductible, out-of-pocket maximum or the age 55+ “catch up” contribution limit.
Adoption Assistance Programs are impacted beginning in tax year 2018. See pages 396-397 in the IRS Bulletin No. 2018-10 (below) for more details.
More information about any of these changes can be found in IRS Bulletin No. 2018-10. Enjoy!
To see how your specific plan is affected or for further guidance, contact your ERISA attorney, tax expert or benefits broker. When you work with CU Insurance Solutions, our partnership offers guidance every step of the way with on-going support from our expert team.
Coming in March, the 3rd Annual Turning 65 Workshop for Employees Age 60+
For the third consecutive year, CU Insurance Solutions is partnering with the Turning 65 Workshop to bring their popular Social Security & Medicare learning program to Maine credit union employees who are closing in on retirement. This fast-paced and engaging 2-hour workshop is designed to build a solid understanding of the basics of these essential retirement programs, as well as practical, ‘need-to-know’ information on key topics, including;
- Social Security Benefits for Spouses, ex-spouses, and Survivors
- Considering Delayed Filing vs Early Filing
- The Social Security Earnings Test
- How Maine State Retirement Affects Social Security
- Original Medicare vs Medicare Advantage
- The Role of Medigap Supplemental Policies
- Creditable Coverage | Delayed Enrollment Penalties
- Medicare Caution Flags: HSAs, COBRA, Income-Adjusted Premiums…
Regional Workshops
Four regional workshops will be held this year: March 21 in Presque Isle, March 22 in Bangor & Augusta, and March 23 in Portland.
Kim Daigle, President of CU Insurance Solutions says, (“We’re very excited to be hosting the Turning 65 Workshop again this year. We’ve had lots of great feedback from those who have attended in the past about how this program really helped them better prepare for Social Security and Medicare. We’re looking forward to seeing even more of our CU Insurance Solutions clients take advantage of this unique benefit this year”)
Look for the details coming soon. Don’t miss this opportunity to give your valued older employees a benefit they’ll truly appreciate, and one that will provide important knowledge and confidence about these essential retirement programs they’ll need during their retirement years.
The Turning 65 Workshop is strictly a learning program. No financial products or services are marketed to attendees.
Spring 2018 IT University Lending School with Brett Christensen
CU Insurance Solutions University is pleased to host a special Spring Lending School to be held at Hollywood Casino Hotel in Bangor, ME on May 7-8 2018. This dynamic workshop is designed for CEOs, executive management, lending managers and loan staff and will be split into two focused 1-day sessions presented by renowned credit union industry speaker, Brett Christensen. After the event, enjoy the casino or step outside and explore the great restaurants and nightlife that downtown Bangor, ME has to offer.
CEO & Management Session – Monday, May 7, 2018
Designed for credit union CEOs, lending managers and aspiring lending managers to receive knowledge that will improve their department’s overall lending and sales results. Some of the topics that will be covered with specific advice and best practices include:
- Loan Department Productivity and Efficiency
- Loan Product & Rate Design
- Successful Collections
- Sales Culture Development
Loan Officer and MSR Session – Tuesday, May 8, 2018
Designed for loan officers, member service representatives and all lending professionals looking to refresh their lending expertise; this session will cover lending’s critical essentials and best practices for lending success including the following topics & more:
- Lending is an Attitude!
- Improving Individual Sales Skills
- Learning to Tailor Your Approach in the Loan Interview
- Selling Ancillary Insurance Products
Brett Christensen
Brett is the owner of CU Lending Advice, LLC based in Euless, TX and has worked directly with credit unions across the U.S. and Canada as an educator and consultant on focused lending topics for more than 10 years. The 2-day lending school program that Brett has created is designed to provide specific advice and best practices that help to improve lending process and sales results as well as refresh lending expertise and explore the critical essentials for lending success. Prior to his experience as an educator, Brett worked for five years at Clark County Credit Union in Las Vegas, Nevada and has served in the United States Air Force as a Civil Engineering Officer.
For registration information, please email Marketing Director Seth McClellan at smcclellan@insurancetrust.us.
Best Practices: Dealing with an Auto Loan After a Total Loss
When one of your members experiences a total loss on their vehicle, it’s important to have a clear process in place to help reduce the administrative impact to the member as well as your staff and accounting department. The following are CU Insurance Solutions’s best practices for dealing with an auto loan after a total loss.
1. Freeze the Loan
Freezing the loan when the vehicle is declared a total loss will ‘stop the clock’ on the interest accruing on the loan daily. If the loan is not frozen, the credit union will be charging the member for interest on a vehicle that is in process of a payoff settlement and no longer in use. Further, any interest accrued after the date of loss will later need to be ‘backed out’ for accounting purposes. If the unwinding of interest charges occurs after the loan is paid off, the difference will need to be re-allocated into the appropriate GL account. This interest overage re-allocation will appear as a loss, even though it’s only figurative, it bears an additional accounting explanation. Fundamentally, this administrative timing choice presents the question: Should we be requiring our members to pay an interest charge after being in an accident resulting in a total loss of their vehicle?
2. Guaranteed Asset Protection (GAP)
If the member purchased a GAP policy through the credit union, the GAP administrator will pay the difference between the amount that the member’s primary insurance carrier pays and the amount remaining on the loan at the credit union. Some providers will also pay an additional benefit to help the member get into their next vehicle. Any additional benefit paid is made out to the credit union for applying it toward the principle of the next vehicle loan.
3. Vehicle Service Contract (VSC)
Some vehicle service contracts come with a “Total Loss Refund”, meaning the service provider will return 100% of the original cost of the contract in the event of a total loss. Sometimes, this still applies even if claims have been paid during the contract term. Be sure to call the warranty provider to see if a refund may be available.
4. Credit Insurance/Debt Protection
In the event that a member purchased Credit Insurance/Debt Protection, be sure to note the cancellation so that the premium is not mistakenly remitted. The member should still have elected coverage before the loan is converted to a personal status.
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Significant Increase in GAP Claims from Flood Vehicles Causing Administrative Delays
Total loss GAP claims arising from the recent hurricanes in Texas (Harvey) and Florida (Irma) are catching up to administrators across the country, causing delayed service and claims processing.
Though the hurricanes took place in August 2017, the more than one million flood-damaged cars are continually being found and placed into holding areas to be processed on a first come first serve basis. Once a vehicle is located, an insurance appraiser must go to the car to assess its damage. Primary insurance company appraisers are remarkably bogged down by the high volume of claims in several different areas. The search continues for many vehicles that were simply lost in the storms and remain in places the owner or the insurance company have yet to discover, so they are awaiting a report from holding areas.
Claims Delays
CU Insurance Solutions is working with our GAP partners to help our credit union clients work through possible time delays for member claims. At this time, they are close to being caught up. We appreciate your patience in the process and we promise to do all we can to expedite your requests as quickly as possible.
For more information about how credit unions can identify flood-damaged vehicles returning to the used market, see this article.
Photo credit: Brazos Drones Photography