#1 Survey Question!
Are the SECU Board and SECU Retirees Being Misled?
😎 Earlier this month ran a series of posts on proposed changes by the SECU Board of Directors to the existing health benefits for retired SECU employees and their dependents - several hundred in number. [links 7/5; 7/6; 7/7; 7/8] The 7/8/2024 post alone elicited a rage of 78 comments - the still unannounced and unpublished SECU Board plan is causing quite a stir!
Had moved on to other topics, but got this yesterday:
✅ "I know you said you were done posting about medical coverage changes but would you consider including this in a post?"
"SECU asked a group of retirees some time ago to be a part of a newly
formed Retiree Advisory Group. The Group has had 2 meetings (February 29, 2024 and May 1, 2024). At the first meeting it was made clear it was
an advisory group only - no authority to approve, negotiate, etc.
That’s why they chose the Group name not Committee, to make that clear
and keep it informal."
"Specifically the Group was asked to provide input on changes to
retiree medical benefits. The Group had nothing to do with the decision
to change retiree medical benefits and nothing to do with the basic
design of the new retiree medical benefits plan. It was clear that those
decisions had already been made."
"The Group was presented with the new plan and asked to provide input and
share concerns. The Group made several recommendations based on their
concerns and the information provided to them. Some of those
recommendations were considered and some were not. There has been no
final decision made on the items moved forward for consideration."
"Again, the Retiree Advisory Group did not, as a group, endorse the
change to retiree medical benefits nor the decision as to how the new
benefit would be structured. Whether any changes will be made to the new
plan based on the Group’s input has yet to be communicated."
"There has been no communication between or after meetings with the entire group."
😎 I have talked with several members of the Retiree Advisory Group and confirmed the statement above. The concern now being expressed is that the Executive Leadership Team is implying to the SECU Board that the Retiree Group fully supports the proposed changes for all SECU retirees and their dependents. It is clear that is not a true statement.
The Retiree Advisory Group was told the plan changes would be announced in June, 2024 - that deadline is now past. The changes for all retirees and dependents are scheduled to begin January, 1, 2025 - but are yet to be announced, a courtesy which could have occurred back in February.
SECU is proposing to move all employees to a new health plan as of January 1, 2026. Given the lack of information available to retirees, it would appear prudent for the SECU Board to defer this change until that 2026 date.
😎 The SECU Board has been roundly critiqued for an improbable CEO selection, non-competitive savings rates, rapidly rising operational costs, risk-based lending, soaring delinquency and record setting loan losses. Both staff and members point to steep declines in the quality of service.
But the concern so urgently expressed by the Retiree Group member is of a different nature. That concern is that the SECU Board is being misled. Incomplete or inaccurate information can lead all of us into bad decisions.
The SECU Board should verify its information carefully.
... no need to rush into an unforced error, is there?
