Here ya' answers busta! Happy now? - D. Duck
Well no, not really, but time to finish up the Q&A "monologue discussion" with our CEO from the 2026 Annual Membership Meeting. The video of the meeting and answers to pre-submitted member questions have been posted [look for the "PDF" click] .
Had noted in prior posts to look especially for answers on three key issues: the suspect "no bylaw amendment amendments" of 2025, the 300,000 member signature petition now required for simple resolutions for the board, and the imposition of diminished privacy protections on the membership. The "answers" appear inadequate , but Ms. Brady did her best.
✅ As SECU members, after 5 years of "new/new" cooperative, democratic leadership; we are left with the following improvements:
Year Member May Speak Member Resolutions Q&A
2022 Fully Permitted Fully Permitted Yes
2023 Restricted Restricted Yes
2024 Prohibited Restricted Yes
2025 Prohibited Prohibited Yes
2026 Prohibited Prohibited 30 min.
✔ Can't wait for 2027! What will they tink of next?
✔ On a more positive note, to clarify that answer about that $26.5 million loan to Ms. Brady [see #35 - PDF]. That benefit is in addition to, on top of the already existing CEO "SERP" benefit, so it does not "lower costs" as implied.
😎 And, that CEO "multi-million dollar benefit loan program" has been provided to only two, not "several", SECU CEOs - Mr. Hayes & Ms. Brady. Will have to admit that if Mr. Hayes was worth $6.5 million, then Ms. Brady is worth more, but ....
Wow, got jumped pretty quickly on this one!
ReplyDeleteCommenter: "You might read the answer a little closer. The SERPS have been provided to several CEO’s not the loan. You’re misinterpreting it and misrepresenting it. On purpose? I mean, the language couldn’t be more clear."
**** I apologize if I misread Ms. Brady's official answer to the question, but perhaps some additional clarity would help all members understand this "$26.5 million loan benefit" . After all, that's why the question was asked.!
Commenter: “While SECU has funded supplemental executive retirement plans for its last several CEOs, the split-dollar life insurance option allows SECU to offer a similar benefit at a lower cost to members than supplemental executive retirement plans funded with cash payments.”
**** The SECU IRS report (Form 990) indicates that. "The credit union has granted non-recourse loans for ("split dollar") life insurance premium payments to select members of senior management."
Is the post error in not understanding that all SECU SERPs have now been replaced by split dollar loans? The IRS notes that these loans have been issued to more execs than just Ms. Brady - you hadn't mentioned that!
Q#1: If true that there are multiple loans, how many SECU execs have received this benefit?
Q#2: What is the @total $$$ amount of these loans (to the nearest $million) granted by the Board?.
Q#3: You state the cost to the CU of split dollar loans is "at a lower cost to members". What is the aggregate annual cost of these loans to members?
Q#4: Have the benefits of prior SERPs, if now replaced, been ended or do they continue into the future? Don't execs in fact have both?
Wouldn't just providing an explanation and straight answer to members from the get go have been a better way to go? Wasn't that the purpose of the annual meeting?
Members are smart, they'll understand why these benefits are fair and reasonable... just as the SECU Board did.
Look forward to the answers! Thank you.
And BTW, the IRS 990 indicates SECU reported the following: "The credit union has a SERP plan for key executives ." Just sayin'!
Delete[page 25] https://app.candid.org/profile/7856198/state-employees-credit-union-56-0475645?activeTab=7