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Three CUNA Mutual products celebrate 50 years
MADISON, Wis. (9/16/10)--Employees from CUNA Mutual Group’s Credit Union Protection, Group Benefits and Retirement Plan Services products areas met Monday at the company’s Madison, Wis., headquarters for a ceremony on Monday recognizing the products’ 50-year anniversaries. In 1960, the CUMIS Insurance Society, Inc., along with the first Package of Protection and 578 Full Discovery Bond, were introduced under the umbrella of Credit Union Protection. A full range of Credit Union Protection products evolved from these core products, including insurance solutions, risk management services and loss recovery assistance, said Chad Nitschke, vice president of commercial products. “More than 7,200 credit unions rely on CUNA Mutual’s insurance and risk management solutions and, of those we serve, we maintain a 98% renewal retention rate,” Nitschke said. Also in 1960, CUNA Mutual began promoting “retirement income insurance” to its customers. “Fifty years later, our value proposition continues with the goal of looking after the financial welfare of credit union employees,” said Tom Eckert, vice president of retirement plan services. The business unit provides customers an ‘outcome-based’ approach to retirement plans that provides guided retirement plan management designed to help credit unions with employee participation, satisfaction and retention. “Every facet of the plan, from initial plan design to investment lineups to communications, is designed to maximize retirement security for employees and peace of mind for sponsors,” Eckert added. Today, CUNA Mutual and its subsidiary CPI Qualified Plan Consultants Inc. service more than 7,500 plans and more than 500,000 retirement plan participants. CUNA Mutual also introduced in 1960 its first Group Salary Continuance Policy for credit union and league employees. It was the beginning of CUNA Mutual's Group Benefits Program, which grew to include Group Health, Group Life, Group Disability and Voluntary Benefits. More than 4,000 credit unions and more than 165,000 credit union employees participate in CUNA Mutual’s Group Benefits programs.
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