ICUL Service Corporation
October 2012


Important News

Special Edition Weekly Government News issued

Illinois Senator Haine tours several Metro East credit unions

Illinois serves as first League to host REAL Solutions Retirement Fair for staff

Small CU Corner:
Kaskaskia Valley Community Credit Union commemorates 30 years

Time to schedule your credit union's planning session

Special edition Weekly Government News issued
Even though the Illinois General Assembly nor Congress is in session, the League issued a Weekly Government News on October 4.  If you have not already seen it, please click here to view this important update.

Illinois Senator Haine tours several Metro East credit unions
Illinois State Senator William R. Haine (D-56, Alton) recently toured several credit unions in the Metro east area to learn first-hand about their business operations and ways in which they serve their member-owners.

The credit unions toured included 1st MidAmerica Credit Union (East Alton), GCS Credit Union (Granite City), Laclede Community Credit Union (Alton), Scott Credit Union (Collinsville), and Shell Community Federal Credit Union (Wood River).

During the tours, Senator Haine affirmed his on-going support of preserving credit unions’ tax exempt status and encouraged credit unions to continue to serve their members by providing a valuable financial choice for consumers.  In turn, credit unions thanked Senator Haine for his ongoing support as a 'champion' of credit union legislative issues in Springfield and look forward to working with him on future issues pending before the Illinois General Assembly.

Illinois serves as first League to host REAL Solutions Retirement Fair for staff

Last month, the Illinois Credit Union League (ICUL) was the first League in the nation to host for its staff a dynamic, new Retirement Fair created by the National Credit Union Foundation’s (NCUF) REAL Solutions Program in cooperation with CUNA Mutual Group. 

The fair, called "Route Your Retirement", is designed to assist credit unions help their members and staff better prepare for retirement.  It is suitable for people of all ages, not just those nearing retirement.  More than 30 ICUL staff participated during one of three one-hour sessions held.

Just as credit unions have pioneered a new way to teach budgeting skills to high school and middle school students through Financial Reality Fairs for Teens, this new type of fair designed for adults is poised to revolutionize the way adults approach planning and preparing for retirement.  The fair uses experiential learning techniques to help participants:
  • Assess their desired retirement lifestyle;
  • Estimate the likely cost of their chosen lifestyle; and
  • Take steps to assess whether their current savings plan is sufficient to fund their retirement lifestyle choices.

After listening to a short presentation about the intention of the fair, led by Illinois REAL Solutions field coach Mark Lynch, participants then visited different stations to help determine what their financial needs may be within certain categories.  These included transportation; health and fitness; gifts and donations; housing; food and clothing; communication; and leisure, travel and entertainment.

This program has been tested with CUNA and CUNA Mutual staff members in Madison, Wisconsin. As part of the pilot fair, participants were asked to provide feedback to help refine the event.

According to the latest research of investors between 21 and 50 years of age, only 39 percent are confident they will have enough money for retirement.  And of those that are confident, two thirds have yet to develop an actual retirement plan.  To further compound the problem most are underestimating how long they will live in retirement.

Small CU Corner:
Kaskaskia Valley Community Credit Union commemorates 30 years

From its modest beginnings in which a group of 19 people joined together so that employees of the Centralia Correctional Center could help each other save money, Kaskaskia Valley Community Credit Union (KVCCU) now 30 years later is still going strong in serving those employees, along with more than 2,300 members in a four county area.

To celebrate their 30 years, KVCCU has been offering multiple promotions over the course of the year for their members to win prizes.  The credit union will continue to observe this milestone with other promotions up until its annual meeting in February of 2013, as well as during International Credit Union Week (October 14 – 20).

At the time of its inception, the only service offered was a savings account.  One of the 19 people who originally helped charter the credit union is current president Kim Hocking.

"Since we opened our doors we have never lost sight of providing the best financial services for our friends in the community,” said Hocking.  "We really are a unique financial institution.  We have always strived to keep pace with the needs of our members all while staying true to our mission of 'People helping people with personal connections, simple solutions and lifetime relationships'."

Over the years, the credit union has grown in size as employees of other employer groups joined the credit union.  In 2005, KVCCU became a community charter allowing them to serve anyone who lives or works in the four county area of Clinton, Marion, Washington, and Jefferson counties.  As KVCCU has grown in size, so have the products and services offered.  This includes free checking accounts with a debit card, CD’s, personal loans, auto loans, home equity lines of credit, VISA credit cards, access to over 43,000 ATMs, online bill pay, online statements and more.

"Credit unions are very different, indeed, both in philosophy and structure," says Hocking.

Time to schedule your credit union's planning session
With fall approaching, it’s a good time to think about strategic planning. Your regional directors have a variety of planning options to meet individual credit union needs. Offered as an extension of the services available through League membership are several free and fee-based consulting services designed to build the strength and well-being of your credit union. The affordable consulting services include:

  • Basic Planning
  • Strategic Planning
  • Future Search
  • Compliance Reviews
  • Employment Practices
Please contact the Regional Management Department or see the League's Web site for further information.

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