Pennsylvania State Employees Credit Union

“All psecu members may exercise the right as an owner/member and vote in psecu's annual election of the board of directors and credit committee members.”

“All psecu members may exercise the right as an owner/member and vote in psecu's annual election of the board of directors and credit committee members.”

“Psecu is a federally insured, state credit union, the actions of which are subject to both state and federal regulations. As detailed in title 17 of pa consolidated statutes, any fundamental corporate change is subject to membership vote.”

“The form 990 is prepared by management and reviewed by a third party accounting firm. Each director received a copy of the form 990 through the board portal and reviews independently prior to the filing of the form 990.”

“All senior management and directors of psecu are required to complete and sign a conflict of interest disclosure which must be updated on an annual basis. In addition, these individuals are responsible for notifying psecu's employee relations within human resources or the psecu ethic officer of potential or actual conflicts of interest as they occur.”

“Psecu's board of directors oversees the practices and design of psecu's executive compensation program. This process considers, but is not limited to, an annual benchmarking review, evaluation of executive performance, and assessment of incentive compensation to ensure that it does not encourage excessive or unnecessary risk taking. The key components of our executive compensation consist of base salary and cash incentives. The incentives are largely set around key performance objectives such as ensuring the efficiency of operations, growth in members and loans, financial soundness, and other qualitative measures.”

“Psecu makes its governing documents and conflict of interest policy available on the company's website.”

“Organization's mission the pennsylvania state employees credit union ("psecu") is organized and operated to promote thrift among its members and create a source of credit for them, at legitimate rates of interest, for provident purposes. In accomplishing its purposes, psecu continually strives to maintain a progressive and financially stable credit union that gives psecu members control over their finances. Psecu also provides members with a variety of high quality traditional and innovative financial products and services, which are convenient, with superior pricing and available through self-service delivery channels.”

“Other changes in net assets consist of $26,563 of pension and post-retirement benefit adjustments.”