Editor's Note: This was written in response to "Employees Strike Over Pay, Retirement" at Lockheed CU, Marietta, Ga., in Credit Union Journal's Daily Briefing, Dec. 9.
Unbelievable! At our credit union, we eliminated a loan position in October for lack of demand and will eliminate another position in January. My two dept. managers and I are taking a 3% pay cut in 2012 and another 3% again in 2013 because of declining interest income on loans and investments. Plus, our credit union added zero contributions to our 401k plan. All this to pay for assessments in a declining rate environment. Obviously [Lockheed CU's] employees have no clue about what it will take to run their institution in 2013. None of these striking employees belong in the credit union industry. Let them work at the bank-that's what they're there for.
Mark Marderness, CEO