Spring 2016 - Goldenwest Credit Union

Spring 2016
CELEBRATING 80 YEARS OF MEMBER SERVICE
In
2016,
Goldenwest
Credit
Union is celebrating 80 years of
member service. We are grateful
to the seven men who pulled
together $10.50 as a meager
start for making loans to Ogden
Railway and Depot employees in
1936. Although the membership
numbers and deposit dollars
have increased significantly over
Kerry Wahlen
eight decades, our stewardship to
President/CEO
operate a not-for-profit financial
cooperative to serve and benefit
Credit Union members remains the same.
As your Credit Union, we are prepared to assist with your
financial needs for every stage of life. Whether buying your
first home, purchasing a vehicle, insuring your property,
financing a new business venture, or planning for retirement,
Goldenwest is ready to help you.
We recently completed another successful year as a Credit
Union. I congratulate our employees on a job well done,
and thank our Board of Directors for their strategic vision in
guiding the Credit Union.
As a member-owner of the Credit Union, you are invited to
attend our Annual Meeting. Please join us on April 12th to
review our accomplishments from 2015, and learn more about
the future of Goldenwest.
2015 KEY ACCOMPLISHMENTS
• Goldenwest named “Best of State” in the credit union
category.
• Members collectively earned more than $1.2 million
with year-end bonus dividend.
• Membership increased from 99,712 to 106,031.
• Goldenwest and Utah State University jointly
announced plans for a new on-campus USU Credit
Union branch and Welcome Center.
• Branch locations grew from 25 to 27, with new offices
in St George and Logan.
• Consumer loans grew by $106.8 million, resulting in
an overall 16.5% annual increase.
• Upgrades and advances in mobile banking platform
including Touch ID login, card controls and mobile
wallets.
• Return on assets posted strong income at 1.50% and
$16.4 million in net income.
• Ribbon cutting held for the new 25,000 square-foot
Operations Center.
• Total assets grew by more than $74 million to
$1,127,833,276.
ANNUAL MEETING NOTICE
All Goldenwest and USU Credit Union members and their families are invited to attend the Goldenwest Annual
Meeting at our Corporate Center located at 5025 South Adams Ave in Ogden on Tuesday, April 12, 2016.
The Open House will begin at 6:00 p.m., with the Credit Union providing refreshments and a small gift for each
person attending the meeting. The Business Meeting will begin at 6:30 p.m., with door prizes being awarded at
the end of the meeting.
GOVERNANCE COMMITTEE REPORT
The Governance Committee approved Statements of Qualification from three nominees for the three open
Board of Directors positions in the 2016 election. All of the nominees are incumbents: Steve Carroll, Dan
Musgrave and Stoney Wayment.
As the three nominees are running unopposed, Mr. Carroll, Mr. Musgrave, and Mr. Wayment will be re-elected
by acclamation to the Board of Directors at the Annual Meeting per Goldenwest Credit Union bylaws. Each
nominee will be re-elected to serve a three-year term.
Steve Carroll (incumbent)
Steve Carroll has served on the Goldenwest Board of Directors for the past two years and served as
Vice-Chairman for the past year. He has lived in Cache Valley for 25 years and previously served for
thirteen years as a Board Member and chairman of USU Credit Union (USUCU) before the merger with
Goldenwest. As a Certified Public Accountant, Steve is licensed in both Utah and Texas. He currently
works for GE Healthcare as a Senior Financial Analyst. Passionate about the credit union movement, he
brings a wealth of industry experience to the Board. Steve enjoys representing the interests of Cache
Valley members, participating in community activities, and cheering for the Aggies.
Dan Musgrave (incumbent)
Dan is a lifelong resident of Weber County and has been a Goldenwest member since birth. He attended
Weber County Schools and graduated from Weber State University in 1983 with a Bachelor’s Degree
in Marketing/Public Relations. He is the president of Downtown Ogden Inc., the downtown Ogden
business alliance. Dan has worked to help in the revitalization of downtown Ogden for the past 20 years.
He serves on the boards of The Junction Association, Ogden Pioneer Days, Mt. Ogden Rotary, Christmas
Village and Utah CDC. He has served in the Wildcat Club, Ogden/Weber Chamber of Commerce and
Weber State Alumni Association. In addition, he has managed the Ogden Farmers’ Market, Ogden
City Arts and the Ogden Amphitheater. Dan is the owner of the new Grandview Reception and Events
Center. Dan has enjoyed his time on the Goldenwest Board of Directors and looks forward to continuing
serving our membership.
Stoney Wayment (incumbent)
It has been a privilege and a pleasure to be involved as a volunteer with Goldenwest Federal Credit
Union. Over the past four years, I have had the honor of serving on the Board of Directors. I believe my
extensive financial and healthcare management experience as a CEO of Applegate Homecare & Hospice
will continue to be beneficial to Goldenwest as we move forward and navigate through these complex
financial times. In addition, I have been a member of Goldenwest Federal Credit Union for 33 years and
I am committed to the credit union philosophy of “people helping people”. I wish to further serve as an
advocate for the rights of credit union members. Thank you for the opportunity to be of service and
would appreciate you accepting my candidacy for re-election to the Board of Directors.
MEMBERS Financial Services
DID YOU HEAR WHAT JUST
HAPPENED WITH SOCIAL SECURIT
CONGRESS JUST ELIMINATED TWO POPULAR STRATEGIES USED TO
GET GREATER RETIREMENT BENEFITS.
Content developed by CUNA Brokerage Services, provided by Goldenwest Credit Union
If you want to claim Social Security benefits soon, keep a date
& a number in mind. The date is April 30, 2016. The number is 62.
Recent changes to the Social Security benefit rules have made
that date and that number very important, especially for those
about to retire.
In October, Congress passed a new federal budget. In doing so,
it shut down the file-and-suspend and restricted application
claiming strategies for Social Security, which married couples used
to try and maximize their combined retirement benefits.1
Broadly speaking, the point of both strategies was to generate
spousal Social Security benefits for a couple while they
suspended their own, individual benefits (thereby allowing those
individual benefits to grow by roughly 8% per year from age 6270 until claimed).1
After April 30, 2016, the door will shut on the file-and-suspend
strategy. The strategy worked like this: when one spouse
reached Social Security’s Full Retirement Age (66), that spouse
claimed Social Security but then immediately suspended
their retirement benefits. The other spouse could then claim
a spousal benefit while their deferred,
individual Social Security
benefit grew 8%
annually.2
You may still be able to use the file-and-suspend strategy
before the door closes. Are you married? Are you 66 or older
right now, or will you be 66 years old by April 30, 2016? If your
answer is “yes” to both those questions, then you and your
spouse still have a chance to use the strategy. That chance
disappears forever on May 1. (It may be risky to wait until April,
when the Social Security Administration may have a backlog of
applications on its hands.)2
If you are still eligible to file-and-suspend and you miss the April
30 deadline, you could end up leaving anywhere from $10,00060,000 in lifetime Social Security income on the table.1
One asterisk to all this: the file-and-suspend strategy will still
be permitted for individuals. A person can still file for Social
Security benefits and voluntarily suspend them, with his or her
deferred, individual Social Security benefit increasing by about
8% a year until age 70.3
Why is the number 62 now so important? Starting in 2016,
someone turning 62 will no longer be able to file a restricted
application for only spousal benefits. In other words, the door is
closing on the restricted application claiming strategy
That strategy worked as follows: between age 66 and age 70,
one spouse would file a restricted application to claim spousal
Social Security benefits while deferring their individual benefits
until age 70. At 70, they switched from the spousal benefit to
their own larger Social Security benefit.2
In 2016 and future years, spouses newly eligible for Social
Security will be given a simple and irrevocable choice. They
can take either their spousal benefit or their own benefit,
whichever is larger. They will not be able to defer their
own benefit until age 70 and then switch out of
their spousal benefit at that time to their own,
larger benefit.2
The good news? If you are 62 or older by the
end of 2015, you can still file a restricted
application for only spousal benefits. That
could be a smart move if your spouse
will be getting Social Security when
you hit full retirement age (FRA) and
you file for your spousal benefits on
their earnings history.2
TY?
One other option is also going away. Under the new Social Security
regulations, a Social Security beneficiary cannot file for benefits,
suspend them for X years, and then retroactively request the
suspended benefits as a lump sum payout years later. For example,
if you file for Social Security at age 63, suspend benefits and then
elect to receive your benefits at age 66, you will simply start getting
the monthly Social Security income you deserve at age 66. No lump
sum of deferred Social Security income will be waiting for you.2
If you are peeved by all this, you are not alone. Many baby
boomers viewed the file-and-suspend and restricted application
strategies as techniques they could use in the near future to
arrange greater retirement income. Congress simply saw loopholes
that needed closing.
Does waiting to claim Social Security until age 66 or 67 still make
sense? For many couples – particularly those in good health – it
still does. While the sun is setting on the chance to receive some
spousal benefits while you wait, the basic math of Social Security
remains the same. The longer you wait to file for benefits, the larger
your monthly individual benefits will be, up until age 70.
GOLDENWEST
LAUNCHING NEW
WEBSITE WITH
RESPONSIVE
DESIGN
Goldenwest is launching a completely redesigned
website, featuring a fresh new look, improved
functionality and enhanced content. The new website
is built on responsive design, which automatically
optimizes the graphics and content for viewing on
mobile devices such as smart phones and tablets.
“We are excited to provide members with an
optimally-designed website that adjusts to their
screen size,” stated Kerry H. Wahlen, Goldenwest
Credit Union President/CEO. “We have completely
transformed the website content, graphics and
navigation to allow for a more user-friendly and
efficient online and mobile experience.”
The new website is expected to launch in March 2016.
Visit gwcu.org to preview the new site. Members
are also encouraged to download the Goldenwest
mobile app for Android and iPhone.
Tyler Holbrook and Ryan Gorham are Financial Advisors
with MEMBERS Financial Services located at Goldenwest
Federal Credit Union.
Tyler Holbrook may be reached at
801-337-8340 at the South Ogden office
Ryan Gorham may be reached at
801-786-8458 at the Layton office
Citations.
1 - nytimes.com/2015/12/05/your-money/the-end-of-social-security-loopholes-whatnow.html [12/5/15}
2 - money.usnews.com/money/retirement/articles/2015/12/04/say-goodbye-to-thesocial-security-file-and-suspend-strategy [12/4/15]
3 - marketwatch.com/story/key-social-security-strategies-hit-by-budgetdeal-2015-10-30 [11/2/15]
This material was prepared by MarketingPro, Inc., and does not necessarily represent
the views of the presenting party, nor their affiliates. This information has been
derived from sources believed to be accurate. Please note - investing involves risk, and
past performance is no guarantee of future results. The publisher is not engaged in
rendering legal, accounting or other professional services. If assistance is needed, the
reader is advised to engage the services of a competent professional. This information
should not be construed as investment, tax or legal advice and may not be relied on
for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor
recommendation to purchase or sell any investment or insurance product or service,
and should not be relied upon as such. All indices are unmanaged and are not illustrative
of any particular investment.
Visit us at gwcu.org
NEW OPERATIONS CENTER
Goldenwest Credit Union celebrated the opening of its
new Operations Center with a ribbon cutting ceremony
held December 23, 2015. More than 150 people attended
the event, including Credit Union board members and
employees, Ogden/Weber Chamber of Commerce officials,
and dignitaries from Weber County, Washington Terrace City
and Utah State University. Goldenwest worked with Bott
Pantone Architects and Stacey Enterprises Inc for the design
and construction of the facility located at 5167 South Adams
Avenue in Washington Terrace City.
The 25,000 square foot Operations Center will become the
primary workspace for up to 200 employees in support
departments including Information Technology, Accounting,
Operations, Facilities, and the Member Contact Center. In
addition, the building is designed with a state-of-the-art training
facility for Credit Union staff. The Goldenwest Corporate Office,
located about one block north at 5025 South Adams Avenue in
South Ogden, will continue to house the Credit Union’s memberfacing platforms including a retail branch, mortgage lending,
commercial services, and insurance.
“The Operations Center stands as a symbol of our
mission to preserve and grow Goldenwest Credit
Union for generations to come,” said Kerry H.
Wahlen, Goldenwest President/CEO. “We are confident the
new workspace will have a positive impact on our ability to
collaborate more efficiently across many Credit Union functions,
while providing premium office space for our employees.”
In the year 2000, Goldenwest moved their corporate
headquarters from downtown Ogden to a new building
on Adams Avenue in South Ogden. In the past 15 years,
Goldenwest’s assets have grown six-times in size to $1.2 billion.
Membership numbers and branch locations have quadrupled
during the same time period. The Credit Union’s high rate of
growth, combined with the advances in technology within
the financial services industry, resulted in the Goldenwest
Board of Directors and administrative team expanding the
corporate campus with the new Operations Center.
“Our highest priority continues to provide excellent member
service and financial products at competitive rates,” stated Bill
Hart, Goldenwest Chairman of the Board. “Giving
our employees the resources they need
to help our members achieve their
financial goals is an important
part of our plan for success as
a Credit Union.”
COLORING CONTEST WINNERS
Congratulations to our winners of the Kids Club Winter Coloring
Contest. Each winner will receive a $25 deposit into his or her
Kids Club savings account.
0–4
5–8
9–12
Bristol G.
Ruby S.
Taige L.
Print the next coloring page and learn more about Goldenwest’s
Kids Club at gwcu.org.
GOLDENWEST KIDS CLUB COLORIN
Kids Club Member Name
Parent’s Name
Goldenwest Branch Location
G CONTEST
Age
P.O. Box 1111 Ogden, Utah 84402
CELEBRATING
80 YEARS
1936–2016
Goldenwest Information
Board of Directors
gwcu.org
Bill Hart, Chair
Steve Carroll, Vice Chair
Stoney Wayment, Secretary
gwcu.mobi
Jeanette Smyth
Tad Neuenswander
Karen Kagie
801-621-4550 or 800-283-4550
Dan Musgrave
Brandon Hendrickson
Supervisory Committee
youtube.com/goldenwestcu
Ron Gebhardt, Chair
Karen Kagie, Board Liaison
Follow CEO Kerry Wahlen
@goldenwestcuceo
Noé Vázquez
Mike Liptrot
Andy Blackburn
@goldenwestcu
facebook.com/goldenwestcu
Goldenwest Corporate Offices
goldenwestcu
5025 Adams Ave, Ogden, UT 84403
PO Box 1111, Ogden, UT 84402
gwcu.org/presidents-blog