CorePlus would like to thank each member for your valued credit union business and your decision to cover your loan(s) with a payment protection product. This notice is to inform you that the credit insurance you purchased under CorePlus Federal Credit Union’s group credit insurance policy, underwritten by CMFG Life Insurance Company, is cancelling on February 28, 2025, because the group policy is terminating. If you wish to continue protecting your loan, you will need to elect MEMBER’S CHOICE Borrower Security prior to March 1, 2025.

Claims submitted for covered events that occurred on or before February 28, 2025, will be processed according to the terms of the coverage then in force. You may elect to have your loan protected under a similar payment protection product if you enroll for protection. Please read this notice carefully.

Because you elected credit insurance, we know that protecting your loan(s) is important to you. Although we are discontinuing credit insurance, we are proud to offer MEMBER’S CHOICE Borrower Security in its place. This is a voluntary payment protection product that may cancel your loan payment if you experience a protected life event. If you choose not to elect payment protection your loan will no longer be protected. (Your loan may be a line of credit with zero balance.)

Benefits, costs and other protection terms are different from your current credit insurance coverage. Upon enrollment, your monthly loan payment will include the fee for the option you selected. Any difference in protection costs may result in a modified last payment or may extend or reduce the duration of the loan. Contact us if you have questions about how this affects your loan or about changing your monthly payments.

The enrollment process is simple. To elect MEMBER’S CHOICE Borrower Security, complete the following steps:

1. Review the enclosed Contract (“Contract”), which describes the protection terms.
2. Choose the protection option that best meets your needs,
3. Sign the Contract and mail it to us using the enclosed envelope.
4. Keep one copy of the Contract for your records.

Note: You do not need to answer the Eligibility Questions on the first page of the Contract. However, you must be actively working at least 25 hours per week to be eligible to elect an option that includes Involuntary Unemployment. Please be aware that benefits and other protection terms are different from your current coverage.

We understand you may have questions regarding this new payment protection program, about how this affects your loan, or about changing your monthly payments. Feel free to call us at 860-886-0576. We are happy to help and look forward to assisting you with your loan protection needs.

A Nominating Committee has been appointed by Board Chair Jean Swift to provide nominations for the annual election of the Board of Directors. The committee consists of Directors Nancy Bulkeley, David Moorehead, Louis Fusaro, Sr., and Kenneth Levy.

The following individuals have been nominated for election to 3-year terms each:

Kyle Dykes – With over 12 years of public accounting experience in Atlanta, GA, and Providence, RI in financial statement audit practice, Kyle primarily worked with publicly traded software, healthcare, and financial service institutions evaluating internal controls, reviewing financial statements and disclosures, and presenting audit findings to Board of Directors.  He has recently served on the Board of Directors for the Baptist Foundation of New England and the Ledyard Inter-Church Emergency Assistance Fund here in Connecticut. Kyle is also the lead pastor at Gallup Hill Baptist Church.

Jesse Luis – As Vice President of Development for Foxwoods Resort Casino, his primary role is overseeing and executing resort development initiatives, as well as, expanding the Foxwoods brand both nationally and internationally. Mr. Luis has over 30 years of hospitality industry experience and has done over $2 Billion in hotel real estate acquisitions and development throughout the United States. He holds a law degree from Rutgers School of Law-Newark, a Master’s in Business Administration from Rutgers Graduate School of Management, and a Bachelor of Science degree from Cornell University.

In accordance with the bylaw provisions for the election of directors, additional nominees for a director position may be submitted by petition when signed by one percent (1%) of CorePlus members (313 signatures based on a CorePlus membership of 31,327 as of the last day of December 2024). Such petitions must be accompanied by a signed certificate (letter) from the nominee(s) stating that they are agreeable to nomination and will serve if elected to office. Completed petitions must be sent to: Mr. David Moorehead, CorePlus Federal Credit Union, 202 Salem Turnpike, Norwich, CT 06360, and must be received by the director no later than March 3, 2025.