Trust Advantage. No-Cost Employer Solutions to: Voluntary Benefit Plan

Transcription

1 WEA TRUST MEMBER BENEFITS Trust Advantage Voluntary Benefit Plan No-Cost Employer Solutions to: District budget constraints Changing employee benefits Recruitment and retention TM

2 TM WEA TRUST MEMBER BENEFITS Personal Insurance Auto Insurance Homeowners/Condo Insurance Renters Insurance Umbrella Insurance Long-Term Care Insurance Retirement and Investments 403(b) Tax-Sheltered Annuity IRA Financial Planning Services

3 About Member Benefits WHO ARE WE? WEA Trust Member Benefits was created over 40 years ago to provide quality retirement investment and personal insurance programs to Wisconsin public school employees and their families. WHAT SETS US APART? We operate as a trust, reinvesting any profits back into programs that benefit participants. 98% customer satisfaction and retention rate among the highest in the industry. Talk to a real person when you call and receive the high-quality customer service you deserve. Financial education helps public school employees make the most of their money and plan for a secure future. We have no shareholders and our Board of Trustees consists of active and retired educators who volunteer their time. OUR PRODUCTS Member Benefits offers the following financial products: Personal Insurance Auto insurance Home/condo and renters insurance Umbrella insurance Individual long-term care insurance Retirement and Investment Services 403(b) tax-sheltered annuity IRA (Traditional and Roth) Financial planning services Underwritten by WEA Property & Casualty Insurance Company. The Trustee for the WEAC IRA program is First Business Trust & Investments. The 403(b) retirement program is offered by the WEA TSA Trust. TSA program registered representatives are licensed through WEA Investment Services, Inc., member FINRA. All investment advisory services are offered through WEA Financial Advisors, Inc. Long-term care (LTC) insurance products are underwritten by multiple LTC insurers. Did you know? Our 403(b) program is nationally recognized by Forbes magazine and the Los Angeles Times as being a soundly-managed, low-fee program. Page 1

4 About Trust Advantage WHAT IS TRUST ADVANTAGE? Trust Advantage is a voluntary benefit program that offers: Additional benefits for staff, including administrators, custodians, and support staff, with no impact on the district s benefits budget. Financial education tailored to Wisconsin public school employees. The convenience and affordability of purchasing personal insurance and savings products using payroll deduction. Access for family members to most Member Benefits programs. Personal consultations and unbiased assistance to help employees become financially secure. Communication tailored to individual school districts that encourages participation in existing individual benefit programs. {» I love the Trust Advantage program. It s one easy step at the beginning and end of each payroll. I just process a wire check no issuing or mailing. It has saved me considerable time. Ruth Pratt, Payroll Coordinator Lake Geneva School District Did you know? Member Benefits is the leading provider of voluntary benefits to Wisconsin public school employees. Page 2

5 BENEFITS TO THE EMPLOYER Enhances existing benefit offering without impacting the district budget. All employees are eligible to participate. Helps attract and retain valuable employees. Generates goodwill at a time when benefits are being reduced. Stresses financial education to help employees make sound financial choices. Makes benefit announcement and enrollment easy. Utilizes existing payroll processing software, including Skyward Financial. Provides 403(b) compliance assistance. -- Contribution limit monitoring (b) IRS compliance assistance (b) employer contribution assistance Outstanding customer service. BENEFITS TO THE EMPLOYEE Free financial education to help employees become financially secure. Confidential telephone consultations at times convenient for the employee. Access to quality products and services offered by Member Benefits. Convenience and affordability of using payroll deduction to contribute to an IRA or pay insurance premiums. Family members are eligible to participate in some programs. Budget-friendly payment options. Outstanding customer service. Page 3

6 Trust Advantage services CHOOSE FROM OUR MENU OF SERVICES 403(b) tax-sheltered annuity Low fees, customer service, investment options, and our guaranteed investment make our 403(b) a good choice for employees. Quarterly e-news Benefits NewsBrief will help you and your business office staff stay up to date on program changes and compliance requirements. Including the WEA Tax Sheltered Annuity Trust as an approved provider in your 403(b) plan gives you access to all the other services in this booklet.» 74% of workers would prefer automatic enrollment in their workplace retirement savings plan, according to Employer {Benefits Research Institute. 403(b) ADD-ON SERVICES Other program services of which you can take advantage: Automated remittances Our electronic remittance system automates the remitting process which ensures more accurate information and timely contributions than a manual process. It s free and secure, takes as little as 10 minutes to set up, and will save your staff time. Money $aver Automatic enrollment Increasingly popular in the private sector, automatic enrollment makes it easy for employees to start saving for their future. Many studies indicate that adding an auto enrollment feature to a plan helps increase participation rates and final earnings in individual accounts overall. Employer contributions Trends show a growing number of districts are offering matching and non-elective contributions as alternatives to current post-employment packages. Both options utilize the 403(b) program and offer benefits that help attract and retain quality employees. We can help you design and structure the contributions to work for employees and the district. We can also help promote these programs to increase utilization by your staff. Page 4

7 Financial education Help your employees make the most of their salary and benefits by providing free financial seminars. Choose the educational seminars you d like to offer your staff. See page for available topics. All seminars are offered live. Select seminars are available online at weabenefits.com. Payroll deduction Offering payroll deduction for auto, home, and umbrella insurance premiums and IRA contributions provides employees with built-in budgeting. It s easy to set up and there is no cost to the district. Districts using Skyward payroll systems have the added benefit of electronic transactions. In-service presentations (early release, late start, etc.) This is a great way to introduce the Trust Advantage program. It can provide a fiveminute fly over or go into more detail about the benefits, depending on available time. This is also a good time to distribute appropriate materials to help promote the benefits available to district employees. continued on next page 403(b) value-added administrative services We provide consultative services to employers to help with issues such as: Money $aver Plan administration and compliance assistance, including: -- Updates on regulatory changes. -- Sample plan document services. -- Plan level reporting (as needed for IRS audit or plan review). -- Plan contribution and distribution administration (according to plan document). -- Assistance with implementation of employer nonelective contributions. Dedicated 403(b) resource for staff and employees. Setting up the Roth 403(b), automatic enrollment, and employer contributions. {»Taking advantage of our 403(b) Plan Administrative Assistance program is free and may actually save you money. We can show you how to eliminate costs associated with third-party administrators. Plan administration services are not intended to constitute legal or tax advice. You should consult your legal or tax advisor prior to implementing any plan documents. Page 5

8 After-school presentations Choose from the list of those available on pages On-site employee visits Staff will appreciate having a trusted consultant available on site from time to time to answer questions about their retirement savings and/or personal insurance needs as well as other Trust Advantage benefits. Benefit/vendor fairs If you host a benefit fair for employees of your district, we ll be there to meet employees, answer their questions, and promote the value of their employee benefits. Consider offering our Don t Be Jack interactive board game to help educate new staff about how to utilize valuable benefits in a fun setting. (See page 14 for more details.) Mentor program enhancements Help your new employees get off on the right financial foot by incorporating financial education into your mentor program. We can offer a wide range of options including our popular Don t Be Jack interactive board game designed specifically for this purpose. It s a great opportunity to combine fun and learning. New employee orientations We can help inform new staff about the benefits available to them through the Trust Advantage program by participating in your new employee orientations. { One of my favorite features is payroll deduction. It s so convenient having my savings contributions and insurance premiums deducted from my paycheck I never even miss the money. And I don t have to budget for large annual insurance payments. Lexine Weber / Lodi School District Page 6

9 Promotional services WHAT YOU CAN EXPECT Promotion is critical for generating interest and enthusiasm about the benefits you offer your employees, as well as increasing participation. Member Benefits will provide the promotional materials necessary to help employees understand the value of the benefits you have selected and details about how to take advantage of them. Below is a list of communication services we can provide. Choose those which best fit your district s communication practices.» The effectiveness of the communication services you choose will rely on our ability to reach employees via appropriate media. It may require access to internal mail, home mailing addresses, { , PA announcements, staff lounge, etc. Direct Mail We can mail informational brochures and announcements to your employees using your employee home address file. messages We will provide you with sample content, as well as provide links to online information and/or registration where applicable. There are two options: We provide you with content for distribution to staff. We distribute directly to staff using your list (used only to distribute Trust Advantage information). Articles, ads, and/or announcements We can provide you with information to include in your district newsletter and/or post on your employee Web site. Mailbox stuffers We can provide pre-printed flyers and brochures for you to distribute to staff through district mailboxes or via . Posters We can provide posters for staff common areas. Web site content Content for your district employee Web site can provide your staff with 24/7 access to information about the voluntary benefits available to them and where to go for more information. We will work with your web specialist to provide content and ensure standards are met. Link to weabenefits.com on your home page. Link to an informational Web page on your site that lists upcoming seminars, outlines the benefits, and includes links to weabenefits.com. Follow-up surveys Follow-up surveys for seminars will let you know the value of this benefit and what additional information is of interest. Page 7

10 Trust Advantage resources weabenefits.com FREE RESOURCES In addition to our promotional services menu, Member Benefits provides employees with additional resources to help them become financially secure. Our resources focus on educating and informing your staff. These include: A magazine from WEA Trust Member Benefits your$ magazine This member-focused publication addresses financial issues unique to public school employees, provides useful tips, member stories, and updates about our benefit programs. your$ is published quarterly. } your$ GauGinG retirement readiness your insurance your retirement your kiosk When a tree falls, who s responsible? Does converting to a ROTH IRA make sense? Vacation car rental: Are you covered? Last call for financial mentor nominations. SUMMER 2013 Join more than Wisconsin public school employees who trust us with their financial future. 45,000 Member Benefits program brochure This brochure introduces Member Benefits our philosophy, products, and services to your employees. WEA TRUST Member Benefi ts Personal insurance and financial services created by educators for educators. Employer consultative services We will provide consultative services for employers regarding 403(b) regulations and IRS audit issues, 403(b) post-employment plans, and 403(b) Roth accounts. Online tools Employees will have access to online financial tools including over 20 financial calculators, online enrollment, and access to their retirement account information at weabenefits.com. Page 8

11 Are you Jack or Jill? Direct mail brochures and payroll stuffers After Trust Advantage is launched, we follow up with brochures and mailbox stuffers to increase program awareness and participation and announce upcoming seminar and personal consultation dates. Educational seminars Member Benefits offers a series of educational seminars covering an array of financial topics to help individuals make sound decisions about their personal finances. Seminar topics include: Trust Advantage introduction Budgeting and saving Retirement savings Personal insurance Retirement planning Wisconsin Retirement System Moving money: Exchanges, transfers, and rollovers Long-Term Care Insurance Don t Be Jack An interactive financial game (see page 14) See page 10 for details on our free financial seminars. Financial planning services Four different financial planning services (one free and three feebased) help employees at every stage of their financial life. So whether an employee is just starting out, building assets, wondering if they are on track for retirement, or planning to retire, we can assist them. All investment advisory services are offered through WEA Financial Advisors, Inc. Page 9

12 Financial education FINANCIAL SEMINARS Help your employees make the most of their salary and benefits by providing free financial seminars. Choose the educational seminar topics you d like to offer your staff. All seminars are offered live. Select seminars are available online and can also be conveniently viewed on demand at weabenefits.com. Available topics: Trust Advantage introduction Introduce your new employee benefit program with a formal informational session. It s a great way to demonstrate the district s support for staff and it is key to a successful program launch and staff utilization. This program introduction will: Describe the program and outline the program offerings. Explain the benefits of the program and the specific financial products and services. Describe how to utilize the benefits. Announce additional scheduled seminars or opportunities for personal consultations. Budgeting and saving Having a budget is a key component of any financial plan. You can t have a plan without a clear understanding of what money is coming in, what is going out, and where it is going. Developing a budget can empower you to take control of your finances. We can discuss: The benefits of a written budget and how to create one. How to evaluate your income and read your pay stub. How to categorize and reduce your expenses. How to avoid common financial mistakes. The importance of paying yourself first and how it can improve your financial future. The value of employee benefits and how to use them. Tips for managing debt. How saving for the future is possible even now. { productivity,» Financial education gives people the tools to make sound financial decisions, reduces stress, improves workplace and promotes financial security. Page 10

13 Retirement savings Employees of all ages need to understand the basics of investing and retirement planning in order to begin planning for the future. Learn about: The advantages of different savings options including Roth IRA, Traditional IRA, TSA or 403(b), and deferred compensation. How to determine your retirement income needs and how much you need to save. What retirement income sources are available to public school employee. The importance of reducing product fees. Tips about how to make your money work harder for you. The different asset classes and the role each plays in an investment portfolio, and determining your asset allocation. Personal insurance Being properly insured plays an essential role in protecting your financial security, yet many people do not have a clear understanding about their auto and homeowners insurance coverage. For instance, it s estimated that two-thirds of homeowners nationwide do not have enough homeowners insurance coverage to replace their home in the event of a total loss. We can: Discuss the types of coverage you should be looking for. Explain any law changes and what you need to be aware of. Provide you with the questions you should ask when shopping for insurance. Help you determine the best coverage for your situation. continued on next page Did you know? Financial education increases productivity and enables employees to focus on work activities rather than financial problems. Sixty-five percent of employers said that employees are less productive at work when worried about personal financial issues, and 45% of employers acknowledged that financial education programs are effective at improving employee productivity (MetLife, 2010). Page 11

14 Retirement planning Wisconsin public school employees approaching retirement typically have questions about what they need to do to prepare. This information is appropriate for those within 10 years of retirement and will provide: An overview of the sources of retirement income available to public school employees, including Wisconsin Retirement System, Social Security, and personal savings. Information on how to determine your retirement income needs. An understanding of common roadblocks to successful retirement planning. A pre-retirement checklist of important things to consider. Tools and solutions for achieving retirement goals. Wisconsin Retirement System (WRS) WRS, the state pension plan, will be a source of retirement income for most Wisconsin public school employees. Understanding this benefit will help educators better plan for their future. Learn to: Read/interpret your pension statement. Calculate your WRS pension benefit. Choose an appropriate annuity option. Purchase forfeited service. Determine whether you will have a retirement income gap. Our online seminars provide the ultimate convenience. Employees may access anytime from the comfort of their own homes or anywhere there is Internet access, like the library or a favorite cozy coffee shop with {free wi-fi. Page 12

15 Moving money: Exchanges, transfers, and rollovers Moving money between retirement account types and providers can be a good thing but can also be costly if you don t understand the rules. We can discuss: Why and when you might want to transfer, exchange, or rollover retirement savings. The advantages of different types of retirement savings accounts. What you need to know to make sound decisions about moving your money. The impact that fees have on your retirement savings account balance. The value of the WEA Trust TSA 403(b) plan to your financial security. Also get step-by-step instructions on completing all required forms. { I loved that I could participate from home. It was so convenient. Melissa H. I thought, It s online? We don t have to go anywhere! This is great. Aaron G. Long-Term Care Insurance Long-term care has been called the greatest uninsured financial risk today. It is also one of the most misunderstood insurance products on the market. We will answer questions about this important coverage, including: What long-term care insurance is and what it covers. Why neither health insurance nor Medicare pays for extended personal care. How much LTC costs at home, in assisted living, and in nursing facilities. Your options to personalize a policy and tailor it to fit your budget. continued on next page Page 13

16 FINANCIAL GAME Don t Be Jack This fun and interactive board game was created with specific adult learning objectives in mind. Don t Be Jack brings to life real financial principles by stressing the importance of spending less than you earn, having a written budget, having an emergency fund, saving for the future, understanding insurance, understanding your benefits, and being aware of fees. Don t Be Jack serves several purposes: 403(b) START 403(b) START START IRA Provides an added-value service to districts to engage employees. Offers a fun way for employees to socialize and learn about financial issues that impact them and their families. Promotes employee benefits offered by the district and encourages participation. Provides participants with a personalized to-do list and a 30-day reminder. IRA START 403(b) Don t Be Jack is ideal for mentor programs and new employee orientations...but there s something for staff of all ages. { Don t Be Jack is awesome! I loved it. I am truly inspired to start saving more as a young teacher. Don t Be Jack attendee Page 14

17 Best practices FOR BEST RESULTS The effectiveness of our communication to your staff and the level of participation is dependent upon our ability to reach employees via appropriate media. Our experience shows that we are most successful when we are able to receive support from the district for: Staff communication Home address file Work file On-site access Access to district buildings for personal consultations District contact person Identify a main contact at the district Someone we can send promotional materials to for distribution to staff, to assist with arrangements for access to facility, etc. On-site location suitable for hosting seminars and group events Opportunity to describe Trust Advantage benefits during staff meetings Did you know? The results of a 2010 employee benefits trend study indicate that employers who communicate effectively about the benefits they provide are more likely to have loyal employees who are satisfied with their jobs (MetLife, 2010). Page 15

18 Your benefit plan Trust Advantage Services (see pages 4-6) Dates Notes: o 403(b) tax-sheltered annuity o Signed adoption agreement (incl. ACH) o Quarterly e-news o Payroll deduction o In-service presentations o After-school presentations o On-site visits during employee lunch period o Benefit/vendor fairs o Financial organizer consultations o Mentor program enhancements 403(b) Add-On Services (see pages 4-5) Dates Notes: o Automated remittances o Automatic enrollment o Employer contributions o 403(b) value-added administrative services Page 16

19 Promotional Services (see page 7) Dates Notes: o Mailing information to employees District provides employee address file and Member Benefits handles mailing. District handles mailing. o messages We provide content for distribution to staff. We distribute directly to staff using your list. o Articles, ads, and/or announcements o Posters o Mailbox stuffers o Web site content o Follow-up surveys Financial Education (see pages 10-14) Dates Notes: o Trust Advantage introduction o Budgeting and saving o Retirement savings o Personal insurance o Retirement planning o Wisconsin Retirement System (WRS) o Moving money: Exchanges, transfers, and rollovers o Long-Term Care Insurance o Don t Be Jack Page 17

20 The Service Plan for Your service plan reflects our recent discussion and review of the services available to you through the Trust Advantage voluntary benefit program. At that time, you indicated services that would be of value to the school district. Our goal for the year is to provide the services noted on pages This service plan is not a binding contract and WEA Trust Member Benefits may modify this plan at any time. The 403(b) retirement program is offered by the WEA TSA Trust. TSA program registered representatives are licensed through WEA Investment Services, Inc., member FINRA. The Trustee for the WEAC IRA program is First Business Trust & Investments. All investment advisory services are offered through WEA Financial Advisors, Inc. Underwritten by WEA Property & Casualty Insurance Company. Long-term care (LTC) insurance products are underwritten by multiple LTC insurers. Seminars are free to attend; however, if you choose to invest in the WEA Tax Sheltered Annuity or WEAC IRA program, fees will apply. Consider all expenses before investing. Page 18

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24 P.O. Box 7893 Madison, WI Retirement & Investment Services Auto/Home/Umbrella Insurance Long-Term Care Insurance weabenefits. FS