A magazine from WEA Member Benefits ™ your SUMMER$2017 Protecting a Legacy With $2.4 billion in member assets, the Guaranteed Investment is kind of a big deal your money Your credit score can have a big financial impact your security Protect your children from identity theft your kiosk Member spotlight, student art contest } winners, and more your$™ { CONTENTS SUMMER 2017 3 YOUR ACCOUNT - Enjoy low fees even if you’ve retired or changed jobs. - Time to boost your savings. - Nominate a financial mentor. - Update your beneficiaries. YOUTUBE LOGO SPECS 4 YOUR RETIREMENT 4 8 - Assessing the Guaranteed PRINT on light backgrounds on dark backgrounds Investment: It’s kind of a big deal. standard standard YOUR KIOSK main red gradient bottom 10 PMS 1795C PMS 1815C - More student masterpieces at our C0 M96 Y90 K2 C13 M96 Y81 K54 6 YOUR MONEY Madison office! - Your credit score matters more than white black - Long-term care insurance: An WHITE BLACK no gradients no gradients you think. affordable protection. C0 M0 Y0 K0 C100 M100 Y100 K100 - Don’t jump to conclusions about the 8 YOUR SECURITY risks around backyard trampolines. - Stealing a child’s identity is a crime - Member spotlight: A partnership of watermark watermark not often discovered until years trust makes the job easier. later. Know what to look for. 6 stacked logo (for sharing only) stacked logo (for sharing only) Follow us. president’s letter © 2017 WEA Member Benefit Trust. { Dave Kijek, President/CEO, WEA Member Benefits™ All rights reserved. The times they are a-changin’ The world looks of our Wisconsin public schools. And we Also in this issue, learn why it’s very different today believe the hardworking employees of our important to build up your credit score, from when this public schools deserve to be financially and why your child’s identity may be at organization was secure. That’s why we exist. risk and tips to protect it. Lastly, member created 45 years ago. Part of our obligation to you is to do our Joanna Rizzotto shares why she thinks New technologies, due diligence regarding your investments Member Benefits is an organization public evolving financialin these ever-changing times to make sure school employees can trust. (Hint: It has regulations, and we are offering programs that meet our to do with our why.) fluctuating national standards and the needs of participants. It is Many organizations focus only on what and international also our responsibility to protect the legacy they do. We keep our why front and center economic and of these programs for future generations. so we can continue to meet your financial political conditions have affected what we Starting on page 4, you’ll learn about needs and serve you to the best of our do and how we do it. Change has been changes in the stable value fund arena that abilities. You are what’s important to us. required. will impact the Guaranteed Investment However, there’s one thing that hasn’t as well as the evaluation process currently changed at Member Benefits—our why. underway to ensure the best possible We believe in education and in the value outcome. 2 weabenefits.com Remember, { your account you can IRA and 403(b) news share the Retired or changed jobs? Keep enjoying our low fees benefits with If you have a 403(b) or an IRA account with us, you can keep it here your family regardless of your employment status and continue to take advantage of our low fees and great customer service. Reminder: WEAC members The financial security of your family receive additional savings with a lower annual fee cap on IRA accounts. members is important to us. That’s why we recently simplified and expanded our Don’t miss a chance to boost your savings eligibility guidelines, giving more of your family members greater access to our Are you maximizing your 403(b) contributions? Summer is a good time programs. Your spouse/domestic partner, to update your Salary Reduction Agreement (SRA) so you’ll be ready to children and their spouses, parents and go for the school year. To update your SRA, please contact your school parents-in-law, and in some cases, your district business office for their most recent SRA, download our SRA at grandchildren, may participate in most of weabenefits.com/retirementforms, or if your district allows, update your our programs. SRA online through money at weabenefits.com/yourmoney. your Family members can contact us directly Nominate a financial mentor before summer ends! for an insurance quote on their auto or home, information about opening an IRA, Do you know someone who takes the time to give or our financial planning services. financial encouragement, advice, and guidance to his or her colleagues? Give that person some well-deserved Interested in recognition. It only takes a minute to nominate someone by visiting weabenefits.com/mentor. The 2017 deadline is non-retirement September 1, so don’t wait! investment Are your beneficiaries up to date? accounts? As you experience changes in your life such as marriage, divorce, or Do you have a need for an death, don’t forget to review your beneficiary designations. The beneficiary investment account where you designations associated with your retirement account(s) take precedence can place a windfall of cash, an over your will. inheritance, proceeds from the sale To view your current beneficiary designations through Member Benefits, of a property, required minimum log into weabenefits.com/yourmoney. Beneficiary change forms can also distributions, or extra income you won’t be downloaded from weabenefits.com/retirementforms. need within the next few years or longer? We are considering expanding our Correction from Spring 2017 magazine program lineup to include non-retirement investment accounts, such as individual We constantly strive for accuracy, but once in a while and jointly held retail accounts. However, we get it wrong. From the article in the Spring 2017 correction before moving forward, we need to gauge magazine, Breaking into your second act, page 9, the level of need of our members. If you Scene V should have read, “Penalty free withdrawals have interest, fill out a short form at may be taken from your 403(b) if you retire during, weabenefits.com/retailaccount and we’ll or after, the year you turn age 55.” Thank you to our be in touch. We appreciate your feedback. alert reader who notified us of this error. Content in this magazine is for informational purposes only and is not intended to constitute WHAT’S ON YOUR MIND? legal, financial, or tax advice. Certain recommendations or guidelines may not be appropri- { ate for everyone. Consult your personal advisor or attorney for advice specific to your unique Do you have a story to tell, circumstances before taking action. a question, or an article The Trustee Custodian for the WEAC IRA accounts is Newport Trust Company. The 403(b) retirement program is offered by the WEA TSA Trust. TSA program registered representatives suggestion? are licensed through WEA Investment Services, Inc., member FINRA. Send an e-mail to [email protected]. Type “your$” into the subject line. weabenefits.com 3 { your retirement Protecting a Legacy With $2.4 billion in member assets, the Guaranteed Investment is kind of a big deal n 1978, the WEA TSA Trust rolled what the Guaranteed Investment account When the account was moved to out a Guaranteed Investment account is.) He then spent 15 years with PRIAC CIGNA, Mike recalls, “There was a strong to Wisconsin public school employees specializing in SV funds before starting his belief that the money in the Guaranteed Ias its first 403(b) investment opportunity. own SV consulting company. “At PRIAC, Investment Account was to be protected. Today, approximately 46,000 participants I was partly responsible for the relationship The creation of the WEA TSA Trust have nearly $2.4 billion worth of assets in with Member Benefits and managed the 403(b) program wasn’t meant for people the account currently held and managed Guaranteed Investment for over five years, to chase equity market returns. This was by Prudential Retirement Insurance and so I know the fund very well. It’s one of for safe keeping. And that’s why only the Annuity Company (PRIAC). the best stable value funds in the country,” Guaranteed Investment was offered in the It’s kind of a big deal. he says. beginning, and members were not offered Just as Member Benefits monitors our Doing our due diligence an equity fund option early on.” mutual fund investments to make sure they The founders of our 403(b) program continue to meet our standards, we also Member Benefits is currently evaluating felt the best way for members to get to the Guaranteed Investment. The process monitor the Guaranteed Investment and retirement and have enough saved to began last fall under the direction of Susan evaluate PRIAC in their role as manager of support themselves was by putting their Winchester, Vice President of Retirement the account to ensure the best interests of money in a safe place, earning a reasonable and Investment Services at Member our participants are being served. rate of return, and having a guarantee Benefits. A Request for Proposal (RFP) against loss. “Those three things were was drafted and sent to over 30 companies Experts on board important then and they remain a priority to see what options were available. In Helping with the due diligence process for Member Benefits today,” says Susan. the end, seven companies expressed are Mike Driscoll and Jim King. Both interest and five gave a formal response.