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™A magazine from WEA Trust Member Benefits

2014 SUMMER

your$Take the financial

chemistry quiz on

page 5!

your financesStudent loan forgiveness

your insuranceWould your insurance replace your home?

your kioskIt’s cycle season Shine the light on a financial mentor Keeping beneficiaries up to date

Discover the financial impact

LOve And+

MOney

Mixing

president’s letterDave Kijek, President/CEO, WEA Trust Member Benefits™{

2 weabenefits.com

© 2014 WEA Member Benefit Trust.All rights reserved.

Moving onward and upward to serve you better

Follow us.

3 YOUR ACCOUNT- Update your retirement goals by

logging in to yourmoney.

- Your 403(b) and IRA can stay with us when you move on.

- your$ magazine delivery change.

4 YOUR MONEY- Love and money don’t always

mix well. Find out how financially compatible you and your partner are by taking our quiz.

6 YOUR FINANCES- Learn about government programs

that forgive student loan debt.

8 YOUR INSURANCE- Learn the risks of underinsuring

one of your biggest investments.

10 YOUR KIOSK- Motorcycle enthusiasts need to

play it safe.- Who’s the beneficiary on your

retirement savings account?- Shine the light on a financial

mentor.- Member Benefits awards

scholarships to educators.

™

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Summer is finally here and it’s always a busy time as many Wisconsinites try to pack in as much as they can. The same is certainly true for Member Benefits.

Our summer started with preparations for a move to a beautiful

new office building at 660 John Nolen Drive in Madison. For many years, we leased a portion of the WEA Trust building, but we’ve grown to the point where we felt the time was right to move. We’re especially

pleased that the new building will have space for financial education programs that benefit you. Come and see us, we’d love to show you around.

Member Benefits is also in full swing this season presenting 18 free Financial Fitness Fairs around the state. Pump up your financial knowledge and improve the health of your personal finances. This year’s open house format will allow you to attend presentations or visit with experts about employee benefits, retirement savings, personal insurance, and other financial topics. Check it out at weabenefits.com/getfiscal.

Summer is also a great time to catch

your$CONTENTS SUMMER 2014

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up on financial concerns that may have been neglected during your busy school year. We encourage you to add us to your summer to-do list and take advantage of our expertise.• Set up a time to review your personal

insurance needs or retirement accounts at weabenefits.com/consults.

• Use our Midterm Policy Exam at weabenefits.com/exam to review your insurance policy.

• Or give us a call to speak with one of our knowledgeable consultants.Have a great summer.

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{ your accountIRA and 403(b) newsyourmoney features you should know aboutMy Retirement Goals

On your home page after logging into yourmoney, you will find a “My Retirement Goals” section with three boxes (blue, green, and red). Clicking on the “Update My Goals” gives you the opportunity to add in information that will indicate how much you will need in retirement, where you are at today, and identify any shortfall. An easy sliding calculator allows you to learn what it will take to eliminate the gap.

Have you moved?If you recently moved or have plans to move this summer, please let us

know your new address.• Contact us directly at 1-800-279-4030 or log into yourmoney account to

change your address on your retirement savings accounts. • If you also have your auto or homeowners insurance with us, you can use

our online Update Your Policy form or call 1-800-279-4010 to make the change.

Retired or changed jobs?If you have a 403(b) or an IRA with us, you can keep it here regardless

of your employment status and continue to take advantage of our low fees and great customer service. Reminder: WEAC members receive additional savings with a lower annual fee cap on IRA accounts.

Give your savings a boostNow is a good time to update your Salary Reduction Agreement (SRA) to

take advantage of new 2014 403(b) contribution limits. Do it now and you’ll be ready to go for the school year. To update your SRA, please contact your school district business office for their most recent SRA, download our SRA at weabenefits.com, or if your district allows, you can update your SRA online through yourmoney access.

your$ delivery changeYour retirement savings account quarterly statements will no longer include

the your$ magazine. Instead, it will be mailed directly to your home.

The trustee custodian for the WEAC IRA accounts is Verisight Trust Company. 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. Content in this magazine is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action.

{FEEDBACKDo you have a story to tell, a question, or an article suggestion?Send an e-mail to memberbenefits@weabenefits.com. Type “your$” into the subject line.

We’ve moved!WEA Trust Member Benefits is now located at

660 John Nolen Drive, Madison 53713Member Benefits has purchased the office building located at

660 John Nolen Drive for our new headquarters. It is a high-quality building with a great location—in close proximity to WEAC and WEA Trust—and will meet our future growth plans, including space to offer educational opportunities. Come and visit us.

2014 Friend of EducationWEA Trust Member Benefits is WEAC’s 2014 Friend of Education

Member Benefits was presented with the 2014 Friend of Education Award by WEAC President Betsy Kippers at WEAC’s Board meeting on April 5, 2014. The WEAC Friend of Education Award is given to an individual or group who has made a significant contribution to education and/or the profession in Wisconsin.

“We are honored to receive this award,” said David Kijek, President and CEO of Member Benefits. “Member Benefits was created by Wisconsin educators for the benefit of Wisconsin public school employees and their families. We are the only financial organization that can say that and we want every public school employee to know we exist to serve them.”

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{ your money

Maybe you have a new partner in your life and you’ve decided to take the next step by sharing

your life together. It’s an exciting time and you’ve probably talked about where you’re going to live, the kinds of things you’re going to do together, and your dreams for the future. But have you talked about money?

It’s easy to get caught up in the fun and overlook the fact that you are taking an important financial step. You may even think it’s shallow to focus on money issues. However, when you’re getting married or moving in with a new partner, you should be ready for a major impact on your finances. Different money management styles and skills, goals, income, and debt all come into play and can have both a positive and negative impact on your relationship as well as your bank account.

If you’re just starting out (or even if you’ve been in a relationship for a while), getting your approach to money in sync can go a long way toward building harmony in your household. Financial feuds are the

{ your money

number one reason for divorce and are the top reason couples fight, according to a survey by Fidelity.

Compare notesMost people have financial goals for

themselves. But are your financial goals and your partner’s goals on the same page?

To find out, ask a lot of questions of each other about financial beliefs, history, and habits. For example, are you a spender or a saver? Do you follow a budget or take it as it comes?

Having frank discussions around these questions can help you identify differences, set priorities, and make decisions about how you will merge your finances as a couple. Initially, you’ll need to compile household expenses, come to an agreement on how bills will be paid, and decide how much mingling of money you are comfortable with. Having a plan in place will make bigger decisions—like investing in business opportunities, second-career options, or even going back to school—easier to work through. continued on page 9

LOve And+

MOneyDiscover the financial impact of having a partner before you move in

Mixing

Marriage vs. living together= Differing data

More and more people are delaying marriage or bypassing it all together. A 2013 report by Bowling Green State University’s National Center for Marriage and Family Research found that the U.S. marriage rate is 31.1, or 31 marriages per 1,000 unmarried women. For comparison, in 1920, the national marriage rate was 92.3. Further, the company Demographic Intelligence found that 7.5 million couples were living together in 2010 compared to less than half a million couples in 1960.

Whatever your situation, here are a few things to consider:• If you’re renting, have both names

on the lease so that there is shared responsibility and renewal options.

• If you are buying a house together, plan ahead. Will the home be in one person’s name? Jointly owned? If you’re living together, would you consider a pre-purchase agreement that states that the house must be sold if either partner

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Use these questions to measure your financial compatibility and discuss your similarities and differences. You’ll likely have more questions of your own. The key is to try and understand each other’s expectations and beliefs so you can make better financial decisions together.

Discover your financial chemistry

Remember life changes! So revisit your plan at least once a year.

Spender or saver? Loans: Asker or giver? Impulse buyer or careful shopper? Cash or credit?

Bill pay online or by mail? Risk taker or security seeker?Rent or own?Buy or lease?

Do you have a budget?A. I have an app for that.B. What’s a budget?C. I’d like to but I don’t know where to start.

Credit card debt?A. It’s fine, it will all work itself out eventually.B. I’m allergic to credit card debt.C. Only in emergencies or if I can pay it off

right away.

Separate or joint accounts?A. We should pool all our finances together.B. I prefer to fly solo and have my own account.C. We should have some money together and

some separate.

Do you monitor your finances?A. I keep my checkbook balanced/check my online

account regularly.B. I often wonder where my paycheck went.C. I have a good enough idea of how much I have at

any given time.

Personal choice

• Most important financial goal? __________

• Top 3 short-term goals?

__________ __________ __________

• Top 3 long-term goals?

__________ __________ __________

• Biggest money stressor? ______________

• What assets and liabilities do you have?• Do you think you manage money well?• What would you do with $1000? • Define financial “wants” vs. “needs.”• How will you split expenses?• What insurance will you need?• What is your plan to save for retirement?• Who will handle the finances?

Make a planNow that you’ve talked some things over, it’s time develop a financial strategy. Decide how you will balance spending against saving, agree on some short- and long-term goals, set rules for purchases, and create a written budget.

Come together and compromise—for some things you may wind up saying, “I don’t like this, but I can live with it.”

Keep exploring

Financial style Me You Me You

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weabenefits.com

I n a time when student loan debt has been referred to as a national crisis, it’s surprising how little awareness there is for student loan forgiveness

programs. It’s even more surprising how many borrowers could actually benefit from them—the Consumer Financial Protection Bureau estimates that one-fourth of the American workforce may be eligible for repayment or loan forgiveness programs.

Figuring out which loan forgiveness programs you qualify for can require some legwork, but you might be surprised by the number of options available to help you eliminate or reduce your student loan. Many humanitarian and public-sector jobs, including teachers, are eligible for loan forgiveness.

Four routes to forgivenessThere are four ways borrowers can

have their federal student loans forgiven through a variety of government programs.

1. Teach in a public school in a low-income area

Thanks to the government’s Teacher Loan Forgiveness and the Federal Perkins Loan Cancellation Programs, up to $17,500 of your federal Stafford loans or the entirety of your Perkins loans can be forgiven under certain circumstances.

These programs are intended to encourage individuals to enter and remain in the teaching profession.

Teacher Loan Forgiveness ProgramEligibility requirements include:

• Direct subsidized and unsubsidized student loans, and Stafford subsidized and unsubsidized student loans established after 10/1/1998 qualify, but you can’t be in default.

• You were employed for at least five consecutive years as a full-time teacher in a school that qualifies for Title I funding and more than 30% of enrollment must qualify for Title I services. If your school qualified in one of the five years, but not the others, you are likely still eligible. As an alternative, you can work at a qualifying educational service agency.

• At least one of your five years of teaching must have been after the 1997-1998 academic year. The amount of forgiveness varies. Most

teachers can have $5,000 of loans forgiven. But you can have up to $17,500 of your student loans forgiven if you are a “highly qualified” math or science teacher at a secondary school or a “highly qualified” special education teacher working with disabled children in your area of specific training.

Federal Perkins Loan Cancellation Program

With this program, you can have up to 100% of your Federal Perkins loan forgiven, and you only have to teach full time for one full academic year (or two consecutive half years within a 12 month period) to see some benefit. For the first

GOT STUDENT LOANS? Seek Forgiveness.Do you (or a family member) have student loans? Were the loans taken after October 1, 1998? Have you been teaching full-time in a low-income elementary or secondary school for five consecutive years? Are you working in public service or in the military? If you answered yes, read on.

Stats of interest• 40 million student loan

borrowers (including 753,000 Wisconsinites) have outstanding student loans today.

• More than $1.2 trillion outstanding student loan debt exists nationwide.

• Two-thirds of U.S. college students carry a debt load averaging $25,250.

• About 14% or 5.4 million borrowers have at least one past due student loan account.

• It now takes an average student loan debtor twenty-one years to pay off his or her college loans.

• Tuition for students at public universities has more than doubled since 1987.

• Rates of home ownership are 36% lower among people still carrying student debt.

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two years, you can have 15% cancelled each year. For years three and four, you can have 20% cancelled each year. For year five, you can have the final 30% of your loans cancelled.

Eligibility requirements include:• Teach in a school that serves low-income

families; or• Be a special education teacher (including

infants and toddlers); or• Teach math, science, foreign language,

bilingual education, or any other subjectyour state has determined is in shortage.

2. Income-based repayment planThis program adjusts students’ monthly

loan payments to be no more than 15% of their discretionary income, which is the amount of money made above the federal poverty level.

For example, a recent grad making $20,000 would have only $8,510 in discretionary income because the federal poverty level is $11,490. Under the Income-Based Repayment Plan, he would only have to make payments that were 15% of that $8,510, which equals about $106 a month. After 25 years of making these adjusted loan payments, the borrower’s remaining balance is completely forgiven.

Granted, if your student loans are not significant, you may pay off the loan before you would be eligible for any forgiveness. However, the lower payments can make a world of difference if your income is low.

3. Public service loan forgivenessThose who borrowed money under the

William D. Ford Federal Direct Loan program can apply to the Public Service Loan Forgiveness Program.

Eligibility requirements:• You must have been working full-time at

a qualifying public service or nonprofitsector (schools count) organizationwhen the payments were made.

• Before any of your loans will be forgiven, you must make 120 qualified—meaning on-time, full amount—monthlypayments.

• Only payments made after 10/1/2007qualify.Because this program started in 2007,

there has yet to be a penny paid out and no one will be eligible to benefit until 2017. However, if you are still paying on loans in 2017, it might be something to consider.

4. Join the militaryEach branch of the military has its

own student loan forgiveness program. Forgiven loan amounts usually depend on the level of rank achieved. Those interested should contact their preferred branch to learn about their options.

How to applyGo to ed.gov and complete the

appropriate application. There you will find details about eligibility, information about what documents you will need, and the application process. In some instances you will be directed to work with your loan servicer.

The loan servicer is the company that handles the billing and other services on your federal student loan. They will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan.

It is important to maintain contact with your loan servicer. If your circumstances change at any time during your repayment period, your loan servicer will be able to help.

ChallengesThe process is not as straightforward as

one would hope, but these are government programs after all. And, anecdotally, there are stories of borrowers who run into obstacles from the companies that service their loans or who were denied because the forms were not filled out properly.

There are services available to help you complete the application process; however, make sure you do your due diligence and learn about the organization or company before you begin working with them. You should not have to pay for assistance nor should you be obligated to participate in any other programs. Should you decide to go this route, do your homework.

A moving targetAlso be aware that the growing student

loan debt and student loan forgiveness programs have been hot political topics recently. Laws surrounding student loan interest rates, refinancing rules, and forgiveness eligibility are subject to change.

Visit My Federal Student Aid to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid PIN to access your information.

https://studentloans.gov/myDirectLoan/index.action

This summer eight of our Financial Fitness Fair locations will offer information on this program: Alma Center, Milwaukee, Sturtevant, River Falls, Monticello, La Crosse, and Random Lake. Info at weabenefits.com/getfiscal.

This article is for informational purposes only and not intended to be legal or tax advice.

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Your home is probably your biggest investment, and homeowners insurance is designed to help protect it. But the level of protection your insurance provides is dependent on your coverage limits. If you lost your home to fire, would you have enough coverage to rebuild?

Because home insurance is viewed and purchased like a commodity, it is not surprising that many homeowners may not know the answer. It may also explain why, according to Marshall & Swift/Boeckh—a Princeton, New Jersey company that reviews over three million insurance policies annually—two out of every three homes nationwide are undersinsured by as much as 27%.

Would you be prepared to foot the additional 27% of the cost to rebuild your home in the event of a total loss?

Here are two common misconceptions that people have about their homeowners insurance and why they find themselves underinsured.

Confusing market or assessed value with the cost to rebuild

A J.D. Power survey suggests that most consumers believe their policy limits are based on the real estate value of their home, rather than the replacement cost of

the physical structure. So, when housing prices go down, they believe they should be able to reduce their coverage (and thus their premiums).

“The assumption that these two numbers are tied together causes people to think they are paying for coverage they don’t need,” says Steve Schofield, Personal Insurance Consultant at Member Benefits.

He explains that market values are based on factors such as location, condition of neighboring properties, prevailing interest rates, local market conditions, and even property taxes. These factors do influence what someone may be willing to pay for your home but none influence what your insurance really covers: your home’s replacement cost. This is the cost to rebuild your home exactly as it is now, in its current location, using the same materials and workmanship. Even when the economy is slumping and home values go down, the cost of building (labor and materials) may show no signs of decline.

A related misconception is that new home prices reflect the cost to rebuild. Rebuilding a home is almost always more expensive than building a comparable new one…demolition and removal of a destroyed home must occur before re-building even begins, local ordinances often place regulations on demolition that can increase expenses, builders can’t { LOOKING FOR MORE?

Midterm policy review weabenefits.com/exam

Set up a phone consult weabenefits.com/consults

Do you really have enough coverage to rebuild your house in the case of loss?buy materials at volume discounts when working on a single home, and it generally takes longer due to the complexities of rebuilding.

Failing to have insurance reviewed or adjusted

Another reason homeowners may find themselves without enough coverage is that they buy their policy and never look at it again.

“It’s recommended that you review your insurance coverages at least every other year, but it’s especially important to adjust your policy when you make improvements like adding a deck, a bathroom, or updating your kitchen,” says Schofield.

Some companies offer inflation guard protection that automatically adjusts your coverage limits by a certain percentage each year to help keep up with increases in material and personal property costs. However, members shouldn’t rely solely on this to keep their coverage current.

Member Benefits offers a Midterm Policy Exam. “We provide an evaluation of how well your policies manage your risks, verify that your policy information is up to date, and make sure you are receiving all available discounts,” says Schofield. It’s easy to complete the exam online at weabenefits.com/exam.

HOW MUCH HOUSE WILL YOUR POLICY BUILD?

Planning to buy a new home or make home renovations this summer? Give one of our personal insurance consultants a call for a free insurance evaluation and to learn about the different types of homeowners policy coverages and appropriate limits for the physical structure of your home, your personal belongings, and liability to others. Set up your personal appointment at weabenefits.com/consults.

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leaves the relationship? Consult a real estate attorney to discuss this and other possible issues and options.

• Create a household budget. Before you move in, create a budget that includes rent/mortgage, utilities, and all other household expenses. Use our fillable budget sheet at weabenefits.com/budget.

• Decide how to handle new purchases. If you’re living together, purchasing items individually, like a TV, may make for a “cleaner” separation if the chemistry fizzles. For example, the person who paid for the TV would be entitled to it, and the person who bought the sofa can take it or swap it with their partner for something else.

• Keep good financial records. Keep receipts, bank statements, credit card statements, or a journal of shared expenses and purchases to make it easier to work out your budget together or divide things up later if needed.Whether you marry or not, sharing

expenses can be a real financial advantage for both of you. However, right or wrong, the laws favor those who marry in some ways, including:• Receiving your spouse’s property

in the event of death without a will. Spouses can receive an unlimited amount of assets without paying a cent of federal estate tax.

• Tax advantages for married couples. Despite all the noise about the “marriage tax penalty,” an analysis by the Congressional Budget Office found that half of married couples actually paid less taxes than they would’ve if they had stayed single. This is especially true for couples who have disparate incomes.

• Receiving survivor’s benefits from retirement plans and Social Security.

• Having the right to receive property settlements and support in the event of divorce.

• Increased access to health insurance.• Less expensive insurance. According

to Money magazine, there can be a significant drop in annual premium when applying for auto insurance as a married couple. You may also find cost advantages with long-term care and life insurance premiums.

• Better loan offers since two incomes are greater than one.

Keep on refiningWhatever your circumstances, managing

your money is a lifelong process. It’s wise to prepare a plan for the inevitable changes along the way. Having children, new health issues, moving, or other circumstances can alter your financial values and goals dramatically. Your definition of “needs” and “wants” may change, as well as your short- and long-term goals.

A 2013 HSBC survey reports that people saved 49 percent more if they had a financial plan to save money. The survey concluded that it was “a cause and effect relationship.” It also stated that the results were not simply a matter of having more resources to start with but of using them wisely.

For best results...Before making the big commitment,

whether it’s living together or getting married, prepare for the financial impact. A financial plan you both agree on can enhance the quality of your life and provide support to your relationship by reducing the stress that financial issues can cause.

It can be difficult to broach the subject of money and finances. The quiz on page 5 is a great conversation starter. Schedule a time to sit with your partner and go through the questions in a casual and nonthreatening environment.

Ground rules:• Be open to each other’s point of view

and withhold your judgement. • Identify the things you agree on.

Finding common ground can create a positive foundation and help you deal with areas where you don’t agree.

• Talk through the biggest differences—those that are likely to cause the most problems. Share your reasoning and points of view with each other and look for solutions you can both live with.

• Write it all down so there’s no room for misunderstandings later on.

• You may not resolve every difference in one discussion and that’s ok.

• Check in with each other to see if your plan is working and tweak it as needed.

Seek additional guidanceIf your financial discussions reveal that

you and your partner aren’t on the same financial page and you’re not able to resolve the differences, consider reaching out to a financial counselor. It can help you understand each other’s views about money and develop a joint money strategy that incorporates both of your individual ideals.

Financial planning might not be romantic, but there is peace of mind and real financial advantages for both of you by better understanding one another, sharing the same goals, and working together.

Financial Planning ServicesMember Benefits offers four options to fit your needs

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This article is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action. All investment advisory services are offered through WEA Financial Advisors, Inc.

One-Hour Consultation: For those just starting out or those new to investing, we can help you evaluate your retirement savings options and determine your goals.

Portfolio Analysis: This provides a comprehensive analysis of your current investment portfolio and gives you recommendations.

Retirement Income Projection: If you are 11+ years from retirement and wondering if you’re on track, we can help you discover adjustments you may need to make.

Retirement Income Analysis: If you are within ten years of retirement, this service will help you evaluate your current financial position and determine your readiness for retirement.

INFO AND VIDEO: weabenefits.com/financialplanning.aspx

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Motorcycle enthusiasts will tell you that there’s nothing like riding on the open road beneath the long-awaited Wisconsin summer sky.

Perhaps Robert M. Pirsig, author of Zen and the Art of Motorcycle Maintenance, captures it best. “On a cycle the frame is gone. You’re completely in contact with it all. You’re in the scene, not just watching it anymore, and the sense of presence is overwhelming.”

If you are a cyclist or considering taking up this popular pastime, recognize the additional risks that go along with it. Face it. Motorcycles are no match for other vehicles on the road, and the total exposure of the rider requires certain precautions be taken to ensure a fun and safe experience. Use common sense before you head out on the road.

Enjoy the ride this summer, but keep it safe.

• Always wear a helmet that fits right and meets federal safety standards.

• Improve your skills with advanced rider courses.

• Stick to the speed limit.

• Don’t tailgate other vehicles.

• Use your signals.

• Be respectful of other drivers. Don’t weave through traffic or drive on the shoulder.

• Make sure other drivers can see you. Don’t ride in blind spots and always ride with your headlights on.

• Watch the weather.

• Educate your passengers.

Need motorcycle insurance? Call us at 1-800-279-4010.

Property and casualty insurance programs are underwritten by WEA Property & Casualty Insurance Company.

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Scholarships awarded to educators

WEA Trust Member Benefits is pleased to award scholarships to four attendees of the National Institute for Financial and Economic Literacy (NIFEL) program hosted by Edgewood College in Madison.

The NIFEL program provides educators with the tools and expertise they need to help students be better prepared to make sound financial decisions.

The scholarships go to:

Mary Dahler, Middleton High SchoolMary will be teaching seven sections of

Personal Finance next year and says the NIFEL information will be a great enhancement to the curriculum.

Michael Goecks, Brodhead High SchoolMichael wants to bring more real world

experiences to his class and help students learn how to make their money work for them.

Holly Kanvik, Sennett Middle School Holly is diving in to all three sessions of

NIFEL this summer for her Family and Consumer Science classes.

Lexa Speth, New Glarus Middle SchoolLexa is looking forward to learning strategies

to teach her students the connections between paychecks and taxes, as well as the importance of entrepreneurship.

Shine the light on your financial mentorDo you know someone in your district who goes the extra mile to

help others build financial security? Maybe it’s you!

Last year, ten public school employees were nominated and received our Financial Mentor Award (see the Fall 2013 your$ magazine). These individuals take the time to give financial encouragement, advice, and guidance to their colleagues.

Why not take a minute to submit your nomination(s) for the 2014 Financial Mentor Award? They will be mentioned in the next your$ and will receive a certificate of recognition.

Go to weabenefits.com/mentor.

Nominations due September 5, 2014.

WANT MORE:For more information about NIFEL educational opportunities, visit wdfi.org.

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Life HappensMake sure your beneficiary designations keep up with the changes

In April, you may have received a letter from us reminding you to review and update your retirement savings account beneficiary information. We took a record number of calls from participants, many of whom had not reviewed and adjusted their beneficiary designations after a major life event such as divorce or the death of a spouse or family member.

If you haven’t reviewed the beneficiaries on your retirement accounts, take the time to do it. Log into weabenefits.com/yourmoney to review and update.

Here’s why it’s so important. The named beneficiaries on your retirement accounts supersede your will. This is not limited to accounts you have with us. It’s true for any retirement savings account, 403(b), 401k, IRA, and your WRS pension account, as well as your bank accounts, brokerage accounts, life insurance, and annuity policies.

Beneficiaries matter The who’s who of beneficiaries.

✓ Primary beneficiary...is entitled to the proceeds of the account upon death of the account owner. In Wisconsin you aren’t required to name your spouse as a beneficiary on your account. However, because of Wisconsin’s marital property law, your spouse could claim their right to 50% of your account even if he/she is not named as a beneficiary. A spouse is like the king or queen of beneficiaries—they have more rights than non-spouses and greater flexibility with an inherited retirement account, allowing them to liquidate the assets or roll them over to their own retirement plan or IRA.

✓ Contingent beneficiary...or secondary beneficiary receives benefits at the time benefits are to be paid only if the primary beneficiary has died.

The 403(b) retirement program is offered by the WEA TSA Trust. The Trustee Custodian for the WEAC IRA accounts is Verisight Trust Company.

PRESORTED STANDARD

US POSTAGE PAID

MADISON WI PERMIT NO 2750

PO Box 7893, Madison, WI 53707-7893

“Member Benefits’ service was incredible. We like the competitive rates and excellent service. They are always there to help. It’s good to know we can count on that.” Joanne and Rick Weiler

Members since 1985

When the storms were over… we covered the obvious and the surprises.

your peace of mind. When the unexpected happens, we’re there for you.

Exclusively

serving the

Wisconsin education

community for

over 40 years.

Property and casualty insurance programs are underwritten by WEA Property & Casualty Insurance Company. The terms and conditions of your coverage are exclusively controlled by your written policy. Please refer to your policy for details. Certain policy exclusions and limitations may apply.

No one protects educators like you better than Member Benefits. After all, we were created by Wisconsin educators to exclusively serve Wisconsin educators and their families. No other company can say that.

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