Category: Fiscal Wellness

Fiscal wellness is the ability to understand our financial situation. This involves being able to control and maintain a balance of income and expenditures. It is important to make financial decisions that allow one to save, invest and plan for the future.

WRS Webinars in December

ETF is offering a series of 30-minute, live, interactive webinars designed to increase your understanding of Wisconsin Retirement System benefits. Individuals can also ask questions at the end of these sessions. To avoid connectivity issues during webinars, we highly recommend using Google Chrome as your web browser.

Variable Fund
Does putting money in the Variable Fund make sense for you? You and your employer put money in to your WRS account to save for your future. The money in your account is then invested to increase your savings. By default, your money goes into the Core Fund, but you can choose to put half your money into the Variable Fund.

By the end of this presentation, you will be able to:

  • Define Variable Trust Fund and explain how it works.
  • Analyze how the Variable Fund can affect your retirement benefit.
  • Elect to join or cancel the Variable Fund.

    Mon, Nov 29, 2021 6:00 pm – 6:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/2885050759262337808

Preparing for Your Retirement
Planning to retire in the next 1-10 years? Then this webinar is for you.

We’ll discuss:

  • The money you and your employer have put towards your retirement account.
  • How your retirement account grows through investments.
  • When you can retire.
  • Options for receiving your retirement benefit.
  • Rules you must follow if you return to work after retiring.
  • What happens to your account after you die.
  • Changes to your health and life insurance in retirement.

Learn in a way that fits your schedule (workday or evening). Attend this presentation in a live webinar!

Wed, Dec 1, 2021 1:00 pm – 2:00 pm
Mon, Dec 13, 2021 6:30 pm – 7:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/2273159340156240144

Additional Contributions
Looking to increase your WRS retirement? Learn how Additional Contributions can increase your WRS retirement benefit.

By the end of this presentation, you will be able to:

  • Define additional contributions.
  • Identify how additional contributions increase your retirement fund.
  • Arrange to make additional contributions to your WRS account(s).
  • Find and use ETF resources to calculate your additional contribution amount.

Thu, Dec 9, 2021 6:00 p.m. – 6:30 p.m.
Wed, Dec 15, 2021 1:00 p.m. – 1:30 p.m.
Tue, Dec 28, 2021 11:00 a.m. – 11:30 a.m.

To register, go to: https://attendee.gotowebinar.com/rt/1677653951083230992

Annuity Options
When you get your retirement estimate, you’ll see that there are many options for receiving your retirement benefit. You can choose to receive the payment for your life or extend it beyond your life to your loved ones. The choice is yours. We’ll discuss how each option impacts the size of your payment and affects your loved ones.

By the end of this presentation, you will be able to:

  • Define and explain annuity, annuitant, beneficiary and named survivor.
  • Compare the different annuity options.
  • Find resources with more information.
  • Identify the next steps for you to choose an annuity option.

Wed, Dec 1, 2021 11:00 a.m. – 11:30 a.m.
Thu, Dec 9, 2021 1:00 p.m. – 1:30 p.m.
Thu, Dec 16, 2021 6:00 p.m. – 6:30 p.m.

To register, go to: https://attendee.gotowebinar.com/rt/3852572613792505870

Choosing When to Retire
Did you know that when you retire can change how much money you get in retirement? We’ll discuss how retiring throughout the year can change your retirement benefit. We’ll also answer one of the most common questions we receive: “Should I retire in December or January?”

By the end of this presentation, you will be able to:

  • Define Wisconsin Retirement System termination date and WRS benefit effective date.
  • Research and prepare to choose a benefit effective date.
  • Choose a benefit effective date to receive your best benefit.
  • Find resources to help you choose a benefit effective date.

Thu, Dec 2, 2021 1:00 p.m. – 1:30 p.m.
Mon, Dec 6, 2021 6:00 p.m. – 6:30 p.m.
Mon, Dec 13, 2021 11:00 a.m. – 11:30 a.m.

To register, go to: https://attendee.gotowebinar.com/rt/5310278741019361552

REGISTER FOR A WEBINAR

TIAA Virtual Meetings Available in October and November

Meet with a financial consultant at University of Wisconsin System in a Virtual Counseling Session

No matter where you are in life—just getting started or planning for retirement—a session with a TIAA Financial Consultant can help you create a plan for your goals. And, it’s at no additional cost as a part of your retirement plan.
You’ll get answers to these questions and more:

  • Am I invested in the right mix of investments to help meet my goals?
  • Am I saving enough to create the retirement income I need?
  • How do I take income from my retirement account once I stop working

TIAA will be available these dates and times for one-on-one sessions

  • Monday, October 4, 2021 1:00 p.m. – 4:00 p.m. Virtual Meeting
  • Tuesday, October 12, 2021 8:00 a.m. – 2:30 p.m. Virtual Meeting
  • Tuesday, October 19, 2021 10:00 a.m. – 4:00 p.m. Virtual Meeting
  • Wednesday, October 20, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Wednesday, October 27, 2021 8:00 a.m. – 2:30 p.m. Virtual Meeting
  • Monday, November 8, 2021 1:00 p.m. – 4:00 p.m. Virtual Meeting
  • Tuesday, November 16, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Wednesday, November 17, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Tuesday, November 23, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting

RSVP today, as space is limited. Register for sessions at www.TIAA.org/schedulenow or by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). We look forward to working with you.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any
particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

The TIAA group of companies does not offer tax advice. See your tax advisor regarding your particular situation.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

Deadline to Earn Your Well Wisconsin Program Incentive

Earn your $150 Well Wisconsin Program incentive by completing a health assessment, health check, and one well-being activity by October 8, 2021. You are eligible to earn the $150 Well Wisconsin Program incentive if you are enrolled in the State Group Health Insurance Program. Spouses are also eligible if they are enrolled in the State Group Health Insurance Program.

Health Assessment: Log into the WebMD website and answer the assessment questions online. The assessment will take approximately 10-15 minutes.

Health Check: Choose from the below options to complete this requirement:

    • Biometric Screening: Check the WebMD website for future clinics located near you. Otherwise, request an at-home screening test kit by logging into the WebMD portal or contacting WebMD via phone. Test kits must be requested by September 17, 2021.
    • Health Care Provider Form: Report your height, weight, and blood pressure from a visit with your health care provider. Your health care provider does not need to sign this form.
    • Preventive Dental Exam: Get a dental cleaning to meet this requirement.
    • Health Coaching Call: Discuss your current health with a WebMD health coach, set well-being goals and explore solutions to help you attain your goals.

Well-being Activity: Select an activity from the WebMD website and get it done!

To learn more, review the UW System Well Wisconsin Program web page.

Source: UW System Human Resources

Wellness Incentives are Taxable

The State of Wisconsin extends financial incentives to employees through the Well Wisconsin employee wellness program. If you are covered under the State of Wisconsin Group Health Insurance program, you and your spouse (if covered under the State Group Health Insurance Program) were eligible for the $150 Well Wisconsin incentive if you completed a health check, the WebMD/StayWell health risk assessment and a Well-Being activity. WebMD/StayWell is the State of Wisconsin wellness program administrator.

Per guidance from the federal government and the Internal Revenue Service (IRS), the wellness incentive benefits are classified as taxable fringe benefits. This means that any financial incentive you receive from the program is taxable income for state and federal tax purposes.

What this means for you:

  • Financial incentives will be reported as taxable wages and subject to applicable withholdings and taxes. You will see withholdings for all incentives issued in the current calendar year reflected on your May, August, or December pay stub. This will include incentives issued to your eligible family members.
  • Withholding may include 7.65% for Social Security and Medicare if the employee is FICA Eligible and may include federal and state withholding, depending on the number of exemptions you claimed on your W-4. Note: Some individuals may have met their Social Security Tax maximum in 2021 $8,680.00 and therefore, they may only have Medicare Tax withheld.
  • Federal regulations require your employer to receive financial data regarding incentives issued to employees and their covered family members. Your health information is protected by federal privacy regulations and is not shared with your employer.

Even with the federal government’s tax regulations, eligible employees and their spouses are able to receive substantial financial rewards for using the wellness incentives offered by the State of Wisconsin.

For questions about the $150 Well Wisconsin incentive contact StayWell at https://www.webmdhealth.com/!contact-us or 1-800-821-6591. If you have additional questions, please contact hr@uwgb.edu.

Source: UW System

Wisconsin Strong Women Webinars in August

Register for Wisconsin Strong Webinars in August

Check out these 30-minute Wisconsin Strong webinars: Investments 101 for Women on August 3; Retirement Planning for Women on August 10; and Take Control of Your Finances on August 25. Webinars are free of charge and presented by Empower Retirement and Summit Credit Union.

Empower Retirement is the third-party administrator of the Wisconsin Deferred Compensation Program. The WDC is an optional, supplemental retirement savings plan (457) for all working state and university employees. Local government and school district employees may also use the WDC if their employers offer it.

Retirement Planning for Women
Event: August 10

Women face more challenges than men when saving for retirement. In this webinar, learn more about why that is and what you can do to reach your retirement goals and become more confident about your financial future. Presented by Empower Retirement.

Register for session: August 10 at 8:30 a.m.

Take Control of Your Finances
Event: August 25

Feel like you’re living paycheck to paycheck? Find that you’re using a credit card to pay for things more often than you’d like? This webinar can help you get back on track. Learn how to make choices that fit the lifestyle you want to live and establish new habits that will set you up for money management success. Presented by Summit Credit Union.

Register for session:

August 25 at 8:30 a.m.

August 25 at 5:30 p.m.

Wisconsin Strong
These webinars are a part of the Wisconsin Strong: Your Financial Security™ program, offered by the Department of Employee Trust Funds, to empower members and their families to build financial security and achieve financial wellness at any age. You’ll find free financial wellness education, resources, and tools at etf.wi.gov/wi-strong. Follow along at #WIStrongSecurity.

TIAA Virtual Meetings Available in August and September

Meet with a financial consultant at University of Wisconsin System in a Virtual Counseling Session

No matter where you are in life—just getting started or planning for retirement—a session with a TIAA Financial Consultant can help you create a plan for your goals. And, it’s at no additional cost as a part of your retirement plan. You’ll get answers to these questions and more:

  • Am I invested in the right mix of investments to help meet my goals?
  • Am I saving enough to create the retirement income I need?
  • How do I take income from my retirement account once I stop working?

TIAA will be available these dates and times for one-on-one sessions:

  • Tuesday, August 10, 2021 11:00 a.m. – 4:00 p.m. Virtual Meeting
  • Wednesday, August 11, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Friday, August 20, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Tuesday, August 24, 2021 9:00 a.m. – 4:00 p.m. Virtual Meeting
  • Tuesday, September 7, 2021 10:00 a.m. – 4:00 p.m. Virtual Meeting

RSVP today, as space is limited. Register for sessions at www.TIAA.org/schedulenow or by calling 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET). We look forward to working with you.

Click here to register for a virtual consultation with TIAA.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

The TIAA group of companies does not offer tax advice. See your tax advisor regarding your particular situation.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations. 

WRS Webinars Offered in July & August

ETF is offering a series of 30-minute, live, interactive webinars designed to increase your understanding of Wisconsin Retirement System benefits. Individuals can also ask questions at the end of these sessions. Visit our webinar page to learn more about any of the following sessions. Here is what others have said about our webinars:

Beneficiary Designations – What Happens to My Account When I Die?
Death is never easy to talk about, but it’s important to know where your money is going. Learn what happens to your WRS account when you pass away, why it’s important to designate a beneficiary and the importance of keeping your account up to date.

By the end of this presentation, you will be able to:

  • Define beneficiary and standard sequence.
  • Explain the importance of a beneficiary form.
  • Identify who or what could be a beneficiary.
  • Select the appropriate beneficiary form.
  • Update your beneficiary.

Thu, July 8, 2021 11:00 am – 11:30 am
Mon, July 12, 2021 1:00 pm – 1:30 pm
Mon, July 19, 2021 6:00 pm – 6:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/2945405148965240335

Newly Retired? What to Expect
When you first retire you may experience several changes.

We’ll help prepare you for some of these changes by discussing:

  • When and how to change your retirement benefit payment option.
  • When you’ll receive tax information.
  • What mailings you will receive.
  • Why your monthly payment may change.
  • Rules you must follow if you return to work for a position under the WRS.

Thu, July 15, 2021 11:00 am – 11:30 am
Wed, July 21, 2021 1:00 pm – 1:30 pm
Thu, July 29, 2021 6:00 pm – 6:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/9085128655494175247

Overview of the Wisconsin Retirement System
Are you new to the Wisconsin Retirement System? We’ll let you know what to expect.

By the end of this presentation, you will be able to:

  • Identify and explain the elements of the Wisconsin Retirement System.
  • Explain how the WRS pension works.
  • Identify benefits available through the WRS.
  • Find resources for more information.

Wed, July 14, 2021 6:00 pm – 6:30 pm
Tue, July 27, 2021 1:00 pm – 1:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/7009006611178040077

Additional Contributions
Looking to increase your WRS retirement? Learn how Additional Contributions can increase your WRS retirement benefit.

By the end of this presentation, you will be able to:

  • Define additional contributions.
  • Identify how additional contributions increase your retirement fund.
  • Arrange to make additional contributions to your WRS account(s).
  • Find and use ETF resources to calculate your additional contribution amount.

Mon, Aug 9, 2021 6:00 pm – 6:30 pm
Wed, Aug 18, 2021 11:00 am – 11:30 am
Tue, Aug 24, 2021 1:00 pm – 1:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/2243724316597313293

Annuity Options
When you get your retirement estimate, you’ll see that there are many options for receiving your retirement benefit. You can choose to receive the payment for your life or extend it beyond your life to your loved ones. The choice is yours. We’ll discuss how each option impacts the size of your payment and affects your loved ones.

By the end of this presentation, you will be able to:

  • Define and explain annuity, annuitant, beneficiary and named survivor.
  • Compare the different annuity options.
  • Find resources with more information.
  • Identify the next steps for you to choose an annuity option.

Wed, Aug 4, 2021 6:00 pm – 6:30 pm
Wed, Aug 11, 2021 1:00 pm – 1:30 pm
Thu, Aug 26, 2021 11:00 am – 11:30 am

To register, go to: https://attendee.gotowebinar.com/rt/2370337478582501389

WRS Retirement Benefit Calculation Methods
Have you requested a retirement estimate? Thinking about it? In this webinar we’ll discuss how we calculate your retirement benefit.

Thu, Aug 5, 2021 1:00 pm – 1:30 pm
Wed, Aug 11, 2021 11:00 am – 11:30 am
Thu, Aug 19, 2021 6:00 pm – 6:30 pm

To register, go to: https://attendee.gotowebinar.com/rt/623379528302479885

Preparing for Your Retirement
Planning to retire in the next 1-10 years? Then this webinar is for you.

We’ll discuss:

  • The money you and your employer have put towards your retirement account.
  • How your retirement account grows through investments.
  • When you can retire.
  • Options for receiving your retirement benefit.
  • Rules you must follow if you return to work after retiring.
  • What happens to your account after you die.
  • Changes to your health and life insurance in retirement.

Learn in a way that fits your schedule (workday or evening). Attend this presentation in a live webinar!

Wed, Jul 14, 2021 10:00 am – 11:30 am
Wed, Jul 28, 2021 6:30 pm – 8:00 pm
Tue, Aug 10, 2021 1:00 pm – 2:30 pm
Wed, Aug 25, 2021 6:30 pm – 8:00 pm
Thu, Sept 9, 2021 10:00 am – 11:30 am
Thu, Sept 23, 2021 6:30 pm – 8:00 pm

To register, go to: https://attendee.gotowebinar.com/rt/2273159340156240144

Click here to register for a Webinar!