Financial Wellness
People Resources - Week of March 8th
Why Financial Wellness?
Invest In Your Retirement
According to WEA Member Benefits, as a public employee, you have a unique opportunity to invest for your retirement through a 403(b)/457(b) retirement plan, sometimes referred to as a tax-sheltered annuity (TSA). It’s similar to the 401(k) offered in the private sector.
Offered through Wausau School District, 403(b)/457(b) plans:
- Are salary deferral plans that allow you to contribute to your retirement through the convenience of payroll deduction.
- Offer you the opportunity to build up retirement savings and direct your savings investment to best meet your goals and personal situation.
- Accept contributions on a before-tax and/or after-tax (Roth ) basis. Please check with a Benefit Specialist to see what type of contributions are permitted or click to learn more about 403(b)/457(b) Savings Plan Information.
The benefit of contributing to a 403(b)/457(b)
A 403(b)/457(b) investment allows you to fill any shortfall in your retirement income that may not be satisfied by your Wisconsin Retirement System (WRS) pension plan and Social Security benefit. Retirees are living longer and are more active in retirement and savings outside of traditional sources is becoming increasingly important.
Still have questions?
Visit IRS.gov for Frequently Asked Questions.
Investopedia explains the difference between 403(b) and 457(b) plans.
EducatorFI shares a flowchart comparing a 403(b) and a 457(b).
Here's another helpful chart from 403bwise.
WEA Member Benefits - Women and Retirement
March is National Women’s History Month. This month-long celebration is a chance to acknowledge women’s contributions to history, culture and society. With over 80% of Wisconsin Educators being Women, it is our distinct pleasure at Member Benefits to celebrate all of you!
Statistics tell us that in general, women tend to be less confident in their financial journey to retirement but are certainly not less competent than their male counterparts. Member Benefits is developing a series of Webinars designed to empower women to be confident in retirement!
Please join Kelly Behnke from Member Benefits. Kelly is a woman with diverse experience that has fostered empowerment in her own life, financially and otherwise. With this perspective, she will relate the facts, tools, services and mindset most needed for a secure financial journey to retirement.
Use this link to choose one of the two Live opportunities to attend. WEA Member Benefits will also be recording the presentations which will be available to view for 30 days after each live version. As an additional Thank You WEA Member Benefits will be providing an opportunity to receive one of 6 $25 Amazon Gift Cards for Registered attendees. You are also encouraged by WEA Member Benefits to invite the women most important to you, family, friends, colleagues who would benefit from this very important message.
Understanding Wisconsin Retirement System (WRS)
Take The Financial Fitness Challenge!
The Wisconsin Strong Financial Fitness Challenge is under way for all Wisconsin Retirement System members and their families. The challenge offers participants free access to financial wellness education, resources, and tools to build financial security.
Take the challenge now! Go to https://financialfitnessgroup.com/wi-strong/.
- Start with a five-minute Financial Fitness Checkup, and then take advantage of hundreds of interactive courses, articles, and videos (a $1,000 value).
- Complete and pass at least five Financial Fitness Academy courses with a score of 70% or higher to earn points and certificates of completion.
Challenge participants will receive a personalized playlist of courses on topics such as debt management, budgeting, investments, estate planning, and retirement planning. Courses and quizzes take about 15 minutes to complete.
“This program is a great way to learn about strengthening your personal and family finances,” said Robert J. Conlin, Secretary of the Wisconsin Department of Employee Trust Funds. “I encourage public employees, retirees, and their families to take the challenge.”
“We are thrilled to introduce this new comprehensive financial wellness program,” said Kathy Blumenfeld, Secretary of the Wisconsin Department of Financial Institutions. “This program will encourage and support healthy financial practices on an ongoing basis, not just in times of need or emergency, and it will help participants increase their preparedness for unexpected expenses and important financial decisions ahead.”
The Challenge: The Wisconsin Strong Financial Fitness Challenge is anonymous and only requires an email address and password to participate. Participants login to access the self-assessment checkup and academy courses anytime during the duration of the challenge beginning today and continuing through 2021. The secure site is powered by the Financial Fitness Group and will reach the entire Wisconsin Retirement System, including 260,000 employees and 215,000 retirees.
Wisconsin Strong: The Wisconsin Strong Financial Fitness Challenge is a part of the Wisconsin Strong: Your Financial Security™ program to empower members and their families to build financial security and achieve financial wellness at any age. Visit etf.wi.gov/wi-strong and follow along at #WIStrongSecurity.