November 11, 2019

Financial Advisors here for National Retirement Security Week

Please Contact Denise Frye, Benefits Administrator, at dfrye2@umw.edu with questions about the information below. 

Saving for retirement doesn’t have to be complicated.  We would like to help you establish a more secure future during National Retirement Security Week, October 20-26 2019.  One small step will go a long way for your financial future.  Starting this week, one of the things you can do on your way to retirement is to start saving as soon as you are able to.  If you are not able to save more this week, make a budget or plan a goal to start as soon as you can.  Our Financial Advisors offer you the opportunity to plan for your retirement and savings.  Workshops and individual sessions will be available, please see details below. 

Our Financial Plan Advisors are available to conduct on-site department meetings and/or one-on-one individual consultations to help gain awareness of the benefits of the employer Defined Contribution Plans.

One-on-One Consultations with a Financial Plan Advisor include the following:

  • Managing your account online
  • Reviewing your contributions
  • Investment awareness
  • Beneficiary and planning review

Scheduled Campus Visits are as follows: 

Our VRS Defined Contribution Plan Specialist (457 Deferred Compensation and  Hybrid) will be in George Washington Hall, Room 215B on October 29, November 19, and December 3.  You may set up an appointment by registering at https://icmarc.secure.force.com/events?SiteId=a0lf1000006PZv8AAG .

Link to Upcoming 457 Deferred Compensation and Virginia Cash Match Live Webinars as well as Upcoming Hybrid Defined Contribution Component Live Webinars .

Our TIAA Financial Consultant, will be in George Washington Hall on October 21 & 28, 2019.  Registration at  www.TIAA.org/schedulenow   TIAA will also host workshops on Monday, December 2 and one-on-one consultations.

Our MetLife Financial Advisor will be in George Washington Hall on October 22, 2019.  Registration by calling (540) 429-4705 or email at gmarsh@financialguide.com

Our VALIC Financial Advisor will be in HCC Room 307 on Thursday, October 24 for a financial workshop.  Join her for an educational workshop to help you Plan for 100. Registration code 4513FRE11AG

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Reserve your spot

For Hybrid Retirement Plan Members Only:

(Hired on or after 1/1/2014) 

December 16th deadline  for Hybrid Voluntary Contribution Changes

To encourage Hybrid participants to maximize their retirement savings, the Hybrid Retirement Plan was designed with an auto escalation feature.  Every three years, members’ voluntary contributions to their Hybrid 457 Deferred Compensation Plan will automatically increase by .5 percent until it reaches the maximum 4 percent (the University will match your contribution up to 2.5%).  The next automatic escalation takes place on January 1, 2020 unless you opt out.

Why You Should Be Saving with Voluntary Contributions

  • Employer Match – Consider boosting your voluntary contribution amount to 4 percent. If you save 4 percent, you’ll receive 2.5 percent in employer matching contributions!
  • Tax Savings – Taxes are deferred on both contributions and earnings, allowing you to pay less in taxes now.
  • Link to your retirement plan https://www.varetirement.org/hybrid/plan-info/voluntary-contributions.html

Beth Williams

Executive Director for Human Resources

University of Mary Washington

540 654-1294

bwilli22@umw.edu

1301 College Avenue

George Washington Hall, Room 203

Fredericksburg, VA 22401