Newest of news from NYSUT MEMBER BENEFITS (clink on link) Editor Ad

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Updated information from NYSUT!- member benefits (clink on link) Editor Ad 2-08

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Newest information from NYSUT! -Member benefits (click on link!)Editor 12-07

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Did you know?   Verizon cell phones have a discount program for educators?  (actually, all public employees)  If you subscribe to Verizon Cell Phone service you can get a 19% discount on the serivce portion of your bill.  Simply ask for the form at your local dealer, call the number on your phone bill, or go to the website.  If you are looking to change providers, be sure to tell the sales rep that you want the discount (they don't ask...a graduate of CHS told me of the deal).  All you need is proof of employment and the bill in your name. I don't know if other providers have such a program, wouldn't hurt to ask.

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Are you getting ready to retire?  Starting to plan early?  In-person consultations are available for your assistance.  In Cortland (758-5100), McEvoy Eduational Center, 1710 Route 13.

APPOINTMENTS ARE SCHEDULED DURING REGULAR BUSINESS HOURS, MONDAY THROUGH FRIDAY, YEAR-ROUND.  CALL THE SITE TO MAKE YOUR APPOINTMENT! 

Please do not wait until the last minute, appointments times fill fast.   Don't rely on others for your information!

General NYSTRS Workshops: Call 800-356-3128, ex.6180, to register.


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Let's open today's class with a pop quiz.

Your pension plan is:
a. A defined-benefit plan
b. A 401 (k) ... or is it a 403 (b)?
c. In a file folder ... hold on a sec, I'm sure it's around here somewhere.
d. I have a pension plan?

We understand.
      Between chasing kids all day and then putting out fires on the home front, few of us have the time--or the expertise-to delve into the nuances of our pension plans.But it's a mistake to ignore this vital piece of your compensation. In fact, with more than a few legislators around the country aiming to chip away at public employees' retirement plans, a little information might prepare us to guard against encroachments.
      So today's class features two simple lessons brought to you by members who serve on state pension boards, poring over spreadsheets and quizzing pinstriped financial types on your behalf. (And, can we ever thank them enough?)
second type of pension, known as defined-contribution (DC) plans. Heavily used in the private sector, plans such as the 401(k) define how much the employer and employee pay into the retirement account. But the amount eventually available during retirement depends on how well the employee invests the money-a risky proposition. When the stock bubble burst in 2000, you may recall, many workers with DC plans found their nest eggs decimated, forcing them to delay retirement or rejoin the work force.
Which brings us to...
number of years you work, your earnings, and your age at retirement. You crunch the numbers and calculate that your pension will bring in, say, $2,200 a month-for life. Most also offer joint survivor benefits and annual cost-of-living adjustments to guard against inflation.
'With a defined-benefit plan, you'll know exactly how much you're getting,' says retired teacher Richard Lansford, a trustee of the Colorado Public Employees' Retirement Association. 'If you live to be 95, as my father did, you can't outlive it. It gives you security.' That sense of security is conspicuously lacking from the Lawmakers looking to trim budgets and ideologues who favor turning the pension business over to the Wall Street types have taken aim at public pension systems. They've been quiet the past few years, says Max Bochmann, a school bus mechanic and a trustee of the Illinois Municipal Retirement Fund, because advocating that workers be allowed to invest their own retirement funds has been a tough sell in a down market. 'As soon as the market picks up, they'll begin to push again.' This year, lawmakers in states such as California and Virginia-with their eyes on reducing the
government's obligation and getting you to shoulder more of the risk-could very well introduce bills proposing that public employees be brought into a DC retirement plan. It happened to Colorado state employees last year, notes Lansford, where the governor pushed through a new DC option for state workers beginning in 2006. (In California, the “Terminator” is trying just this!) Could public school employees be next? 'That's our big concern," says Lansford. 'It's a foot in the door.'
      Don't let it happen to you, says Clare Barnett, a social studies teacher in Danbury, Connecticut, and vice president of the National Council on Teacher Retirement. 'This is a sleeper issue,' says Barnett, “and you may not see it coming. Many members rely on NYSUT leaders and trustees on the front lines to protect them. But everyone needs to be vigilant. It's time to get educated on the issue, and if the time comes, to fight for it."
Class dismissed.
-JOHN O'NEIL






If your income doesn't match your spending, try our financial fitness tips for the new year.
BY MARY ROWLAND

Did you make a New Year's resolution to get your personal finances in order?
If so, you're not alone. Over the two decades that John Norcross, a professor of psychology at the University of Scranton, has been studying resolutions, improving personal finances has always been among the top five, along with losing weight and giving up nicotine or alcohol.
When you think about it, dieting and budgeting have a good deal in common.
Each requires modifying your behavior--and your attitude. You have to learn to feel satisfied on less, rather than abstaining altogether.Experts say that many people who overspend do so because they believe clothes, makeup, cars, or sports equipment can enhance their image. Or maybe they find themselves pouring money into a hopeless relationship. If you have any self-esteem problems, best to address those first. But many Americans get into debt simply from inexperience, because they spend more than they earn, and because, with credit so available, it’s so easy.
Some tips to steer you toward financial health:

Add it up.

Most financial planners advise tracking just where your money goes. Write down everything you spend-from that cup of latte to your car payment-for two weeks or a
month. Then extrapolate from your spending diary to estimate what you spend in a year. Make sure to add in occasional big expenditures, such as semiannual insurance premiums or holiday spending. You may well find that you're spending more money on some items-such as eating out or on DVDs-than you thought. This information is the starting point for cutting your spending and bringing it back into balance with your income.
Fund your goals.

Oh you say, but I'm not a 'ledger type' who's going to chronicle every expense. Then put your energy into funding your priorities, with the help of online banking. Decide first on your goals: paying off debt, saving for retirement, or creating a college fund. Set up an online account with automatic bill paying, and set aside money from your account for each goal, instructing the bank to make automatic payments. That way your be sure to fund your important goals, rather than just your day-to-day expenses.
Challenge yourself.

Try deducting a bit more than you think you can afford for savings. If your savings and checking account are at the same bank and require merely a quick transfer from
one to the other, you can make it a game to see how long you can last without the
big chunk taken out for savings. Alternatively, some planners advise clients to open a savings account at a small bank without an ATM and to make squirreling money away a contest where you the spender compete with you the saver.
Starve the card.

Try going a week without using a credit card. Pay cash for everything. Before credit was an option, people who hoped to feel better about themselves by shopping or buying something new could not do so unless they had the cash. Many people who try the 'cash cure' find they can't lay out $100 in cash for a dinner or a piece of audio equipment or a couple of poloshirts.
Leave room for rewards.

As with any type of behavior modification, the idea is to feel satisfied under your new regime. Set aside one indulgence that you really enjoy- a dinner out or a night renting a family movie. Whatever you choose, plan it ahead of time and make a production of it. Savor the anticipation. And if you slip up a little and splurge on something, don't feel guilty. Just try again.