An employee newsletter from University Human Resources


March 2015

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The Magic of Saving and Calculating for Retirement

The RR Calculator loads salary contribution amounts made to your IU retirement plans and to Social Security.

Have you recently paid off a student loan or some other debt? Maybe you refinanced your house and lowered the monthly mortgage, or received a pay raise. There could even be 'hidden' sources of money like a safe-driver discount on car insurance, or a magazine subscription you let lapse. Any of these changes may provide you an opportunity to increase retirement savings.

Re-allocating even the smallest of these savings to your retirement can pay off big in the years ahead. The amount doesn't need to be large. The important thing is to make savings a habit and revisit retirement goals one to two times a year, such as during tax season or whenever you experience a major life event.

Human Resources knows that seeing actual numbers makes a big impact on employees, motivating them to save even more. That's why we host the Retirement Readiness Calculator, a personalized tool that estimates how much income you could potentially receive during retirement and whether you are saving enough to attain that amount. You can use the "RR Calculator" on your own or during a meeting with a retirement consultant who will do it for you.

Resources

If using the calculator on your own, consider first watching one of our Benefits Briefs which are short narrated presentations that explain what to expect and what to do. After running the calculator, you can then view a presentation to understand the results.

Visit the Retirement Readiness page.

 

Don't be a Horror Story

KEEP CALM AND TAKE NOTEYou may have heard horror stories about death benefit payments tied up in court or going to the wrong people. This often happens because beneficiary information was not current, or a secondary beneficiary was not listed. As you can imagine, the consequences of this are serious and can change peoples’ lives forever.

Have you divorced, remarried, or had a baby? Has your primary beneficiary passed away? It is not enough to have a will or to designate your “estate” as the beneficiary. Each benefit plan shown below must have its own listed beneficiaries. These need to be reviewed at least once a year or whenever significant changes in life occur.

Questions? Contact us

Beneficiary Checklist

You are automatically enrolled in Basic Life Insurance and an IU retirement plan when hired. To make sure your beneficiaries are current in these plans as well as optional ones, follow the links below. It's a good idea to review personal assets such as bank accounts and IRAs too.

Insurance

Click the "edit" button on the page linked below to navigate to the correct screen.

Basic Life – Benefits self service

Personal Accident Insurance – Benefits self service

Supplemental Life – Benefits self service

Retirement Plans

Accounts with TIAA CREF – online a TIAA or call 800-842-2776

Accounts with Fidelity – online at Fidelity Investments or call 800-343-0860

Accounts with PERF – online at PERF or call 888-526-1687

Former vendors Valic – call 800-448-2542, AUL 800-249-6269, Sentinel 866-305-8846

Savings

Health Savings Account (HSA) – Nyhart IU Online Services

Any Day Now . . .

video strip

The IU Benefits Video will be available soon with 2015 plan year information. Viewing the video is a convenient and engaging way for all employees, especially prospective and new ones, to learn about IU benefit plans and options.

 

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Front matter Benefits Cool stuff Work-Life
Welcome to HR Today Saving for Retirement Deals and Discounts Campus Holiday
Listening Tour Don't Be a Horror Story Travel Tips Childcare Needs
  Any Day Now