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WAEPA has always had a strong commitment to its members – and to the environment. To cut costs and reduce our carbon footprint, we are no longer printing quarterly newsletters.
We strive to be a resource for our membership, and we hope you find these new tools helpful.
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Join us on Tuesday, October 30
th
at th
e
Ronald Reagan Building & International Trade Center
for our 2
nd Annual Member Meeting. This event will run from 8am to 1pm and includes a plenary address by
Jordan Goodman, America’s
Money Answers Man, and author of thirteen personal finance books. Topics include paying off your mortgage in 5-7 years on your existing level of income, refinancing student loan debt, and earning higher yields on your capital.
Registration is free, and
non-members are welcome to attend.
Breakfast and lunch will be provided. Seating is limited, so
register today.
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Chronic Illness is a Real Concern
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WAEPA Group Term Life Insurance now gives you the option of adding a Chronic Illness Rider to your policy - helping protect yourself from the financial hardship that often accompanies a serious illness. This rider gives you the ability to access up to 50% of your life insurance benefits, to a maximum of $500,000, if you become permanently, chronically ill.
Benefits can be paid over four years in tax-free annual installments. And they'll be paid directly to you, to use as you see fit. That could be to help with medical costs, ongoing living expenses, or to replace lost income. This rider is available to be added to your policy for an additional cost.
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Newly Launched: Check out our blog!
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WAEPA developed a blog to provide access to resources that promote the health, welfare and financial well-being of our members. Topics include retirement planning, life insurance, financial wellness, and more.
Here’s a snippet of one of our first posts:
While government jobs are known for their stability, they are not necessarily renowned for their pay scales. Fortunately, one of the perks of being a federal employee is that many companies are willing to thank public servants by offering them discounts on almost anything, from computers and cell phones to hotels and flights. Such discounts and deals are provided exclusively to federal employees and their families.
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Board of Directors Update:
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WAEPA welcomes the following new Board Members, elected in the second quarter of 2018:
Mary Pletcher
, Finance Committee, Governance Committee, U.S. Department of Agriculture
Paul Pollock
, Finance Committee, Governance Committee, Naval Facilities Engineering Command
WAEPA Officers:
George Godding
, President, Commodity Futures Trading Commission, Retired
Janice Haith,
VP Finance/Treasurer, Chair, Audit and Finance Committee, Chair Information and Technology Committee, U.S. Navy, Retired
WAEPA Directors:
Patricia Bak
, Governance Committee, Chair, Products and Services Committee
Jonathan Cantor,
Finance Committee, Information and Technology Committee, Products and Services Committee U.S. Department of Homeland Security
Jay Cooper,
Acting Chair, Governance Committee, U.S. Navy (Leave of Absence)
Douglas Goodell,
Chair, Governance Committee, Information and Technology Committee, National Gallery of Art
Winona Lake Scott
, Governance Committee, Products and Services Committee, U.S. Department of Agriculture
Kevin Mahoney,
Governance Committee, Products and Services Committee, U.S. Department of Commerce
Lamar Dunn,
Governance Committee, Information and Technology Committee, Commodity Futures Trading Commission
Please Note: Board Members serve in their personal capacity.
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If you haven’t participated in a webinar yet, check out our schedule below. Centered around Retirement, Financial Planning, and Insurance information, these webinars are powered by the National Institute of Transitional Planning (NITP Inc.) and are full of fresh, valuable content tailored specifically to the needs of federal employees.
August: Explaining the TSP Funds
September: Social Security
October: Part One: Understanding the Value of Financial Planning
November: Part Two: Growing Your Money
December: Part Three: Managing Cash Flow in Retirement – The Spend Down Phase
For full details on our upcoming and on-demand webinars,
click here.
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Get free help managing your money.
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Taking control of your finances can be challenging but you don’t have to do it alone. Your WAEPA membership provides FREE access to Financial Wellness Planning. The financial professionals at Ernst & Young, LLP (EY) work with people just like you to:
• Get your monthly bills under control
• Reduce credit card and college loan debt
• Save for a home
• Create a plan to fund your financial future
Getting started is easy. You decide how you want to work with EY:
Talk to an EY financial planner by calling
844-685-3676 and they’ll guide you from there.
Register for the EY Financial Planning Center® and take the Financial Wellness Assessment, then complete the financial action items selected just for you.
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2018 Health Insurance Guide
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Learn more about the Federal Employees Health Benefits (FEHB) Program. As a Federal employee, you are entitled to enroll yourself and any eligible family members in a health plan offered under the FEHB Program.
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WAEPA CHECKLISTS:
6 Tips For Planning Your Retirement
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WAEPA WEBINARS:
Estate Planning For Federal Employees Webinar
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Chronic Illness Rider (CIR)
This is a life insurance benefit that also gives you the option to accelerate some of the death benefit in the event that you are certified with a chronic illness as described in the certificate.
IMPORTANT NOTICE: This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC.
Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.
Must be under age 65 to apply for the Chronic Illness Rider.
The following states are not eligible for CIR: CT, ID, LA, MN, MT, NC, OH, SD, UT, WA
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