Member Benefits Column

New Financial Counseling Program is now available
 If you’ve ever wondered whether it’s better to prepay your mortgage or invest the money, to buy a new car or lease, to contribute to a 403(b) plan or a 457(b) plan, or how to stretch your monthly pension, the newly endorsed Financial Counseling Program may be just what you are looking for.

 Over the past few years, NYSUT members have been asking for a financial counseling program. The NYSUT Member Benefits Corporation Board of Directors is pleased to announce their recent endorsement of such a program, which is now available.

 Stacey Braun Associates, Inc., an independent investment advisory company established in 1977, provides this fee-based program. Fee-based means that Stacey Braun’s planners are prohibited from selling investment or insurance products and, therefore, receive no commissions.

 What this means for you is that the advice you receive from Stacey Braun’s planners is unbiased, objective and customized specifically for you and your financial situation. You will never be subject to any sales pitches or pressure.

 The program’s annual fee is $260, reduced to $250 if you pay through payroll or pension deduction.

 Yes, there are many offers in today’s market for free financial counseling services, but take a look at where these offers are coming from. It’s safe to say they’re coming from a commission-based source.  As the saying goes, there’s no such thing as a free lunch.

When you enroll in the endorsed Financial Counseling Program, you are entitled to toll-free phone consultations, conducted either with a Stacey Braun Certified Financial Planner or Registered Investment Advisor. Consultations address your various financial questions and situations. You are entitled to six hours of phone consultation per year.

 You can request customized written summaries and reports on a variety of financial issues. Summaries provide a detailed review and recommendation for your current situation.

Reports may be available upon request following completion of a telephone consultation or targeted questionnaire tailored to your specific financial situation.

 Numerous topics are covered by the plan, including, but not limited to, pre- and post-retirement planning; education funding; mortgages and refinancing; long-term care insurance; savings; tax planning; and asset allocation.

 You can also request assistance in choosing a 403(b) retirement savings program provider available through your employer. Likewise, you can get assistance on reviewing investment selections offered by your current 403(b) provider.

 Other tools become available to you, such as access to the Stacey Braun Associates, Inc. password-protected Web site, which features financial planning tips geared specifically for NYSUT members, an interactive financial planner, portfolio tracking, glossary, calculators and useful Web site links.

 A 24-hour e-mail helpdesk is available to answer basic financial questions.

 For those who prefer an in-person consultation, this can be arranged for an additional fee of $250. In-person consultations are limited to 90 minutes.

 In addition to the full-service program, another option offered is a 403(b) Limited Financial Counseling Program, which carries an annual fee of $185, reduced to $175 if paid through payroll or pension deduction.

 The limited program includes toll-free phone consultations to discuss 403(b) programs only, with a six-hour limit. You can ask for specific assistance in selecting an appropriate 403(b) program available through your employer and assistance with investment allocation of 403(b) assets.

 Web site access, e-mail helpdesk and in-person consultations are not included in the 403(b) Limited Financial Counseling Program.

 Like most endorsed programs, this comes with a 30-day free-look period.

 For information, contact Member Benefits at 800-626-8101 or click here.