40 Days at 40% Off Sale!
Shop at Barnes & Noble.com through the Member Benefits Web site link and take advantage of great savings during the 40 DAYS AT 40% OFF Sale*.
Save on hundreds of select DVDs and CDs at 40% off! Choose from classic movies like Doctor Zhivago and My Fair Lady or recent TV favorites like the Sex and the City Complete Series.
Whet your musical appetite with music by artists like the Beach Boys, Faith Hill, and Diana Krall, or enjoy soundtracks from The Jersey Boys, Hannah Montana, and more!
Plus, when you spend just $25 or more on a qualifying order, you will get Fast&Free Delivery in the U.S. in 3 business days or less. See site for complete details.
*Note: This offer is only valid for DVDs and CDs specially marked with the "40 Days 40% Off" sale icon. Discounts are based on a markdown from the established list price. Sale began September 30 and ends November 11, 2008 at 2.59 a.m. ET while supplies last.
MAP Winners
MAP Drawing Winners
Congratulations to:
Siobhan Loughlin from Harrison Association of Teachers. She won a Kodak Easyshare digital camera through the most recent quarterly MAP drawing.
Jane Countryman from Monroe #1 BOCES Paraeducators Association. She won a Kodak Easyshare digital camera through a recent MAP drawing.
Rosemary Sheedy, retiree member of Retiree Council #14. She won a Kodak Easyshare digital camera through a quarterly MAP drawing.
Gail Bishop, retiree member of Marcus Whitman TA. She won the 7-inch DVD player donated by The Buyer's Edge through a MAP drawing.
Richard Rappleyea, retiree member of New Hartford TA. He won the Garmin GPS through a MAP drawing.
Patricia Disbro from Tompkins-Seneca-Tioga BOCES TA. She won a cross-cut shredder through a quarterly MAP drawing.
Dennis Barbiarz from Monroe BOCES #1 Professional Support Personnel. He won a Kodak Easyshare digital camera through a MAP drawing.
Johanna Pungello from Arlington TA. She won a Garmin Street Pilot GPS device through a MAP drawing.
Julie Wantuck from Holley Central School TA. She won an Equifax Credit Watch Gold service free for one year through a MAP drawing.
Michelle Gabree-Huba from Mohonasen TA. She won an OfficeMax gift card worth $50 through a MAP drawing.
Eva Hill, retired member from United Federation of Teachers, who was the winner of our MAP quarterly drawing. Eva won a Kodak Easyshare digital camera.
If you haven't yet joined MAP, be sure to sign up by December 31, 2008. You may be the next lucky winner of the quarterly MAP drawing.
MAP “Sign Up a Colleague” Winners
Congratulations to:
Kimberlyn McEvoy
from Rondout Valley Fed of Tchrs and SRPs, who recruited 26 colleagues and won 1st prize, her choice of a $150 gift card to Barnes & Noble or Best Buy.Toni Losada from Churchville-Chili EA, who recruited 10 colleagues and won 2nd prize, Bose Around-Ear Headphones.
Dennis Babiarz from Monroe BOCES #1 PSP, who recruited 5 colleagues and won 3rd prize, a Kodak Easy Share Digital Camera.
Phyllis Brown, retiree member from Middletown TA, who recruited 4 colleagues and won 4th prize, her choice of a $50 gift card to Barnes & Noble or Best Buy.
Brenda Button
from Rochester TA. She tied with several other MAPers who all recruited 2 colleagues. She won the random drawing to win the 5th prize, a Fellowes Cross-cut Shredder.UPDATE Oct. 8: Statement Regarding American International Group (AIG)
As you may have heard, American International Group, Inc. (AIG) announced October 3, 2008 that it intends to refocus the company on its core property and casualty insurance businesses in order to help pay down the $85 billion credit facility issued by the Federal Reserve. This translates as: AIG is strongly leaning toward selling its domestic insurance components, which would include US Life, the provider of the NYSUT Member Benefits Trust-endorsed Catastrophe Major Medical and Term Life Insurance programs.
AIG American General's Affinity Benefit Solutions has been a strong player in the union, association and affinity group insurance market for more than 50 years. It has experienced three acquisitions during that time. It has continued to operate, grow and serve its customers through those changes.
At this time, we do not know who the potential buyers may be but AIG appears to be looking for a large, strong, stable, recognized name insurance company.
If you would like to learn more about the AIG situation, please see the attached Frequently Asked Questions PDF dated October 3, 2008 provided by AIG American General.
Member Benefits will continue to keep you informed of new developments as they occur.
DOWNLOAD: AIG Frequently Asked Quesions for Policyholders. (PDF file. 112K)
Update Sept. 22, 2008: Statement regarding American International Group, Inc. (AIG)
On Monday, September 15, Governor Paterson announced that New York State was allowing AIG to use certain insurance assets as collateral as the company sought to obtain funds to strengthen its financial position.
Since, however, the Federal Reserve Board announced yesterday that the Federal Reserve Bank of NY is providing a two-year, $85 billion bridge loan to AIG that will ensure the company can meet its liquidity needs, the Governor's original offer is no longer needed. From NYSUT Member Benefits Trust's perspective, this is good news as we had concerns with the parent company, AIG, being allowed to borrow funds from its insurance subsidiaries.
Most importantly, members who have policies with AIG insurance subsidiaries should note these following points provided by AIG:
• The AIG insurance subsidiaries that provide Member Benefits-endorsed insurance programs are not experiencing financial difficulty, although their financial ratings dropped slightly due to their connection with the parent company.
• The NYS Insurance Department has made positive comments in the media regarding the financial strength of the AIG insurance subsidiaries.
• As a highly regulated industry, insurance companies are required to maintain enough capital and surplus to satisfy their obligations to their policyholders. The type and quality of investments in which insurance companies may invest surplus capital is also limited by state law.
• Although various companies owned by AIG are part of the larger holding company, each company is individually responsible for the liabilities associated with the policies that it offers.
In summary, AIG assures us that policyholders should not be concerned at this time as its insurance provider will continue to pay claims and provide valuable coverage.
If you would like to learn more about AIG’s financial rating downgrade, why AIG needs to raise capital and other matters concerning this issue, please see the attached Frequently Asked Questions PDF dated September 16, 2008 provided by AIG American General.
- DOWNLOAD: AIG Frequently Asked Quesions for Policyholders. (PDF file. 100K)
Statement Regarding American International Group (AIG), dated September 16, 2008
Needless to say, this is a trying time for the economy. Every day seems to bring more alarming news, and this economic anxiety seems to be impacting every aspect of our lives. Here at NYSUT Member Benefits Trust, we are monitoring developments and have been particularly engaged in the financial situation of AIG.
Member Benefits endorses various insurance and benefit programs from a variety of companies. Among those companies is AIG, which has been the provider for many years of the endorsed voluntary term life insurance program, as well as the endorsed voluntary and group catastrophe major medical insurance plans.
These past few days, AIG has been in the news due to issues surrounding the company’s financial status, including AIG’s ratings from financial-rating firms. On Monday, September 15, Governor Paterson announced that New York State is allowing AIG to use certain insurance assets as collateral as the company seeks to obtain funds to strengthen its financial position. AIG will likely be looking to other sources for capital, including the federal government and the selling of some of its businesses.
We understand that NYSUT members who have AIG policies are concerned about these developments. The trustees of NYSUT Member Benefits Trust share these concerns and will be closely monitoring this situation as it evolves over the next several weeks. Members with AIG coverage can rest assured that Member Benefits will continue to act as an advocate to make sure that all eligible benefits are paid.
As always, do not hesitate to contact Member Benefits if you have further questions or concerns.
NYS Insurance Department AIG Press Release
Attached is a Press Release from the New York State Insurance Department regarding AIG dated September 22, 2008. Insurance Superintendent Eric Dinallo reassured New York policyholders that the AIG’s insurance companies are financially sound, with substantially more in assets than they need to pay all valid present and projected claims. Please review the PDF for the full release. Click here
Save at OfficeMax!
The OfficeMax Retail Connect SM card discounts many items from 10% to 40%. OfficeMax provides office supplies and papers, technology products and solutions, and furniture to consumers and large, medium and small businesses. This discount is available at any of the nearly 900 OfficeMax retail locations nationwide. Members can also order online by contacting Member Benefits. Learn more.
2008 NYSUT Member Benefits Conference materials
Download these for your reference and they may be copied for distribution. Additional materials may be posted in the future.
We welcome your questions and feedback on the conference. Please e-mail benefits@nysutmail.org with your comments and requests.
The next NYSUT Member Benefits Conference will be held at the Desmond Hotel in Albany on November 6-7, 2009, so mark your calendars!
Click on any of the titles below to view them with Adobe Reader. If you don't have a pdf reader, you can download the Adobe Reader for free by clicking here.
Confronting a Changing Workplace
Budget Truck Rental Discounts
Next time you need to rent a truck, use your Member Benefits advantage! NYSUT members can receive a 20% discount off local and one-way truck rentals. Click here to find out how!
Do you have a Living Will?
A living will details your wishes regarding life support or “heroic measures” if you are terminally ill with no expectation of recovery.
When covered by NYSUT Member Benefits Trust-endorsed Legal Service Plan, members may purchase the Elder Law rider to provide additional discounted benefits not covered under the basic legal plan. The Elder Law rider includes a health care proxy, living will, power of attorney and simple will. The rider also provides access to Elder Law attorneys at discounted plan rates. These attorneys specialize in elder and health law, estate planning, wills, trusts, pre-nursing home planning and more.
The basic legal plan provides legal assistance in a variety of ways for many personal legal situations, such as real estate, marital, traffic and much more.
For information, click here
Web site comments
We know many of you have been visiting this site. Improvements and enhancements are being worked on, but we'd like to hear what you think of our site. Drop us an e-mail at benefits@nysutmail.org
Save on Dell Computers & More
Members can receive discounts ranging from 2% to 6% from Dell Computers. Double the discount when you add the 3- or 4-year at-home service contract. Discount applies to select computers and laptops when using the link from the Member Benefits Web site. Learn more
New 403(b) regs may affect you
An interim provision of recently released IRS regulations potentially affects many NYSUT members who have 403(b) tax-deferred savings programs through school districts. That provision took effect Sept. 25.
While the regulations generally become effective Jan. 1, 2009, this interim provision has been interpreted by many school districts and plan providers as, in effect, requiring a suspension of the exchange or transfer of assets from one 403(b) provider to another 403(b) provider until your school district complies with the new IRS regulations, no later than Jan. 1, 2009. At that time, exchanges will be governed by the plan your school district has in place.
In the past, it was fairly easy to execute a tax-free transfer of assets from one 403(b) provider to another under Revenue Ruling 90-24. For example, if you accumulated 403(b) assets with ABC Company and wished to transfer them to XYZ Company, regardless of whether your school district offered the XYZ Company as a provider, the transfer was relatively easy to accomplish. As of Sept. 25, Revenue Ruling 90-24 was essentially repealed. While NYSUT Member Benefits Trust seeks clarification on unforeseen consequences of the new regulations, some districts are taking a conservative approach by placing a temporary “hold” on requests to exchange funds among 403(b) providers.
If your school district takes this position, your 403(b) assets are not frozen. You can still make investment changes within the funds available through your current provider, but you would not be able to make a provider-to-provider transfer. Once your school district is in compliance with the new regulations, the plan will govern what, if any, exchange provisions are allowed. If your school district does not place a temporary hold on exchanges, there are no assurances from the IRS that an exchange will be treated as tax-free. It would be prudent to consult with your employer, 403(b) provider and tax adviser before making decisions.
Due to the uncertainties with these new rules, the IRS is expected to issue further guidance. Keep checking this Web site and the New York Teacher for updates.
Simply Certificates Endorsement Terminated
The endorsement of Simply Certificates as a discount program has been discontinued. Simply Certificates is under new management and has not renewed our contract. We apologize for the inconvenience.
Update on 403(b) endorsements
In June 2006, NYSUT Member Benefits Trust reached a settlement with the office of the state Attorney General relating to the Opportunity Plus retirement savings plan. The Opportunity Plus 403(b) program, provided by the ING Life Insurance and Annuity Co., was endorsed by Member Benefits from 1989 through 2006.
In the settlement, Member Benefits agreed to hire a consultant to determine if it should endorse 403(b) plans and, if so, hire a consultant to conduct a Request for Proposal process to endorse three new 403(b) plans, one of which must be a low-cost option.
Independent Fiduciary Services was the independent consultant hired to review whether Member Benefits should endorse 403(b) products. IFS found that Member Benefits adds value to the NYSUT membership by its retirement program endorsements and should proceed with the RFP process.
Member Benefits hired another independent consultant to conduct the RFP process. After sending info to more than 20 financial organizations to determine their qualifications to offer a 403(b) product to NYSUT members, the consultant identified eight companies to include in the RFP. However, one issue must be resolved before the RFP can proceed.
In the settlement, Member Benefits agreed to provide a mechanism that would allow participants to transfer out of ING Opportunity Plus into one of the newly endorsed 403(b) programs at no cost to the participant in the event deferred sales charges would apply. In recent months, Member Benefits has been working with consultants, IFS representatives and others to formulate a mechanism to fulfill all of the settlement’s requirements. Member Benefits is hopeful the central elements of that mechanism will be in place in a few months. The possibility exists that the state Insurance Department may ultimately have to assent to the conditions of the mechanism devised by Member Benefits to fulfill the settlement’s provisions that call for the waiver of deferred sales charges.
Member Benefits still intends to endorse 403(b) plans; however, programs may not be up and running until late next year. As more information becomes available, you will be notified through this Web site and New York Teacher.
Get assistance with the Legal Service Plan
Real estate sales and purchases, refinances, traffic violations, pre-nuptial agreements, uncontested divorce or separation, wills, health care proxies, living wills - they all require legal assistance.
The Legal Service Plan endorsed by NYSUT Member Benefits Trust can help you with these matters and much more. The Plan is preventive in nature, with the goal of resolving issues before they become big legal hassles.
With a nationwide panel of participating attorneys, discounted rates, and several no-cost benefits, the plan has been of assistance to countless NYSUT members. Learn more.
Travel program discontinued
NYSUT Member Benefits Trust is no longer offering a travel program at this time. Member Benefits will be looking to offer another travel program in the future.
Assistance with special needs persons
MetDESK, MetLife's Division of Estate Planning for Special Kids, was established in 1998 to extend MetLife's traditional commitment of public service to families with children of all ages, from infant to senior, with all disabilities.
MetDESK is committed to helping families through the maze of legal and financial complexities surrounding planning for the future of children and other dependents with special needs. Through a dedicated network of specialists, MetDESK helps families secure both lifetime care and quality of life for their children or other dependents with special needs.
For more information, click on the MetDESK link below.
