Discovering Penn’s Financial Wellness Resources November 29, 2018

Welcome! Introductions! Sue Sproat, Executive Director of Benefits, Division of Human Resources Chris Hyson, Senior Health and Wellness Specialist, Division of Human Resources Today’s goal: Provide a high level overview of financial wellness resources available to Penn staff and faculty. Welcome!

Retirement Savings: Why You Should Enroll Today

Retirement: THE Plans Basic Plan Matching Plan SRA Plan eligibility age 21 + full-time regular staff age 21+ any age most employees who contributes Penn (age-based non-matching contribution)* Employee and Penn’s match* Employee contribution amounts 21 – 29 1.5% 30 – 39 3% 40 + 4% up to 5% (matched) up to 75% accessing your money separation in-service at 70 ½ in-service at 59 ½ hardship withdrawals loans * One-year waiting period for Penn’s contributions Penn’s contributions vested after 3 years of service Retirement: THE Plans

Retirement: Contribution Types Pre-tax Suppose your monthly pay is $4,000 and you contribute 5%. Your monthly contribution amount would be $200, but your net pay would be reduced by only $144 (at 28% tax bracket). Your tax savings is $56 per month or $672 per year. cash out: taxable as income contributions: pre-tax Roth cash out: tax-free if age 59 ½ and 5 years since first Roth contribution contributions: after-tax *The IRS limits employee contributions in 2018 to $18,500 (increases to $19,000 in 2019.) If you’re age 50 or above, you can make additional “catch up” contributions of $6,000. Retirement: Contribution Types

Retirement: Vesting of Employer Contributions Vesting is the duration an employee must work at Penn before owning Penn’s retirement contributions. Personal contributions Immediate Penn’s contributions 3-year cliff* * Weekly-paid employees must work 1,000 hours in a calendar year for it to be considered a year of service. Retirement: Vesting of Employer Contributions

Retirement: Your Investment Providers Choose either or both providers: www.tiaa.org/upenn www.vanguard.com/upenn 877-736-6738 800-523-1188 Let the plan choose your investment for you: TIAA Lifecycle Fund Vanguard Target Retirement Fund Alternatively, choose other investments from a large menu at both providers. Sign up for a one-on-one counseling session (Human Resources, Franklin Building): TIAA: 800-732-8353 or www.tiaa.org/moc Vanguard: 800-662-0106 ext. 14500 or www.meetvanguard.com *Note: If you haven’t chosen a retirement plan provider, all contributions will go to TIAA. Retirement: Your Investment Providers

You Spouse Your Children FT employees immediately upon hire After 3 years of your FT service Penn only Penn or other accredited institutions Undergrad and grad courses (grad tuition is taxed) Undergrad only 100% tuition and technical fees 50% tuition and technical fees Penn – 75% tuition and technical fees Other – up to 40% Penn’s tuition Learn more https://www.hr.upenn.edu/PennHR/benefits-pay/tuition Tuition benefits

Penn Health plan offerings: good for you & your wallet! Independence Blue Cross: https://www.ibx.com/individuals/member_resources/health_wellness Achieve Well-being: Offers reimbursements (up to $150) for fitness center fees, weight management programs, and tobacco cessation programs. Health-related supports, services, and discounts are available. Nutrition Counseling: Up to 6 free visits per year with a participating registered dietician. Aetna: Limited number of on-campus nutrition counseling appointments available (Family Food): https://www.hr.upenn.edu/PennHR/learn-grow/trainings-courses-and-webinars/onsite-programs Use “Nutrition Counseling” filter by category option for openings (ONLY schedule 1st appointment – future ones are scheduled by Family Food.) Complete 3 nutrition counseling sessions to earn 30 Bonus Action points for Be in the Know. Penn Health plan offerings: good for you & your wallet!

Be in the Know campaign, 2018 - 2019 Be in the Know is Penn’s wellness campaign for benefits-eligible faculty and staff. Year-round campaign: September 1, 2018 – August 31, 2019. Earn up to $300 in incentives, plus a special gift opportunity as a Be in the Know VIP. $100: Biometric Screening + StayWell’s Online Health Assessment Up to $200: Bonus Actions (32 different options) Receive in your paycheck (less applicable payroll taxes) or as a Penn Recreation credit. NEW this year! Earn 10 Bonus Action points for “On-Campus Financial Wellness Events.” Up to 4 events or 40 Bonus Action points, per campaign year. Learn more at www.hr.upenn.edu/beintheknow or https://penn.staywell.com. Be in the Know campaign, 2018 - 2019

financial wellness on-campus events HR-Sponsored Financial Wellness On-Campus Events, facilitated by: TIAA Vanguard Health Advocate (EAP Provider) MetLife (MassMutual speakers) To search upcoming events: visit HR’s Event and Program Registration page: https://www.hr.upenn.edu/PennHR/learn-grow/trainings-courses-and-webinars/onsite-programs Use “Bonus Actions 2018-2019: Financial Wellness Events” filter by category option to find those offering 10 Bonus Action points for Be in the Know. You will earn 10 points for today! financial wellness on-campus events

Provider educational tools Financial Wellness Online Educational Tools: TIAA: www.tiaa.org/upenn Vanguard: www.vanguard.com/upenn Health Advocate (EAP Provider): http://www.healthadvocate.com/upenn StayWell: https://penn.staywell.com TIAA Individual Advisory Services: Offers clients a free review of your total financial picture and personalized advice for clients in every stage of life. Call 866-549-1247 or visit www.TIAA.org/contactme. Provider educational tools

Business services’ resources Penn Home Ownership Program: www.upenn.edu/homeownership Eligible staff/faculty can apply for closing cost assistance for home purchasing and funds toward home improvement in the West Philadelphia area. Also offers refinancing options with lending partners, home improvement grants, loans, educational workshops, and other resources. Penn Commuter Benefits: http://cms.business-services.upenn.edu/transportation/ permits-passes/ commuter-passes.html Discounts for public transportation for FT staff/faculty via payroll deduction and pre-taxed up to $260/month. Penn Bike Commuter Expense Reimbursement Program: http://cms.business- services.upenn.edu/transportation/walking-biking/bike-commuter-expense-reimbursement-program.html Reimburses out-of-pocket eligible expenses up to $240 annually. Maintenance, improvements, and accessories; parking and commercial storage costs; and safety gear. Business services’ resources

Deals@Penn offers discounts on a range or products and services, including: Financial Programs and Services (Banking, credit card, credit union, etc.) Staff/Faculty Discounts (cell phones/service plans, Penn Bookstore, Penn Vet, Uber, etc.) Events and Attractions (Penn athletic events and cultural attractions) YouDecide at Penn: Portal with access to hundreds of discounts, from local and national providers on goods and services. Fitness discounts: YMCA: 10% off monthly membership dues + no joiner fee, plus quarterly free passes. 60 affiliating locations in PA, NJ, and DE. (https://www.hr.upenn.edu/penn-healthy-you). GlobalFit: Discounts with participating clubs in the Philadelphia area. Website: www.hr.upenn.edu/myhr/benefits/dealsatpenn Deals@penn

AUDIENCE IDEAS? Questions?

For assistance with benefits, wellness initiatives, and Be in the Know, please contact: HR website: https://www.hr.upenn.edu Penn Solution Center: 215-898-7372 or hcmsolutioncenter@upenn.edu Penn Benefits: 1-888-PENN-BEN (1-888-736-6236) General wellness + Be in the Know questions: qowl@hr.upenn.edu Our contact information: Sue Sproat, Executive Director of Benefits: sproat@upenn.edu Chris Hyson, Senior Health and Wellness Specialist: chyson@upenn.edu thank you!