1. Discovering Penn’s Financial Wellness Resources
November 29, 2018

2. 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!

3. Retirement Savings: Why You Should Enroll Today

4. 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 – %
30 – % %
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

5. 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

6. 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 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

7. Retirement: Your Investment Providers
Choose either or both providers:
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: or
Vanguard: ext or
*Note: If you haven’t chosen a retirement plan provider, all contributions will go to TIAA.
Retirement: Your Investment Providers

8. 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
Tuition benefits

9. Penn Health plan offerings: good for you & your wallet!
Independence Blue Cross:
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):
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!

10. 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 or
Be in the Know campaign,

11. 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:
Use “Bonus Actions : 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

12. Provider educational tools
Financial Wellness Online Educational Tools:
TIAA:
Vanguard:
Health Advocate (EAP Provider):
StayWell:
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 or visit
Provider educational tools

13. Business services’ resources
Penn Home Ownership Program:
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: 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: 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

14. 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 affiliating locations in PA, NJ, and DE. (
GlobalFit: Discounts with participating clubs in the Philadelphia area.
Website:

15. AUDIENCE IDEAS? Questions?

16. For assistance with benefits, wellness initiatives, and Be in the Know, please contact:
HR website:
Penn Solution Center: or
Penn Benefits: PENN-BEN ( )
General wellness + Be in the Know questions:
Our contact information:
Sue Sproat, Executive Director of Benefits:
Chris Hyson, Senior Health and Wellness Specialist:
thank you!