Retirement Ready Class - June 23

If you have started to think about your retirement, you may want to take advantage of the health system's educational seminar hosted by Transamerica Retirement Solutions on June 23. This interactive presentation will address some of your concerns, as you and other employees plan the next chapter of your lives.

When and Where
Tuesday, June 23, Transamerica representative, Diane Aurelio will be presenting "Get Ready to Retire" 6 to 7:30pm at the Center for Learning and Innovation, Suite 101. This informational session will provide you — and your spouse — with a higher level of clarity and confidence, enabling you to ask the right questions when making decisions about your retirement.

What to Address
To get you on track, Diane will share a six-step process to retirement planning, directing you to reliable resources and sound choices. The five key areas of discussion include your lifestyle, investments, healthcare needs, protection, and income. Although there will be other participants in the room, the seminar promises to address your individual situation, by using interactive polling devices, addressing your situation in an open forum discussion. Topics such as Medicare, Medigap, the NSLIJ Retiree Medical Plan, your will, Social Security, and much more, will be covered in this 90 minute presentation.

Be Aware
Don't let your retirement planning overwhelm you! Understanding what you have now, and what you need in the future, is the key to your peace of mind. Attendees are registered on a first-come, first-served basis. Because you cannot register a guest through iLearn's registration, seats will be reserved for spouses.

To register for the event, visit iLearn:

1. Click on the search tab, and type in keywords "Retirement Ready Class" Date: June 23
2. Hit "Add Attendees" on the left of the course name
3. Click on the first letter of your last name, and search your last name
4. Check the box next to your name and hit "enroll"
5. An email confirmation will come to your inbox - accept it to your Outlook calendar

You are one step closer to a happy retirement!

Retirement Plans Move in March

If you have a North Shore-LIJ retirement account currently administered by MetLife, take note those plans will be moving from MetLife on March 28 at 4pm and converted  over to our new record keeper Transamercia Retirement Solutions the week of April 20. Now is a good time to start thinking about the strength (or the weakness) of you retirement planning. Answer the following questions yes or no:

1. Without looking at your 403(b)/401(k) account, do you know how much you are currently contributing?
2. Do you know how much you have to contribute to these plans to receive an employer match?
3. Do you know the difference between a Cash Balance Plan and your 403(b)/401(k) Plan?
4. Is saving for your retirement a high priority?
5. Do you have any kind of plan for the future?

If you answered no to 3 or more of the above questions you should start paying more attention to your financial health. Step one to a healthier retirement: Start off by checking exactly what you are contributing to your 403(b) or 401(k) saving plan before the March 28 blackout begins. If you are still contributing under 6% you are not taking advantage of North Shore-LIJ's generous employer match. Once you hit 6% the health system kicks in 2%. Visit mlr.metlife.com or call 855-675-4547 to adjust your contributions today for a healthier tomorrow.

Transamerica Can Help

Retirement planning can be an overwhelming experience if you have no advice or direction. Over the next several months, take advantage of the educational tools and services that our new administrator, Transamerica, will offer. Onsite representative will be present beginning mid April to talk you through your concerns. Online investment tools will assist you once your account is active the week of April 20. 

Keep checking your email for more information about the conversion to Transamerica.

Be Money Smart

Did you know the health system automatically contributes 3% of your eligible compensation for your 403(b) plan account beginning on the the one year anniversary of your date of hire? Be smart and contribute at least 6% of your annual salary, and you will receive an additional 2% from the health system.
Here's how it works. After one year of service with the health system eligible employees may receive:

• 3% of  pay-based credits to your Cash Balance account
• 3% contribution of your eligible earnings to your 403(b) account (Benefit Group 1A receives 6% contribution)
• 2% employer matching contribution to your 403(b) account (that's if you contribute at least 6%)

That comes to 8% in employer contributions for Benefit Groups 1, 2 and 3 - and 11% for Group 1A! So what are you waiting for? Contact MetLife now and get money smart.