Educated Choices Spring 2014
-
Upload
stanford-university-human-resources -
Category
Documents
-
view
217 -
download
2
description
Transcript of Educated Choices Spring 2014
benefits.stanford.edu 1
Spring 2014 • Edition 5
CHOICESEducated
BeHealthy. BeActive. BeInformed.
Jo-Ann Cuevas Campus Readiness Specialist, IT Services
Life Happens: Education
Assistance ProgramsPages 5–6
Money Matters:
Investment Rebalancing
and Why You Should CarePage 6-7
Insights: Paid LeavePage 8
Longevity Part 2: Start Living the Good Life Today!Pages 2–4
LONGEVITYPart 2
Start Living the Good Life Today!
This material may describe various benefits offered by Stanford University and is not the official plan document for any. Benefits discussed here are governed by the plan or program documents, Stanford policies, and applicable state and federal laws. If there is a conflict between the wording of this information and any policy, governing document or law, the policy, governing documents, and applicable laws govern. Stanford reserves the right to alter, amend or terminate any of the benefits it offers at any time. Please refer to appropriate program documents for plan details, eligibility rules and possible taxation.
Nothing in this material should be construed as an implied or otherwise endorsement of services or products mentioned.
Educated Choices is produced by HR Communications, part of University Human Resources. The information provided in this publication is intended to educate Stanford employees on subjects pertinent to their utilization of Stanford’s health plans and other benefits. The information presented is not a substitute for a consultation with a doctor, financial or legal expert.
University Human Resources: 3160 Porter Drive, Suite 250, Palo Alto, CA 94304. Email: [email protected]. Cover Photo: UHR
What Does the Good Life Mean to You? For many, it’s the ability to do what you want when you
want with whom you want. According to the Stanford
Center on Longevity, living the good life is the result of
focusing on three key areas: mental sharpness, physical
fitness and financial security.
In the previous issue of Educated Choices, tactics for each
of these areas were shared to help you prepare for a long
and fruitful life. In this issue, we explore how to live the life
you want NOW.
If you are under 50 today, you may live decades longer
than other generations. It’s possible you haven’t given
much thought to what life will be like in a few decades,
yet now is the time to start setting yourself up for living
the good life later.
“It is important to stop thinking of retirement as a hard
stop,” says Steve Vernon, FSA, Consulting Research Scholar
at the Stanford Center on Longevity and CBS MoneyWatch
correspondent. “In fact, most young people today will
never experience traditional retirement. You will move
into a new way of working and living in just one of many
passages in your career and life.”
“The biggest mistake people make in life is not trying to make a living at what they enjoy.”
Malcolm Forbes Publisher
LONGEVITYPart 2
Start Living the Good Life Today!
Mind and Body Go Together“One of the best actions you can take now and throughout
your life is to become perpetual learners,” states Laura
Carstensen, Fairleigh S. Dickinson Jr. Professor in Public
Policy, Professor of Psychology, Director, Stanford Center
on Longevity. “Take classes, read, attend lectures—keep
improving yourself cognitively and put yourself in situations
that challenge your intellect.”
Being physically fit also contributes to the good life as you
age, and good habits now have a cumulative effect—as do
bad habits! For example, gaining one pound a year doesn’t
seem like much, but if you’re 30 now, that one-pound-a-
year will add up to 30 pounds of additional weight when
you reach 60, at which time it will be harder to lose! On the
other hand, if you make health and fitness a habit now, you
will keep off those pounds and save money later by avoiding
costly lifestyle diseases, such as obesity and Type-2 diabetes.
Check out the BeWell@Stanford program for information
and resources to help you.
benefits.stanford.edu 3
“Begin to be now what you will be hereafter.”
William James Philosopher and Psychologist
Ph
oto
: St
eve
Fyff
e, S
tan
ford
Un
ive
rsit
yMonks from the Shaolin Temple
USA teach mind-body fitness class
sponsored by the HIP.
4 benefits.stanford.edu
Create Financial Security and Fiscal FitnessAccording to the Social Security Administration, a man born
in 1985 can expect to live to age 86; a woman born in that
year may live until age 88. Some will hit 100! The sooner you
plan for financial security, the more you will have later when
you need it and may not be able to earn it.
“Financial security is another area where time is an advantage
since markets go through cycles,” adds Steve Vernon. “The
longer the horizon from now to your later years, the easier
it will be to ride out the ups and downs of the market. Plus,
the money in your retirement plan has a long time to grow
and compound.”
Many experts suggest that to retire in your mid-sixties, you
must contribute roughly 15% of your pay consistently for
30 years or more and avoid taking loans or early distributions.
Stanford’s Retirement Savings Program can get you very
close to that 15% if you contribute the maximum and receive
the maximum employer match.
Take time and learn more about the Stanford Retirement
Program, check out the Retirement Savings Resources that
Stanford offers, and identify how much you need to save to
meet your long-term goals.
In addition to your retirement savings at Stanford, you want
to be smart about your money. While you probably have
many expenses right now, don’t let marketing hype drive your
spending decisions; instead, focus on spending “just enough”
to meet your needs and make you happy.
Time Is on Your Side“The younger you are, the more you need to take time to
live your life now,” advises Laura Carstensen. “Unlike earlier
generations, you don’t have to shove all your major life
experiences—career, marriage, and children—into a 30- or
40-year span. Give yourself time to live and explore before
jumping into major life changes.”
Putting effort into planning will help you start living the good
life now—and for all the years to come!
“The good life is a process, not a state of being.
It is a direction, not a destination.”
Carl Rogers Psychologist and Humanist
DON’T LET LIFE PASS YOU BY!The average American spends about
four hours in front of the television
each day and another five and a half
hours on non-voice mobile activities.
(Source: eMarketer)
80% of Americans do not meet the
total recommended amount of
exercise, which includes 2.5 hours of
moderate-intensity aerobic exercise
or 1.25 minutes of vigorous-intensity
activity, or a combination of both,
each week. (Source: CBS News)
So step away from the screen and use that time to engage in physical activity,
join a social club, take classes and live the good life!
9.5 hours
80%
benefits.stanford.edu 5
Ph
oto
: U
HR
Working at one of the world’s premier educational institutionshas many advantages, including a variety of programs
intended to support the educational aspirations of employees’
children and for employees themselves. Three programs are
highlighted below.
Tuition Grant Program (TGP) supports eligible faculty and
staff with the cost of undergraduate college tuition for their
eligible dependent children when attending an accredited
institution to earn an undergraduate degree. TGP has a
maximum benefit of up to one-half of Stanford’s tuition,
currently $21,345 for 2013-14. Payment goes directly to
the child’s academic institution. TGP also pays for some
mandatory fees in addition to tuition; most other similar
programs at other institutions pay for tuition only.
There are strict guidelines associated with the program, so
employees are advised to review the Tuition Grant Program
requirements and FAQs to ensure understanding of how
dependents are certified, what undergraduate education
credits qualify for the program, and how the annual application
process works. A pre-filled HelpSU request form can be
submitted at any time to get answers to specific questions.
Staff Tuition Reimbursement Program (STRP) is a program
for staff members that encourages academic degree pursuit
by offering partial or full payment (up to a $5,250 annual
maximum benefit) of tuition for eligible courses that lead to
an undergraduate or graduate degree from an accredited
school. While many organizations offer a similar program,
few provide reimbursement for required books, materials, and
equipment as Stanford does.
Payment for STRP, like for TGP, is sent directly to the school
so employees don’t have to wait for reimbursement or be
liable for taxation of the funds as personal income.
“The STRP program is a wonderful benefit of being a Stanford employee. It has allowed me to continue
working on my dissertation without worrying about tuition payments and accumulating more student
loans. I encourage my colleagues to utilize the program all the time.”
Marisha R. Smith Department of Medicine
In the next year, the administrative system used to manage
both the TGP and STRP programs will be upgraded to allow
employees to go online and apply for these benefits, get the
balance of their benefits, check on payment and application
status, and so on.
Staff Training Assistance Program (STAP) is a benefit program
for staff members that provides reimbursement of costs,
Continued on Page 6
LIFE HAPPENS: EDUCATION ASSISTANCE PROGRAMS
“My son and I have been the fortunate beneficiaries of the Tuition Grant Program. He graduated with a degree in Computer Science from the University of New Orleans and is currently working as a computer programmer.”
Rochelle Roberts Department of Pathology
Riitta Katila Associate Professor of Management Science and Engineering
6 benefits.stanford.edu
registration fees, and required textbooks for training
directly related to enhancing your job skills or developing
your career. Under STAP, eligible staff may use up to $800
per fiscal year for job enhancement training and career
development efforts approved by their supervisor. STAP
funds are available immediately upon hire to benefits-eligible
staff and a nice feature is that employees who register in a
Stanford training course don’t have to pay and wait to be
reimbursed. Registration is automatic, and the employee’s
STAP funds are automatically debited.
Unlike many other similar training assistance programs,
STAP funds can be used for health-related, non-recreational
courses, supporting Stanford’s commitment to the overall
well-being of its employees. Example courses include
Mindfulness-Based Stress Reduction at Work, Sitting
Comfortably at Your Computer Station, CPR and First Aid.
Research data shows that healthy employees are typically
more productive, happier, and have fewer absences. The
Health Improvement Program (HIP) in the Stanford School
of Medicine offers group exercise and healthy living classes
and regularly submits course descriptions for review to
determine eligibility for STAP funds. You may find STAP-
eligible HIP programs on the searchable HIP schedule.
Staff members can also use STAP funds for technology
training offered by IT Services in areas such as database
management, MS Office applications, website creation, and
desktop publishing, among others. Additionally, STAP funds
can be used for professional development courses offered
by University HR, enrichment opportunities with Continuing
Studies courses, Stanford Breakfast Briefings for managers
offered by the Office of Public Affairs, Stanford Advanced
Project Management offered by the Stanford Center for
Professional Development in the School of Engineering, and
for training courses and conferences held externally based
on supervisory approval.
“Stanford takes a leading role in offering learning assistance to employees in many different ways. I am very proud to manage these programs and encourage employees to take advantage of them whenever possible.”
Patti Smilovitz
Director of Stanford’s educational
assistance programs
HELPFUL TOOLS TO KEEP YOUR INVESTMENTS
IN THE RIGHT MIX
Automatic Rebalance is a free service that periodically rebalances your account to stay consistent with the investment strategy you’ve chosen. You simply identify an initial investment combination, adjust your account to that mix, and let the service do the rest.
Rebalance Notification alerts you by e-mail any time your account’s investment mix strays from your original specification. You decide whether to rebalance, and you can take action immediately by clicking on a link delivered with the e-mail message. To learn more about these free services:
• Go to your retirement savings account
• Click on the “Change Investments” option under the “Quick Links” tab
• Select “Rebalance”
Or call Fidelity who can meet with you one-on-one for a complimentary consultation: (800) 343-0860.
Please note that some investment fund changes may result in short-term redemption or other fees. Please refer to your fund prospectus and/or call Fidelity at (888) 793-8733 for more information.
Photo: Linda A. Cicero, Stanford News Service
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
Robert Kiyosaki Financial Author
MONEY MATTERS:
INVESTMENT REBALANCINGAND WHY YOU SHOULD CAREWhen was the last time you checked the value of your
retirement plan benefits? How often do you review the performance of the funds you chose for the Stanford Retirement Plan?
Did you answer, “More than six months ago,” or, “Never?” Then now is the time to take control of your
investments to ensure they are headed in the right
direction. When you enrolled, you chose certain funds
for your retirement plan contributions and, if you are
like many employees, you promptly forgot about them.
Contributions automatically go into these funds, and life
goes on—but your investment goals may not! You could
be falling behind and not know it. The time to find out
isn’t 10, 20 or 30 years from now; the time is today.
The Key to Long-term Success Is by Rebalancing Your InvestmentsFund performance is affected by many factors, such
as market fluctuations, asset allocation, risk exposure,
and so on. Over time, a fund’s portfolio can become
too risky or too conservative for your investment goals.
Rebalancing your investments—shifting how and
where your contributions are invested—can help you
stay the course.
By regularly checking fund performance, you can
make necessary adjustments and avoid an unpleasant
surprise when you are ready to retire. Even if you have
chosen the Vanguard Target Retirement Funds, which
are based on age, you should check their performance
and your goals regularly to determine if this is still the
right option for you. Remember to take into account
any investments and savings you have outside the
Stanford Retirement Plan. Everything needs to work
together to support your long-term goals.
Also consider where you are relative to retirement
or the age when you want to start receiving your
benefits. This will help you determine the level of risk
you can afford. Generally, younger employees can
choose investments with higher levels of risk because
they have a longer time to ride the waves of market
fluctuations and their ability to accumulate wealth
through working is higher than older employees. The
closer you are to the age when you will need the
money in the plan may mean you take less risk since
you have fewer years to work and accumulate the
money you need.
Review Your Investment OptionsYour retirement savings account statement shows
how your money is invested. You can also check
your account balances using the Stanford Retirement
Manager (for Vanguard and Fidelity funds) or the
TIAA-CREF website.
The Stanford Retirement Plan offers several options for
investment. You can change how future contributions
are invested and can transfer balances from one
investment option to another. Stanford provides
many other resources to help you, such as online
presentations, workshops, and financial counseling.
Stanford takes longevity and retirement planning
seriously, since funding a long life span is now the
norm. Identifying the financial support you need when
you retire is important, as is periodically checking the
“health” of your investment funds to ensure they align
with your life plans and goals. Making adjustments is
easy once you’ve done your homework and regularly
monitor your fund performance.
benefits.stanford.edu 7
INSIGHTS: PAID LEAVEBenefits-eligible employees who
accrue leave: here’s info that may
“demystify” the various paid leaves.
Vacation Leave Sick Time Personal Time Off (PTO) Floating Holiday
• Hours are accrued the last day of each month, after you have earned the hours for that month; accrual rates are based on length of service and exemption status
• Hours roll over from year-to-year, with a maximum of 240 hours*
• Prorated for part-time employees
• Payout upon termination
• Hours are accrued the first day of each month, in case you need those hours that month and vary based on exemption status
• Hours roll over from year-to-year with no maximum limit
• Prorated for part-time employees
• No payout upon termination
• 24 hours of PTO are available at the beginning of the calendar year
• Hours are prorated for newly hired and part-time employees
• Unused PTO hours do not roll over from year-to-year
• Any remaining unused PTO is paid in the employee’s final paycheck
• Eight (8) hours are available on January 1 or on date of hire for those hired after January 1 (for full-time, benefits-eligible staff), to be used on any day or partial day within that calendar year that is mutually agreed upon by the employee and supervisor
• Prorated for part-time employees
• Unused floating hours do not roll over to the next year
• Payout in employee’s final paycheck only if floating holiday cannot be used prior to termination
See Administrative Guide
Memo 2.1.6: Vacations
See Administrative Guide
Memo 2.1.7: Sick Time
See Administrative Guide
Memo 2.1.8: Miscellaneous
Authorized Absences
See Administrative Guide Memo
2.1.13: Paid Holidays
*NOTE: Effective 01/01/2012, the maximum accrual limit for vacation leave is 240 hours; employees represented by a union may have a different vacation accrual maximum and should check the terms of their agreement. And remember, regular benefits eligible employees also receive 10 paid holidays!
AxessUse Axess to enter any leave taken and to view your leave balances. After logging in, click “My Timecard and Leave Balances” and scroll down to the bottom of the timecard to see leave balances.
Local procedures to request and take leave time may be unique to your organization, so clarify those procedures with your manager.
Did You Know?The Stanford Community Leave Bank accepts donations of accrued, unused vacation leave to be used for Stanford employees with a catastrophic health situation who have exhausted their own leave accruals. View guidelines and access the leave donation form online.
3160 Porter Drive, Suite 250Palo Alto, CA 94304-8443
FIRST-CLASS MAILPRESORTED
U.S. POSTAGE PAIDPALO ALTO, CAPERMIT NO. 28