Money and Finances

Posted by on Friday, April 29, 2011 in Features, Issue, May 2011.

Retirement plan—This is a good deal. The retirement plan is mandatory for staff and faculty after one year of service when staff work at least 20 hours a week. There is a mandatory retirement contribution of 3 percent (6.47 percent for VMG members) and it is matched at 3 percent, whether the individual has to put in 3 percent or 6.47 percent. And another 2 percent is matched dollar for dollar. There are many investment choices, so you can tailor your retirement fund to meet your needs. 322-8330.

Retirement planning events—From time to time the Office of Benefits Administration sponsors events in which experts discuss aspects of planning for those days of retirement when the alarm clock is not set and the day beckons, full of tantalizing possibilities. Or you can have some waffles and watch “The Price is Right.”

Good deals on loans—Members of the Vanderbilt Employees’ Credit Union have access to VERY competitive rates on car loans, boat loans, signature loans and other loans.  936-0300.

The Vanderbilt Employees’ Credit Union is a full service organization—Savings, checking, debit card, car loans, home equity loans, ATMs and more. And it’s owned by its members, which is cool. 936-0300.

Your bank likes you if you work for Vanderbilt—Local banks, including Fifth Third, Regions Bank, Bank of America, First Tennessee, and SunTrust, offer discount programs to Vanderbilt employees. Check the Faculty/Staff Discount list, see what bank has the best deal or the most convenient locations for you, and start saving on banking services.

Flexible Spending Account for medical expenses and dependent day care expenses—Full-time staff and faculty can hold back a portion of their pay, pre-tax, to pay for medical expenses or for day care for children or dependent older adults. This puts pre-tax dollars to work on these predictable expenses.  322-8330.