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The WEA Trust offers a variety of insurance and retirement services and products to WEAC members and public education employees. Most of the Trust’s offerings are in response to stated or perceived needs of members, and the Trust’s goal is to offer members a better value than commercial products. Over the last 30 years, many of the products and services the Trust offers have set the standard by which benefits for public school employees are now measured.
The Trust is a not-for-profit organization overseen by a Board of Trustees elected by the WEAC Board. The Trustees are public school employees who serve without compensation. As educators, they understand the needs of public school employees and direct these programs to provide high-quality, comprehensive products and services to members.
The following lists the products and services the Trust offers:
For more information, visit us online at www.weatrust.com
Personal insurance and retirement program
This program is responsible for identifying, developing,
and delivering cost-effective individual insurance and financial products
and services that meet the needs of WEAC members. Specifically, this program
strives to:
WEAC IRA
Members, their spouses, and parents of members and spouses can establish
a WEAC IRA. The WEAC IRA allows members to choose from traditional or
Roth IRAs and save using annual contributions, transfers of existing accounts,
or the SmartPlan-IRA, which automatically transfers funds from their checking
account to their WEAC IRA each month.
The WEAC IRA is a fixed income IRA earning an exceptional rate of return
with very low expense fees.
Trust Advantage
This is our newest program for delivering personal insurance and retirement
savings through convenient payroll deductions. This unique program is
only available to districts that have adopted Trust Advantage for their
employees. District employees can elect to have their auto, home, and
umbrella liability insurance paid through payroll deductions and can also
choose to make regular contributions to a WEAC IRA with Trust Advantage.
Personal insurance
Members can purchase a variety of personal insurance products, as
well as save for retirement with the WEAC IRA. This program offers protection
for your:
Comprehensive educational seminars are held throughout the state to provide
an opportunity for members to learn more about this important protection.
Tax-sheltered annuity program
Saving for retirement and managing retirement assets is becoming very
important to individuals. A recent national survey found that when employees
were asked to list their top five benefit priorities, the top three involved
retirement planning. For example, 71% of respondents said their biggest
priority was to evaluate their
current investment options; 68% wanted to evaluate the adequacy of their
current level of retirement savings; and 59% wanted to identify additional
ways to save for retirement.
One of the goals of our tax-sheltered annuity (TSA) program is to ensure that members have the knowledge to make intelligent decisions about their retirement finances and that we provide them with the tools they can use to act on those decisions. We provide our participants access to information they can use to become educated about TSAs and about retirement. Participants can learn this information by using retirement planning tools on our web site, through seminars we hold throughout the state, and from highly qualified retirement consultants on staff.
The Trust offers a guaranteed investment and a selection of mutual funds that you can use to save for retirement.
Guaranteed Investment
The Trust has traditionally offered a very attractive rate on its guaranteed
investment. In fact, it has been among the best rates available to members
in the state.
Mutual Funds
Over the last few years, the Trust has added several mutual funds
to allow members to invest in the stock market. Along with these mutual
funds, the Trust staff can also provide members information about appropriate
ways to allocate these funds. It is also possible to obtain account information
or make changes to investments any time of day through our Internet access
portal, WEAccess.
Group insurance
The Trust’s goal is to provide members with comprehensive group
insurance benefits at very competitive rates. Most insurance companies
are in the business of collecting premiums, paying claims, and making
a profit. As a member-based organization, the Trust believes that it has
a greater responsibility than simply being a conduit for money. Like other
insurers, it has instituted many features to ensure that your health plan
premium dollars are used efficiently. However, the Trust has gone much
further than other insurers in trying to deal with health care costs.
We provide services and programs that help members before they enter the
health care system, while they are in the health care arena receiving
care, and afterwards.
The Wisconsin Education Association Credit Union is a not-for-profit
cooperative that offers a broad array of financial services. These services
include basic savings and loan plans, MasterCard, home equity loans, certificates
of deposit, Christmas Club, IRAs, share draft (checking), MasterMoney
and TYME cards, overdraft protection and guaranteed student loans. Members
deposit money into their credit union savings accounts in person, by mail,
by payroll deduction or direct deposit by their employer. Any member is
eligible to borrow from the credit union for any good purpose. The interest
earned from the loans is the credit union’s income. After expenses
are paid and reserves are set aside,
the remaining earnings are paid to the members as dividends on their savings.
The WEA Credit Union is run by a volunteer Board of Directors elected
by the members of the credit union. Each credit union member is a part-owner
of the credit union. Any member of WEAC may join the credit union by depositing
at least $25 into a credit union share savings account.
All Credit Union accounts are insured to $100,000 by the NCUA, a U.S. government agency. You can visit the credit union’s web site at www.weacu.com or call (800) 457-1142.
Financial Services
Professional Certified Financial Planners employed by WEAC conduct free
financial planning seminars throughout the state. The seminar schedule
is published monthly in OnWEAC In Print and OnWEAC at www.weac.org.
In addition, WEAC members may schedule a no-cost individual financial
planning appointment. For an appointment, call (608) 276-7711 or (800)
362-8034, extension 253. One of the advantages of having CFPs on staff
is that their only commitment is to serve the interests of members. This
is in contrast to other planners, whose advice often points clients in
the direction of the investment products they sell.
Attorney Referral Program is a WEAC/NEA program that provides members, spouses and dependents with top-quality legal advice on personal matters at a discount price.WEAC has identified attorneys throughout the state who have agreed to participate in this program.
For more information or for a brochure and listing of participating attorneys, contact the WEAC Legal Division: (800) 362-8034, extension 246 or, in the Madison area, 276-7711. Or contact your UniServ office.
Consumer Programs
The following Member Benefits Programs give members more for their
money:
Member Education Guides are available through NEA Member Benefits, free of charge. They include:
To order guides, call (800) 637-4636.
Liability insurance
Association Liability Insurance covers officers and employees of
NEA state and local affiliates for certain claims and suits arising out
of their association-related activities. There is no additional fee to
members. For more information, contact the WEAC Office of General Counsel
at (608) 276-7711 or (800) 362-8034, ext. 246.
Educators Employment Liability Program provides payment of legal costs of defending civil proceedings brought against members in the course of their work as educators, and up to $1 million in damages assessed as a result of such proceedings concerning civil rights. It also reimburses attorney fees and other legal costs up to $35,000 for members who are falsely accused and/or charged with violating a criminal statute in the course of their employment, if they are exonerated of all charges. For more information, contact the WEAC Office of General Counsel at (608) 276-7711 or (800) 362-8034, ext. 248.
Life insurance program
NEA Term Life Insurance Plan provides affordable decreasing term
life insurance protection of up to $150,000 of low-cost insurance with
no medical exam required for NEA members
and their eligible dependents. For additional information,
call (800) 637-4636.
NEA Level Premium Term Life Insurance Plan provides up to $250,000 of term life insurance with a premium that won’t change until age 70. Receive a special 20% discount when you purchase a minimum of $40,000 or $100,000, depending on your age.
NEA Preferred Term Life Insurance Plan is a level premium/level benefit 10-year term life insurance plan. $100,000 and $250,000 of coverage are available.
Dues-Tab is no-cost life insurance for all active, reserve, staff, and life members. Up to $50,000 in accidental death and dismemberment insurance and a $150,000 benefit for death due to homicide while actively engaged in their occupation. For additional information or to register your beneficiary, call (800) 637-4636.
Additional insurance programs available include:
Health and disability insurance programs
NEA MemberCare In-Hospital Plan helps you pay the ”extra“ expenses associated with a hospital stay.
NEA MemberCare Medicare Supplemental Program offers coverage for hospital and medical expenses not covered by Medicare after age 65. Includes a supplemental discount package. Hard-to-beat prices. Choose your own doctor.
NEA Income Protection Plan helps replace your income if you are out of work due to illness or injury.
NEA MemberCare Critical Illness Program offers up to $100,000 protection against the financial disaster caused by catastrophic illness. Pays a lump-sum benefit upon first diagnosis of a wide array of critical conditions.
For more information on loan and mortgage programs and health and disability programs, contact NEA Member Benefits at (800) 637-4636.
NEA Credit Card Program provides superior benefits exclusive to NEA members with the NEA Platinum Plus MasterCard, NEA Premier Gold MasterCard, or the NEA School Days MasterCard. Benefits include no annual fee, low introductory rates, travel benefits, and competitive interest rates. For more information, or to apply, call (800) 847-7378.
NEA Line of Credit allows access a credit line between $500 and $25,000 using personalized checks.
Savings, Deposit, and Investment Programs
NEA Gold Certificate CD features FDIC safety, higher interest, guaranteed returns, flexible terms from 6 to 60 months, and a minimum deposit of only $1,000. Contact NEA Member Benefits at (800) 637-4636.
NEA Valuebuilder Program allows members to choose
from a variety of diversified investments which can help build a more
substantial retirement nest egg faster than with taxable, short-term investments.
Contact NEA Member Benefits at (800)
637-4636.
NEA-sponsored FDIC Insured Money Market Account offers superior yields and easy access to your funds with a minimum deposit of only $500. The account has complete liquidity with no penalty for early withdrawal. For further information, call (800) 345-0397.
Loan and Mortgage Programs
NEA National Board Certification Loan is a low-cost line of
credit designed to cover the assessment fee for National Board Certification.
NEA Home Financing Program includes new mortgages, refinances, and home equity loans. Handle everything up to closing through a toll-free telephone number. Vacation package bonus with new mortgages and refinances.
Personal Loans are a low cost, no collateral loan. Use the money
for almost any purpose: bill consolidation, tuition, or home improvements.
Updated July 23, 2001