Save Time While Saving Money
By Scott Culver
Communications Specialist
WEA Trust
December 2001
Convenience now defines many of the tasks we handle every day.
We shop online instead of battling crowds at the mall. We pay for gas
at the pump with a credit card instead of handing money to the cashier,
and we use an automated teller machine instead of stopping at the bank.
Time-saving measures such as these abound; modern conveniences designed
to simplify our lives and reduce stress. The WEA Trust takes it one step
further. As a member-based organization, we are always looking to simplify
members’ lives and help them manage their insurance dollars. A new
service called Trust Advantage accomplishes both.
Trust Advantage allows employees from participating school districts
to have premiums for Trust auto and home insurance and contributions to
a WEAC IRA automatically deducted from their paychecks.
Instead of budgeting for annual or semi-annual payments typically required
to cover these expenses, Trust Advantage lets you make smaller, incremental
payments with deductions from your paycheck. In effect, this service budgets
for these expenditures without you having to worry about it.
For example, a homeowner with two cars might pay $1,100 annually to cover
their insurance costs ($800 for auto and $300 for home). With Trust Advantage,
assuming 26 pay periods per year, they would have just $43 automatically
deducted from each paycheck to take care of their insurance premiums.
Compare that with writing two sizeable checks per year for auto insurance
and one check per year for home insurance, all paid in advance.
Help for an IRA
If you are thinking about starting a traditional or Roth individual retirement
account (IRA), Trust Advantage can help. You can contribute each pay period
based on your comfort level. For aggressive savers, the IRA picture changes
next year (see article below). Beginning in 2002, the annual contribution
limit for IRAs will increase from $2,000 to $3,000.
To access Trust Advantage, your school district must sign up for the
service. The Trust will establish the service, help publicize its availability
to district employees, and consult with you and your colleagues individually
about your needs. Trust Advantage has already been installed in nine school
districts, WEAC, and the Trust, and will be available in several more
districts next year.
For more information on Trust Advantage, please contact David Mabie (dmabie@weatrust.com)
or Russ Denk (rdenk@weatrust.com)
via e-mail or by calling 800-279-4010.
Posted December 4, 2001