Save the Date: Unit Based Team Fair, Coming this May!
Investing for beginners
Fidelity Investments is hosting two on-site sessions for UMass Memorial employees to learn about investing. During this 30-minute workshop, they’ll introduce basic terms and concepts as well as different investing styles. Check your work inbox for an email from the employer to sign up for one of the free sessions:
April 18 @ Noon, University Campus Amphitheater III (S6-102)
or
April 19 @ Noon, Memorial Campus Amphitheater
While all SHARE members automatically accrue toward retirement through the Defined Benefit Pension, the UMass Memorial 401k plan allows you to save for retirement, pre-tax, with UMass Memorial contributing, too. If you’ve been to a SHARE Retirement Training, you know that retirement experts say we should think of a solid retirement income as a three-legged stool, with the pension serving as one leg, Social Security as a second leg, and your total savings functioning as the third leg.
UMass Memorial adds $.50 for each dollar you contribute to your 401k, matching up to 2% of your pay. Memorial CT Technologist and SHARE Executive Board Member Jay Hagan has served as a member of the SHARE team that has negotiated with management about the current retirement benefits. “I think a lot of SHARE members don’t realize they’re leaving money on the table if they don't save through the 401k,” he says. “My financial advisor tells me, 'if you can afford it, the employer-match is really free money.' You could think of it as the hospital paying you to participate. If you don't use the match, it's like giving the money back.”
Deciding the save money with the 401K is a tough choice for many SHARE members. But the younger you start, the less you have to take out of your check each week to reach your goals. If you have questions about SHARE’s negotiated retirement benefits, please contact the SHARE office. If you have questions about your own 401k, contact Fidelity Investments at 800-343-0860, or log on to your Fidelity account at www.fidelity.com/atwork.
Make Sure Your Tax Withholding status is up-to-date
If you haven’t made changes since the 2020 tax law changes, your filing status will default to single in January. In case you missed the memo from UMass Memorial, you can read it here, along with a short explainer from SHARE.
Team Spotlight: Barre’s Unit based TEam
The Barre Clinic is at it again, having completed a second project thanks to their department’s Unit Based Team. Patients had been arriving to their lab appointments too often with no active orders to complete the labs. Read here about the two interventions they identified to solve the problem, saving time and hassle for the SHARE members who work there and their patients.