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Moneyclips
FA L L 2 014
Issue Highlights
8IDProtect® provides peace of mind
Learn about this new credit monitoring service
10
Home Possible mortgage makes homeownership a reality
Mortgage savings program opens up the market to a new crowd
12
Life insurance: Fact or fiction? 14
Get to know your wealth management team
Dispelling the myths about income protection
Fifteen minutes with LPL Financial Advisor Jared Reinstein
Lifestyle/Opportunities
4
16 Why I Care
Cancer survivor Kathy Sansone
explains how the
disease changed her
life and helped her
discover the joy
of giving back
Fall seminar schedule
6
Coupon books now available at branches
6
SEFCU, Toys for Tots team up for holidays
7
Protect your computer from the Zeus virus
18
SEFCU college scholarship information
19
Smart Sense prize and game
News
3
Message from the President & CEO
6
SEFCU news and information
17
SEFCU Labor Day 5k results
20
WE Did That! SEFCU volunteers step up
Holiday closings
All SEFCU branches and
the Member
www.twitter.com/sefcu
Solutions Center will be closed in
observance of the following holidays.
Veterans’ Day l
Thanksgiving l
Christmas Day l
New Year’s Day
Tuesday, November 11
Thursday, November 27
Thursday, December 25
l Thursday, January 1
www.facebook.com/sefcu
Moneyclips is
MESSAGE FROM THE PRESIDENT AND CEO
■ For the past several
editions of MoneyClips I have
used this space to recap important
community activities the credit
union has participated in – either
through the donation of time
or money. Today, I am pleased
to announce a new community
feature in this magazine. Behind
SEFCU’s commitment to the
community are hundreds of
people who make each donation,
event, and fundraiser a reality.
To help you “put a name with a
face” in this and future editions
of MoneyClips, look for the “Why
I Care” feature where we will
introduce you to one member and
one employee who tell you why
they care and why they have made
SEFCU President and CEO Michael Castellana, far left, announces the non-profit recipients of
volunteering a priority in their
$20,000 in donations at this year’s SEFCU Labor Day 5k.
lives. I hope after reading these
inspirational stories about everyday people you feel
SEFCU is also pleased to support Cradle Beach in Buffalo
compelled to get involved in a cause that motivates you.
and Bassett Health Care in Central New York. Learn how
Skip ahead to page 16 to meet Kathy Sansone, the first
we supported Cradle Beach’s camp for economicallySEFCU employee to be featured in this section.
disadvantaged children and children with disabilities and
how our partnership with Bassett Health Care will give
Over the past several months, volunteers and staff, just
children the access to the healthcare they need – right at
like Kathy, have laced up their running or walking shoes
their school. Check page 20 for details!
to get involved in some road races to raise money and
awareness for great causes. In the Capital Region, SEFCU
To learn how you can get involved, e-mail
held its 26th Annual Labor Day 5k where the credit union
volunteer@sefcu.com. Enjoy reading this issue of
presented $20,000 to non-profits. A public vote was held
MoneyClips. On behalf of everyone at SEFCU, thank you
and the Alzheimer’s Association of Northeastern New
for choosing us as your financial institution. As always, I
York received the most votes and received $15,000, Ronald
welcome your comments at asktheceo@sefcu.com or
McDonald House Charities of the Capital Region earned
follow me on twitter@castellana_.
the second highest votes and received $3,000, and the
American Heart Association had the third highest votes
and earned $2,000.
Michael J. Castellana
President & CEO
In Binghamton, SEFCU was the premiere sponsor of the
Chris Thater Memorial Races which are held annually in
memory of Chris Thater, an avid cyclist who was killed
by a drunk driver. The race, coordinated by the Broome
County Stop DWI Program, raises money and awareness
about the dangers of drinking and driving and this year’s
event generated more than $88,000.
Federally insured by NCUA
MONEYCLIPS FALL 2014 3
E D U C AT I O N U P C O M I N G S E M I N A R S
Fall back to learning
■ Alternative Solutions to Long-Term Care
Join Sheila Cervera, Certified Long-Term Care Specialist, and Susan
Suben, a representative from Long-Term Care Associates, as they
explore alternative solutions for long-term care planning.
■ Defensive Driving
Attend the Department of Motor Vehicles-approved defensive driving
workshop for a refresher on safe driving tips and today’s vehicle and
traffic laws. When you complete the course you may be eligible to
remove as many as four points from your driving record and receive a
10% reduction on your car insurance. The cost of the class is $25 for
members and $35 for non-members. Please bring cash or a check for
payment on the day of the class.
■ College Financing and Scholarships
An overview of the financial aid process from Beth Lundquist,
Skidmore’s director of financial aid, and Dan Lundquist from SAGE
Colleges. Jim Johnston of SAGE Scholars will also outline available
scholarships and how to take advantage of SEFCU’s Tuition Rewards.
■ From Intern to Entrepreneur
During this interactive discussion, Robert Braathe of Braathe
Enterprises will share how to launch a business, put together a board
of advisors, and start a business with limited capital.
■ It’s Your Estate. Are You in Control?*
Do you know who should inherit your assets? Do you know how assets
are transferred at death? Do you know why you need a will? Sheila
Cervera, certified estate planner, and Bill Pfeiffer, attorney with the
Girvin and Ferlazzo Law Firm, will share the answers as they talk
about the ins and outs of estate planning and if it’s right for you.
■ Save Energy, Save Dollars
This workshop provides low-cost and no-cost ways to save energy
and reduce energy bills. It links consumers with programs that
provide energy-efficiency improvements with subsidies, low-interest
loans, or free services to qualifying households. Participants will
receive three free compact fluorescent light bulbs (CFLs) and be
entered into a raffle to win a free energy kit, which includes weatherstripping, shrink window insulation, faucet aerator, outlet and light
switch gaskets, and more.
■ Saving for Your Children’s Future
Attend this seminar and learn from a NYS 529 Plan representative, a
SAGE Scholars representative, and SEFCU’s Member Education
OCT
manager about tools and resources designed to help you save for your
child’s future. We will also discuss simple strategies you can use to
find the money to begin saving.
■ Small Business: Budgeting for the New Year
An accurate budget and tracking system can mean the difference
between a financially successful business operation, a business that
struggles to make ends meet, and one that fails. Join us when Kate
Baker, business advisor from the Small Business Development Center,
presents Budgeting for the New Year. She will teach participants how
to develop a budget template based on the financial operations of your
business, how to accurately predict revenues and expenses, manage the
businesses’ cash flow, and track financial progress.
■ Small Business: Writing a Business Plan
Thinking about starting a business? Intimidated by the thought of
writing a business plan? Having difficulty finding time to devote to
developing the business concept? Join us to hear from Kate Baker,
business advisor from the Small Business Development Center, as she
presents Writing a Business Plan. Kate will provide participants with
an easy to understand business planning guide and go through each
section of the business plan to assist in refining a business concept into
a workable business model.
■ So You Want to be a Board Member?
Joining a Board of Directors can be one of the most rewarding
experiences of your life – and your participation could really impact
your community. If you’re exploring the idea of becoming a Board
Member, you must first find out what is expected of you and how
your contribution will benefit and fulfill the organization’s mission.
Join the Capital Alliance of Young Professionals (CAYP) as they
team up with Jo Ann LeSage Nelson of Pierce Communications and
Rensselaer County Regional Chamber of Commerce President Linda
Hillman to learn the important answers about expectations, financial
contributions, and if joining a Board is right for you.
■ Ten Common Estate Planning Blunders and How to
Avoid Them
Join Jim LeBrou, Esq. and Terry Griesner, Esq., from Rowlands and
LeBrou, PLLC, for a discussion about some of the typical blunders
people often make while trying to protect and convey their assets to
their heirs. Learn about wills, trusts, powers of attorney, health care
proxies, beneficiary designations on bank account titling, and find out
what makes sense for you and your family.
Not NCUA Insured
Not Credit Union Guaranteed
May Lose Value
Not Insured by Any Federal Government Agency
Not a Credit Union Deposit
*Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. SEFCU and SEFCU
Wealth Management Services are not registered broker/dealers and are not affiliated with LPL Financial. Advisory services offered through LPL Financial, a
registered Investment Advisor.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax
advisor.
Variable annuities are long-term, tax deferred investment vehicles designed for retirement purposes and contain both an investment and insurance component. They
have fees and charges, including mortality and expense risk charges, administrative fees, and contract fees. They are sold only by prospectus. Guarantees are based on
the claims paying ability of the issuer. Withdrawals made prior to age 59 ½ are subject to 10% IRS penalty and surrender charges may apply. Gains from tax-deferred
investments are taxable as ordinary income upon withdrawal. The investment returns and principal value of the available sub-account portfolios will fluctuate so that the
value of an investor’s unit, when redeemed, may be worth more or less than their original value. No strategy assures success or protects against loss.
4 MONEYCLIPS FALL 2014
E D U C AT I O N U P C O M I N G S E M I N A R S
NOV
DEC
SEMINAR INFO Reservations are required for all seminars
and can be made by calling 866-733-2880 x5321, or online at
sefcu.com. Please visit sefcu.com the day of the seminar to
make sure the seminar hasn’t been cancelled due to inclement
weather or circumstances beyond our control.
Capital Region
Binghamton
Capital Region seminars will be held at the Dora Maxwell
Auditorium at SEFCU, 700 Patroon Creek Boulevard, Albany.
Directions to the Dora Maxwell Auditorium are available at
sefcu.com or by calling the Member Solutions Center at
800-727-3328.
■ Saturday, November 15
■ Saturday, October 25
Defensive Driving
9 a.m. – 3:00 p.m.
■ Tuesday, October 28
Ten Common Estate Planning Blunders
and How to Avoid Them
6 p.m. – 7:30 p.m.
■ Thursday, October 30
Small Business: Budgeting for the New Year
6 p.m. – 7:30 p.m.
■ Saturday, November 1
Defensive Driving
9 a.m. – 3:00 p.m.
■ Wednesday, November 5
Alternative Solutions to Long-Term Care
6 p.m. – 7:30 p.m.
■ Thursday, November 6
College Financing and Scholarships
6 p.m. – 8:00 p.m.
■ Thursday, November 6
Saving for Your Children’s Future
6 p.m. – 8:00 p.m.
Defensive Driving
9 a.m. – 3:00 p.m.
This seminar will be held at the American Legion,
Post 89, 118 South Jensen Road, Vestal.
Buffalo
■ Wednesday, October 15
From Intern to Entrepreneur
5 p.m. – 7 p.m.
This seminar will be held at the University at Buffalo
North Campus, Jacobs Center Management Lecture
Hall.
Syracuse
■ Wednesday, October 29
It’s Your Estate, Are You in Control?*
6 p.m. – 7:30 p.m.
This seminar will be held at SEFCU’s Midler branch,
107 Simon Drive, Syracuse.
■ Saturday, December 6
Defensive Driving
9 a.m. – 3:00 p.m.
This seminar will be held at the East Syracuse
Municipal Building, 204 N. Center Street, East
Syracuse.
■ Wednesday, November 12
So You Want to be a Board Member?
6 p.m. – 7:30 p.m.
■ Thursday, November 13
Small Business: Writing a Business Plan
6 p.m. – 7:30 p.m.
■ Thursday, November 20
Save Energy, Save Dollars
6 p.m. – 7:30 p.m.
MONEYCLIPS FALL 2014 5
S E F C U N E W S A N D I N F O R M AT I O N
Calling all thrifty shoppers!
■ If you can’t stand the thought of paying
full price for something, then make sure you get your 2015
Entertainment® or Save Around coupon book early so you
can start taking advantage of great deals at the places you
shop, eat, or visit.
Stop by a Capital Region branch to buy an Entertainment
book for $25. Get your Save Around book for Binghamton
for $25 or Buffalo and Syracuse books for $20.
These also make great gifts so why not get a jump start on
your holiday shopping. Buy one today!
ATM
Check out two
new SEFCU ATMs
SEFCU recently added two new
ATMs to make getting cash even more
convenient! Stop by and visit us at:
SEFCU Arena
SUNY Albany, 1400 Western Ave.,
Albany
SEFCU and Toys for Tots
team up this holiday season
■ As part of SEFCU’s commitment to make the holidays
brighter for children in need, the credit union has partnered with the U.S.
Marine Corps Toys for Tots program. The goal of this program is to deliver
a message of hope to less fortunate youngsters that will help them become
responsible and productive citizens.
When you begin your shopping this holiday season, pick up an extra toy to benefit
the U.S. Marine Corps Toys for Tots program. Donations are accepted at the
branches listed below beginning on November 24 through December 19. We are
accepting new, unwrapped toys suitable for children ages 0-14.
Patroon Creek branch
Open every day 7 a.m. – 11 p.m.
655 Patroon Creek Boulevard,
Albany
SUNY ESF
East Greenbush branch
Gateway Center, 1 Forestry Drive,
Syracuse
Open Monday – Thursday
7:30 a.m. – 7 p.m.
Friday
7:30 a.m. – 5 p.m.
120 Troy Road, Route 4,
East Greenbush
Wolf Road branch
40 Wolf Road, Albany
Clifton Park branch
16 Park Ave., Shopper’s World,
Clifton Park
Saturday and Sunday
11 a.m. – 4 p.m.
Wilton branch
Find other ATM locations at
sefcu.com or use the SEFCU app.
Niskayuna branch
6 MONEYCLIPS FALL 2014
7 Lowes Drive, Saratoga Springs
3200 Balltown Road, Schenectady
S E F C U N E W S A N D I N F O R M AT I O N
SEFCU SECURITY CORNER
Computer virus Zeus can steal your information
■ When you hear the name
Zeus, the ancient Greek god who was said
to be king of all the gods, sky, lightning,
thunder, law, and justice probably comes to
mind. Today, Zeus is a dangerous computer
virus designed to steal information from
unsuspecting users.
Also known as Gameover Zeus, GOZ, or
Zbot, this sophisticated piece of malware
can steal the login information to your bank
accounts and install a ransomware application
known as Cryptolocker. Once Cryptolocker is
installed it locks access to a victim’s personal
files unless a fee is paid. Since Cryptolocker
emerged in 2013, it is estimated that
234,000 computers have been infected
and more than $27 million in ransoms
were paid.
How does my computer get infected?
Fraudsters send e-mails to you and trick you into loading the
virus on your computer through Web links or by opening file
attachments. The Zeus virus is especially dangerous because
it will remain dormant on your computer and you won’t even
know it’s there until the hacker communicates with it and
steals your confidential information.
Protecting yourself
There are a number of ways you can make sure you and your
confidential information remain secure. Make sure your
anti-virus software is up to date. It is also suggested that you
install more than one anti-virus solution on your computer
since Zeus is capable of hacking anti-virus programs.
Finally, make sure all the applications and programs on
your PC or Mac are patched to the latest version. This will
help ensure that the anti-virus software you are using is
able to detect any viruses on your computer. Do not open
attachments or click on links in e-mails that you are not
expecting, even if it appears to be from someone you know.
For more information on how to ensure that your
confidential information remains secure, visit the Privacy
& Security Center on sefcu.com/privacy.
Regulation reminder
■ Have you ever tried to make an electronic withdrawal* to another account or third party and been denied?
Here’s why. A federal regulation (Regulation D) limits you to a maximum of six electronic withdrawals and transfers
from a savings account per month. Want to avoid this inconvenience? Open a Really Free Checking account at SEFCU
and make as many transfers from your account as you like. Log into SEFCU OnLine, visit a branch, or call the
Member Solutions Center at 800-727-3328 today.
*Defined as telephone, ACH, bill payment, or SEFCU OnLine-initiated transactions.
MONEYCLIPS FALL 2014 7
NEW PRODUCTS IDENTITY THEFT PROTECTION
IDProtect provides
peace of mind
®
■ Because identity theft is becoming
more and more prevalent,1 it’s becoming
increasingly important to protect your confidential
information. SEFCU has partnered with IDProtect to
offer Identity Theft Protection to our members so you’re
covered in the event that your identity is stolen.
SEFCU members can take advantage of a number of
services through IDProtect including credit monitoring,
helpful resources, and reimbursement coverage if you
become a victim of identity theft. With IDProtect you’ll
enjoy:
• Up to $10,000 identity fraud expense reimbursement
coverage2
• Comprehensive identity theft resolution services
and access to a dedicated fraud specialist to
manage your identity fraud case
• Debit and credit card registration
• Online identity theft news center and valuable
phone and Web resources
• Total identity monitoring – continuous monitoring of
over 1,000 public databases [activation required]
1
Best of all, you and your immediate
family3 can enjoy the peace of mind
IDProtect provides for just $3.95 per
month3. Funds will be automatically
debited from your SEFCU Checking
account on the fifth of each month
so you don’t need to remember to send a
check or make a payment. You may cancel
the IDProtect service at any time.
In addition, the following services are available for
an additional $1 per month (per individual). This is
optional and is made available to you once enrolled in
IDProtect. Eligible family members may also be added
for an extra $1 per month (per individual).
• 3-in-1 credit report – request new 3-in-1 credit
report every 90 days or upon receipt of alert
• 3-in-1 credit file monitoring – daily credit file
monitoring and automated alerts of key changes to your Experian, Equifax, and TransUnion credit reports
• Credit Score – receive new single bureau credit score
with every new credit report
Javelin Strategy and Research. Identity Fraud Report, February 2014.
Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group, Inc. (AIG). The description
herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described.
Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.
2
IDProtect service is a personal identity theft protection service available to account owner(s) and their family. Family includes: Spouse, persons
qualifying as domestic partner, and children under 25 years of age and parent(s) who are residents of the same household. Service is not available to
a “signer” on the account who is not an account owner. Service is not available to businesses and their employees, clubs and/or churches and their
members, schools and their employees/students.
3
This identity theft protection program is provided on a month-to-month basis with no minimum number of months required, for a monthly fee of
$3.95 for a Family Plan. This fee will be conveniently deducted from your SEFCU Checking account each month by IDProtect. Coverage begins
immediately upon enrollment. The monthly fee will be deducted the fifth day of the month and will apply to coverage for the current month. This
authority is to remain in effect until you cancel it by notifying IDProtect (by mail: 3 Gresham Landing, Stockbridge, GA 30281; by phone: 877-6107889), in advance of the intended termination date of the coverage. Cancellation will be effective the first month following receipt and processing of
cancellation request. For billing inquiries please contact IDProtect (by mail: 3 Gresham Landing, Stockbridge, GA 30281; by phone: 877-610-7889.)
4
8 MONEYCLIPS FALL 2014
®
Enroll today!
Visit IDProtectMe247.com, enter NY471979
as the access code and complete the short
online enrollment form. Don’t have a SEFCU
Checking account? Open one today!
Insurance product is not a deposit; not NCUA insured; not an obligation of
credit union;and not guaranteed by credit union or any affiliated entity.
MONEYCLIPS FALL 2014 9
SOLUTIONs HOME POSSIBLE MORTGAGE MAKES OWNERSHIP A REALITY
SEFCU MORTGAGE SERVICES
Home Possible mortgage
makes homeownership a reality
I
f you never thought you’d be able to achieve the dream of homeownership, think
again. With a Home Possible mortgage becoming a home owner is a very real
possibility for people who may never have considered it.
Here’s why.
With a Home Possible mortgage
first-time home buyers can qualify
for dramatically reduced private
insurance premiums as long as they
make the required minimum 5%
down payment (down payment can
be a gift from family or SEFCU’s
Mortgage Match Program.) This
means buyers will save money up
front on mortgage premiums as
well as throughout the life of the
loan. Plus, with a Home Possible
mortgage once 78% of loan-tovalue on the loan is reached the
monthly mortgage insurance will
no longer be required, unlike FHA
loans where mortgage insurance is
required for the life of the loan. At right is a comparison of a Home
Possible mortgage versus an FHA
mortgage.
COMPARE
HOME
POSSIBLE
MORTGAGE
Purchase price
$200,000
$200,000
Down payment
$10,000 (5%)
$7,000 (3.50%)
$190,000
$193,000
$0
$3,377
$190,000
$196,377
$934.68
$909.45
Monthly mortgage insurance
$53.83
$215.31
Monthly mortgage payment
$988.51
$1,124.76
Total after down payment
Up front mortgage insurance
Insurance
Principal & Interest
The information in this scenario is for illustrative purposes only. The information is
based on a $200,000 purchase price of a single family detached dwelling with a
30-year fixed rate, and a minimum 720 credit score.
Ready to get started? Visit
SEFCU Mortgage Services at
sefcumortgageservices.com or
call 518-783-1234.
621 Columbia Street Ext., Cohoes, NY 12047 and
200 Salina Meadows Parkway, North Syracuse, NY 13212
Licensed Mortgage Banker New York State Department of Financial Services
NMLS Company ID – 309847
10 MONEYCLIPS FALL 2014
FHA
MONEYCLIPS FALL 2014 11
Life insurance:
Fact or fiction?
Dispelling the myths about income protection
12 MONEYCLIPS FALL 2014
LI F E I N S U R A N C E FACT O R FI CTI O N
SEFCU INSURANCE AGENCY
■ With rates at or near all time lows, why is the number of Americans buying and owning life insurance
getting smaller and smaller? The answer is because too many consumers make incorrect assumptions about life insurance.
With that in mind, let’s clear up some misconceptions and clarify some truths about the product used to protect your
family and secure its financial future.
Group life insurance through your
employer is sufficient.
Fiction. While the rates are low, the coverage you
receive through work is rarely enough. Most companies will
not provide enough to care for your family in the event you
die. Plus, that coverage is not portable, meaning it’s gone if
you no longer work for that organization. Check with your
employer about how much coverage you have, and then
you’ll quickly realize how much you need more.
You only need life insurance if you’re
married with children.
Fiction. If you have anyone depending on you
financially, you need life insurance. In other words, if you
died tomorrow, would anyone close to you be affected
by the loss of your income? A customized life insurance
solution is available for whatever stage of life you’re in
— single, married, retired, married with children, stay-athome parent, etc.
If you’re a beneficiary and a death claim
is filed, the money you receive is tax free.
Fact. In almost all situations, the death benefit money
You have to take a medical exam if you
want life insurance.
Fiction. While you must take an exam for traditionally
underwritten term and permanent policies, there is
coverage you can obtain without having to take a medical
exam. Final expense whole life insurance is often available
through a simplified process, and in some instances
with guaranteed approval regardless of health factors.
Term and universal life coverage also comes in the form
of simplified issue policies, which offer $250,000 in
protection quickly without an exam.
Life insurance is too expensive.
Fiction! Here’s where people really get it wrong. Life
insurance is one of the few products that is significantly
less expensive now than it was 20 years ago (it’s pretty
hard to come up with others – cars, electronics and
technology, and houses and real estate are all more
expensive). But the statistics really tell the story. A recent
LIMRA/Life Happens study showed that consumers
overestimate the cost of life insurance by nearly three-fold.
That means you probably think life insurance costs way
more than it does.
you collect is free of federal income taxes.
SEFCU Insurance Agency offers
Homeowners insurance • Condo and renters insurance
SEFCU Insurance Agency has
partnered with AccuQuote to provide
reliable insurance options to meet your
needs. For your free personalized life
insurance review, call AccuQuote at
877-654-8916 or visit
www.sefcu.com/accuquote
today!
Auto insurance • Motorcycle insurance • Life insurance
Boat and RV insurance • Personal Umbrella insurance
Vacation and Rental Home insurance
Antique car insurance • Collectible insurance
MONEYCLIPS FALL 2014 13
W E A L T H M A N A G E M E N T S E R V I C E S Q & A W I T H J ared R einstein
WEALTH MANAGEMENT SERVICES
Get to know your
wealth management team
Fifteen Minutes with Jared Reinstein, LPL Financial Advisor
K
nowing who you are trusting to help manage your financial plan is
important for your peace of mind. This is the last of a three-part series
of interviews with the LPL Financial Advisors at SEFCU Wealth
Management Services. Get to know Jared Reinstein, LPL Financial Advisor.
“
SEFCU has a much more personal
feel and great relationships with their
members. The trust that members
have for SEFCU goes beyond what
I have seen at other institutions and
that was something I wanted to be a
part of.
”
14 MONEYCLIPS FALL 2014
Question: You’ve been at SEFCU
Wealth Management Services for
over a year. What attracted you to this
environment?
Jared: I worked for some of the top financial planning
firms in the area. One company was one of the most
recognized financial planning firms in the Capital
Region, while the other is one of the largest investment
firms in the country. SEFCU has a much more personal
feel and great relationships with its members. The trust
that members have for SEFCU goes beyond what I have
seen at other institutions and that was something I wanted
to be a part of. In my current role, I have the ability to
be more flexible with members and provide a more indepth analysis while developing a much more personal
relationship, where trust is at the top of the list.
Question: What wealth management
challenges do you help members
overcome?
Jared: Every challenge is member-specific but the
biggest one is giving them the knowledge to help them
make informed decisions. When we sit down with
a member it’s our job to learn about their needs and
concerns and then help educate them as to how to tackle
them. I love teaching members about an area of finance
that is sometimes complex and overwhelming to many
people. Members who work with me learn how to address
their challenges head on.
Question:What does financial planning
mean to you?
Jared: My experience has been that most investors
dedicate their time and attention to accumulating assets
rather than an income planning strategy. Today’s lowinterest rate environment requires a carefully crafted
strategy that involves detailed conversations about
what income sources are available (i.e. pensions, social
security, etc.), and realistic expectations regarding yields,
withdrawal rates, and market risk. In an ideal situation a
client’s fixed expenses would be funded by guaranteed
sources of income whether that is pension, social security,
or some sort of annuity. Discretionary expenses would be
funded by a diversified and variable portfolio.
Question: How does insurance play a
role in wealth management?
Jared: Insurance plays a very vital role in managing
and creating wealth. For example, life insurance is a great
way to replace income if someone unexpectedly passes
away in a family. It can also be a great estate planning
tool to increase liquidity of a person’s estate. Disability
insurance can help supplement income in the event of an
accident that keeps someone from going back to work.
Long-Term Care insurance is another strategy to help
protect assets if long-term care is required.
We have access to some great tools that help show
members how much insurance they would need based
on their own individual financial planning goals. Bottom
line, insurance is an important tool to any wealth
management strategy because it helps protect your assets
and your family from unexpected risks.
Schedule your no-obligation consultation today!
Call SEFCU Wealth Management Services at 518-451-2948.
Not NCUA Insured
Not Credit Union Guaranteed
May Lose Value
Not Insured by Any Federal Government Agency
Not a Credit Union Deposit
*Securities and Advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. Insurance products offered
through LPL Financial or its licensed affiliates.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a
qualified tax advisor.
MONEYCLIPS FALL 2014 15
C O M M U N I T Y W H Y I C A R E AWA R D R E C I P I E N T K AT H Y S A N S O N E
Why I Care: Kathy Sansone
A cancer
survivor
explains
why she
gives back
T
en years ago if you had
asked Kathy Sansone
how involved she was
with her community
she would probably
have told you that while she believed
volunteerism was important she only
did it occasionally when her schedule
permitted.
But, all that changed in 2004 when
Kathy was diagnosed with Stage
3 colon cancer. She was
completely overwhelmed at
the outpouring of support she
received while undergoing
treatment – not only from
close family and friends – but
coworkers and acquaintances
too. She vowed that when (not
if, but when) she was cancer
free she would pay it forward
to thank all of the people who
were there for her during her
time of need.
Kathy kept her promise and
over the past decade she has
made volunteering part of
her regular schedule. For the
past eight years she has been
a driver for the American
Cancer Society’s Road to
16 MONEYCLIPS FALL 2014
SEFCU President & CEO Michael Castellana, right, presents Kathy Sansone with SEFCU’s
“Why I Care” Award, honoring her volunteer work. Below, Kathy, center, and fellow SEFCU
employees help out at Schenectady Home Furnishings.
Recovery program, transporting
cancer patients to and from
treatments. She remembers one time
in particular driving a man to his
radiation treatment and he told her
that he was tired and didn’t want to
fight anymore. She was proud to say, “I
am a cancer survivor and you can beat
it too.” Kathy fondly remembers how
he was smiling when she picked him
up from his treatment that same
day and he thanked her for giving
him the strength to keep fighting.
“Sometimes all a person
needs is courage and hope.”
For Kathy, volunteering is
extremely personal. She has
developed strong bonds with
Schenectady Home Furnishings
which provides furniture and
home goods to individuals and
families in transition. She also
is a strong advocate for the City
Mission of Schenectady which
serves the needs of the city’s
homeless population.
Know someone deserving of
SEFCU’s “Why I Care” Award?
Visit sefcu.com/whyicare to
nominate someone you believe
makes a difference in his/her
community.
C O M M U N I T Y S E F C U L A B O R D AY 5 K R E S U LT S
SEFCU 5k
O
n Labor Day, nearly 500
runners and walkers
participated in the
26th Annual SEFCU
Labor Day 5k. Once again, SEFCU
held a public vote to determine which
non-profit received $15,000. After the
results were counted The Alzheimer’s
Association of Northeastern New York
received the highest number of votes.
The non-profit with the second highest
number of votes was Ronald McDonald
House Charities of the Capital Region,
receiving $3,000, and the American
Heart Association finished with the
third highest votes and received $2,000.
2014 race sponsors:
Hudson Mohawk Road Runners Club
Lamar Advertising
WRVE 99.5 The River
Benetech
CUNA Mutual Group
Coldwell Banker Prime Properties
S & B Construction
SEFCU Mortgage Services
CDPHP
Columbia Development Companies
DeCrescente Distributing Co., Inc.
Driver Greene LLP
JCB Specialties
Mazzone Hospitality
Sandler O’Neill & Partners
Saratoga Bottling Co.
BancCard
Burns-Fazzi/Brock
Dunkin’ Donuts
George K. Baum & Company
The Group for Organizational Effectiveness
Hayner Hoyt Corporation
Hilton Garden Inn/Troy
Janitronics Facility Services
The Niles and Carl Group at Morgan Stanley
SEFCU Insurance Agency
Silvestri Dry Cleaners
Sterling Insurance
University at Albany
The top male finisher was Jamie Julie,
second place was Thomas O’Grady,
and third place was Michael Roda.
The top female finisher was Nicole
Soblosky, second fastest woman was
Lisa D’Aniello, and third place was
Amanda Chambers.
Thanks to everyone who participated!
See you next year!
MONEYCLIPS FALL 2014 17
MEMBER BENEFITS SEFCU OFFERS COLLEGE SCHOLARSHIPS
SEFCU can help pay for college
■ Whether you are a high school senior or
already attending college, the thought of paying for
college tuition can be overwhelming. To help ease the
financial burden, SEFCU offers a number of scholarships.
Check the descriptions below to see if you’re eligible and
then learn how to apply.
For College Freshmen
Smart Sense Scholarship
Robert Berroyer Memorial Scholarship
Established in memory of Robert Berroyer, a former
SEFCU Board Member, this $2,500 one-time award is
available to a student graduating from La Salle Institute and
planning to attend a two- or four-year college. Applicants
must have a strong academic record and demonstrate a
commitment to their community through volunteerism.
John Ilacqua Memorial Scholarship
Available to high school seniors planning to attend a two- or
four-year college in the fall of 2015, SEFCU’s Smart Sense
scholarship provides a $1,000 one-time award to students
who have a strong academic record and have demonstrated
a commitment to their community through volunteerism.
Multiple winners will be selected for this scholarship.
Created in memory of John Ilacqua, a former SEFCU
Board Member, this award is available to one high school
senior planning to attend Siena College in the fall of 2015.
The one-time scholarship provides $2,500 to a student
with a strong academic record who has demonstrated a
commitment to his/her community through volunteerism.
Jean L. Myers Memorial Scholarship
For Current College Students
Created in memory of Jean Myers, a former SEFCU
Board Member, this award is available to one high
school senior graduating from South Colonie schools.
This one-time scholarship provides $2,500 to a student
who has a strong academic record and has demonstrated
commitment to his or her community through volunteerism.
Rensselaer, Skidmore College, University at
Albany, University at Buffalo
If you are a student at Rensselaer, Skidmore College, the
University at Albany, or the University at Buffalo and will
be entering your sophomore, junior, or senior year at these
schools, you are eligible to apply for this $1,000 one-time
award. Applicants must have a strong academic record and
demonstrate a commitment to their community through
volunteerism.
For Graduate
Students
To apply:
Applications will be available later this fall.
To request one, e-mail marketing@sefcu.com.
Include the student’s name and address in
the body of the message and the name of the
scholarship in the subject line. The application
deadline is January 31, 2015.
SEFCU reserves the right to not award any of the
above scholarships in any given year.
18 MONEYCLIPS FALL 2014
Dr. Carmen Cornute
Memorial Scholarship
Established in memory of Dr.
Carmen Cornute, the late wife of
SEFCU Board Member Robert
Cornute, this $2,500 award is
open to applicants pursuing
an advanced degree in nursing
or the social sciences in an
accredited program (advanced
degree as defined by the
credentialing agency appropriate
to the field of study). Candidates
must also provide evidence of
involvement in extracurricular,
volunteer/community service,
and/or career-related activities.
SMART SENSE GAME AND PRIZE
Numbers game
Try to fill in the missing numbers.
• The missing numbers are integers between 0 and 9.
• The numbers in each row add up to the totals to the right.
• The numbers in each column add up to the totals along the bottom.
• The diagonal lines also add up the totals to the right.
4
5
2
9
6
31
0
5
9
2
4
22
5
8
4
4
24
1
8
22
0
7
0
8
8
6
8
0
28
26
35
19
23
23
35
21
32
16
SEFCU SMART SENSE
You could be a winner!
Register for a drawing to win* a $100 Visa® Gift Card.
If you have a Smart Sense account at SEFCU, here’s your chance to win
a $100 Visa Gift Card. Visit sefcu.com/Moneyclips and enter the drawing
by January 2, 2015 for your chance to win.
*SEFCU employees and their immediate families are not eligible. Open to Smart Sense
members only. If you have more than one Smart Sense member in your family,
you may complete the online form for each child. One entry per person.
MONEYCLIPS FALL 2014 19
MONEYCLIPS
FA L L 2 0 14
Patroon Creek Corporate Center
700 Patroon Creek Boulevard
Albany, NY 12206
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U.S. POSTAGE
PAID
SARATOGA SPRINGS NY 12866
PERMIT #426
MoneyClips is a quarterly newsletter published
for the benefit of SEFCU members.
Main Number 800-727-3328
DIAL Automated Phone Svc. 518-452-2874 • 800-733-2848
SEFCU Insurance Agency 518-786-9905 • 888-250-6689
SEFCU Mortgage Services 518-783-1234 • 800-444-6313
TTY Phone Number
518-464-5252
Website www.sefcu.com
B A N K I N G W I T H A P U R P O S E C O L L A B O R AT I V E S P I R I T H E L P S S E F C U M A K E A D I F F E R E N C E
WE Did That!
■ SEFCU’s commitment to the
community goes much deeper than simply
writing a check to support organizations and their
missions. Employees provide feedback on what
organizations and events they’d like to see SEFCU
support and are encouraged to get involved by
volunteering with non-profits whose cause means
something to them. Many members have also
answered the call, donating their time and money.
SEFCU staff spent a day this summer helping out at Cradle Beach children’s camp.
So when the credit union reports on organizations
that it supports, it’s more than just a monetary donation. It
takes the work of many staff throughout the organization to
research, plan, and make the idea come alive. Watch for this
section in future editions of MoneyClips to learn what new
projects SEFCU is supporting and how the collaborative
efforts of everyone involved made them a reality.
Bassett Health Care
To make sure children living in rural central New York have
access to the health care they need, SEFCU has partnered
with Bassett Health Care to support the Bassett
Health Care School-Based Health Center program. This
program is the largest rural school-based health program in
the state with 19 centers and 14 participating school districts.
With SEFCU’s support, Bassett will expand the program into
the Richfield Springs School District, providing students with
access to health care via a mobile unit. SEFCU will provide
$150,000 to support this program.
Cradle Beach
SEFCU deepened its relationship with Cradle Beach this
summer when nearly 40 employees traveled to Buffalo
to visit the camp, which serves children with disabilities
and those who come from some of the poorest sections of
Buffalo and Western New York. While there, staff toured
cabins that were built with SEFCU support and had an
opportunity to decide how the credit union should make an
additional $10,000 donation. Staff decided the money should
go for repairs and improvements to existing structures.
Want to get involved? Visit sefcu.com/community or e-mail us at volunteer@sefcu.com.