Winter 2016 - WESTconsin Credit Union

Winter 2016
Tell Us YOUR WESTconsin Story!
We’re beginning plans for our next campaign series of Member Stories.
This is where members just like you proudly share why they have come to
count on WESTconsin in a featured message. Through these encounters,
we’ve discovered so many wonderful and unique aspects about the
members of WESTconsin Credit Union as well as the employees who
caringly serve them.
Do you have a particularly memorable experience with WESTconsin that
you would be delighted to tell? If yes; we’d be thrilled to hear about it!
Maybe we’ve been there and supported you during a rough patch? Or,
partnered with your organization to help make a positive difference in
someone’s life or the local community? If you or someone you know has a
great story to share, please email tbergeson@westconsincu.org or call your
local WESTconsin office number then dial ext. 7753.
Save the Date!—76th Annual
Membership Meeting
As a member/owner of WESTconsin Credit Union, you
are invited to our Annual Membership Meeting. Take this
opportunity to be involved in the decisions made in your
financial institution!
Thursday, April 14 | 7 p.m.
Menomonie High School Auditorium
Complimentary Meal
5:30 to 6:45 p.m. | Large Cafeteria
There will be elections of two directors, complete reports,
entertainment, door prizes and attendance gifts. We look
forward to seeing you!
Voting Eligibility
In accordance with WESTconsin Credit Union bylaws, each
member shall have one (1) vote irrespective of the member’s
share total. A member may not vote by proxy. An organization
or association member shall be represented by and have its
vote cast by a duly authorized representative of the entity. A
trust shall be represented by the trustee. A member eligible to
vote is 16 years of age or older and a primary account holder.
Registration
Member Services Representatives and/or other credit union
staff at the registration table will ask you to verbally verify
account and personal identification. This account verification
process is identical to the one performed when members
transact business on their account.
Our Mission
We are committed to helping our members achieve financial success.
Amery ....................(715) 268-8127 Baldwin ................ (715) 684-3333 Barron................(715) 537-5661
Eau Claire .............(715) 833-8035 Ellsworth .............. (715) 273-4238 Hudson..............(715) 386-2300
New Richmond ..(715) 246-2068 Prescott ................ (715) 262-4600 River Falls.........(715) 425-8113
High School Offices in Amery, Hudson, Menomonie, New Richmond and River Falls
westconsincu.org
Chippewa Falls ...... (715) 723-2216
Menomonie ...........(715) 235-3403
Spring Valley .......... (715) 778-5644
US Toll-Free ............. (800) 924-0022
90 Day Notes is a quarterly newsletter published by WESTconsin Credit Union to inform and educate its member-owners about the credit union and other financial matters.
Office Events and
Fundraisers
Miracle Jeans Day Campaign
During the month
of September,
WESTconsin went
casual for kids in
support of our local
Children’s Miracle
Network Hospital—
Gillette Children’s
Specialty Healthcare! Together, staff
and members of the community, raised
$4,998.61 for Gillette.
The Mitten Tree
This year, members
of WESTconsin
Credit Union, our
communities and
credit union staff
came together to Give
the Gift of Warmth,
allowing us to deliver
2,361 winter apparel
o
and accessory items to
those in need. From November
2–21, donations were collected at all
WESTconsin locations as well as online.
We extend heartfelt appreciation to each
person who participated!
Retiree Farewell
Wishes!
WESTconsin Credit Union congratulates
and thanks employees in their
retirment. Thank you for your many-year
commitment to the credit union and
our members!
Debra Verdon,
Human Resources—Menomonie
27 years of service
Marg Campbell,
Loss Mitigation & Recovery—Menomonie
25 years of service
WESTconsin Travel Club Opportunities
Blithe Spirit | March 23, 2016
Join us as we travel to Old Log Theatre for the most spirited comedy you’ve
seen in years! Researching for his new novel, Charles Comdomine invites
the implausible medium Madame Arcati to his house for a séance. While
consumed in a trance, Madame Arcati unwittingly summons the ghost of
Charles’ dead wife Elvira. Appearing only to Charles, Elvira soon makes a
play to reclaim her husband, much to the chagrin of Charles’ new wife Ruth.
If he wants his latest marriage to stand a GHOST of a chance, he’d better
conjure up a solution quickly. Cost is $75, includes lunch, transportation
and show ticket.
The Backroads of Western France | April 2016
Join us on a trip abroad! Exciting highlights include the regions of Loire
Valley and Brittany, Mont St. Michel, Normandy American Cemetery at Point
du Hoc, Utah Beach, Airborne Museum at Ste Mere L’Eglise, Claude Monet’s
Giverny region and exciting Paris! Cost is $3,975/person based on double
occupancy. Trip is sold out!
Door County, Wisconsin | May 23-25, 2016
Join us for a spring tour of Door County! Highlights include the Maritime
Museum in Sturgeon Bay, wineries, a fish boil, shopping and more! We will
also visit Lambeau Field for a stadium tour, hall of fame and lunch in the
atrium. Trip includes two breakfasts, two lunches, one dinner and overnight
accommodations in Egg Harbor. More information coming soon!
Beauty and the Beast | June 29, 2016
Returning to Chanhassen Dinner Theatre for the first time in over a
decade—the mega hit Beauty and the Beast! A prince harshly turns a beggar
woman away from shelter in his castle. She is secretly an enchantress, who,
angered by the prince’s lack of compassion, changes the prince into a
hideous Beast and all the castles’ human inhabitants into living objects. The
enchantress tells the Beast that before the last petal falls from an enchanted
rose, he must find true love or all will remain forever altered. Not far from
the castle, in a small village, Belle lives with her father Maurice, an inventor.
Belle is seen as odd by all but Gaston, a handsome yet highly egotistical
man, who wants to marry her. Belle’s father gets lost in the woods and
stumbles upon the Beast’s castle where he is welcomed by the walking,
talking clock and candlestick. However, when the Beast discovers him, he
is taken captive. When Belle finds out, she rushes to his aid and trades her
freedom for her father’s. The Beast is harsh at first, but eventually the two
develop something deeper. Cost is $90, includes lunch,
transportation and show ticket.
Minnesota State Fair | August 25, 2016
6
Join us for our annual trek to the great Minnesotaa
get together! More information coming soon!
Grand Canyon | September 18-30, 2016
6
Save the date! We’re working on all the exciting details!
A Fireside Christmas | December 1-2, 2016
Holiday Hours
Offices and Service Center will be OPEN on:
Martin Luther King Jr. Day
Monday, January 18
President’s Day
Monday, February 15
westconsincu.org
Join us as we view the new edition of A Fireside Christmas, bringing you
a show that will re-kindle the true Christmas spirit in all of us. Through
songs, stories, and dances, commit yourself to capturing the very heart
and essence of the holiday season. Each show is new and exciting, with
gorgeous new costumes and sets, new songs and dancing, and new ways to
tell the familiar stories of the season. What never changes is our faithfulness
to the traditions and memories of this most joyous of seasons. More
information coming soon!
For reservations or more information, please contact Sharron Buss, Travel Club Coordinator,
at your local office, ext. 7733 or visit westconsincu.org.
Mortgage Payment Protection
Thinking About Buying a Home or Refinancing?
This could be one of the biggest investments you’ll make
during your lifetime. Make sure you are adequately
protecting that investment in case the unexpected
happens. Consider protecting your monthly mortgage
payment by purchasing Mortgage Payment Protection with
your home loan.
What is Mortgage Payment Protection?
It’s a voluntary insurance product that covers your
mortgage payment* for a “critical period” for a covered event
of involuntary unemployment, disability or death. It helps
buy you time to catch your breath and get back on your feet
financially.
Consider these compelling statistics:
• 7 in 10 workers say if they lost their job they could go no
more than four months without experiencing significant
financial hardship.1
• 6 in 10 Americans have no emergency fund to fall back on.2
• Almost 1/3 of Americans who participate in a retirement plan
say they have taken out a loan from the savings in their plan.3
How Can Mortgage Payment
Protection Help You?
During critical periods, it can be tough to make mortgage
payments. That’s why Mortgage Payment Protection can be
such a life-saver. It can:
• Help you continue to meet your financial obligations for
your home loan;
• Free up money, you would have used for your mortgage
payments, to pay other bills.
By temporarily covering your mortgage payment, Mortgage
Payment Protection could potentially help reduce the need
to dip into your other investments, like your retirement fund.
Don’t Wait
The only time you can apply for Mortgage Payment
Protection is when you apply for a mortgage loan or
refinance. After you close on your loan, it’s too late.
Talk to your WESTconsin Credit Union loan
g is right
g for
officer to see if this coverage
our co-borrower.
you and your
* Payment amount includes principal and interest equal to your monthly payment at time of enrollment.
rollment.
Depending on your credit union’s program specifics, the payment amount may also include any advances
for property tax and insurance (private mortgage insurance and/or homeowner’s insurance) paid
d into an
escrow account that is included with the monthly mortgage payment. [Payment amount is subject
ect to
future adjustments based on changes to property tax, insurance or mortgage rates.]
1
Gallup’s Economy and Personal Finance Poll, April 2014
Federal Reserve, US Census Bureau, IRS, 7/9/2012
3
Americans Tap Retirement Savings and Regret It, July 2014
2
Board Of Directors Candidates Announced
Notice to Members
The following members have been nominated to serve a three year term on WESTconsin Credit Union’s Board of Directors:
• Colleen Mensing vs. Glenn Potts
• Lynn Brantner vs. Julie Keown–Bomar
You are hereby advised of your right under Article V, Section 3 of the WESTconsin Credit Union’s bylaws to submit to the
Chairperson on or before March 1, 2016, a petition requesting your nomination as a nominee to the credit union’s Board
of Directors. Your petition must be signed by at least one percent (1%) of the members eligible to vote at meetings of the
members of the credit union.
To become and remain a Director, a person must comply with the following qualifications as listed in Article V, Section 1:
• Be an individual and have the capacity to enter legally
immediately before coming a Director, not be an
binding contracts;
employee of the credit union or an employee of an entity
controlled by the credit union or in which the credit union
• Be a member in good standing of the credit union;
owns a majority interest;
• Not have been previously removed or disqualified as a
• While a Director and during the one (1) year immediately
Director;
before becoming a Director, not be a director, officer,
• While a Director, and during the five (5) years immediately
employee or agent of any financial institution.
before becoming a Director, not be convicted of, or plead
•
While
a Director, not be a close relative (including spouse,
guilty to, a felony or misdemeanor;
child,
parent,
sibling, grandparent, grandchild, in-law
• Except as otherwise provided by the Board for good
or any other member of the immediate household) of a
cause, attend at least two-thirds (2/3) of all Board
Director or employee of the credit union; and
meetings during each calendar year;
•
Comply
with any other reasonable qualifications
• Annually sign an oath of office;
determined
by the Board.
• While a Director and during the three (3) years
Content developed by CUNA Brokerage Services,
provided by Tim Carlson and Alex Burian
WESTconsin Investment Advisors.
TIM CARLSON
ALEX BURIAN
Rules Change for In–Service 401(k) Rollovers
401(k)–to–Roth rollovers are now possible before age 59½
A new possibility. Sometimes employees want to pull
money out of a 401(k) before they retire. It isn’t always
because of an emergency. Some workers want to make an
in–service non–hardship withdrawal just to roll their 401(k)
assets into an IRA. Why? They see lower account fees and
greater investment choices ahead.
As a result of the Tax Increase Prevention Reconciliation
Act (TIPRA), tax laws now permit in–service non–hardship
withdrawals from 401(k), 403(b) and 457 plans to traditional
IRAs and Roth IRAs before age 59½. Of course, the employee
must be eligible to take a distribution from the plan, and
the funds have to be eligible for a direct IRA rollover.1
This option may be very interesting to highly compensated
employees who want the tax benefits of a Roth IRA. The
income limits that prevented them from having a Roth
IRA have been repealed, and they may have sizable 401(k)
account balances.
Does the plan allow the withdrawal? Good question. If a
company’s 401(k) plan has been customized, it may allow an
in–service withdrawal for an IRA rollover. If the plan is pretty
boilerplate, it may not.
The five–year/two-year rule also has to be satisfied.
IRS Revenue Ruling 68–24 says that for an in–service
withdrawal from a qualified retirement plan to take place,
an employee has to have been a plan participant for five
years or the funds have to have been in the plan for
two years.2
401(k) plan administrators may need to amend their
documents. Does the Summary Plan Description (SPD)
on your company’s 401(k) plan allow non–hardship
withdrawals? If it doesn’t, it may need to be customized to
do so. This year, plan administrators nationwide are fielding
employee questions about rollovers to Roth IRAs.
401(k) plan participants need to make sure the plan
permits this. An employee should request a copy of the
SPD. If you ask and no one seems to know where it is, then
call the toll–free number on your monthly 401(k) statement
and ask a live person if in–service, non–hardship withdrawal
distributions are an option. In some 401(k)s, an in–service
non–hardship withdrawal will prevent you from further
participation; be sure to check on that.
If this is permissible and you want to make the move, you
better make an IRA rollover with the assets withdrawn. If
you don’t, that distribution out of your qualified retirement
plan will be slapped with a 20% federal withholding tax and
federal and state income taxes. Oh yes, you will also incur
the 10% early withdrawal penalty if you are younger than
age 59½. Additionally, if you have taken a loan from your
401(k), any in–service withdrawal might cause it to
be characterized as a taxable distribution in the eyes
of the IRS.3
Obviously, this IRA rollover possibility is not a big hit with
the national and regional retirement plan providers, who
would like to see you keep participating in their 401(k)
programs rather than partly or fully bail out. But many
employees would like a broader and more diverse range of
investment options—and some would like the chance to
direct their money into vehicles designed to produce future
income streams.
Don’t forget to talk to the professionals. Retirement plan
administrators and participants should talk to the financial
consultant that has helped them with their 401(k) program
before making a move. This article is simply an overview,
and there will be different details to attend to with each
employee. So be sure to touch base with the financial
professional you trust.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor.
CBSI is under contract with the financial institution to make securities available to members.
Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.
These are the views of Peter Montoya Inc., not the named Representative nor Broker/Dealer, and should not be construed as investment advice. Neither the
named Representative nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation
as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is
needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information.
Citations.
1
articles.sun-sentinel.com/2009-08-16/business/0908140293_1_roth-ira-roth-conversions-simple-ira [8/16/09]
2
smbhr.benefitnews.com/news/rolling-the-dice-with-a-roth-ira-rollover-2682826-1.html [1/22/10]
3
macpa.org/Content/22372.aspx [2/1/10]
01152014-WR-967
Presented by:
Jim Moe, REALTOR®
WESTconsin Realty, LLC—New Richmond Office
Cell: (715) 781-0387
jmoe@westconsinrealty.com
Six Ways to Improve Your Home
No house is perfect. Here are some clever design tricks to
minimize your home’s flaws and make it a more beautiful
place to live.
1. Dark Rooms
Everyone loves light-filled rooms. If your home’s small
windows don’t let in enough light, paint the walls a light
color to help brighten dark corners. Hanging mirrors on
walls opposite windows will bounce daylight around a
room. Reflective surfaces can also brighten a space, so
decorate with gold and silver accessories and invest in
furniture with high-gloss finishes. Lastly, make sure that
sunlight can reach your windows; trim any overhanging
branches outside your home.
2. Lack of Storage
Storage space is no longer a luxury—it’s a requirement. If
your closets are overflowing, it’s time to clear the clutter.
Start by donating the items you no longer need to local
charities. Invest in organizers for your home’s bedroom and
front hall closets. A double clothes rail and few shelves for
shoes and sweaters can double or even triple the amount of
storage space ina closet. Finally, toss those old wire hangers;
wooden hangers make a closet look organized and tidy.
3. Awkward Architecture
Low, sloping ceilings in the bedrooms, narrow hallways, a
steep staircases don’t help a home’s appeal. To help take
the focus off a low ceiling, paint the walls and the ceiling
the same color, preferably a light one. If you want to make
a narrow hallway feel wider, paint the walls and the trim in
a pale, cool tone; colors on the cool end of the spectrum
visually expand a space. To camouflage a steep staircase,
take a horizontal-stiped carpet runner on the treads
and risers.
4. Ugly Views
You can’t change your home’s location, but you can help
disguise the train tracks in the backyard or the factory
across the street. Outside your home, plant a row of
evergreen trees to hide the view (investing in more mature
trees will give you immediate cover). Inside your home,
hang curtains with bold patterns or colors. The bright
curtains keep the eye focused on the home’s interior instead
of that unfortunate exterior view.
5. Yard Landscaping
Remove dead or dying trees, trim, shrubs. Place fresh mulch
in flower beds, and around the house. First impressions
are a MUST in this competitive market. If you have a gravel
driveway, have it graded. Also, make sure sidewalks are safe.
6. Outside of Home
Touch up all peeling paint on exterior. Replace or repair any
bad siding on property.
These six improvements certainly will help you sell your
property when you so choose. But even if you don’t sell, you
will enjoy your new look!
WESTconsin Hosts Tax Assistance Programs
For people including the elderly and disabled, and those with low incomes or limited English proficiency, there are resource
programs designed to help you file your taxes from the preparation sites listed below.
Menomonie—WESTconsin’s Menomonie–East office will
River Falls—Our River Falls office will host the
again host volunteers for the Menomonie area’s AARP free
UW-River Falls Student Accounting Society Low Income
tax preparation program in the lower level Community
Tax Assistance program from 6–9 p.m. on February 25 and
Room. Assistance will be available on Wednesdays and
March 3 and 10. The students will be assisting taxpayers
Thursdays beginning February 3 through April 14, except
with the preparation of their returns at no cost. For more
for Wednesday, February 10. Appointment requests must be
information about this service, please contact Steve
made through the Aging and Disability Resource Center of
Dewald, UW-River Falls College of Business and Economics,
Dunn County at (715) 232-4006.
at (715) 425-0620.
WESTconsin Credit Union is proud to partner with various volunteer-led groups by providing them with access to facilities
and equipment in which they manage their services.
Member Notices
Student Scholarship Deadline Approaches
Electronic Service Fee Change
WESTconsin Credit Union is offering $1,000 scholarships
to graduating high school seniors from the Class of 2016.
Applications are available through our
website at westconsincu.org and will be
accepted through midnight on February
14, 2016. Students must have been a
WESTconsin member since April 30, 2015
to qualify.
Effective March 1, 2016 WESTconsin Online Account Access
Stop Payment charge is $30.
Tax Season Has Arrived!
If you are making a contribution to your IRA or HSA and
wish it to count toward your 2015 tax-year contributions,
please be sure to tell our staff at the time of deposit. In
order for us to report your deposit as a 2015 tax-year
contribution, we must code it specifically to do so. Online
banking transfers into your HSAs will be coded as a current
year contribution, so if you wish to contribute more towards
2015 tax-year, please call our service center or stop at your
local office!
2016 Contribution Limits:
• IRAs—$5,500 aggregate between all Traditional and
Roth Contributions; $1,000 catch-up if age 50 or better.
• HSAs—Self–only coverage $3,350; Family coverage
(yourself and at least one additional person) $6,750;
$1000 catch-up if age 55 or better.
Snow Bird Address
If you are someone who heads
somewhere warm during the
winter months, please be sure to
inform us of your new address,
even if it’s temporary. This will
ensure prompt delivery of your
credit union correspondence and
avoid a $10 monthly fee per account that has statements
returned to us due to an incorrect address. This can be done
in person at any of our offices, or over the phone by calling
your local WESTconsin office or (800) 924-0022.
Accessing Tax Forms
If you are currently enrolled to receive eDocuments
(eStatements or eNotices), your tax forms will be available
in the eDocuments section of Online Banking. Members will
receive an email notification indicating their tax form(s) is
ready. You may need to print or save these documents for
your records. To access your documents:
• Log into WESTconsin Online
• Click on ‘Additional Services’ in menu tab
• Click ‘eDocuments’
• Within ‘eDocuments’ window, click on tax form tab
• Click on the eDocuments that you would like to view,
print or save
Members who are not registered for eDocuments will
receive the tax forms in the mail.
Know Your Numbers
When setting up Direct Deposit, automatic payments or
electronic tax refunds, you’ll need to know certain numbers
pertaining to your checking account.
Routing Number: 291880589
Savings Account Number:
Membership Account Number (base number without any suffixes)
Checking Account Number:
10 digits found on the bottom of your check
54751
Menomonie, WI
Me
(715) 235-3403
g
westconsincu.or
1234567890C
A291880589A
For
Fo
WESTconsin’s
Routing
Number
Your Account
Number
1234
Your
Check
Number
Don’t have checks for your checking account and unsure of
your account number? Just give us a call at your local
WESTconsin office phone number or (800) 924-0022.
Avoiding the Cost of Collateral Protection Insurance
As the lienholder on your vehicle and many others, WESTconsin Credit Union depends on comprehensive and collision
insurance to protect our credit union from uninsured loss. The terms of your loan contract require this coverage for the life of
the loan. Still, members sometimes allow their coverage to lapse.
’ loan with the cost added
’s
When this happens, a collateral insurance policy is placed on the member’s
d union, but
dit
to the monthly payments. Collateral protection insurance protects the credit
does not cover the borrower, and is no substitute for traditional insurance..
You can avoid the added cost of collateral protection insurance by
keeping your insurance policy up to date. Should you receive a notice
from our insurance department asking for proof of insurance, we
encourage you to respond quickly to avoid any inconvenience. For
questions on collateral protection, please give us a call at (800) 924-0022.