A recent survey released as part of America Saves Week found that while more Americans are saving more effectively than a year ago, only about 40% are doing so successfully.

According to the study, those with a specific savings plan reported making more savings progress than those without a plan.

America Saves offers many useful tools to help you assess your savings:

• You can assess your savings progress to make sure that your savings plan is on the right track.
• Test your savings knowledge to help you understand the importance of saving for the future.
• Try the Personal Wealth Estimator to find out your current net worth and future net worth.
• Evaluate your savings preparedness by checking off your accomplishments on the Saver Checklist.
• Find out what you should be saving for and make a goal.
• Make a plan. Learn more about saving strategies and how to create (and stick to) a budget.

Throughout the week, we will share savings strategies from America Saves on our Facebook page.

SERS is a participating organization in the America Saves Week campaign and encourages you to increase your personal wealth, not debt. Take the pledge today.

*Direct deposit notice or check stub will be mailed to all benefit recipients.

You will receive a check stub whenever there is a change to your benefit, such as health care premium change, a tax withholding change, or a bank account change.

SERS strongly encourages all retirees to have their pension payments paid directly to a bank or credit union. Direct deposit of your funds is the only way to assure that your payment will be available on the first of every month. Direct deposit eliminates any concerns about late, lost, or stolen checks. Since pension checks cannot be forwarded, direct deposit also eliminates delays when you travel during retirement. It is your responsibility to make sure the funds are in your account before writing checks against your account.

If you do not enroll in direct deposit, there is no guarantee that you will receive your payment right on the first of every month. Delivery delays might occur that are beyond SERS’ control, such as lost or stolen checks. You must wait 10 days after the expected delivery date before SERS can begin the process of stopping payment and issuing a new check. This delay will not occur if you have direct deposit.

Researchers studied West Virginia, Michigan, and Alaska, three states that made the switch to DC retirement plans for their public employees in an effort to address pension underfunding and rising pension plan costs.

Instead, the states’ pension funding problems worsened. Additionally, researchers found that implementing a DC plan did nothing to reduce DB plan costs.

Similarities among the states include:

• States and/or public employees contributed less than the Annual Required Contribution (ARC).
• The loss of new, contributing members made it difficult to finance the unfunded obligations of the states’ DB plans.
• DC balances proved to be too low to provide an adequate income to retirees. The average DB pension was actually worth more and cost less in the states evaluated.        
• Underfunding increased following the switch to DC. In Alaska’s case, the state retirement systems’ unfunded liabilities doubled in less than 10 years.

Michigan and West Virginia have the made the switch back to DB plans, but legislation to reopen the DB pension to new employees has not passed in Alaska.

Instead of looking to DC plans as an answer to underfunding, the case studies suggest that states implement a responsible funding policy requiring the full ARC and a more disciplined approach to DB plan funding.

The WEP affects SERS retirees who are, or will be, receiving a Social Security benefit based on their own Social Security employment record. Under the current legislation, their Social Security benefit was reduced depending on the number of years paid into Social Security.

The Equal Treatment for Public Servants Act eliminates the WEP, and allows Social Security benefits earned by public employees in non-Social Security states to be calculated just as other workers, based on their real-life contributions and work history.

We urge all SERS members who have paid into Social Security, and retirees who are affected by the WEP, to contact their congressional representatives and ask them to co-sponsor the bill and support its passage. You can do this from the Legislative Action Center on the front page of the SERS website.

Today, twelve years since the first National Wear Red Day, the American Heart Association has made tremendous advances in increasing awareness and education. Nearly 300 fewer women die from heart disease or stroke each day.

We encourage all our members and retirees to participate in National Wear Red Day tomorrow, Feb. 6. More importantly, the American Heart Association urges both women and men to learn more about their cardiovascular risk and educate themselves on how to lead a heart healthy lifestyle.

Taking action now could lead to many healthier days ahead.

The phishing emails state they are from a U.S. federal government agency and reference the Affordable Care Act in the subject line. The email claims to direct users to health care coverage information, but instead directs them to a site that either asks for personal information or installs malicious code.

The US-CERT is encouraging all users to protect themselves by taking the following steps:

• Do not follow links or download attachments in unsolicited email messages.
• Maintain up-to-date antivirus software.
• Refer to the Avoid Social Engineering and Phishing Attacks Security Tip for additional information on social engineering attacks.

If you receive a suspicious email related to this campaign, be sure to report the incident to appropriate parties within your organization and notify US-CERT.

Donating is easy, not to mention rewarding. Just ask Michael Zapata, who was recently inducted into the national Donation Hall of Fame. Zapata has committed to saving lives for over 20 years. He takes four buses from his home to the donation center so he can donate platelets every two weeks.

Want to help? Once you have determined that you are eligible to donate, search for a date and location that are convenient for you by using this helpful tool on the Red Cross’s website.

Donors can donate whole blood every 56 days, platelets every 7 days, plasma every 28 days, and double red cells every 112 days.

The American Red Cross recognizes SERS as a Gold Level Sponsor for holding five blood drives each year. In 2014, the Red Cross received 98 units of blood from our blood drives thanks to the generosity of our employees, building tenants, and nearby businesses.

Join SERS in its commitment to help save lives. Donating blood helps ensure there is an adequate supply when needed, and is especially crucial during these harsh winter months.

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As a reminder, you can access your 1099-R form through your online account. The 2014 1099-R forms are now available online.

If you have not set up an online account, doing so is easy. Go to our Member Login page and click on “Register." Then, simply follow the set-up instructions.

Once your online account is set up, you will be able to access your SERS account information, including your 1099-R forms.