Financial Planning Subsidy
涩里番下载 will provide a partial subsidy for certain financial planning services obtained by faculty and staff members, in accordance with the following guidelines:
- The primary purpose of this policy will be to assist employees with retirement and estate planning decisions. These decisions may include such considerations as investment analysis, education funding for children or grandchildren, catastrophic illness planning, or strategies for taking retirement plan distributions. The subsidy does not apply to asset management fees nor to costs for income tax filing preparation.
- Full-time faculty and staff,聽age 30 and over, with at least one year of current full-time service聽at 涩里番下载, will be eligible to participate in this program.
- To be eligible for the subsidy, a participant must utilize recognized professionals in the financial planning field, including but not necessarily limited to Certified Financial Planners, Chartered Financial Consultants, Certified Public Accountants, and attorneys specializing in financial and/or estate planning.
- In order to participate, an employee must complete,聽in advance,聽a聽Financial Planning Subsidy Application聽(also available at the Benefits Office, 129 Lake Street, Room 140) indicating the person or company whose services are to be used, and providing appropriate information about the provider's financial planning credentials. It is the University's intent to allow a participant as much flexibility as possible in selecting a financial planning advisor. Nevertheless, the University reserves the right to seek additional information about a planner's credentials and, when deemed appropriate, to decline to subsidize the planner's services.
- 涩里番下载 will subsidize聽80%聽of the cost of eligible financial planning services, up to a maximum contribution of $650 per person.聽Payment will be made directly to the employee upon submission of a receipted invoice to the Benefits Office detailing the cost of services rendered. The subsidy maximum may be reached in more than one installment, but the final request for reimbursement must be made within one year of the initial payment. The reimbursement is taxable, and the amount will be included in the employee's W-2 Form.
- Five years after receiving the last reimbursement, an eligible employee may receive an additional subsidy for the cost of follow-up financial planning services.聽The additional subsidy will be聽80%聽of the cost of eligible services, up to a maximum reimbursement that is one-half the current primary benefit (one-half of $650=$325). Subsequent additional subsidies will be available on a rolling five-year basis.
- This program will be subject to continuing review to determine if it is meeting its intended objectives. The University reserves the right to suspend, terminate, or limit participation in the program at any time.