Conference To Provide Employees With Money Advice
Experts to Conduct an Array of Financial Education Sessions
With the economy taking a tumble, financial belt-tightening likely will become more common for U.S. households. An upcoming conference on money matters is offering advice to Georgetown faculty and staff on how to survive and even thrive in the face of the downturn.
The
Office of Faculty and Staff Benefits is organizing the third annual
Financial Education Conference throughout April with information on everything from navigating the real estate market to planning for retirement and investing for college.
“This is our chance to provide the community with education about all kinds of financial matters that relate to our lives – not just retirement, but a range of subjects,” says
Charles DeSantis, associate vice president and chief benefits officer. “We take this very seriously as an institution because financial wellness does relate to our overall wellbeing.”
Kicking off April 1, the conference includes 21 one-hour educational sessions from financial gurus, plus the Financial Fitness Fair on April 16 that brings experts from places such as TIAA-CREF, The Vanguard Group, Fidelity Investments and the
Hoya Credit Union together at the same time.
While the conference is not being put on specifically because of the economic slump that the nation is facing, DeSantis says Georgetown community members can get advice and information on how best to conduct their financial affairs during this time. This year, that guidance also is available to faculty and staff members’ families, who may attend the sessions. University contractors also are invited.
A centerpiece of the conference is The Motley Fool’s “Mind Over Money.” Led by consumer finance expert
Dayana Yochim, the session explores why our brains might be our worst enemy when it comes to financial decisions. A central question of Yochim’s presentation is why the sound of a ringing cash register drowns out the voice of financial reason.
“This looks at the psychology of why we make the decisions we do,” says
Vivek Kumar, retirement benefits analyst. “It’s a relatively new topic, but it shows that we usually make the wrong decisions, are overconfident and don’t invest in an efficient manner.”
Several key Georgetown benefits that have changed recently will be part of the conference. The most significant includes upcoming changes to the retirement plan for staff members. Beginning in January, staff members will have access to a defined contribution plan that offers matching university money. The conference includes six overviews on the plan.
“We want to hold information sessions like this throughout the summer and early fall so people are ready to make a decision by October,” says Kumar. “This is a great opportunity for people to understand how contributing money to the retirement plan over time really adds up for their retirement.”
The other big news in benefits is a switch to MetLife as the university’s life insurance carrier. A representative will be on hand to talk about how life insurance fits into a financial plan. MetLife also will introduce its other services that come free with life insurance enrollment, such as estate planning, drawing up wills and a financial strategy to care for special-needs children.
“These aren’t the normal services you get from a life insurance carrier,” DeSantis says, “so we wanted the university community to have the opportunity to learn more about it.”
The Financial Education Conference is free, but space is limited. Faculty and staff members may
enroll for sessions. Family members interested in attending but who do not have a NetID should call the benefits office at 687-9368 to enroll.
