Penn Faculty Benefits News: February 25, 2021
Get Set for Penn’s Retirement Plan Record Change
In January, Penn announced that its Basic, Matching, and Supplemental Retirement Annuity Plans are moving to a single recordkeeper, TIAA. Effective in April, this major administrative consolidation will result in lower fees for participants. Your plans will be updated whether you currently have Penn retirement accounts with TIAA or Vanguard. Regardless of which company’s mutual funds you’re invested in, you will be able to view your Penn retirement plan information in a single statement.
To guide you through the transition process, TIAA offers a range of support services to answer your questions and help you get set to take full advantage of your new account, including:
- the Retirement Call Center at 877-736-6738
- individual retirement plan counseling sessions
All Penn retirement plan participants have a new account established on the TIAA platform. Participants will be able to log in at TIAA.org and select your new investment options. The updated investment menu includes Vanguard target-date and mutual funds, several TIAA annuities, and a BlackRock fixed income fund. A self-directed brokerage account option is also available.
While Penn’s TIAA platform makes it easy to select from the new streamlined menu, further assistance is available. As you consider the new investment options, Penn and TIAA offer many ways to help. You’ll find them in the checklist below.
Plan Transition Checklist
- Read the Changes Are Coming to Penn’s Retirement Savings Plans guide.
Copies of this transition guide were mailed to participant homes in January. You can access the guide at www.hr.upenn.edu/PennRetPlan and TIAA.org/upenn.
The guide explains how the transition impacts your existing Penn TIAA and Vanguard retirement accounts, with specific information about the TIAA Traditional Annuity, Vanguard account blackout dates, loan requests, and other aspects of the University’s retirement plans.
- Review your current investment choices.
Access your current online account at TIAA.org and/or Vanguard.com to download or print your most recent account statement.
- Name your beneficiaries on your new account on the TIAA platform. (now through March 31)
All plan participants should review and update their beneficiary selections in their new account. Your existing beneficiary selections at TIAA and Vanguard will not be automatically transferred to the new account. If you do not actively select your beneficiary(s) at TIAA, they will default to your estate and be subject to distribution via probate.
To select your beneficiaries through Mar 31:
- Access your new account at TIAA.org.
- From the top navigation, select Actions, then Add/edit beneficiaries under the All accounts column.
- Follow the prompts.
- Select investment options from the new menu. (now through March 31)
Visit TIAA.org to see the new menu. You can also learn about your investment options on pages 15-20 of the transition guide.
- Log in to your new TIAA.org account with your user ID and password.
- Select new investment options for all Plan contributions beginning in April; as well as your mutual fund balances that will transfer in April.
- Schedule a one-on-one virtual counseling session
A TIAA financial consultant can review your options and help you understand how the Plan changes will impact you. Visit www.TIAA.org/schedulenow-upenn, or call 800-732-8353, Monday-Friday, 8am-8pm ET, to schedule a session to meet virtually or by phone. Counseling sessions are available to you as a participant of the Plan at no additional cost.
- Register for a Webinar (through March 2)
Recordings of the Upcoming Plan Changes webinar are available at ow through March 4. Go to www.hr.upenn.edu/PennRetPlan to view the schedule and register.
The transition webinar series continues with two informative live programs:
Actions You Can Take: February 26 and March 1 and 3
A TIAA financial consultant will help you understand how to access your new account on the TIAA platform and how to select options from the updated investment menu. You’ll also learn about the planning resources available to you as a Plan participant (at no additional cost to you).How to Turn Your Retirement Savings Into a “Paycheck” for Life: March 2
In this custom presentation tailored to Penn, annuities expert Benny Goodman will provide easy-to-understand, real-life interpretations of how an annuity works and pays out – and compare annuities to other products to highlight similarities and differences.
What happens if I do nothing?
In April, all future Plan contributions and account balances will transfer to your new account on the TIAA platform and will be directed to the Vanguard Institutional Target Retirement Fund that most closely corresponds to the year you turn 65. Annuity balances will remain in existing legacy contracts. Your existing beneficiary designations will not be transferred and your beneficiary will be set to 50% spouse and 50% estate if you are married, or 100% estate if you are single.
What is not changing?
- The University’s employer contribution levels
- Eligibility and vesting requirements
- Contribution types (pretax and Roth)
- Voluntary contribution levels
- Loan, withdrawal, and distribution availability
- The University’s commitment to help you plan and save for retirement
After the transition is complete, you will be able to update your investment selections and beneficiary at any time.
If you have any questions or need assistance, please contact the University of Pennsylvania Retirement Call Center at 877-736-6738.
Caring for Children’s Emotional Well-being
Nearly one year ago, COVID-19 changed our lives in ways we could never have imagined. For the nation’s children everyday activities such as going to school, connecting with friends, playing sports, and just hanging out at the mall or library suddenly changed. The limitations created anxiety, stress, and frustration for both children and parents.
Although fewer young people have contracted the virus when compared to adults and some children have thrived despite the challenging times, the pandemic’s impact on mental health among children and adolescents has been substantial. News reports tell stories of some who’ve even committed suicide after feelings of isolation became too much to bear.
There are signs that a child may be struggling, says Linda Leibowitz, co-director, Executive Program in School and Mental Health Counseling at Penn’s Graduate School of Education. Infrequent school attendance - especially for those learning remotely - increased anger, and loss of appetite are just a few. These indicators may be difficult to identify, especially as some parents continue to work from home, juggling their professional and personal lives in the same space. Leibowitz says parents need to go with their instincts that something may be wrong.
“Parents and guardians know their kids and they just have to follow their gut. If there is an extreme or any observable change in your child’s mood, language, or behavior, and if you think it is worrisome for one second, err on the side of safety and talk to your child in a supportive way,” Leibowitz says.
“You need to know what they need and what they are feeling, so you have to talk to your kids and see if you can get them to verbalize what may be bothering them. Even if they share, choose not to share, or are not able to verbalize their feelings, parents should reach out to the school counselor, mental health professional, or family doctor to discuss concerns in case further referrals are suggested,” she says.
Seclusion has been one of the biggest barriers to positive mental health for children during the pandemic. Leibowitz offers 10 strategies for parents in helping children stay connected, energized, and optimistic.
- Create a routine. Don’t throw pre-pandemic rituals aside because of COVID. Develop and maintain a family routine that you and your children can look forward to. Set a specific wake-up time, substitute your pajamas for real clothes, and eat breakfast together, if possible. Talk about what your day will be like, discuss what time to get together for dinner, and schedule an activity for after homework and dinner. Create as much of a stable environment as possible.
- Connect with friends and family. Make sure your children get to see their friends, either during outdoor activities such as sledding or bike riding, or online through video games. If you have a teenager, allow them to spend time on social media connecting with their friends after homework, just monitor usage. Set up Facetime dinners and game nights with aunts, uncles, and cousins. Invite grandparents to read a story or build Legos together with younger kids over Facetime, Zoom, or another video conferencing platform. Children can also stay connected through faith-based virtual groups and programs at church and other religious organizations.
- Learn something new. Be creative. If your kids like the media, have them write a book, make a family video, or create a podcast and interview one another about how they’re feeling and plans for after the pandemic. Make different recipes and have a baking contest with friends. Also, learn a new skill such as a new language. Newspapers are a great resource to find virtual activities such as free movies and theatre productions. There are also numerous online resources available.
- Take a virtual family vacation. Talk about places you want to go post-pandemic and research details of the location. There are museums and tourist attractions all over the world that you can visit virtually as you plan a future vacation.
- Exercise your mind and body. Mental health is connected to physical health. Use mindfulness techniques and Human Resources’ free weekly group fitness classes and Penn Campus Recreation’s virtual group exercise classes to ease anxiety and stress. Get moving by biking, dancing, doing yoga, or taking the dog for an extra walk. Also, get out of the house and take a car ride to a park, garden, or other place you haven’t been since the pandemic began or a new spot to explore in the future.
- Do an emotional temperature check. Create a special time to check in with your kids. Ask them on a scale of 1 to 10 how they feel. Ask them what made them feel better or worse and talk about it. Empower them to be aware of their feelings and emotions.
- Collaborate with school staff. School counselors, trained to work with kids and teens around mental health, have virtual counseling groups, can schedule one-on-one sessions with your child, and offer referrals to mental health professionals. Talk to their teachers about progress and changes in behavior. Also, contact the school nurse to discuss physical and emotional signs of stress.
- Give them control. Simply ask your kids what they need, rather than just doing something you think will make things better. “Sometimes just giving them control is going to give them what they need for their own autonomy and they will know we are listening to them,” Leibowitz says.
- Remember to hug. Physical touch is important for all of us, especially now more than ever. Whether your child is 6 or 16, offer a hug, if your child is comfortable with them.
- Learn about COVID. Make sure your kids understand what’s going on about the pandemic and ensure them that as a family you are being safe. Monitor how much they are watching and allow them to get the basic information from trusted, age-appropriate sources without becoming fearful.
Mental Health Resources
Here are some resources that parents can use to support their children’s mental health.
- MindWell at Penn – Penn faculty and staff services and programs to foster emotional well-being and mental health awareness, including Penn Employee Assistance Program (EAP), Penn health plan behavioral health networks, and Penn Healthy You resources such as Be in the Know and the Virgin Pulse Wellness platform. The EAP can help navigate conversations with family members.
- SpeakUp.org – Helps teens develop supportive relationships with the adults in their lives.
- The Trevor Project – Saving Young LGBTQ Lives – Provides crisis intervention and suicide prevention services to lesbian, gay, bisexual, transgender, queer and questioning (LGBTQ) young people under 25.
- QTIPS – Tips for turning quarantine time into quality time.
- Philly HopeLine – A mental health hotline launched by the School District of Philadelphia for students and their families.
- Prevention During COVID-19: NJ Parent & Caregiver Guide – Provides resources and information for support during the pandemic.
- Self-care Tips for Teens During COVID-19 – The Mental Health First Aid program provides a toolkit of resources to protect children’s mental health and well-being during stressful situations.
- Mental Health and Coping during COVID-19 – Centers for Disease Control and Prevention
- Children, the pandemic and long-term mental health consequences – Penn Today
- Here’s How Today’s Young People Can Live a More Resilient and Less Stressful Life – Thrive Global
- Is My Child OK? Warning Signs Kids and Teens are Stressed about COVID-19 – Boys & Girls Clubs of America
- Helping Children Cope with the COVID-19 Pandemic – Yale Child Study Center
Take Self-care and Kindness to Heart
We all lead busy lives at work and at home. Since the pandemic began, for many of us, much of our work has been at home. That intersection of your professional and personal lives can cause stress and anxiety, raising your blood pressure to levels that may be harmful to your health and your heart.
As Heart Health Month continues, the Penn Healthy You team focuses on the second risk factor in Life’s Simple 7: Managing Your Blood Pressure. We also share another simple strategy for keeping your blood pressure low: be kind to others.
Relieve the Pressure
High blood pressure, or hypertension, is when the force of blood flowing through your blood vessels is consistently too high. This puts you at increased risk for heart disease and stroke.
Normal blood pressure has a systolic number, the upper number of a blood pressure reading of 120 or less, and a diastolic number, or lower number, of 80 or less. You are considered to have stage 1 high blood pressure when the systolic number is 130-139, and the diastolic is 80-89.
Unfortunately, most of the time, people have no obvious symptoms of high blood pressure. In fact, many people with high blood pressure don’t know they have it, plus it generally develops over time and can be related to many causes. Protect yourself by being aware of the risks and making changes that matter.
- Know your numbers. Know what your blood pressure is and discuss any concerns with your healthcare provider. Get a biometric screening or lab work to learn the key indicators of your health status, including blood pressure, total and HDL cholesterol levels, and blood sugar/glucose. Although on-campus biometric screenings have been put on hold due to COVID-19, you can submit results obtained by your healthcare provider. Earn Be in the Know 2020-2021 campaign rewards for submitting biometric screening results with this year’s Consent Form.
- Work with your doctor. If you do have high blood pressure, don’t panic! Your healthcare provider can help you make a plan to lower it.
- Make a few lifestyle changes. Most of the time, this will be the very first suggestion from your healthcare provider. Simple changes can make a world of difference. Consider ways to eat healthier (including reducing your sodium intake), maintain a healthy weight, get active, manage stress, and quit smoking.
- Check your blood pressure at home. Many different home blood pressure monitors are easy to use and won’t break the bank. Check your local pharmacy or ask your healthcare provider where you might find one. You can use Flexible Spending Account (FSA) funds to purchase a monitor.
- Take your medication. If your healthcare provider prescribes high blood pressure medication, make sure to take it exactly how it’s prescribed and don’t exceed or skip the recommended dosage.
- Enjoy dark chocolate. It’s rich in minerals such as iron, magnesium, and zinc, tastes good, and may help protect your heart. Studies have shown that eating a modest portion of 1-2 small squares (approximately 6 grams) of dark chocolate (70% cacao or higher) may help reduce the likelihood of developing heart disease. Some of the compounds in dark chocolate, specifically flavanols, positively affect two major risk factors for heart disease: high blood pressure and high cholesterol.
Be Kind to Others
Many of us have probably been on the receiving end of a “random act of kindness” (RAK). Maybe the person in front of you at the coffee shop paid for your latte or your neighbor shoveled the snow from your driveway.
Being kind to others is a foundational part of your well-being. It can help improve your physical and mental health as well as connections to one another. When you are kind to others, everybody wins. Some benefits of RAK include:
- Recipients feel cared for.
- Increased feelings of self-worth for both the giver and receiver.
- People that are more kind are reported to have 23% less cortisol (the stress hormone) and age slower than the average population.
- Kindness can lower blood pressure because it releases a hormone called oxytocin. In turn, oxytocin sets off a chemical called nitric oxide, which dilates the blood vessels and reduces blood pressure.
There are many ways to show your gratitude. Some examples:
- Write a handwritten note or card to a colleague, neighbor, family member, or friend.
- Enter a recommendation for a colleague on LinkedIn.
- Send a Penn ecard.
- Offer your support to someone who is struggling.
- Learn something new about your coworkers.
- Reflect with your team on all the ways you’ve adapted your work this year and the new ways of completing work and providing programs and services to the Penn Community.
- Instead of asking how someone is doing, ask about something good that’s happened since the last time you met.
- Offer to take a new employee on your team to a virtual lunch. New employees may expect a lunch invitation from their supervisor but getting one from a friendly coworker will make their day.
- Work with your team on a virtual community service project through Penn Volunteers in Public Service.
So, try making someone else’s day, and help your heart in the process.
For more information, visit the Random Acts of Kindness Foundation’s webpage.
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