Monday, September 30, 2013

October Raise for SHARE Members

SHARE members will receive their second raise of our current 4-year contract with UMass Memorial on Sunday, October 6th. The raise averages 3%. You will first see your new rate in the October 17th paycheck.

The raise is $.23 + 2% per hour. The $.23 is an average of 1% for SHARE members and is added to every SHARE member's base pay. The 2% is added to your base rate if you are below your grade maximum. If you are at or above your grade maximum, you get the 2% as a one-time bonus. The grade minimums and maximums will go up by $.23, to keep up with inflation. The additional 2% moves you up within your grade toward your grade maximum, unless you are already at max.

You can calculate your raise (or raise and bonus) following the steps listed here.  (Or, for "increment based" SHARE job titles, you can find your new rate in the pay grids here. The grade minimums and maximums for peer-slotted jobs, such as Radiology Tech and LPN, are posted here.) To read the contract language that describes the raises, look here.

There are two more raises in this contract, October 5, 2014, and October 4, 2015. They are both the same amount as this raise.

Any questions? Call SHARE at 508-929-4020 and leave a message on the general voicemail. One of the SHARE staff will call you back to answer your questions.

Monday, September 9, 2013

SHARE 401(k) Info Meetings -- Off to a Good Start

The SHARE 401(k) Info Meetings are off to a good start. SHARE members are taking advantage of this opportunity to meet with SHARE Organizers, HR Benefits representatives, and Fidelity representatives for help with saving for retirement. So far people who come to the meetings fall into these categories:

  • Sign me up: Some folks come ready to sign up to start saving for retirement in the UMass Memorial 401(k) plan. They sit with a Fidelity rep and sign up on the spot with Fidelity's iPads.
  • Tell me about it: Some come to learn about the 401(k) -- how it works, how the match from management works, and how taking out an amount like 1% or 4% would affect their take-home pay. These folks sit together for a short information session with SHARE, Fidelity or someone from HR Benefits.
  • I've got a question: Some people come just to get an answer to a specific question.
  • I want to increase my deduction: With a SHARE raise coming on October 1st, some folks have decided that this is the perfect time to increase the amount they are having deducted from their check. If you start deductions or increase your deductions at the same time as the raise, you won't notice the difference as much.

It's a relaxed meeting. Feel free to bring your lunch. For the schedule of meetings, see below.

Wednesday, September 4, 2013

Saving for Retirement: The UMass Memorial 401(k)

SHARE Lunch-time Information Meetings
SHARE is partnering with HR Benefits and Fidelity for these 401K Information Meetings because we believe planning for retirement is important for SHARE members.

Location                                                Date         Time
Barre              Conference Room          Sept 5        11:30-1:00
University      S2-351                            Sept 6        11:30-1:30
Tri River        Community Room         Sept 10      11:30-1:00
Hahnemann   Anne Nemitz Room      Sept 11       11:30-1:30
Biotech 3        Seminar Room 227       Sept 13       12-1:00
PTC                 1st floor classroom       Sept 16       2:30-3:30
CBO                 4th floor Conf Room     Sept 17       12-1:30
WBC                Ford Room                     Sept 18      11:30-1:30
CBO                 4th floor Conf Room      Sept 19      11:30-1:00
University      S2-351                              Sept 20      11:30-1:30
Memorial       Memorial 1 (near caf.)   Sept 23      11:30-1:30
Memorial       Memorial 1 (near caf.)   Sept 26      11:30-1:30

Stop in during your lunch. It will be a “rolling” meeting so you won’t miss anything if you’re only there for part of it. Bring your lunch and a friend! Questions? Leave a message at SHARE, 508-929-4020 extension 0, and someone will call you back.

• All Welcome •
(Feel free to invite co-workers who aren't in SHARE.) 

How do I enroll in the 401(k)?
It’s easy! You can enroll at the meeting if you want to.

I’m young, I don’t need that yet!
The earlier you start saving, the less you need to save every week.

I’m retiring in a few years, is it too late for me to start?
Better late than never – you can still save, and take advantage of the UMass Memorial match.

Can I change my mind? Can I increase the amount of money I contribute? Can I stop my deductions if I need to? What if I leave UMass Memorial?
All of these questions will be answered at the Information Meetings.