United Educators of San Francisco eNews 10/10/12

		United Educators of San Francisco eNews
		October 10, 2012
	Complete Endorsements for the November Election Vote Matt Haney, Beverly Popek, Sam Rodriguez, & Shamann Walton For School Board Yes on 30! No on 32! The San Francisco Department of Elections mailed out absentee ballots yesterday. With ballots set to arrive in homes across the city, now is a great time to review local and statewide UESF endorsements for the election. The CFT has also put together an online voter guide for all residents of California. Go to www.cft.yourvoterguide.com and enter in your address. PARS Earnings to Be Released to Paras Paraprofessionals Urged to Re-invest Funds to Avoid Taxes and Penalties Several Financial Counseling Sessions Available to Aid Decision This week all paraprofessionals were sent a letter by the SFUSD informing them of the need to choose a new place for the money in their PARS accounts. The letter was sent along with the annual statement from PARS for the period ending June 30, 2012. All paras, and former paras, who have money in the PARS system must decide by December 21, 2012 where to invest their PARS assets. Paras can choose one of three options for their PARS money: Directly rolling it over into a 403(b), directly rolling it over into an Individual Retirement Account (IRA), or withdrawing the money. If paras decide to withdraw the funds, state and federal taxes and penalties could take as much as 50% of the value of the funds. UESF therefore urges paras to investigate all other options before withdrawing the money directly. If paras do need some money in the short term, one investment option is to choose the 403(b) plan. These plans allow you to borrow up to 50% of the value of your assets, up to $50,000, without incurring any penalties so long as you pay the loan back within five years. In addition to choosing between a 403(b) and an IRA, paraprofessionals will also need to choose which type of investment to place their money in. Based on their age and the value of their other investments, paras will need to choose how much risk they are willing to tolerate when re-investing their funds. Upcoming Financial Counseling Sessions To assist paraprofessionals in making their decision, the SFUSD will offer several counseling sessions in the coming weeks throughout the district. Mosher Financial will also offer additional sessions as well. All paras are strongly encouraged to attend one of these sessions in order to make the best decision for their money. SFUSD Sessions • Thursday, October 11th - 555 Franklin St. (4:30-6:00 p.m.)  • Thursday, October 18th - 135 Van Ness Ave. (6:00-8:00 p.m.) • Saturday, October 20th - 555 Franklin St. (10:00 a.m. - 12:00 noon) • Wednesday, October 24th - 1099 Hays St. (4:00-6:00 p.m.) • Thursday, October 25th - 135 Van Ness Ave. (4:00-6:00 p.m.) Mosher Financial Sessions Mosher Financial will also offer counseling sessions for paras. Workshops take place every hour during the times specified below: • Saturday, October 13th - 3180 18th St., #102 (9:00 a.m. - 1:00 p.m.) • Saturday, October 27th - 3180 18th St., #102 (9:00 a.m. - 1:00 p.m.) • Tuesday, October 30th - 2310 Mason St. (4:00-6:00 p.m.) City Financial Fair - October 20th The City of San Francisco and the Financial Planning Association of San Francisco invite you attend San Francisco Financial Planning Day on Saturday, October 20, 2012 from 9:00 am to 4:00 pm at UC-Hastings College of the Law (Snodgrass Hall), where you'll be able to meet one-on-one with dozens of professional financial planners to discuss your personal finance questions, concerns and interests. For more information, click here. Please print, copy, post and share with UESF colleagues who are not receiving UESF emails. United Educators of San Francisco  2310 Mason Street  San Francisco, CA 94133   Click here to subscribe to UESF emails