UVM Medical Center Pension Plans

Antoine T. Williams, AAMS, CDFA

May 17, 2021

Thankfully, Tina has returned from her Grand Canyon rafting trip and I am ecstatic to have her back in action.

I wanted to take a moment and remind everyone who has a pension to review their options. As we know, setting it and forgetting it doesn't work when it comes to retirement planning. Yet, this can be overwhelming so I encourage you to reach out to me with any questions, big or small, that you might have on your pension.

For those affected by the UVM Medical Center Pension Plan termination, I want to remind you to give me a call to review your options, so we can maximize your planning opportunities.

As a brief overview, the previous plan ended on June 30, 2020. There are three choices when it comes to receiving your benefits: Lump Sum payment, Immediate payment, defer payment until later. Those who are eligible may now choose between a number of options regarding where they would like to receive their pension benefits.

The lump sum option means that you will elect to receive a simple lump sum payment of by the end of July in 2021. The immediate annuity option means that you will elect to start receiving monthly benefit payments in July 2021. And the option to defer payment until later simply means that you will elect not to receive your payment until a later date - which may include after you have terminated your employment at UVM Medical Center or any of its affiliates.

If you choose to defer your payment, no action is required and your payment will be automatically deferred. If you choose Lump Sum or Immediate Annuity, please remember that action must be taken by May 28, 2021. That deadline is fast approaching, so please keep it in mind so that you can make the most out of your benefits.

It is important for me that you understand all your options, especially those that may be of advantage to you.

Wishing you the best for the rest of the week,

Antoine

A Striped Marlin in Magdalena Bay, Baja California Sur, Mexico.

“Appreciation is a wonderful thing. It makes what is excellent in others belong to us as well.”

– Voltaire

Keep These Tips in Mind When Selling a Home

If you are selling your home, you may be able to exclude the income from the sale from your tax return.

The first thing to consider is the home's ownership and use. To claim the exclusion, you must have owned the home for at least two years or the home was your primary residence for at least two years.

If you are selling your main home, you may also be able to exclude the gain from the sale up to $250,000 from your return for single filers and up to $500,000 on joint returns. If you own more than one home, you can only exclude the gain on the sale of your main home. If you experience a loss when you sell your home, though, this loss isn't deductible. You can also choose not to claim the exclusion, in which case you need to report the gain on your tax return.

Some taxpayers must also report forgiven or canceled debt as income on their tax returns. This can include foreclosure or other processes where a lender forgives or cancels mortgage debt on the home.

Not sure what to report when selling your home? Publication 523, Selling Your Home can help.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov¹

Tips for Keeping a Gratitude Journal

Keeping a gratitude journal is a great way to practice giving thanks for even the small things in life. We all have things that we're thankful for and regularly recognizing them helps us stay present and gracious.

Looking to start a gratitude journal? These tips will help you get started and love the practice.

The first thing to do is to get some beautiful stationery and pens that make you happy every time you look at them.

Once you have some good materials, start with a prompt. Most people who are just starting a gratitude journal don't know where to start. Using a simple prompt will help get your gratitude juices flowing.

When thinking about things you're grateful for, focus on depth over breadth. Rather than list a number of small items, go into detail about the things you're more grateful for.

Try subtraction, not just addition, when thinking about things you're grateful for. Reflect on what your life would be like without these things.

Don't overdo it and burn yourself out. It might be more effective to journal once or twice a week rather than every day, especially as you build the habit.

Keeping a gratitude journal is about forcing ourselves to pay attention to the good things in life we'd otherwise take for granted.

Tip adapted from Greater Good Magazine²

A girl has as many brothers as sisters, but each brother has only half as many brothers as sisters. How many brothers and sisters are there in the family?

Last week’s riddle: I'm tall when I'm young and short when I'm old. What am I? Answer: A candle.

Footnotes and Sources

^{1. IRS.gov, December 15, 2020}

^{2. GreaterGood.Berkeley.edu, November 17, 2011}

^{Please consult your financial professional for additional information.}

^{This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.}