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GCEFCU’s 2022 Annual Meeting

Gulf Coast Educators Federal Credit Union’s 2022 Annual Meeting

 

Save the Date!

Gulf Coast Educators FCU will hold its 2022 Annual Meeting on Tuesday, February 22, 2022. All members are invited to join us as we review the credit union’s success over the last year and discuss what is in store for our future.

Meeting Details

Date & Time:
February 22, 2022 at 6:30 pm

Online on Zoom:
Register: https://us02web.zoom.us/webinar/register/WN_2e2q-mIMTCGtJo6OrdRnlA

Nominating Committee

Andrea Wenke – Chairman
Jim Rubach
Lisa Nixon






Pictures with Santa

Santa Claus is coming to town! He will be visiting our Pasadena branch to take pictures and visit with our members on Friday, December 17, 2021. Remember to bring your own camera!

 

pasadenaFriday, December 17, 2021
3:00 pm – 5:00 pm
Pasadena Branch
5953 Fairmont Pkwy
Pasadena, TX 77505

 

 

 

Design A Christmas Card Contest

Design A Christmas Card Contest

design a christmas card contestSandy Saver members, now is your chance to win big! Enter your drawing to win GCEFCU’s Design A Christmas Card Contest. The grand prize winner will receive $50!

You may submit your artwork by dropping it off at any GCEFCU location, or by mailing it to the address listed below. Please include the child’s name, parent’s name, child’s member number, and a good phone number. You can download and print the form here.

Gulf Coast Educators Federal Credit Union
ATTN: Marketing Department
5953 Fairmont Pkwy
Pasadena, TX 77505

Credit union members age 12 and under are eligible. Must have a Sandy Savers account to enter. Please turn in by November 20, 2021.

Medicare Open Enrollment for 2022

Medicare Open Enrollment for 2022 Begins October 15

Open EnrollmentMedicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs.

During this period, you can:
• Switch from Original Medicare to a Medicare Advantage Plan
• Switch from a Medicare Advantage Plan to Original Medicare
• Change from one Medicare Advantage Plan to a different Medicare Advantage Plan
• Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn’t offer prescription drug coverage
• Switch from a Medicare Advantage Plan that doesn’t offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage
• Join a Medicare prescription drug plan (Part D)
• Switch from one Part D plan to another Part D plan
• Drop your Part D coverage altogether

Any changes made during Open Enrollment are effective as of January 1, 2022.

 

Review plan options

Now is a good time to review your current Medicare benefits to see if they’re still right for you. Are you satisfied with the coverage and level of care you’re receiving with your current plan? Are your premium costs or out-of-pocket expenses too high? Has your health changed? Do you anticipate needing medical care or treatment, or new or pricier prescription drugs?

If your current plan doesn’t meet your health-care needs or fit your budget, you can switch to a new plan. If you find that you’re satisfied with your current Medicare plan and it’s still being offered, you don’t have to do anything. The coverage you have will continue.

 

Information on costs and benefits

The Centers for Medicare & Medicaid Services (CMS) has announced that the average monthly premium for Medicare Advantage plans will be $19, and the average monthly premium for Part D prescription drug coverage will be $33. CMS will announce 2022 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs soon.

You can find more information on Medicare benefits in the Medicare & You 2022 Handbook on medicare.gov.

 

Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CFS”) a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS:are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal.Investment Representatives are registered through CFS. The Credit Union has contracted with CFS for investment services. Atria Wealth Solutions, Inc. (“Atria”) is a modern wealth management solutions holding company. Atria is not a registered broker-dealer and/or Registered Investment Advisor and does not provide investment advice. Investment advice is only provided through Atria’s subsidiaries. CUSO Financial Services, LP is a subsidiary of Atria.

Prepared by Broadridge Advisor Solutions Copyright 2021.

Rolling Over Your Old 403(b)

What do I do with my old 403(b) when I switch jobs?

If you are an educator, changing jobs means you must decide what to do with the money in your 403b retirement account. Leaving the money in an old 403b may not be the best option since it is not growing and there will be no new contributions. Withdrawing the money makes it taxable income and Uncle Sam wants his fair share.

The best thing to do may be to roll that money over into a retirement account that earns money and will help the balance grow. An old 403b plan can be rolled into a traditional or Roth IRA, tax-free, giving you access to limitless investment options. It can also be transferred to a current employer’s 401k or 403b retirement plan where contributions can continue to be made up to annual federal limits.
 

Traditional or Roth IRA

financesOne of the most popular options for rolling over an old 403b plan is to put the money into a Traditional or Roth IRA account. An IRA account is an independent account that is typically not offered by the employer. Basic IRAs typically have lower interest rates, but your money is completely safe and insured. If you opt to go with a financial advisor and open an IRA that is tied to stocks and bonds, you may earn more at a faster rate, but you also put your money at risk.

A good in-between option is a Premium Market IRA. With this type of IRA, your funds are completely secure, but you earn a higher rate that is tied to the market. It is tax-privileged, earns higher dividends, and your money is insured and safe, so you won’t have to worry about losing money because of the market.

Learn More about Premium Market IRAs

 

403b

Sometimes, rolling over an old 403b means putting the money into a new 403b plan. If a new employer offers a plan with investment options you are comfortable with, then this may be right for you. It is important that you first familiarize yourself with the investment options and potential constraints of the new plan. However, many people enjoy the benefit of growing their nest egg quickly by keeping the bulk of their retirement in a 403b plan. An employer-sponsored 403b plan typically offers low administrative costs, making it an affordable option. There are no tax penalties for rolling money over into a new 403b plan, and you can still make tax-free contributions.
 

401k

If your new employer offers a 401k, then the IRS allows you to roll your old 403b retirement savings into that new account. This is known as a tax-free conversion. There are no tax penalties for this conversion, and you can still make tax-free contributions, subject to annual limits. Many employers also match contributions into a 401k plan, up to a certain percentage, allowing savings to grow quickly. As with the 403b option, the contribution limits are higher, and there is a catch-up provision for people over 50 years old. If you happen to max out your annual contributions, some employer-sponsored 401k plans have provisions that allow participants to make after-tax contributions as well.

Aside from growing your money quickly, a 401k plan offers a certain amount of asset protection, too. First, plan administrators must abide by the Employee Retirement Income Security Act, also known as ERISA. This means that they must comply with a set of fiduciary standards that put your best interest first, instead of pushing investments that may maximize profits. Plans are subject to full disclosure of historical performance and administrative fees. Assets are also protected from creditors and can’t be garnished, with a few minor exceptions. Many employer-sponsored 401k plans offer payroll deductions, making it easier to save for retirement.
 
 

The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.

Be Prepared for Hurricane Season

Be Prepared for Hurricane Season
Preparation for any natural event is key in reducing the amount of damage done. If you have lived along the Gulf Coast, you know how important it is to prepare for hurricane season. We want to share some tips on the essentials needed to be ready for hurricane season. Our hope is that this will help you and your families if/when the time comes.

Gulf Coast Educators Federal Credit Union has a history of being prepared for natural events and providing our members with essential updates. Members can access all the updates online. Additionally, the credit union provides emergency updates on our Facebook Page, Twitter Page, Instagram Page, and online banking or mobile app.

Prepare at Home
If ordered to evacuate or shelter, you should always prepare the necessary goods and items for at least a week without needing to access a grocery or convenience store. These five items are an essential part of the packing list: bottled water, nonperishable foods, batteries, bags of ice, and a first aid kit. I also suggest looking at The National Hurricane Center website to be aware of future events.

Prepare to Leave
When hurricane season arrives, you should always be ready to leave your current home or area. At any moment, there could be mandatory emergency orders to evacuate the premises as soon as possible. And in this case, it is important to be ready. Know where you will go, how you will get there, and what you should bring beforehand.

Prepare for the Aftermath
With hurricanes, it is difficult to predict what exactly may happen as a result. You may lose power for an extended period, or you may experience severe flooding. In any case, it is important to keep all your insurance contracts and documents safe and readily available. Be ready to handle anything that may come your way, especially when it comes to your assets.

The key is to be prepared and ready for anything.

Additional Resources:
• Developing a Family Plan
• Creating a Disaster Supply Kit
• Having a Place to Go
• Having a Pet Plan

Gulf Coast Educators FCU Ranked in Top 100 Best Performing Credit Unions

Gulf Coast Educators FCU Ranked in Top 100 Best Performing Credit Unions

For Immediate Release: April 23, 2021
Caylee Smith, Marketing Director – csmith@gcefcu.org

Pasadena, TX: Gulf Coast Educators Federal Credit Union is pleased to share that we are listed in S&P Global Market Intelligence’s recent annual rankings of the Top 100 Best-Performing Community Banks and Credit Unions for 2020. GCEFCU is ranked seventh on the list and is the top performing credit union in the state of Texas.

Each year, S&P Global Market Intelligence scores every credit union based on five metrics. The scores are then measured against the industry mean and ranked accordingly. The five scoring metrics used are listed below:

  • Member growth
  • Average loans, net of Paycheck Protection Program (PPP) loans, per member
  • Net worth as a percentage of total assets
  • Delinquent loans as a percentage of total loans, net of PPP loans
  • Return on average assets

Gulf Coast Educators FCU is proud to be named the best performing credit union in Texas, and one of the Top 100 Credit Unions for 2020. Our management team and board of directors strive to provide top quality and sound service to all of our members. For a complete listing of S&P Global Market Intelligence’s Best-Performing Community Banks and Credit Unions for 2020, click here.

About Gulf Coast Educators FCU: In 1948, eleven Pasadena ISD educators got together and formed what today remains a credit union dedicated to serving the financial needs of school employees in the state of Texas. The credit union offers its member-owners a full line of banking services, but through a cooperative ownership structure. To learn more about the credit union, visit www.gcefcu.org.

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GCEFCU named one of 2021’s Best of the Best

Gulf Coast Educators FCU Designated a “Best of the Best” Credit Union for 2021

 

Pasadena, TX, February 17, 2021: MemberXP, a credit union member experience measurement platform, has named Gulf Coast Educators Federal Credit Union one of their 2021 Best of the Best award winners.

The coveted Best of the Best award is given each year to credit unions that have consistently provided exceptional member service, as reported by their own members. Only the highest-performing credit unions utilizing the MemberXP platform are given this honor. The Best of the Best award is independently granted by MemberXP based on specific and rigorous criteria. Taking into consideration the extreme challenges of delivering extraordinary member service during a nation-wide pandemic and economic crisis, this year’s award winners reflect some of the most agile and responsive credit unions.

MemberXP is a platform that allows credit union members to provide immediate feedback on the service they receive. Serving credit unions in the United States and Canada, MemberXP uses mystery shoppers and member surveys to gauge the overall member experience across multiple delivery channels, then deliver that data on an intuitive dashboard. The platform tracks specific experiences, such as applying for a loan, conducting a transaction — mobile, online or in branch — or opening a new account, and turns qualitative data into quantifiable and actionable information for the credit union.

“We are proud of our employees and how they have worked diligently during this time to ensure our members have a great experience. It is humbling to know that even during unprecedented times, our team is able to continuously deliver top quality service that our members have come to expect from their credit union,” remarked Eric Stegall, Chief Operations Officer of Gulf Coast Educators FCU.

“Throughout the last year, credit unions have once again shown they are willing to go above and beyond to connect and serve their members, no matter the challenges,” said Dave Adams, president and CEO of CU Solutions Group. “Every year the Best of the Best awards turns our attention to the trailblazers in our industry, that are truly dedicated to delivering brand-defining experiences and unparalleled member service dedication.”

About Gulf Coast Educators FCU: In 1948, eleven Pasadena ISD educators got together and formed what today remains a credit union dedicated to serving the financial needs of school employees in the state of Texas. The credit union offers its member-owners a full line of banking services, but through a cooperative ownership structure. To learn more about the credit union, visit www.gcefcu.org.

About CU Solutions Group: Headquartered in Livonia, Mich., CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Intuit TurboTax®, GSTV and CU Risk Intelligence. For more information, visit CUSolutionsGroup.com.

About MemberXP: MemberXP provides actionable member research to credit unions via MemberView, its omnichannel voice of member platform and MemberShoppers, its mystery shopping platform. MemberXP serves credit unions across North America and in Canada ranging in asset sizes of $100 million to over $9 billion. Learn more about MemberXP’s Best of the Best Awards at MemberXP.com/best-of-the-best-award/.

For Immediate Release
Caylee Smith, Marketing Director – csmith@gcefcu.org

Filing Your Taxes

Get Your Maximum Refund and Special Savings on TurboTax

turbo tax imageIt is officially tax time – Have you filed your taxes yet? If not, we have a few resources to help you out along the way. Getting your biggest possible tax refund has never been easier, whether you have simple or complex taxes. In addition, as a Gulf Coast Educators FCU member, you can file your taxes with Turbo Tax and receive up to $15 off.

  • Taxes made easy. Just answer questions about your year, anytime and from any device, and TurboTax fills in all the right forms for you.
  • Real experts standing by. With TurboTax Live, get unlimited advice from tax experts as you do your taxes — or have everything done for you, start to finish.
  • Done right, guaranteed. Most importantly, TurboTax guarantees 100% accurate calculations, so you can be confident your taxes are done right.

Gulf Coast Educators FCU works with TurboTax to provide special savings for our valued members. As a result, you can get up to $15 off TurboTax federal products. Click the button below to get started.

Get Started

 

 

 

Disclaimer: Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2020. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.