In this issue Resources for Smart Car Shopping ......................................... 2 Put Your Savings Program on Autopilot ................................ 2 A Retirement Timeline.............................................................. 3 2013 Election Candidates.......................................................... 4 Local Market Focus Can Make a Difference ......................... 6 Scholarships Help Defray Tuition Costs................................. 6 Steps to a Simpler Financial Life .............................................. 7 WINTER 2013 SHAREDinterests A QUARTERLY PUBLICATION OF HUDSON VALLEY FEDERAL CREDIT UNION 1 50 is Fabulous! HVFCU CELEBRATES LANDMARK YEAR W e may not look it, but HVFCU is turning 50 this year, and we couldn’t be happier. Since 1963, we’ve had the privilege of being part of our members’ lives in so many ways. We wish we had counted all the “firsts” along the years—first checking accounts, first new cars, first new home—so many important milestones for our members that we were able to help them achieve. That’s one of the best things about having a trusted financial partner like HVFCU. We can quite literally help you at virtually every step, with every life change. More than 264,000 members now trust us every day to provide not only the products you need, but the high level of service you’ve come to expect. And we’re proud to give both to you all. Lifetime Membership. Over the years, the credit union has expanded to meet the needs of our growing membership by adding new products, better services and additional branches. It’s hard to believe that we once had offices inside trailers! With 21 offices, we’re now covering the Hudson Valley like never before. Our membership spans Dutchess, Ulster, Orange and Putnam Counties, but since our motto is “once a member, always a member,” those who have moved out of our area can take us along no matter where life takes them. We wonder which of our founding members could have foreseen the day when we would offer “internet banking,” “mobile banking,” and “eStatements.” Throughout the year, as well as in our Annual Report and at the Annual Meeting, we’ll celebrate different aspects of our 50th Anniversary and how we’ve changed over the years. We hope some of the interesting stories we found will bring a smile to your face as they’ve done to ours. Celebrate With Us! Each week during 2013, HVFCU will choose one member at random to win a $50 deposit to their account. No paperwork, no entry forms, no log ins! Details are available at hvfcu.org/50th. Most importantly, our 50th Anniversary is a time to say Thank You. We know you have a choice where you do your banking, and we very much appreciate that you continue to make HVFCU your financial partner for life. As a financial cooperative, we’re only as successful as our members. As we reflect on the past 50 years, HVFCU remains focused on how we can continue meeting our members needs for the next 50 years and beyond.
Transcript
In this issue Resources for Smart Car Shopping ......................................... 2Put Your Savings Program on Autopilot ................................ 2A Retirement Timeline.............................................................. 32013 Election Candidates .......................................................... 4Local Market Focus Can Make a Difference ......................... 6Scholarships Help Defray Tuition Costs ................................. 6Steps to a Simpler Financial Life .............................................. 7
WINTER 2013
SHAREDinterests A QUARTERLY PUBL ICAT ION OF HUDSON VALLEY FEDERAL CRED IT UN ION
1
50 is Fabulous!HVFCU CELEBRATES LANDMARK YEAR
We may not look it, but HVFCU is turning 50 this year, and we couldn’t be happier. Since 1963, we’ve had the privilege of being part of our
members’ lives in so many ways. We wish we had counted all the “firsts” along the years—first checking accounts, first new cars, first new home—so many important milestones for our members that we were able to help them achieve. That’s one of the best things about having a trusted financial partner like HVFCU. We can quite literally help you at virtually every step, with every life change. More than 264,000 members now trust us every day to provide not only the products you need, but the high level of service you’ve come to expect. And we’re proud to give both to you all.
Lifetime Membership. Over the years, the credit union has expanded to meet the needs of our growing membership by adding new products, better services and additional branches. It’s hard to believe that we once had offices inside trailers! With 21 offices, we’re now covering the Hudson Valley like never before. Our membership spans Dutchess, Ulster, Orange and Putnam Counties, but since our motto is “once a member, always a member,” those who have moved out of our area can take us along no matter where life takes them.
We wonder which of our founding members could have foreseen the day when we would offer “internet banking,”
“mobile banking,” and “eStatements.” Throughout the year, as well as in our Annual Report and at the Annual Meeting, we’ll celebrate different aspects of our 50th Anniversary and how we’ve changed over the years. We hope some of the interesting stories we found will bring a smile to your face as they’ve done to ours.
Celebrate With Us!Each week during 2013, HVFCU will choose one
member at random to win a $50 deposit to their
account. No paperwork, no entry forms, no log
ins! Details are available at hvfcu.org/50th.
Most importantly, our 50th Anniversary is a time to say Thank You. We know you have a choice where you do your banking, and we very much appreciate that you continue to make HVFCU your financial partner for life. As a financial cooperative, we’re only as successful as our members. As we reflect on the past 50 years, HVFCU remains focused on how we can continue meeting our members needs for the next 50 years and beyond.
2
Resources for Smart Car Shopping
2
Put Your Savings Program on AutopilotWith the economy in slow recovery, Americans are more interested in maximizing their savings. If you haven’t joined the savings revolution yet, now is the time to automate.
It’s easy to find reasons each month not to put the money aside—a few extra dinners out, a splurge at the spa, or an impromptu birthday party all seem more important at the time. But, when you put your savings on autopilot, the money never hits your “spendable” income stream and you never miss it. There are several ways to manage your savings automatically:
Direct Deposit: Required by some employers and many government programs, direct deposit allows a portion or your entire payroll or benefits check to be deposited into
your checking or savings account. A paper statement or check facsimile is sometimes provided for your records. Direct deposit is safe, timely, and dependable. It’s also the first step in setting up other autopilot features.
Payroll Deductions/Allocations: Hudson Valley Federal Credit Union provides this convenient service that allows you to designate how to divide your direct deposit. You can allocate a portion to your checking, a portion to a loan, some to your contributable IRA, but most importantly, a portion to a savings account—or several accounts. Talk to our one of our representatives for more information on how we can help you build your savings faster!
Getting the best vehicle for your dollar involves more than just comparing sticker prices and features. Before you shop you will probably want to know which
vehicle offers the best gas mileage, or which make and model is best for your lifestyle. You’ll also want to know in advance how much car you can afford.
There are a number of resouces available to help you become a smart shopper. They can help you get exactly what you want and need from your next vehicle.
Gas Mileage and More. With rising fuel prices, choosing a vehicle with a higher MPG rating is more of a priority than ever. At fueleconomy.gov you can predetermine the miles per gallon, annual fuel cost, average cost per mile, and more for any make or model car you’re considering.
For the Green-Minded. If the environment is an important factor in your decision-making process, information on green vehicles–including emissions score ratings for advanced technology vehicles and alternative fuels vehicles–can be found in the green vehicle guide online at epa.gov.
Smart Advice at AutoSMART. To make your shopping experience easier and more convenient, check out the AutoSMART link at hvfcu.org–an online resource for researching and shopping for your next vehicle. You’ll find an
expansive library of tools, links, and articles. You can even use AutoSMART to search vehicle inventories of local dealers, so you can save time rather than driving around to shop.
Great Rates and Terms. When you’re ready to buy, you’ll be glad to know your credit union offers low rates, flexible terms, and very competitive financing to make your buying experience affordable. Our online calculators can help you determine a payment that fits your budget, and applying online can mean you’re pre-approved before you shop.
Ready. Set. Shop. Armed with all you need, head out to one of the many participating dealerships in the Hudson Valley that offer on-the-spot HVFCU financing—and happy shopping!
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A Retirement TimelineThe aging milestones for young people are well known: At age 16 you can drive
and 18-year olds can vote. But the rights and privileges of aging do not end after
your get your license or elect a President. As we get older, there are also a variety
of retirement rights of passage you should take advantage of at specifi c ages.
Age 49 and under. Workers with traditional 401(k) plans can contribute up to $17,500 in 2013. Try to max out your employer’s match.
Age 50. Some employers offer their workers age 50 and older the chance to sock away an extra $5,500 in catch-up contributions in their 401(k) for both 2012 and 2013.
Age 55. If you leave your job after age 55, you can begin taking penalty-free 401(k) withdrawals at this age. Withdrawals from traditional 401(k)s will be taxed as income.
Age 59 ½. IRA withdrawals are allowed without penalty, but are taxed as income.
Age 62. Social Security eligibility begins, but your checks will be reduced by 25 to 35 percent if you begin claiming at this age. If you plan to continue to work, benefits are also reduced by 50 cents for each dollar you earn above $15,120 for 2013.
Age 65. Medicare eligibility kicks in. Beneficiaries may sign up for Medicare Part B during a 7-month window around their 65th birthday that begins 3 months before the month you turn 65 and ends three months after.
Age 66. This is the year baby boomers born between 1943 and 1954 are eligible to receive full Social Security retirement benefits. For those born between 1955 and 1959 the full retirement age gradually increases from age 66 and 2 months to 66 and 10 months.
Age 67. For those born in 1960 and later, the age you can receive full Social Security retirement benefits is 67. Your Social Security benefits further increase by 7 to 8 percent for each year you delay claiming up until age 70.
Age 70 ½. Normally, those age 70½ or older must take annual required minimum distributions from retirement accounts that are taxed as income. The minimum distribution amount is calculated by the IRS by dividing the total end-of-year value of your traditional 401(k) or IRA (excluding Roth) by your projected life expectancy. Go to investor.gov/tools for calculator.
We can help you save for a brighter, more secure
retirement with fl exible Traditional, Roth, and
Coverdale IRA certifi cates and savings as part of
your overall plan.
mthe
Joseph E. EppichPRESENT & PAST WORK EXPERIENCE: IBM retiree. Last positions included: Consulting Contract Professional - Software; Senior Engineer & Contract Negotiator; Large Systems Packaging Manager; Technical & Resource Planning Manager - Poughkeepsie Laboratory;
Semiconductor Technology Forecaster. NY National Guard and US Army.EDUCATION: MS Electrical Engineering, Syracuse University; BS Mechanical Engineering, Polytechnic University of NY; numerous courses and refresher training within each of the fields of: contractual law; intellectual property law; negotiating; management; programming. Dale Carnegie Institute Assistant Instructor. Various and on-going Credit Union industry seminars. Hudson Valley Commercial Fruit Growers’ School. NYS Dept. of Environmental Conservation pesticide license.CREDIT UNION INVOLVEMENT: Board of Directors 1989 – present: currently Second Vice Chairman of the Board; Director of HVFCU’s wholly owned CUSERVE subsidiary; and Policy and Governance committee member. Past Board Officer positions include: Chairman; First Vice Chairman; Secretary; and Assistant Treasurer. Past member or Chairman of the following committees: Branch Activity; Benefits; Headquarters’ Review; Space (site locations); Charter Conversions; Management & Personnel; and Asset Liability Management. Supervisory Committee Member 1983 – 1988; Chair 1987-1988.CIVIC INVOLVEMENT: Vassar College Lehman Loeb Art Center volunteer; Mount Alvernia Retreat Center volunteer bingo caller; Germania Singing Society Honorary Member; Cornell Cooperative Extension of Dutchess and Ulster Counties; Hudson Valley Research Laboratory in Highland; Gottscheer KUV. Previously Board of Trustees of Vassar Brothers Institute.
David S. Bagley PRESENT & PAST WORK EXPERIENCE: Retired after 26 years with IBM Corporation as Manager and Design Engineer; previously RAS & Maintenance design work with Prodigy; and Avionic Equipment Design at ITT Federal Laboratories.
EDUCATION: BSEE and MSEE Newark College of Engineering. Numerous IBM management and professional development training courses. Numerous Credit Union industry financial courses and other personal development courses in Spanish, vocal and instrumental music, and others.CREDIT UNION INVOLVEMENT: Credit union member since 1974; appointed to Nominating Committee in 1991; Nominating Committee Chairman, Space Utilization Committee, Policy Committee Chairman 1997- 2001; Board of Directors 2001 to present, CRM Committee, ALCO Committee, HQ Committee, Secretary, Treasurer, and ALCOChairman.CIVIC INVOLVEMENT: Modern Courts Court Monitor, RSVP Golden Age Singers, ERVK Financial Committee, Cappella Festival Choral, G&S Group, Ebenezer Church Breakfast Program, Omega Fraternity President and Treasurer. Prior St. Martin de Porres Choir and CCD teacher, First Presbyterian Choir, Boy Scouts of America, UW of Dutchess, Assistant Coach Little League Baseball, YWCA of Dutchess Swim team manager and Board of Governors, and others.
2013 ELECTION CANDIDATES FOR THE BOARD OF DIRECTORS
One of the benefi ts of credit union membership is that you have an opportunity to vote for those
members charged with overseeing the strategic direction of your credit union through an annual
election. Such an election will be held in March to fi ll open positions on Hudson Valley Federal Credit
Union’s Board of Directors. This year, fi ve candidates are running for three available positions.
Election results will be announced at the Annual Meeting on April 18, 2013.
Misty DeckerPRESENT & PAST WORK EXPERIENCE: IBM Corporation, Program Manager – STG University Alliances. Previously Development Manager –Series I/O Firmware, and Project Manager, Customer Satisfaction. Various technical positions within IBM.
EDUCATION: MS Information Systems, Marist College, 1993. BS Mathematics, Virginia Tech, 1991. MS Certificate, Project Management, GWU, 2000. PMI Certification, 2001. IBM Management Training, 2007.CREDIT UNION INVOLVEMENT: Member since 1991. Member of Board of Directors since 2010. Member of the Benefits Committee and currently Chair of the Policy and Governance Committee. Led a special project to ensure processes are in place to constantly assess member needs and measuring how those needs are met.CIVIC INVOLVEMENT: Past President, Vice-President, and Secretary of Cappella Festival Chamber Choir, as well as serving as Chairman of several key committees. In 2012, organized a fundraiser to bring water to an impoverished village in the Dominican Republic
Nomination by PetitionIn addition to the candidates nominated, any member age 18 or older may petition for a position on the 2013 election ballot. A petition form will be available on January 4, 2013 by calling 845.463.3011, ext. 3402. Your completed petition signed by 500 or more current members must be received by February 8, 2013. No nominations will be permitted from the floor at the Annual Meeting.
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2013 ELECTION CANDIDATES FOR THE BOARD OF DIRECTORS
Paul AndersonPRESENT & PAST WORK EXPERIENCE: Attorney/Member, Daly & Weinberg, PLLC, 2012 – present. Vice President of Finance, CFO & Controller, Meadow Creek Development, LLC 2010 – present. Controller, Parkson Corporation, 2009
– 2010. Corporate Controller and Assistant General Counsel, Milestone Hospitality Management, LLC 2008 – 2009. EDUCATION: BS Accounting & Finance, Florida State University. MBA, Georgia State University J. Mack Robinson College of Business. JD, Nova Southeastern University Shepard Broad Law Center.CREDIT UNION INVOLVEMENT: Member since 2012 with all household accounts at HVFCU. Member of three other credit unions before moving to the Hudson Valley.CIVIC INVOLVEMENT: Several youth related activities with Boy Scouts and as assistant football coach. Currently, Assistant Den Leader and Advancement Chair for Cub Scout Pack 48 in Hopewell Junction with my two sons. Actively involved with homeowner’s association and member of their finance committee.
Christopher SchnabelPRESENT & PAST WORK EXPERIENCE: IBM, 2000-present: Currently 2nd Line Manager with responsibilities in Semiconductor Technology Assurance, Business Process Compliance and Transformation. Prior engineering and
management roles in semiconductor process development, test chip design, and design and technology integration. General Electric, 1999 to 2000: Engineer in Industrial Systems Division.EDUCATION: MS and BS, Electrical Engineering, Case Western Reserve University (‘00, ‘99).CREDIT UNION INVOLVEMENT: Member with variety of accounts including savings and loans.CIVIC INVOLVEMENT: Co-Chair of IBM Charitable Contribution Campaign Coat Drive. Past member of Board of Directors of Care4Me Daycare Center. Past volunteer for Junior Achievement & National Engineers’ Week.
Make a Difference: Become a VolunteerOur volunteers regularly express their satisfaction and pleasure in giving back to the membership they serve. Could this be your calling as well? We are currently seeking volunteers who would like to serve on HVFCU’s Supervisory Committee. This committee is responsible for ensuring that the credit union is operating within government guidelines and regulations. It’s a busy position that requires patience, thoroughness, and attention to details. If this sounds like you, download an application online at hvfcu.org or call 845.463.3011 ext. 3402. Applications must be received by April 16, 2013.
6
Scholarships Help Defray Tuition Costs
Local Market Focus Can Make a Differenceto meet the needs of local businesses. For so many of our business members, we’re part of the team they count on for guidance and to help them take their business to the next level. People come to us because we’re knowledgeable and they trust us to tell them the truth; they know we’ll give them our best thinking.
As a local financial partner, HVFCU offers comprehensive solutions to help businesses become more efficient and profitable, including:
● Business Loans and Lines of Credit● Commercial Mortgages ● Medical Equipment Financing● SBA Loans
Our seasoned loan officers each bring over 20 years of experience in commercial lending, along with a strong commitment to helping Hudson Valley businesses find the financing options they need to achieve their goals. To schedule an appointment with one of our business loan officers, call 845.463.3011, ext. 2270.HVFCU Business Lending Team: (l to r) Paul Mack, Patrick Donovan, and
Bob Babirad.
Thinking of ways to help your business grow? Think HVFCU. As a leading commercial lender in the Hudson Valley, we understand the region’s
competitive market environment. Each of our business loan officers has decades of commercial lending experience and knows our community. We put that expertise to work for every HVFCU business client, every day.
At HVFCU, our financing solutions are specifically designed
Holiday Closing ScheduleMonday, January 21 – Martin Luther King, Jr, Day
Monday, February 18 - President’s Day
Offices within IBM will remain open both days.
With college tuition now averaging $20,000 to $55,000 per year, it’s more important than ever to find financial resources to help ease the burden. Grants and scholarships can help greatly, and there are thousands available out there from which to choose. However, you’ll need to do your homework to find them. Online sites, like scholarships.com and fastweb.com, offer advice and help in researching and applying for scholarships–and they are free.
COMMERCIAL LENDING
Annual Scholarship Opportunity. Graduating 2013 high school seniors have a chance to win a $1,000 or $500 college scholarship through the Credit Union Association of New York’s annual scholarship program. Scholarships are awarded to the top finalists from participating credit unions. Winners are chosen based on academic achievements, extracurricular and community activities, and a personal essay. Go to hvfcu.org to download an application.
Securities and advisory services off ered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. Insurance products off ered through LPL Financial or its licensed affi liates. Hudson Valley Federal Credit Union and HVFCU Financial Services are not registered broker/dealers and are not affi liated with LPL Financial.
Not NCUA Insured | No Credit Union Guarantee | May Lose Value
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Steps to a Simpler Financial Life For many Americans, financial life seems to be getting more and more complicated. Here are some suggestions that may help to simplify your finances:
Start with a plan. A little time spent planning now can benefit you later. First, determine short-term financial goals. Do you want to purchase a home in five years? Is buying a car a top priority next year? Next, think about long-term goals, such as saving for retirement. Estimate how much money you’ll need to meet your goals.
Build a better budget. Next, look at your current monthly net income and then set up a budget. Creating a budget allows you to see exactly where all your money goes and to determine where you can scale back. After making cuts, invest that money to help pursue your financial goals.
Invest systematically. You can take guesswork out of investing with a systematic investing program. With mutual funds, for example, you can make arrangements to automatically invest a specific amount of money on a regular basis. Also remember to put money into retirement accounts on a regular basis, especially if your employer offers a matching contribution.
Invest with someone who puts your financial goals first—and provides you with personalized options and exceptional service regardless of the size of your portfolio.
Lifeforsm
Advice
HVFCU Financial Services is dedicated exclusively to helping members meet their financial goals.
The First StepMeet with a fi nancial consultant today for a comprehensive
portfolio review of your income planning, retirement
Board of DirectorsNoreen Hennessy, ChairTakao Inouye, First Vice ChairJoseph E. Eppich, Second Vice ChairDavid S. Bagley, TreasurerHenry J. Rodgers, Jr., Assistant TreasurerLarry J. Prescott, SecretaryMisty V. Decker, DirectorT. S. Jones, DirectorNancy Kappler-Foster, DirectorJan Mahar Sturdevant, Director EmeritusRalph E. Plant, Director Emeritus
Supervisory CommitteeStephen M. Caswell, ChairWilliam J. Mulvey, SecretaryJeffrey S. Battistoni, Member Kathleen A. Dispensa, MemberNancy Kappler-Foster, MemberElinor Speckman, Associate Member
President & CEOMary D. Madden
BranchesMonday-Friday 8:30-7:00 and Saturday 9:00-5:00
HVFCU ATMsAll HVFCU BranchesAdams Fairacre Farms, Route 44, PoughkeepsieEast Fishkill IBM Bldgs.* 300, 323Gap/Old Navy Distribution Center, Fishkill*Nine Mall, 1810 South Road, Wappingers FallsPoughkeepsie IBM Bldg. 052Putnam Hospital Center, 670 Stoneleigh Avenue, CarmelVassar Brothers Medical Center, Poughkeepsie*Employee accessible only. Drive-up ATMsBranches in Arlington, Fishkill, Highland, Hopewell Junction, Hyde Park, Kingston, Middletown, Montgomery, Newburgh, New Windsor, Pleasant Valley, and PoughkeepsieBridgeview Plaza, Route 9W, Highland1810 South Road, Nine Mall, Wappingers Falls
Online Serviceshvfcu.org
Telephone845.463.3011/800.468.3011
TDD (for hearing impaired)845.463.1709
Supervisory Committee845.463.6934/800.468.3011P.O. Box 1624, Poughkeepsie, NY [email protected]
Mailing Address159 Barnegat Road, Poughkeepsie, NY 12601
Important Notice:Please note that as of the printing of this notice, the insurance offered by the National Credit Union Share Insurance Fund for Business Checking I Accounts changed effective 1/1/13. Until 12/31/12, an account balance in a Business Checking I Account had unlimited share insurance coverage. Beginning 1/1/13, the funds in that account will be included in the account owner’s aggregate amount insured up to $250,000. Please contact us if you have any questions.
