Who doesn’t want to save money?
Retirement planning or buying an insurance policy can be difficult to fit into budgets. That’s where the IAFF Financial Corporation (IAFF-FC) can help.
Alan Westcott, IAFF-FC Chief Operating Officer, explains, “The IAFF-FC was created by the IAFF, for IAFF members. It’s not just about the products and services we offer, but ensuring our members are protected from predatory companies, and they have access to trusted programs they can explore with benefits that extend to their families. Through union-built programs, trusted partners, and education, the IAFF-FC empowers members to create healthy financial futures.”
The mission of the IAFF-FC is to equip active and retired members in the United States and Canada with the tools they need for financial wellness and long-term wealth management.
IAFF Wealth Management Initiative
Members interested in managing their finances from every angle might consider the IAFF Wealth Management Initiative. It offers one-on-one financial education through the free PlanWell program, which includes comprehensive financial planning, fiduciary-guided investment advice, and life insurance needs assessments.
“When this comprehensive service became available three years ago, we presented the benefits of using it to our membership, and we got a lot of positive feedback,” said San Jose, CA Local 230 President Jerry May. “I wish this program had been available when I was 23 because it would have taken so much of the guesswork out of financial planning. I would have had a roadmap to financial success.”
Securing Health Insurance and Offsetting Big Medical Bills
Obtaining adequate health insurance has been a longstanding issue with IAFF members in the U.S. and Canada. Following a convention resolution , the IAFF-FC now offers members access to the IAFF Medical Expense Reimbursement Plan (MERP) and the IAFF Health & Wellness Trust (HWT).
The MERP helps members offset premiums and other medical expenses, while the HWT provides medical plans that can be negotiated into labor-management agreements.
These programs have been a welcome relief for members like Justin Onley of Renton, WA Local 864,who shared his experience in a special IAFF-FC promotional video.
“My daughter was born with a craniofacial disorder that would have almost certainly have caused medical bankruptcy in my family,” he said in the video. “The IAFF Health and Wellness Trust is what shielded us from that fate.”
The IAFF-FC also has a partnership with National Teachers Associates Life (NTA), which offers low-cost health insurance plans that will help pay for medical treatment for cancer, cardiovascular disease, and other critical illnesses. These plans are structured to provide the flexibility to tailor products to fit the unique needs of the IAFF members by allowing them to choose the appropriate benefit level and premium amount, along with the applicable family coverage status. NTA benefits are paid directly to the member to cover the medical costs.
Plan Your Retirement
IAFF affiliates can also go through the Financial Corporation and its partner Nationwide to secure retirement plans with affordable rates. Dubbed the Frontline Plan, Locals can tailor it to fit their membership’s needs.
Lincoln, NE Local 644 President Adam Schrunk shared that his Local faced issues with the fees tied to their existing deferred compensation plan and its impact on retirees. To address this, Local 644 worked with the IAFF-FC and Nationwide to create a new plan and successfully convinced the city administration to make the switch.
“Through the Nationwide plan, we reduced our fees by over 70%. That means our members will see tens of thousands more dollars in their deferred comp account when they retire,” Schrunk said. “You know, we really can’t thank the IAFF Financial Corporation enough for helping us with this important project.”
Mortgages
The IAFF-FC also provides individual member services , including a banking program to help secure affordable home financing through its partnership with The Money Store. Some key benefits include reduced loan fees, flexible options to buy or renovate a home, competitive interest rates, and personalized guidance throughout the process.
Sean DeCrane, retired Cleveland, OH Local 93 member and current Assistant to the General President for Health and Safety, recently used The Money Store to buy a new home.
“Someone from The Money Store was available at any time to answer questions and calm concerns,” DeCrane said. “He worked with me to fully understand my options, so when I found a place of interest, there was nothing holding me back from moving forward. And I really appreciated the agreement that reduced the interest rate and savings on closing costs.”
Auto and Homeowner Insurance
The IAFF-FC can also help retired and active members save on auto and homeowner insurance costs using its partnership with Liberty Mutual in the US and TD Insurance in Canada.
Chief Operating Officer Westcott points out that “you can always buy auto or home insurance on your own, but with over 350,000 members in the IAFF, our bargaining power can help make a difference in getting better rates.”
Peace of Mind
Perhaps the biggest member benefit to the IAFF-FC? Peace of mind that the financial programs and products are reliable.
“There’s a lot out there on the open market. But the difference with the IAFF-FC is trust. You can’t buy that,” said Columbus, OH Local President Steven Stein. “This is earned – by labor leaders, for our people.”
Disclosure: The above is not a solicitation to make any investments and is provided for informational purposes only. The IAFF is not a registered broker dealer or a registered investment advisor. All specific financial products and services are offered either through IAFF-FC investments, LLC, a registered broker dealer, member of FINRA (finra.org), member of SIPC (spic.org), or through IAFF-FC Advisors, LLC, a registered investment advisor, both herein being affiliated with IAFF Financial Corporation.
