Updated: January 27, 2021

While all of us at NYSUT Member Benefits recognize that the COVID-19 situation has disrupted the lives of many NYSUT members, we also understand that life's everyday issues and concerns continue to happen. To that effect, we would like to remind you that NYSUT Member Benefits is committed to helping NYSUT members in making prudent decisions when it comes to your finances and essential needs. We encourage you to read the following updates and helpful information listed on this page.

Please check back to this page on a regular basis for updates.

NATIONAL & STATEWIDE AFFILIATE INFORMATION
AFT NO-COST COVID-19 GRIEF COUNSELING & TRAUMA COVERAGE >>
Our national affiliate, the American Federation of Teachers, is providing no-cost COVID-19 grief counseling to all active & retired AFT members and their eligible immediate family members. The AFT is also providing all active AFT members with up to three months of a trauma counseling benefit at no cost. Click here to learn more.

NEA MEMBER BENEFITS >>
The NEA Complimentary Life Insurance Program builds to a $1,000 benefit based upon years of NEA membership. In light of the COVID-19 pandemic, the NEA Members Insurance Trust has modified the program so that any NEA member who is in the program and whose death occurs between March 1, 2020 and December 31, 2020 will receive the full $1,000 death benefit -- regardless of the number of years that the individual has been an NEA member. For more information, click here or call 800-637-4636.

UPDATE: Beginning January 1, 2021, the NEA Members Insurance Trust has modified this program so that any NEA member who is in the program and whose death occurs at any time after January 1, 2021 will receive the full $1,000 death benefit -- regardless of the number of years that the member has been an NEA member. This program modification is a permanent enhancement.

ADDITIONAL RESOURCES >>
Click here to view a Coronavirus Toolkit provided by NYSUT.

Click here to view a COVID-19 resource page provided by NEA Member Benefits.

Click here to view job interruption information provided by AFT Member Benefits.

LEGAL & FINANCIAL RESOURCES

LEGAL SERVICE PLAN >>
As a reminder to current participants in our endorsed Legal Service Plan (provided by the Law Firm of Feldman, Kramer & Monaco, P.C.), you have access to a national network of attorneys that deal with personal legal matters. Plan participants are entitled to unlimited toll-free legal advice; a free Legal Security Package that includes a Simple Will, Health Care Proxy, Living Will & Power of Attorney; and two, free, hour-long consultations with a plan attorney. Click here to learn more.

Please Note: Members who participate in our endorsed MetLife Term Life or Level Term Life insurance programs can have important documents such as a Will, Power of Attorney and Health Care Proxy created for them at no cost. Estate Resolution Services are also available to help settle an estate. For more information, please refer to your outline of coverage. Click here for the Term Life outline of coverage. Click here for the Level Term Life outline of coverage.

FINANCIAL COUNSELING PROGRAM >>
Current participants in our endorsed Financial Counseling Program (provided by Stacey Braun Associates, Inc.) have access to a team of Certified Financial Planners and Registered Investment Advisors that can provide you with fee-based financial counseling services. Being fee-based, Stacey Braun Associates receives no commissions from mutual funds, brokerage firms, insurance companies or any other third party. As a result, Stacey Braun's advice is unbiased, objective and customized specifically for you and your financial situation. Click here to learn more.

FEDERAL GOVERNMENT STIMULUS CHECK >>
The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed on March 27, 2020, includes a provision for economic stimulus check up to $1,200 per tax payer. Find out if you are eligible for the stimulus check and how much you may be receiving. Click here to view the Kiplinger's Stimulus Check Calculator.

TAX DEADLINE EXTENSION >>
The Treasury Department and Internal Revenue Service announced an extension of the federal income tax filing due date from April 15, 2020 to July 15, 2020. Taxpayers can also defer federal income tax payments until July 15, 2020 without penalties and interest, regardless of the amount owed. Click here to view the original release from the IRS.

REQUIRED MINIMUM DISTRIBUTIONS WAIVED >>
(Provided by Kiplinger.com)
The CARES Act waives required minimum distributions from retirement savings accounts for 2020. Click here to learn more.

STUDENT LOAN RELIEF OPTIONS >>
(Provided by Cambridge Credit Counseling)
Cambridge Credit Counseling (the provider of our endorsed student loan and debt counseling program) has created a helpful webinar for NYSUT members and their families about how student loans may be impacted by the CARES Act. Click here to view the webinar.

The U.S. Department of Education set federal student loan interest rates at 0% for 60 days beginning on March 20, 2020. Subsequently, the CARES Act suspended payments for federal student loan holders through September 30, 2020. Notifications will be coming soon, but it would be a good idea to check online accounts in a few weeks to confirm no payment is due. PLUS loans are included in the waiver, but FFEL, Perkins and private loans are not included. While FFEL loan holders could consolidate those loans now and gain relief until October 2020, there is likely no reason to include a Perkins loan in that strategy as they’re already incrementally forgivable for teachers.

For NYSUT members aiming for Public Service Loan Forgiveness (PSLF), the waiver means that you will receive credit for making six payments toward the 120 needed for forgiveness -- without having to actually make a payment. There's also no need to pay down the principal balance because your goal in PSLF is to maximize the amount to be forgiven (in other words, to pay as little as possible over time until you've made 120 qualifying payments). If your loans are not eligible for PSLF, and you can afford to, you might choose to make payments until October 2020 (as those will go directly toward reducing your principal balance). If you are holding private loans, you should make contact with your lender as soon as possible to inquire about any temporary relief being offered. Many private lenders are also ramping up efforts to assist consumers and may offer fee waivers and/or partial payments until the crisis is over.

If you were already 31 days past due on your federal loans, the initial forbearance offered by the government has also been extended to September 30, 2020, and collection efforts are supposed to have been stopped until then. The same is somewhat true for any Treasury offsets that were in the works, but only through mid May 2020. The U.S. Department of Education has indicated it will refund $1.8 billion to more than 830,000 borrowers whose offsets were in the process of being withheld on March 13, 2020, when the COVID-19 national emergency was declared. Details about how those refunds will be made have not yet been released. For anyone going through the federal student loan rehab process, the six month payment waiver also applies to you -- enabling you to reach the nine required payments much easier.

Click here for more information about our endorsed student loan and debt counseling program, or contact a Cambridge counselor toll-free at 888-254-9827 with any student loan questions or 888-254-0398 with any credit or debt-related questions.