Date: August 8, 2023
Welcome all to the new fiscal year!
Looking back at FY2023, here are just a few of the highlights from the prior year…
New Employee in the Finance Office
Gloria Boateng officially joined the Finance department, on May 15th, 2023, after four months of working in a temporary capacity. In the 7 months that Gloria has been with us, she has quickly learned our processes for investment accounting, student billing, and various complex reconciliations. Gloria is also adept at assisting with accounts payable and accounts receivable. She manages the monthly distribution of financial statements to all department leaders and welcomes any questions you may have regarding transactions found in those statements. We are so glad that Gloria has joined the team.
New TIAA CREF Plan
On February 6, 2023, we implemented some important and exciting changes to our TIAA CREF retirement plan. The new plan includes new accounts, new investment options, including default investment options for those who are uncertain about choosing their own investments. A new fee structure was also introduced, lowering overall investment cost. TIAA CREF continues to provide advice on the investment options available to all plan participants. Should you need to talk to a TIAA CREF consultant, please visit TIAA.org/petsva or call 800-842-2252. Also, if you have not transferred funds from the old plan to the new plan, please feel free to set up an appointment with me and I will walk you through this quick and easy process.
New Long Term Care Plan
A totally new benefit that we initiated in FY2023 is the Trustmark Universal Life Events with Long-Term Care. The policy combines Universal Life insurance with a Long-Term Care plan. Long-Term Care insurance is designed to pay for custodial care (at-home care, at a nursing home or assisted living facility) once you need assistance with two or more Activities of Daily Living or if you have a cognitive impairment like dementia or Alzheimer’s. VTS currently funds a plan of $25,000 for all full-time staff. Part-time staff can also apply for coverage at their own cost. For more information about this plan, and how to enroll, please contact Olivine Pilling at payroll.benefits@vts.edu
Terrell Whitaker
Director of Finance and Accounting