Money Wisdom Fall 2018

MoneyWisdom TIPS, NEWS, AND HAPPENINGS FROM HANSCOM FCU | FALL 2018

Hanscom FCU CHOSEN TOP Credit Union in US! page 2

OPERATIONS CENTER OPENS in Littleton, MA page 4

NEW WAY TO CUSHION

Your Retirement Savings page 7

1

Summer 2018

Chairman’s Corner

Hanscom FCU Recognized Nationally

I

’m honored to report that we have

as the Best Credit Union in America. The

been recognized nationally with a

article appeared on Kiplinger.com and in

number of awards this year. The list

its August 2018 print issue. You can read

is long and includes recognition for our

the article at www.kiplinger.com/

outstanding products, member service,

links/banks2018.

and community work.

In the article, editor Mark Solheim noted

Hanscom Federal Credit Union’s Chairman of the Board Paul Marotta (center) receiving his DCUC Hall of Honor statue from Frank Padak, President & CEO of Scott Credit Union (left) and Anthony Hernandez, President and CEO of the Defense Credit Union Council (right).

Hanscom FCU Chairman Inducted Into Hall of Honor

I want to highlight two of these awards

that they found financial institutions that

that especially reflect our commitment

still aim to do right by those that they

to our members and the credit union

serve. I like that comment because it’s

Hanscom FCU Chairman of the Board Paul Marotta

movement.

especially true for Hanscom FCU. Our

was selected for the Defense Credit Union Council’s

employees and volunteers work tirelessly

(DCUC) Hall of Honor at DCUC’s August conference

to do right by our members.

in Williamsburg, Virginia.

presented with this distinction in August

I know the success of a not-for-profit

Mr. Marotta has served Hanscom FCU and the

at the Defense Credit Union Council’s

financial cooperative is only possible

credit union community with distinction since 1976.

55th annual conference. This accolade is

because of members who recognize the

He was elected Chairman of the Board in 1992.

awarded by the Office of the Secretary of

value and are committed to the mission.

the Air Force and is reserved for financial

For that reason, I want to personally thank

institutions that provide exceptional

you for our 65 years of continued service.

service to the Air Force community.

These recognitions are yours as well, and I

First, is Hanscom FCU’s recognition as Air Force Credit Union of the Year. We were

know that together we will see continued I’m also excited to announce that

success in the years to come.

Kiplinger’s Personal Finance magazine has named Hanscom Federal Credit Union

Paul Marotta

Over the past 42 years of service to the credit union, Mr. Marotta guided Hanscom FCU through critical times, including the buildup of technology, and unprecedented member growth. Under his leadership, Hanscom FCU’s assets have grown past $1.3 billion and 21 branches in two states.

He is an avid supporter of Boston Children’s

Photo (l to r): David Sprague, President & CEO, Hanscom FCU; U.S. Air Force Major Chris Spaulding, Hanscom AFB; Paul Marotta, Chairman of the Board, Hanscom FCU; Mr. Fredrick Carr, Associate Deputy Assistant Secretary for Financial Operations, Office of the Assistant Secretary of the Air Force for Financial Management and Comptroller; Eileen Finegan, Project Coordinator, Hanscom FCU; Diana Mautino, Assistant Branch Manager (Barnes), Hanscom FCU.

Hospital and the Massachusetts Coalition for the Homeless, as well as numerous outreach efforts that enrich local and military communities.

Under his leadership, Hanscom FCU has been recognized as Air Force Credit Union of the Year three times, as Army Credit Union of the Year, and as the National Association of Federal Credit Unions Credit Union of the Year.

Statistics

Our Mission

Board of Directors

To provide superior financial

Paul J. Marotta, Chairman

Raymond A. Kahre

Members . ...............................................84,169

service responsive to our

Mark D. Walsh, Vice Chairman

Hugh W. McNeil

Assets........................................ $1,312,000,000

members’ needs.

John A. Delcore, Secretary

David M. Pronchick

Deposits.................................... $1,158,600,000

Ray T. Phillips, Treasurer

Lawrence S. Rzepecki

Loans..........................................$1,145,500,000

Teresa S. Conrad

Reserves....................................... $136,100,000 June 30, 2018

2

Fall 2018

BeRESOURCEFUL

Make the Most of Your Money at Hanscom FCU

W

e have a full suite of banking

Mortgage Suite – Because every borrower

products and services to help you

is unique, Hanscom FCU offers a variety of

reach your financial goals and

mortgage options. Fixed-rate mortgages

simplify saving. Visit www.hfcu.org or stop

include 10-, 15-, 20-, and 30-year terms. Our

into one of our many branches to learn more

adjustable rate mortgages include 5/1, 7/1,

about the options available to you.

and 10/1 programs. We also offer jumbo mortgages, VA loans, and first-time homebuyer

Find Us Everywhere! – We have

loans. Learn more and apply online at

21 branches located in Massachusetts and

www.hfcu.org/mortgage.

Virginia. For those times when you’re not near one of our branches, you can use any of over

Home Equity 3-in-1 Advantage Plan –

5,000 CO-OP Shared Branch locations as if you

Our flexible 3-in-1 Advantage Plan puts you

were at your local Hanscom FCU branch. These

in control of a home equity plan that can

service centers are located in all 50 states and

change as often as your needs. It offers a

select military installations internationally. Make

credit line, fixed rate advances, and a credit

deposits, withdrawals, and loan payments

card – all in one plan. Details are at

using your member number. Find all

www.hfcu.org/equity.

Hanscom FCU and Shared Branch locations at www.hfcu.org/locations.

CU Thrive Account – Our no-fee CU Thrive account is designed to encourage

Over 100,000 ATMs Nationwide – Our

regular savings. Save as little as $5 or as much

network of surcharge-free ATMs includes over

as $500 per month, which automatically

100,000 nationwide locations. Wherever you

transfers from your Hanscom FCU checking

are, log on to www.hfcu.org/locations to

account. The best part? The attractive rate

find your closest surcharge-free ATM.

you earn on your savings. Learn more at www.hfcu.org/thrive.

Free Checking Accounts – All of our checking accounts include a free ATM & Check

120% Auto Loan Financing – Loans

Card. In addition to being free, our Kasasa

for qualified borrowers are available for

accounts pay monthly rewards. You choose

up to 120% of the purchase price for new

how you get rewarded: high rates or cash

and used vehicles. This helps to cover the

back. Plus, you can enjoy convenience with

cost of taxes, fees, and warranties associated

Educational Seminars

our easy-to-use app and mobile check deposit.

with the purchase of a car. You can apply,

Online Services

Learn more about our free checking accounts

sign, and get your money online. Visit

Term Certificate Specials

at www.hfcu.org/checking.

www.hfcu.org/carloan.

High Yield Savings

Ask About These Programs, Too!

EasyDeposit Get paid up to two days early! – Set

Better Than a Lease Loan – This is a flexible

100% Mortgage Program

up direct deposit with us and get an early

alternative to traditional vehicle loans. Members

Mastercard Credit Cards

payday. We make your funds available as

have the benefits of leasing without the hassle

Business Accounts and Loans

soon as we are notified that a deposit is

and expense – and the vehicle title is in your

Retirement and Investment Services

coming, and that puts money in your

name, not a dealership’s. Find out how you

Mass Save® HEAT Loans

account quickly. Learn more about Payday

can get the low payments with our lease-like

Hanscom Insurance Agency

Perqs at www.hfcu.org/payday.

program for a new/used car, truck, or SUV by

Private Students Loans

logging on to www.hfcu.org/lease.

3

New Operations Center

Goes Green for Growth

P

ulling coolers filled with prepackaged

In 2016, the credit union purchased the

NES Group of Mansfield, MA, which has

organic meals and salads, Liz Borden

67,000-sq.-ft. building at 25 Porter Road with

successfully completed other building

arrives at Hanscom FCU’s Littleton

plans to accommodate employee growth

projects for Hanscom FCU, oversaw the major

Operation Center each Wednesday morning.

over the next eight years. After a thoughtful

renovations required to bring an office building

A welcome visitor to the credit union, Liz attracts

renovation designed with environmental

built in the 1980s into the 21st century. Tom

a line of credit union employees in the lunch

sustainability and employee comfort in mind,

Chiudina at DRL Architects, the in-house

room, each looking to purchase fresh foods

Hanscom FCU opened the center earlier this

architectural division of NES, designed an

from 9 Miles East Farm. The kitchen island fills

year. The Littleton location is ideal, just a

energy-efficient workspace that’s predominantly

with a midsummer’s bounty: glossy heirloom

stone’s throw from Rt. 2 and the Interstate

illuminated by natural light. On top of this,

eggplant, yellow squash, aromatic basil, sun-

495 exchange, making it a convenient

up-to-the-minute technology harmonizes

ripened tomatoes, and other vegetables and

commute for employees, the majority of

with the sustainable design Hanscom FCU’s

herbs picked earlier that morning. This “farm-

whom live along the Route 3/Route 2/

management and board of directors desired.

to-office” concept is one of many ways that

Interstate 495 corridor.

Hanscom FCU ensures employees working out of its new operations center feel at home.

Room to Grow

Sandy Imbrogna, a training manager at Hanscom FCU, appreciates the investment

The operations center is a necessary expansion

made in technology. “Now we have the

to Hanscom FCU’s headquarters on Hanscom

space and tools in the training room to train

Air Force Base. Administration, marketing,

a multitude of employees at once,” she said.

and several other departments remain at

“We have the technology we need to share

the main office on the Air Force Base, while

information with our employees and expand

125 employees in the credit union’s

their knowledge, all in a beautiful space.”

operations, call center, information systems, lending, accounting, member relations, and

Emphasizing the Environment

human resources departments now report

Hanscom FCU’s environmentally friendly

to Littleton. In addition, the Littleton location

choices include LED lighting fixtures

now serves members at the brand-new branch in the building’s lobby.

throughout the building, a solar farm on the roof to offset energy costs, and an energyefficient heating system. Offices and open

4

Fall 2018

Hanscom FCU's Sara Klingener selects fresh veggies for her family from Liz Borden of 9 Miles East Farm.

BeGREEN spaces are wired with vacancy sensors to

As for the rest of the building, Becker said,

a loan officer in the Member Relations

conserve energy and reduce energy costs.

“Our employees are excited about the

department who’s a regular customer. She

There’s a glass operable wall that closes

expansion. They’ve got a space that’s airy and

gestured to the two salads she just purchased.

the branch, but leaves the lobby open for

bright, filled with natural light.”

“No cooking tonight. This will be dinner for me

members who want to use the ATM after-

and my husband.”

hours, as well as an acoustic wall in the

“It was a challenging building,” admitted

large second-floor training room. The credit

Chiudina. “The center of it is far from the

It’s not just employees who are happy with

union chose “green” products for flooring,

outside walls, so we designed it so as much

the new operations center. Members are

plastering, and painting, which are kinder

natural light would filter through.” LED cove

happy with the public spaces, too. Virginia

to the environment. In choosing a vendor to

lighting gives the building’s interior a feel

Clarke, the Littleton branch manager, spent

supply office furniture, seating, and cubicles,

of natural, diffused light. A sound-masking

her first few weeks on the job reaching out

a local fabricator, AIS Systems in Leominster,

system in the ceilings also lends to the feeling

to credit union members who live in the area

which manufactures office furniture and

of peace and calm in every department.

to let them know they can now handle their financial affairs locally.

cubicles with high recycled content, appealed to the board’s desire for sustainability.

One employee who appreciates the soundmasking system is member service liaison

“My folks, when they realized we’re here, were

“Hanscom FCU went above and beyond code

Kathy Farrell, who is often the first person

overjoyed,” she said. “They were happy they

standards,” said Chiudina. “It was refreshing to

people see when they enter the building.

don’t have to drive to Bedford or Devens. They find the space very welcoming.”

work with a client like that.”

“There are so many people here, but people

Shiny Happy Employees

respect the space. I’m a loud person, but it

As David Sprague, Hanscom FCU’s president

Another important feature for Chiudina’s

makes me want to be quieter,” she said jokingly.

and CEO points out, “An expansion brings

team was designing a building that makes

more members to us, and makes us a stronger

employees comfortable at work, so they

Local and Green

outfitted workspaces with ergonomic sit-stand

Soon after the operations center opened,

desks, and designed collaborative spaces with

9 Miles East Farm was invited for an employee

comfortable seating for impromptu meetings.

taste-testing of their prepackaged farm-

Other amenities include a fitness center with

to-table meals. Today the farm, which touts

Are you ready to

male and female shower complexes, a spacious

itself as “Local Food for Busy People,” makes

start your credit union

lunch room stocked with free coffee and soda,

weekly deliveries of their farm-fresh Go

career? We list our

the reading room where employees can do

Boxes for employees to purchase from

job openings at

quiet work, and a mother’s room, complete

the lunchroom, which also includes

www.hfcu.org/careers.

with a small refrigerator for breast-feeding

a Lean Box kiosk where employees

Check back often

moms who pump.

can buy microwavable healthy

community. That we’ve also been able to build in a sustainable way is an asset, too.”

for new listings!

dishes and snacks at cost; The fitness center was an important addition

the credit union subsidizes

for Tom Becker, Hanscom FCU’s chief lending

the balance.

officer. When operations employees were working on Hanscom Air Force Base, they

“I don’t always sell out,

had free access to the excellent military

but I sell plenty,” said

fitness center, so it was important to him

Burton while taking

that employees moving over to Littleton

a mobile credit card

could continue working out to stay fit. His

payment from an

determination to see the fitness center through

employee.

to completion paid off. “We have employees working out before work, during lunch, after work – even on weekends,” he said.

“This is an absolute benefit,” said Sara Klingener,

A full-service Hanscom FCU branch and ATM are located in the lobby of 25 Porter Road in Littleton.

5

BeCOMFORTABLE

Use Your Home’s Equity to Cushion Your Retirement

I

f you’re looking for a way to fill in gaps in your retirement income, the solution may be under your own roof. Hanscom Federal Credit Union is now offering FHA-insured Home Equity Conversion

Mortgages (HECMs) to members age 62 and older. If you qualify, you can access a portion of your home equity as income tax-free* cash.

What’s a HECM? This reverse mortgage loan is an attractive alternative to a traditional Home Equity Line of Credit, or HELOC, and has several distinct advantages for the homeowner who is nearing or at retirement age.

As with a HELOC, a HECM lets you retain ownership of your home. But unlike a HELOC, a HECM requires no monthly principal and interest payments, and there’s no pre-defined loan maturity date you have to worry about. It’s a home-secured debt that can be repaid when the last borrower (or protected non-borrowing spouse) sells the home, moves out, or passes away. You can pay down the loan at any time or defer repayment without penalty.

You can take as much time as you want to access the loan. Your line of credit with a HECM stays open and available for whenever you need it.

Funds may be taken via a line of credit, a monthly tenure or payment, a lump sum, or a combination. Any unused portion of your credit line grows in size each month, creating even more available funds.

Perhaps one of the most attractive features of a HECM is that you will never owe more than the home’s value at the time the loan must be repaid. Your heirs will not be left with a loan deficiency they have to worry about paying from your estate, leaving you with peace of mind.

There are other eligibility requirements for a HECM besides being



Be INFORMED

age 62 or older. The home must be your primary residence and owned outright or be paid down by a considerable amount. Closing costs can

If you’re interested in learning more about how our new

be rolled into the loan and, unlike many other lenders, Hanscom FCU

HECM product can become a strategic part of your future

can offer reduced closing costs as low as $999.

financial plan, log on to www.hfcu.org/reverse-mortgage today.

You will still be responsible for property taxes, homeowners insurance, and property maintenance, just as you would with any other home secured loan. Your income, assets, monthly living expenses, and credit history will be verified by the credit union, as will timely payment of your real estate taxes, hazard, and flood insurance premiums.

6

Fall 2018

* Not tax advice. Please consult a tax professional.

BeCHARITABLE

Hanscom FCU in the News 1

Hanscom FCU Makes $1,000 Donation to Littleton Community Farm

Hanscom Federal Credit Union presented a $1,000 donation to Littleton Community Farm during the grand opening celebration of its 21st branch in Littleton, MA. Dozens of credit union employees, as well as local dignitaries and residents, attended the grand opening celebration, which was highlighted with good food and conversation. Photo: Shannon McGrath, Littleton Community Farm; Christopher Grallert, President, Littleton

1

Community Farm; Ray Kahre, Board Member, Hanscom FCU; Paul Marotta, Chairman of

2

the Board, Hanscom FCU; Ray Phillips, Board Member, Hanscom FCU; Keith Bergman, Littleton Town Administrator; and David Sprague, President and CEO, Hanscom FCU.

2

Volunteers Cook for Families at Fisher House Boston Hanscom FCU volunteers prepared a meal for military guests at Fisher House

Boston. The facility is located at the VA Boston Healthcare System, West Roxbury Campus, and provides no-charge accommodation to family members caring for

3

hospitalized U.S. veterans. Photo: Volunteer cooks include Hanscom FCU chairman Paul Marotta, social responsibility manager Laura Galeski, board member Ray Kahre, and human resources manager Sheryl Berglund.

3

Hanscom FCU Honors Veterans as Heroes Among Us Four active and retired service members were honored by Hanscom FCU as

2018 Heroes Among Us. The annual Heroes program takes place at Lowell Spinners baseball games each season. The honorees share in batting practice, throw out the first pitch, and enjoy a ceremony to honor their service. Photo: Henry Benson, who

4

served in World War II, the Korean Conflict, and two tours of Vietnam, warms up his swing before taking the field with the Lowell Spinners.

4

Charitable Foundation Donates $10,000 to Run to Home Base

The Hanscom Federal Credit Union Charitable Foundation made a $10,000 donation to sponsor the 2018 Run to Home Base event. The annual 9K run and 5K run/walk at historic Fenway Park raised money for Home Base, which provides clinical care to veterans, service members, and their families. Photo: Hanscom FCU employees Elizabeth Kistoglou and Collin Victorine with Hanscom FCU alum Catherine Russell participate in Run to Home Base.

5

Hanscom FCU Raises Over $12,000 for Relay for Life Hanscom FCU participated in the American Cancer Society’s Relay for Life, raising

a grand total of $12,860 for the 2018 event. This is the most ever raised by Hanscom FCU’s “4 A Cure” 17-member team. Throughout the year, the team surpassed its own financial goal of raising $5,000 by hosting fundraisers and collecting pledges from friends, family and co-workers. Photo: Hanscom FCU’s “4 A Cure” team poses at the Burlington, Massachusetts, 2018 Relay for Life event.

5 7

Contact Us Headquarters: 1610 Eglin Street | Hanscom AFB, MA 01731 800-656-4328

1610 Eglin Street

www.hfcu.org

Hanscom AFB, MA 01731

Download our free app for iPhone®, AndroidTM, and Kindle Fire.

Go green. Log in to Online Access HD to sign up for online statements. Learn more at www.hfcu.org/statements.

Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen ATM & Check Card or Credit Card call: 800-656-4328 Overseas (24 hr): 412-552-2698 (call collect) This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material.

Websites not belonging to Hanscom FCU are provided for information only.

No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2018 Hanscom Federal Credit Union.

Federally insured

by NCUA.

Hanscom FCU Charitable Foundation

Together, We Are People Helping People

A

s a credit union committed to the communities we serve, Hanscom Federal Credit Union established the Hanscom FCU Charitable Foundation to continue our promise to help others.

The Foundation, a 501(c)(3) organization, distributes 100% of proceeds to charity, with nothing deducted for administrative expenses.

With special emphasis on the well-being of children, the homeless, and convalescing veterans and their families, some of the programs we support include: Boston Children’s Hospital The Massachusetts Coalition for the Homeless The Home Base Program Fisher House Boston Crossroads for Kids For a minimal donation of $10 a year, you can make a difference in the lives of others today by becoming a supporting member of the Hanscom FCU Charitable Foundation. Visit www.hfcucharity.org or call 800-626-4328 for information. Donations are tax-deductible as allowed by law.