printable versionFree financial education workshops aiming for bigger turnout
BY MICHAEL PEÑA
If they were offered to employees for free, who wouldn't want to take classes on how to spend and save smarter, how to snowball a small chunk of every paycheck into a substantial investment and how to best take advantage of the university's generous pension plan?
Judging by the meager turnout for the first two financial workshops, not many. All of a dozen people showed up for the June 27 session on getting out of debt and developing smart credit habits. About 20 people signed up for a second workshop on Monday, July 10, that focused on developing effective budgeting and spending habits.
The evening sessions, the first two of a summer program in the ongoing Choices Workshops series, are sponsored by the Benefits Department, which has contracted with an independent financial education firm in Cupertino to lead the workshops. The remaining sessions are scheduled for July 20 and 27.
They are titled, respectively, "How to Invest $25 a Paycheck" and "Smart Strategies for Your 403(b)," and they should speak directly to any benefits-eligible employee on campus, according to Robbie Brewster, communication manager for the Benefits Department. As the provider of a notably generous retirement plan, the university has a fiduciary responsibility to its employees, especially when they are asked to make investment choices themselves, Brewster said.
The two most popular retirement plans that Stanford offers are the Tax Deferred Annuity (TDA) plan and the Stanford Contributory Retirement Plan (SCRP). "You have all these funds to choose from," Brewster said. "How do you choose the one that's right for you?"
Part of the reason so few employees have attended the first two classes may be attributed to the change in how information about the program is disseminated. The Choices Workshops program began in 1995, with the Benefits Department distributing pamphlets every year into the hands of each employee via ID mail.
As of last month, information about all workshops and seminars offered by the department is being listed in the Training Opportunities Guide (TOG). A full page in the Summer 2006 TOG, which was published June 7, was devoted to sessions sponsored by the Benefits Department. The department also announced last month that anyone who wishes to sign up must do so through the Stanford Training and Registration System (STARS). (In the past, individuals could just show up the day of a workshop.)
A SUNet ID is required to access STARS, at https://www.stanford.edu/dept/itss/projects/lms/index.html. Information about the Choices Workshops and other programs is also available on the Benefits Department's calendar of events: http://benefitsu.stanford.edu.
Employees should be aware that the current Choices Workshops are not being led by representatives from financial institutions that might have a vested interest in the matter. Whereas past workshops on financial planning and investing were hosted by Fidelity and TIAA-CREF—firms that manage retirement plans offered by Stanford—the sessions offered this summer are being led by Financial Knowledge, an independent educational firm that prides itself on conducting presentations free of conflicts of interest.
Financial Knowledge, founded by certified financial planner Lyndsay J. Mills, counts among its clients Apple Computer, Genentech, Cisco Systems and the city of San Jose. The type of classes that Financial Knowledge offers normally would cost hundreds of dollars to attend, Brewster said. She added that the university will continue to give benefits-eligible staff the opportunity to sign up for free one-on-one sessions with advisers from the investment firms that Stanford does business with.
The Choices Workshops are held from 5 to 7 p.m. in the Amy Blue Conference Room at 651 Serra St. Participants are welcome to bring dinner, as well as their spouses. Classes can accommodate as many as 35 people.