Serving all the financial needs of CWA and NEA FCU Members.
Be prepared with LUSP. Designed exclusively for CWA and NEA FCU members. The Local Union Supplemental Pension & Severance Fund Trust is a tax-advantaged savings program that can be an extra resource for retirement income, or help create a financial safety net in retirement.
In the early 1970s, many CWA locals in the country took steps to provide members with a way to supplement their company pension by providing a savings plan to help insure their members a brighter future.
Many years of work have gone into the Local Unions Savings Plan to make the most secure savings and retirement plan available. Thousands of CWA members studied the plan, recognized its superiority, and are now enrolled and saving.
Nationwide Life Insurance Company, one of the largest insurance organizations in the United States, was selected by the locals to administer the plan and provide backing for all savings.
We strongly urge you to study the program and make a commitment to yourself and the future.
The Executive Committee
Some of the unique features of your Plan ……
Convenience: Savings by payroll deduction or by lump deposits, and if you are a member of NEA Federal Credit Union, by having money deducted from your savings account at the credit union.
Competitive Return: The current interest rate is generally higher than that which can be earned through banks and similar institutions. The interest rates are negotiated annually with Nationwide and are fixed for the coming year.
The rate for 2016 will be 3.03% and is guaranteed until December 31, 2016.
Safety: Your principal is backed by Nationwide Life Insurance Company, a proven leader in administering savings and retirement plans…. Nationwide administers over $40 billion in long‑term savings assets.
Tax Advantages: Your interest earnings are not currently taxable… the money you would have paid in taxes keeps you working for you.
Flexibility: Your payroll deductions can be as much as you want and can be increases, reduced or stopped at any time without an interest penalty you are not committed… except to yourself!
Chairman Richard Daly