As an extension of Mayo Clinic Human Resources, Benefits Connect brings together benefits experts, plan members, and those who are curious about benefits to share their experiences and knowledge. Each new post is designed to go beyond simple resource information to practical advice on the best strategy to get the most out of the industry-leading benefits at Mayo Clinic. Join the conversation by commenting on posts and replying to comments.
Did you know Mayo offers a benefit plan that includes a guaranteed 4% interest rate on your money?
This is no secret benefit, yet many people don’t know the advantages to contributing to their Cash Accumulation Fund.
When you elect Voluntary Group Universal Life Insurance, Prudential automatically sets up a Cash Accumulation Fund in your name. If you do nothing, premium refunds from the Group Universal Life plan will be deposited into your fund annually and you can just let that money grow. However, you can elect to contribute 1-12 times your monthly life insurance premium to your fund and watch it grow even faster!
You can change your contribution amount and/or withdraw your money at any time and spend it on whatever you want. Unlike other benefit plans, there are no restrictions regarding when you can contribute, withdraw, or what you use the money for. What a great savings opportunity! Call the HR Connect Service Center (HRC) to begin contributions.
If you are already contributing, you can check your fund balance online through the Prudential website.
To learn more, check out the Summary Plan Description online.
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