savings bond working group september 25, 2014 note new conference line info: 1.860.970.0010...

Savings Bond Working Group

September 25, 2014

Note New Conference Line Info:https://join.me/D2DFUND.LINE1

1.860.970.0010 361-277-745#

Agenda

1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting

Agenda

1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting

New Savings Bond Working Group: Structure & Resources o The Savings Bond Working Group was founded in 2008

o Since then, many changes to savings bonds both at tax-time and year-round (i.e. MyRA)

o After interviewing current and past SBWG members, several common goals:o 1) Shared Learnings – How can support each other to

promote savings bonds?o 2) Networking – Who & where?o 3) Policy & Advocacy – Opportunities to advocate federally

and locally

New Savings Bond Working Group: Structure & Resources o Changes:

o Logoo Sign-Up Processo Launch of Members-Only Pageo Calls will focus on discussion &

shared learningo More resources in newsletter

New Savings Bond Working Group: Structure & Resources

o Sign-Up Hereo Opt-Out/Change your Contact Infoo Launch of Members-Only Page:

http://www.d2dfund.org/sbwgmembersonlyo Username: sbwgmembero Password: d2dsbwg

o Newsletter: Want to share any news? mgoldberg@d2dfund.org

Agenda

1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting

Savings Bonds Policy & Advocacy: Updates o Government Accountability Office

(GAO) Request: Accepted!o Cosigners: Rep. Neal, Rep. Hinojosa,

Rep. Ellison, Rep. Rangel, Rep. Tsongas, Rep. Michaud, Rep. Benishek, and Rep. Duffy.

o Read the Letter on Members-Only Site or Here

o First GAO study on tax-time savings bonds & overall impact of savings bonds in helping Americans save

Savings Bonds Policy & Advocacy: Updates

o MyRA: Announcement from Treasury at CFED Assets and Learning Conferenceo MyRA will launch in fall 2014 through limited

employerso Treasury announced that it is looking to integrate

MyRA into tax time by 2016o Account opening versus account funding

o Committed to launching to self-employed by 2016

Savings Bonds Policy & Advocacy: Updates D2D's Consumer Research about Preferences for Government-Administered Retirement Savings Product

oD2D supports the U.S. Treasury's efforts to expand access to quality retirement savings products through myRAoD2D is interested in understanding consumer preferences for features of a government-administered retirement savings product

o What features will make such a product appealing?o How can this product reach underserved consumers?

oD2D fielded an online survey to over 2500 respondents through survey vendor Toluna from April 18 to May 15, 2014oData has been weighted to be representative of the U.S. population from ages 25-49 according to the 2010 U.S. CensusoResults will be published in late 2014 and illustrate consumer preferences for:

o Product featureso Marketing and distribution

Savings Bonds Policy & Advocacy: Updates

o SaveYourRefund by the numbers:o 2779 entrants, $2,551,658.35 savedo 1053 bonds purchasers, $169,700

savedo 79% of entries came from VITA sites

o Strong Partner support o “Split, Save, Win” available at

d2dfund.orgo SaveYourRefund next steps

Agenda

1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting

East Bay Asian Local Development Corporation Building Opportunities by Connecting Communities

EBALDC’s Savings InitiativeIntegrating lessons from behavioral economics

to increase tax time asset building

Sarah TeaterFamily Economic Success Supervisor

September 25, 2014

About EBALDC

EBALDC is a non-profit community development organization that builds healthy, vibrant, and safe neighborhoods in Oakland and the greater East Bay.

Tax preparation is a unique opportunity to improve the financial well-being of low income households:

• Hundreds of households• Building financial trust• Window into finances and goals • Using “found” money (refund) to kick start saving • Gateway to financial counseling and services

Asset Building at VITA

Clients are encouraged to save a portion of their refund and take advantage of ongoing financial counseling:

•Save Some, Spend Some•No Account? Opening a safe prepaid debit card•Savings Bonds•Financial Counseling at the SparkPoint Center

The Savings Initiative

2014 Results

• Tax Clients Served: 357• Clients Who Saved: 102• Savings Bonds Purchased: 26• Savings Accounts Deposits: 83• Prepaid Debit Cards Opened: 46• Total Invested in Personal Savings: $106,557• Average Saved Per Client: $1,044.68

2013 Savings Initiative Client Flow

Key Elements for Success

Selecting the Right Product

What if they say no?

Thank you!

Sarah Teatersteater@ebaldc.org(510) 287-5353 ext.341

Agenda

1.Welcome & Introductions 2.New Savings Bond Working Group: Structure & Resources 3.Savings Bonds Policy & Advocacy: Updates 4.Presentation from East Bay Asian Local Development Corporation5.Questions & Discussion6.Wrap up & Next Meeting

Next Meeting

Thursday December 18, 2014: 2pm ESTWebinar Info: https://join.me/D2DFUND.LINE1 Dial in Info: 860-970-0010 Code: 361-277-745#

Interested in presenting? Email us: mgoldberg@d2dfund.org