Security Mutual Life News & Articles

Rockin’ Around the Christmas Tree at Security Mutual!

(Binghamton, NY • December 22, 2017) On Friday, December 22, Security Mutual employees were Rockin’ Around the Christmas Tree in the company’s marble lobby. Continuing a 23-year company tradition, employees lined the twin staircase during lunch and serenaded clients, friends, family and fellow employees with holiday songs ranging from traditional carols to contemporary favorites.

“This really is a very special tradition at Security Mutual,” said Company Chairman, President and CEO Bruce W. Boyea. “Each year it is so heartwarming to hear this joyful music filling our lobby and see the smiles it brings to people’s faces. And each year I am always reminded of how multi-talented Security Mutual’s employees are!”

The carolers were joined by company and area musicians, resulting in a group that included guitars, bass, drums, piano, flute and more. Leading the music this year was Security Mutual employee and local performer Angela Schwartz. Angela took the baton from longtime Security Mutual employee and local musician Mike Whitney, who retired this past year and had served as Security Mutual’s maestro since the event’s inception. “I was very excited to be carrying on this holiday tradition,” said Angela. “And I was thrilled that Mike also returned to join the musicians and singers, helping us all sound as wonderful as we feel!”

Whatever traditions you are enjoying this holiday season, the employees of Security Mutual Life wish you a joyful holiday and a healthy and happy New Year!

Local Coverage

Holiday Giving Program Helps Local Children

Security Mutual employees teamed up to spread holiday cheer to Greater Binghamton children in need by supporting the Salvation Army’s Angel Tree Giving Program. This annual charitable giving tradition helps provide toys, hats, gloves, blankets and more to local families. Through their generosity, our employees provided gifts for 80 children this year.

Social Security and Government Employees: Part Three – Government Pension Offset


by William F. Rainaldi, CFP®
Regional Vice President

In Parts One and Two of this series, we looked at certain types of government employees who have worked previously with a “non-covered” pension. That is, they worked at a job where they didn’t have to pay Social Security withholding taxes, but got a separate pension from the “non-covered” work they did. Now we look at the Government Pension Offset (GPO), which is used to reduce Social Security spousal benefits to offset the perceived “windfall.”

The Gift of a Family Legacy

by Candice Faith, CLU, ChFC
Assistant Vice President, Marketing

During this holiday season when you are thinking about the people you love, you may want to consider offering a family legacy as part of your holiday giving. A legacy? You may ask how you can provide a legacy by the last week of December. It is possible . . . and it’s a gift that can be pennies of costs for dollars of benefit.

Social Security and Government Employees: Part Two – Windfall Elimination Provision


by William F. Rainaldi, CFP®
Regional Vice President

In Part One of this series of articles, we looked at certain types of government employees. These are people who have worked previously with a “non-covered” pension. That is, they worked at a job where they didn’t have to pay Social Security (SS) withholding taxes (such as certain state and municipal employees), but still got a separate pension from the work they did.

The federal government has ways of adjusting any possible Social Security benefits to reflect this. Today we look at the Windfall Elimination Provision (WEP), which is used to reduce a worker’s Social Security benefits to offset the perceived windfall.

Security Mutual Announces 2018 Dividend Scale

Planning, Security and Stability for Your Peace of Mind

(Binghamton, NY • November 20, 2017) The Security Mutual Board of Directors acted to continue the current 2017 dividend scale for 2018. This action reflects the Company’s financial strength, commitment to policyholders and strong operating performance throughout the past year.

Providing long-term value to policyholders is a fundamental philosophy guiding Company action. Our high-quality asset portfolio and investment strategies continue to be core Company strengths. We strive to help our policyholders reach their financial and long-term security goals despite these challenging economic times. Security Mutual is also pleased to report that the year 2018 will mark the 126th consecutive year it has paid dividends to policyholders.

If you are in need of planning assistance, be sure to contact us or your Security Mutual representative.

Social Security and Government Employees: Part One – The Basics

by William F. Rainaldi, CFP®
Regional Vice President

Government employees are a seriously underserved market, particularly when it comes to Social Security. And there’s one interesting reason: Very few people truly understand how Social Security integrates with “non-covered” pensions. But if you are a government employee, you need to understand at least the basics.

All-Star Golf Tournament Scores Big for Local Charities

(Binghamton, NY • October 27, 2017) The scorecard for the 2017 Jim “Mudcat” Grant All-Star Golf Tournament has now been tallied, and on October 25, Broome County Executive Jason Garnar, Binghamton Mayor Richard David and Security Mutual Life Chairman, President and CEO Bruce W. Boyea presented the tournament proceeds to the four benefiting organizations: The Broome County Urban League, The Boys and Girls Clubs of Binghamton, Catholic Charities of Broome County, and the Community Hunger Outreach Warehouse (CHOW).

“These four organizations do an incredible job of making Binghamton and Broome County a better place to live and work,” said Boyea. “From tutoring and after-school programs, to meals, food pantries, and counseling, every day throughout the year, the caring people at each of these charitable organizations do so much to help our community’s children and their families. On behalf of the 40 celebrities, 30 sponsors and many volunteers, advertisers and supporters who helped make this year’s event such a great success, we are honored to present the tournament proceeds to help these organizations continue their amazing work.”

“We need to thank so many people for everything they’ve done,” said Marybeth Smith, Executive Director of the Boys and Girls Clubs of Binghamton, who spoke on behalf of all four benefiting organizations. Smith specially thanked the community, saying: “You are a part of all these agencies because you are helping us do our jobs and do them better.”

“These are really deserving community organizations . . . and I am just really thankful that we have great businesses that are rooted in this community that are willing to give back to those who need it most,” said Broome County Executive Jason Garnar.

Binghamton Mayor Richard David thanked all the people who worked to make the event possible, noting how vital the tournament proceeds are to each of these organizations. “For many of these organizations, these funds are the difference between whether or not certain programs occur on an annual basis—it’s that important,” said David. “We know there are people in the community who are being helped, and without these funds, that may not have been the case.”

In addition to the contributions made to the four recipient organizations, a contribution from a separate fundraising event held during the tournament was presented to Binghamton Mayor Richard to assist homeless U.S. military veterans in Broome County. The contribution will help support the new veteran housing unit in Binghamton, which was completed this past August and is the first project of its kind dedicated exclusively to housing this region’s homeless veterans. The home accommodates 10 residents, and today’s contribution will cover the housing costs for one of the residents throughout the next year.

Bruce Boyea concluded the press conference, thanking each of the recipient organizations not only for the work they do each and every day, but for the inspiration they provide to the people around them.

Mark your calendars! The 17th Annual Jim “Mudcat” Grant All-Star Golf Tournament is scheduled for August 30, 2018, at The Links at Hiawatha Landing. For information on being a part of the 2018 Tournament, contact Rick Shaw.

(l to r) Security Mutual Life Chairman, President & CEO Bruce W. Boyea; Broome County Executive Jason Garnar; Broome County Urban League Board Member Denise Yull, EdD; Binghamton Mayor Richard David; Boys and Girls Clubs of Binghamton Executive Director Marybeth Smith; CHOW/Broome Bounty Director Jack Seman; and Catholic Charities of Broome County Executive Director Lori Accardi.

Binghamton Mayor Richard David (l) accepts a contribution covering the next year’s housing costs for one resident of the new unit in Binghamton dedicated exclusively to this region’s homeless U.S. veterans.

Local News Coverage

“If You Fail to Plan, You Are Planning to Fail.”

by Schanker and Hochberg, P.C.
Attorneys and Counselors at Law

“If you fail to plan, you are planning to fail.” Benjamin Franklin could not have spoken truer words in terms of Estate Planning and Elder Law Planning. Such planning is more than planning for disposition of wealth and assets. It is creating a plan to protect assets, a plan for the significant cost of potential medical needs and a plan for incapacity and/or disability.

Will It Still Be There?

by William F. Rainaldi, CFP®
Regional Vice President

There is some disturbing language—in bold print, no less—on the second page of any individual Social Security statement issued by the SSA: Your estimated benefits are based on current law.  Congress has made changes to the law in the past and can do so at any time. The law governing benefits amounts may change at any time because, by 2034, the payroll taxes collected will be enough to pay only about 79 percent of scheduled benefits.