[etni] Fwd: Important change in sabbatical finances FYI

From: ETNI list <etni.list@xxxxxxxxx>
To: Etni <etni@xxxxxxxxxxxxx>
Date: Mon, 6 Dec 2010 06:47:54 +0200
---------- Forwarded message ----------
From: Esther Revivo <estherrv@xxxxxxxxxxx>
Subject: Important change in sabbatical finances FYI


Hi! My heart goes out to everyone in the fire affected area. It's
interesting, exactly 2 years ago on Shabbat Chanuka the Cast Lead
Operation began here in Netivot just 2 days after this present crisis
commenced. It's just a lamentable shame that it takes disasters to
bring us together in unity as a nation, despite our differences.
**sigh**

Anyway, I just discovered something VERY important from Bank
Ha'benleumi today. Like everyone else with a keren hishtalmut, I got
my yearly summary of finances and a long letter about "shinui mivne"
of the fund. I'm not good at Hebrew documents so called the number in
Tel Aviv and was told this:

Until now, our savings have been like a 'kupat gemel' -- funds locked
away with a set 4.5% annual interest rate of growth. As of January
2011, the funds according to law must undergo a change and will from
now on be managed differently by a different organization/ fund.

In short: OUR SAVINGS WILL BE TIED UP WITH THE STOCK MARKET!!  I don't
know how they can legally do this without our permission!! My Dad's
bosses botched up his pension on the American stock market and he lost
29 years of his pension fund; he had to work until age 72 to make up
for that mess!!!!! Does anyone know if we can object????? I would
rather have my 4.5% as a certainty than play poker or blackjack with
my "shabbaton" funds. (I am not wealthy enough to lose a penny of this
money!) For those who are 'mavins' as they say in Yiddish about stocks
and bonds-- be my guest, but with your money and not mine. It simply
galls me!!!! The past two years are enough to turn off anyone from the
"bursa", what with the instability of worldwide stock exchanges!

Any comments or information will be welcome.
Sincerely,
Esther Revivo

P.S. FYI: If you go out on early pension as I did, you are not allowed
to remove your sabbatical savings until the due date even if you no
longer contribute a penny to the fund. (I now work 1/3 misra for the
Sedot Negev Regional Council and have begun a sabbatical fund managed
by another organization.) The same goes for Keren Gal and Keren Dafna;
I believe one must wait until age 62 to redeem these funds.
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[etni] Fwd: Important change in sabbatical finances FYI

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