Summer Prepay Insurance Premium Deductions

Summer prepay insurance premiums are deducted from spring paychecks to cover the cost of continuing insurance coverage through the summer months (i.e. contract break) and are in addition to regular biweekly insurance premium deductions.

Faculty, academic staff, limited appointees, student assistants, and employees-in-training will have summer prepay insurance premium deductions if:

  • Their academic (9 month) or annual (12 month) contract does not include work during one or more summer months; and
  • They are expected to return to benefits eligible employment on or before the start of the fall semester; and
  • They are eligible to maintain insurance coverage through the summer months.

The summer prepay insurance premium deductions occur on the first two pay checks of the month in March, April, and May. Employees scheduled to have summer prepay deductions will receive monthly emails with estimated prepay deduction amounts.

Review the Universities of Wisconsin Employee Benefits Summer Prepay Insurance Premiums web page for information on:

  • Which insurance plans have summer prepay deductions.
  • The summer prepay deduction timeline.
  • How life events (employment or family status changes) may affect deductions.

If you have questions after reviewing the web page, reach out to your benefits contact.

Source: Universities of Wisconsin Office of Human Resources

Statement of Benefits (WRS Account)

The Statement of Benefits is a summary of your WRS retirement account available each year in mid-April. It helps you keep information up to date and track the growth of your retirement account. We recommend filing your statement for future reference.

Members who have a WRS account will receive their annual statement in the mail:
  • Current employees working for a WRS employer.
  • Former employees who no longer work for a WRS employer.
  • Alternate payees (members who received an account from a divorce).
  • Retirees who have not taken a benefit from their additional contributions.

Note: UW employees will receive their statements electronically through the UW System.

Look over the statement and make sure that your information is correct:  contact information, earnings, years of creditable service, employee contributions and beneficiary designations.

If you find incorrect information on your statement, contact your employer or ETF right away. There is a limited time to make corrections.

See our How to Read Your Statement of Benefits – Active Employee page or How to Read Your Statement of Benefits – Alternate Payee page for more information.

If you did not receive a Statement of Benefits, the following may apply:
  • If you took a benefit in the last year, you will not receive a Statement of Benefits for the partial year of earnings and service.
  • You must update your address with ETF before mid-March.
Request a copy of Your Statement of Benefits:

Wisconsin Retirement System Investment Performance

Core Trust Fund and Variable Trust Fund calendar final year-to-date investment returns as of December 31, 2023 are now available. These returns are provided in order to assist members with any decisions regarding their Wisconsin Retirement System benefit.

ETF is responsible for administering retirement and other benefit programs. SWIB is the state agency responsible for investing the assets the WRS.

2023 Pre-Tax Savings Claims Due March 31, 2024

All 2023 Health Care Flexible Spending Account (FSA), Limited Purpose FSA, Dependent Day Care Account, Parking Account, and Transit Account claims are due by March 31, 2024.

After the March 31 deadline, you can no longer submit 2023 claims for reimbursement. Any 2023 pending claims filed with Optum Financial that require documentation or receipts must also be resolved by March 31, 2024.

You can submit your 2023 claim reimbursement requests through the Optum Financial mobile app or online account here.

2023 FSA Unsubstantiated Claims

Health Care FSA and Limited Purpose FSA claims that remain unsubstantiated or unresolved from the 2023 plan year will be subject to a plan correction process with your employer for payroll withholding.

Your employer may withhold the amount due from your payroll as a correction measure during the 2023 runout period, between February 2024 and March 2024.

Payment Card Usage

The payment card should only be used in the current plan year to pay for current year eligible expenses.

If you use your payment card in 2024 to pay for a 2023 expense, please call Optum Financial to request the claim be transferred to 2023 before the deadline, March 31, 2024.

For questions related to your claims or account, you can call Optum Financial customer service at 833-881-8158.

Income Continuation Insurance: Deferred Enrollment Period, Updated Premiums and Plan Changes

An Income Continuation Insurance (ICI) Deferred Enrollment opportunity is currently available through March 1, 2024, for eligible University Staff employees. This insurance provides replacement income if you are unable to work due to a short or long-term disability.

Additionally, all employees currently enrolled in ICI will have a premium update on the February 8, 2024, paycheck, and the Standard and Supplemental coverage levels will be consolidated into a single coverage level effective February 1, 2024.

Deferred Enrollment Sign-up Deadline Friday, March 1, 2024

University Staff employees who are eligible for the ICI Deferred Enrollment Period are notified of their enrollment opportunity by email the week of January 29.

To enroll, submit an ICI application to your benefits contact by 4:30 p.m. on Friday, March 1, 2024. Coverage is effective April 1, 2024, and the first premium deduction will occur on the April 4, 2024, paycheck.

Generally, University Staff employees not currently enrolled in ICI are eligible for deferred enrollment if they meet one of the deferred enrollment provisions. This is the only time during the year they may enroll in ICI without providing proof of good health.

Review your personalized ICI employee web page to determine your enrollment opportunity and an estimate of your premium.

Premium and Coverage Update

Effective February 1, 2024, ICI premiums will be updated. The following factors will determine the new premium amounts:

  • A decrease in premium rates. While premium rates are decreasing, your premium amount is determined by the rates and the factors listed below, which may cause your premium to increase.
  • Your 2023 eligible earnings and sick leave balance (if applicable)
    • For Faculty/Academic Staff/Limited Appointees: ICI premium* is based on your 2023 eligible earnings and the elimination period you elected.
    • For University Staff: ICI premium* is based on your 2023 eligible earnings and unused sick leave balance as of December 31, 2023.

      *If you were on an unpaid leave of absence during 2023, review your ICI employee web page for information on how your premium may be affected.

  • The consolidation of Standard and Supplemental ICI into a single coverage level up to $120,000 in eligible earnings. Employees currently enrolled in ICI will be automatically covered up to $120,000 in eligible earnings per year. The Universities of Wisconsin will contribute a portion of the premium if you are eligible for the employer contribution.

Review the Income Continuation Insurance Coverage Changes portal article for more information about this change.

Premium changes for 2024 will be reflected on the February 8, 2024, paycheck. Visit your personalized ICI employee web page for your premium summary.

More Information

For ICI plan information, visit the Universities of Wisconsin Employee Benefits ICI web page. After reviewing the web page, if you have questions, reach out to your benefits contact.

Source: Universities of Wisconsin Office of Human Resources

UIA Life Insurance Annual Premium Deduction on January 25, 2024 Paycheck

If you are eligible for the University Insurance Association (UIA) Life Insurance plan, the annual premium of $38.40 will be deducted from your January 25, 2024, paycheck. This is the only premium for the UIA Life Insurance plan you will pay for the year.

Participation in the UIA Life Insurance plan is a condition of employment for Universities of Wisconsin Faculty, Academic Staff, and Limited Appointees. Eligible employees must requalify for coverage each year. If you are employed on January 1 and meet the minimum monthly salary threshold ($3,043 for 2024), you are automatically enrolled in the plan effective January 1 with coverage through December 31.

Visit the UIA Life Insurance web page for more information about the plan, including coverage levels and detailed eligibility requirements.

Source: Universities of Wisconsin Office of Human Resources

W-2 Forms Available on the My UW Portal

The 2023 W-2 forms (Wage and Tax Statements) are available for all active Universities of Wisconsin employees on the My UW portal. Paper copies will be postmarked by January 31, 2024, and sent via U.S. mail to employees who did not consent to electronic only W-2 Form distribution.

Resources

View/print your W-2 form and find tax resources on the Tax Statements tab on the Payroll Help page.

Availability of Other Tax Forms

Some employees will receive additional tax forms from the Universities of Wisconsin. These additional forms are not applicable to all employees. Examples include Form 1095-C, the Fellowship Letter, and Form 1042-S. For information on these forms, visit the Tax Statements tab on the Payroll Help page.

Filing Taxes

Employees should use their W-2 form, not their final 2023 earnings statement, to file taxes.

The Internal Revenue Service will begin accepting and processing 2023 tax year returns near the end of January 2024. Employees may want to file their return as soon as all tax forms are received to minimize the chance of a fraudulent return being processed using their Social Security number, or Individual Taxpayer Identification number. More information is available on the IRS website.

If you have questions, please contact serviceoperations@support.wisconsin.edu or 888-298-0141.

Source: UW-Shared Services

Get Free Income Tax Return Filing Assistance January – April 2024

Struggling with your tax return filing? Looking for a cost-free E-filing solution? Interested in maximize your tax refund? The Volunteer Income Tax Assistance (VITA) program provides FREE tax help from IRS-certified volunteers on campus. Assistance is available to low-to-moderate-income individuals, individuals with disabilities, and non-English-speaking taxpayers. Your information will be kept confidential and your returns will be reviewed by certified tax professionals.

Visit uwgb.edu/vita to learn more.