Author: danielsk

If you are an academic (9-month) employee and will be returning to UW employment in the fall of 2016, or you are an academic (9-month) employee with a summer appointment, you will have additional insurance premiums deducted from your April 1, April 29 and/or June 1 paychecks to continue your insurance coverage through the summer months. These additional insurance premiums, taken along with your regular monthly insurance deductions, are referred to as ‘summer prepay deductions.’

You must be expected to return for the fall semester, or you must continue employment in a summer service/summer session appointment to have insurance coverage continue during the summer contract break. Insurance premiums cannot be taken from summer service or summer session appointment earnings. If an employee is working Summer Session(s) or Summer Service, the insurance premium deductions will have to be taken prior to this appointment via summer prepay deductions, or must be paid through direct payment by the employee.

If your anticipated fall 2016 employment status changes after you have already had additional insurance premiums deducted, you may receive refunds for these additional deductions.  If you will be terminating employment, and you will not be returning in the fall, contact your Benefits office immediately. They will assist you in determining your employment termination date and the date your insurance coverage will end.

If you anticipate that you will experience any other status change; marriage, adoption, divorce, etc., please contact your Benefits office immediately so you are informed about the impacts to your insurance benefits.

IMPORTANT: The chart below illustrates insurance premiums deducted for an employee scheduled to return to UW employment in the fall of 2016, or who has a summer appointment and is then terminating. Most employees will have deductions taken according to the chart below.  Your Benefits office will determine your specific appointment, any summer employment, your fall return date, or your end date, and if your deduction schedule will vary from the schedule below.

2016 Summer Prepay Deduction Schedule

How Summer Prepay Deductions Appear on Your Earnings Statement

Summer prepay deductions will appear as a lump sum amount on earnings statements. All deductions taken pre-tax (most medical-related premiums and a portion of State Group Life premiums) will be added together under the name ‘Prebtx’ and all deductions taken post-tax (most life insurance premiums) will be added together under the name ‘Preatx.’

Regular benefit deductions for the month will continue to be listed under the plan name. These deductions are typically taken on a pre-tax basis. If you have one extra deduction for each plan, there will be a total listed under Prebtx on each earnings statement impacted by the additional deductions. NOTE: ‘Prebtx’ stands for before tax or pre-tax and ‘Preatx’ stands for after tax or post-tax.

IMPORTANT: To verify accuracy, please review your earnings statements to ensure that your insurance deductions are accurate for your situation. If insurance premiums are not collected through the summer prepay deductions process, you will be billed for premiums.  In this case, you must remit timely premium payments to continue your insurance coverage.

If you have questions, please contact the Benefits office at payrollandbenefits@uwgb.edu.

A free program of valuable services is available to all active, WRS-eligible, UW employees. The LifeSuite program offers travel assistance, legal services, beneficiary financial counseling and legacy planning services. Please note that Beneficiary financial counseling is only available if you are enrolled in the State Group Life Insurance program. You do not have to enroll in the Lifesuite program, it is offered free of charge.
Travel Assistance is available to all active UW employees and their eligible family members. Travel Assistance provides 24/7/365 travel assistance services when traveling 100 or more miles away from home. Services include, but are not limited to, medical professional locator services, interpretation services, assistance in cases of lost luggage and arranging transportation or a traveling companion. For more information, visit the LifeSuite Travel website or call 1-855-516-5433 in the U.S. or Canada. From other locations, you can call collect to +1 (415) 484-4677.
Legal Services are available to all UW employees (active or retired), as well as their eligible family members. The program provides access to over 22,000 attorneys nationwide for consultation on simple wills, estate planning and other legal issues. If an attorney in the network is retained, there is a 25% discount on services. Contact Ceridian at 1-877-849-6034 or visit the LifeWorks website (username: lfg password: resources).
Beneficiary Financial Counseling is available to beneficiaries who receive at least $25,000 in State Group Life claim benefits. Counseling resources are provided by PricewaterhouseCoopers LLP (PwC) and are designed to help families make sound financial decisions at a difficult time. Beneficiaries will receive notification of this service upon payment of a State Group Life claim.
Legacy Planning Services are available to all UW employees (active or retired), as well as their eligible family members. The program provides access to online information designed to help individuals and families work through end-of-life issues when dealing with the loss of a loved one or planning for their own passing. These resources are available at the Legacy Planning Services website.

Source: UW Service Center

TIAA-CREF INDIVIDUAL COUNSELING SESSION – April 7-8, 2016.

TIAA-CREF is offering individual and confidential counseling sessions where you can discuss your financial situation with a TIAA-CREF consultant.  A representative will be available to help you achieve your financial goals by investing in financial solutions.

Please see the attached flyer for more information about the TIAA-CREF sessions at UWGB.  To schedule a consultation with representative Chad Stein, call 1-800-732-8353 Monday through Friday, 7:00 a.m. to 7:00 p.m., or register at www.tiaa-cref.org.

Saving is possible!

We all agree that saving is a good idea. That’s the easy part. Figuring out how to manage your expenses so you can save, or save more? That may not be so easy. America Saves Week is your opportunity to commit—or recommit—to saving for today and for later in retirement. Saving is more than just a good idea. It’s possible!

America Saves is a national campaign that encourages individuals and families to save money and build personal wealth. This is a great opportunity to expand your financial knowledge and set some new savings goals.

Your UW Tax-Sheltered Annuity 403(b) Program can help you save and invest for your long-term goals. If you already participate in the program, consider increasing your contributions. If you are not a TSA Program participant, consider signing up. Through the TSA Program you can invest a portion of your income for retirement on either a pre-tax basis, an after-tax basis (Roth), or a combination of both. The UW TSA Program has no participant fees, no loads or trading fees, and access to low-cost funds, including index funds and many funds with institutional share classes.

UW TSA 403(b) Program investment options include a wide array of mutual funds and fixed and variable annuities managed by five investment companies: TIAA-CREF, Fidelity, T. Rowe Price, Ameriprise/RiverSource Life Insurance, Lincoln National Life Insurance. For more information see www.wisconsin.edu/ohrwd/benefits/ret/tsa/.

To celebrate America Saves Week, take a look at materials and resources at www.wisconsin.edu/ohrwd/americasaves. Read through some great tips on budgeting, watch a video on the difference between saving and investing, or take part in a webinar on the difference between the pre-tax and Roth options. These are just a few of the many resources available for you.

Pursuing your financial goals, that’s what saving—and America Saves Week—is about.

Source: UW System Office of Human Resources & Workforce Diversity

The amount you pay for prescription drugs:

• You pay $5 for Level 1 drugs. These include most generic drugs and some lower-cost brand-name drugs.
• You pay 20% coinsurance up to $50 for Level 2 drugs. These include most preferred, brand-name drugs and some higher-cost generic drugs that are alternatives to brand-name drugs covered at Level 1. These drugs have a higher cost share for members because they generally cost more and have an alternative or equivalent drug covered at Level 1.
• You pay 40% coinsurance up to $150 for Level 3 drugs. These are considered non-preferred, non-covered drugs. These drugs will have alternatives or equivalent drugs covered at Level 1 or Level 2.
• You pay either $50, or 40% coinsurance up to $200 for Level 4 Preferred drugs. These are specialty medications, which are used to treat chronic illnesses and complex diseases, and are very expensive. Members have the opportunity to get these drugs for a $50 copayment through a Specialty Rx Pharmacy Program at Diplomat Specialty Pharmacy (go to the Navitus Member Portal). Level 4 Preferred drugs that are obtained from any other pharmacy are subject to 40% coinsurance with a $200 maximum.
• You pay 40% coinsurance up to $200 for Level 4 Non-Preferred drugs. These are also specialty medications, and like Level 3 drugs, these are technically non-covered drugs that members are provided an opportunity to obtain and pay less than the actual, full cost of the drug. Level 4 Non-Preferred drugs are not eligible for the flat $50 copayment even if purchased through Diplomat Specialty Pharmacy.

Deductibles and Prescription Drug Benefits:
Deductibles do not affect your prescription drug benefits unless you are enrolled in a High Deductible Health Plan (HDHP) option. Deductibles do not apply to prescription drug benefits for non-HDHP options. Find out more online.

Register on the Navitus Website: The Navitus website contains a wealth of information including the most current formulary, your medication history, a pharmacy locator, and other information about prescription drugs and your benefits.

• If you haven’t already registered we encourage you to do so at the Navitus Member Portal. You will need the 8-digit member ID from your Navitus ID card to register.

The Wisconsin Department of Employee Trust Funds (ETF) is conducting “Group Appointment” retirement seminars in Green Bay in late April, 2016.  An afternoon seminar is scheduled  on  April 20^th from  2:00 PM  to 4:30 PM; a morning seminar is scheduled on April 21 from  to 9:00 AM to 11:30 AM.  The seminars are being held at Northeast Wisconsin Technical College.  Registration is required, and can be done by calling 1-877-533-5020.  Directions and room number are provided when one registers for a seminar.

To attend a retirement session, a Wisconsin Retirement System (WRS) member is required to have their retirement packet in hand upon arrival to the session.  It is certainly NOT too late for a member interested in attending to request a packet.  One can do so by calling the ETF call center at 1-877-533-5020.  (IMPORTANT:  Getting a retirement packet from ETF does NOT obligate one to retire.  The member simply has their application and packet in case they do decide to retire sometime over the coming year.)

Any WRS member who is within one year of reaching their minimum retirement age (age 55 for non-protective job categories, age 50 for protective categories) or older is welcome to contact ETF to order a retirement packet.  Requesting a packet can be done while registering for the retirement seminar.

The Wisconsin Department of Employee Trust Funds has tailored Group Appointment retirement seminars for members planning (or considering) retirement over the next several years.

Topics covered include the WRS retirement pension, health insurance, life insurance, return-to-work rules, etc.  The Group Appointment seminars offer a WRS member the opportunity to ask questions of knowledgeable, experienced ETF staff.

To see a listing of upcoming ETF retirement presentations and group appointment sessions in Northeast Wisconsin, you can use this link: http://etf.wi.gov/members/northeast.htm.            

ICI Deferred Enrollment Opportunity

The Income Continuation Insurance (ICI) program is an “income replacement” benefit plan that replaces up to 75% of your gross salary if you are unable to work due to a short or long-term disability.

Standard ICI pays 75% of your salary up to a maximum of $4,000/month (based on a maximum salary of up to $64,000 per year of 2015 Wisconsin Retirement System (WRS) earnings). Supplemental ICI pays 75% of your salary up to a maximum of $7,500/month (based on a maximum salary of up to $120,000 per year of 2015 WRS earnings).

If you are not currently enrolled in ICI, you may be able to enroll during the ICI Deferred Enrollment Period through March 1, 2016. Eligible employees were sent an email on January 22.  You must complete an Income Continuation Insurance Application (ET-2307) and return it to the payroll office on or before March 1, 2016 to enroll during the deferred enrollment period. ICI coverage elected through deferred enrollment will be effective April 1, 2016.

Deferred enrollment is offered in the following situations:

• You are University Staff, and your prior year-end sick leave balance exceeds 520 or 728 hours for the first time.
• You are University Staff and have accumulated and retained at least 80 hours of sick leave (prorated for part-time employment) for the first time in the prior calendar year.
• Your prior year-end sick leave balance exceeds 1040 hours.
• If enrolled in ICI, and your 2015 WRS earnings were at least $64,000, you are eligible to enroll in Supplemental ICI coverage (if not already enrolled).

Please contact Human Resources at (920) 465-2390 or payrollandbenefits@uwgb.edu with any questions.

TSA 403(b) Webinars

T. Rowe Price, one of the investment companies in your UW TSA 403(b) Program, offers webinars. Take advantage of these webinars!

Another way to save: Roth contributions

For potential tax-free withdrawals in retirement, consider Roth contributions. View this 10-minute program to understand how Roth contributions can give you tax-free withdrawals in retirement. Find out about the advantages and disadvantages of Roth contributions, review a Roth contribution profile quiz, and learn about requirements for a qualified Roth distribution.

View this webinar

Insight on Market Volatility

This investment panel event was conducted on October 22, 2015. Watch this one-hour recording to get professional insight on recent market volatility and what to expect next, how to help protect your portfolio over the long term, and the impact of an interest rate hike.

View this presentation