Author: sipiorsk@uwgb.edu

Many financial planners recommend that you should be saving 15% of your annual income for retirement – are you?

If you are, great!

If not, 15% may seem a little intimidating, but don’t worry, there are easy ways you can begin increasing how much you save for retirement without breaking the bank. Consider increasing your UW Tax-Sheltered Annuity (TSA) 403(b) contribution by 1%. With this increase you may hardly notice a change in your take-home pay, BUT it could translate to tens of thousands of dollars to use in retirement (depending on future market values).

If you are eligible, your Wisconsin Retirement System (WRS) benefit is a great tool in saving for retirement, but contributing to the UW TSA can also help.

If you are already contributing to the UW TSA and want to see how you are doing in saving for retirement, sign up for an individual counseling session with your provider. You can do this by visiting Counseling Sessions under the Education section of the UW TSA website.

If you are not currently contributing to the UW TSA Program, there is no time like the present to enroll! Visit the UW Tax-Sheltered Annuity (TSA) 403(b) website for information on the plan and on how to enroll.

Source: UW System Human Resources

UW employees now have the option of receiving all future W-2 and 1095-C forms each January via electronic-only distribution, thus eliminating paper form distribution via U.S. mail.

The W-2 form states an employee’s compensation and tax withholding amounts for the previous calendar year. The 1095-C form documents that an employee who worked full-time for all or some months in the previous year was offered health insurance coverage.

How Do I Choose Electronic-only Distribution of my W-2 and 1095-C Forms?
To choose electronic-only distribution of your W-2 and 1095-C forms, you are required to complete a consent form for both the W-2 form and the 1095-C form. Both consent forms must be submitted by January 11, 2019 for electronic-only distribution of these tax forms in 2019.

If you consent to W-2 and 1095-C form electronic-only distribution, you may withdraw your consent at any time. Your consent will cease if you terminate UW employment. Note: These consent options do not apply to the 1042-S form. 1042-S forms are available electronically in the Glacier Online Tax Compliance System for employees who choose electronic delivery through that system.

If you do not complete the consent forms, your W-2 and 1095-C forms will continue to be mailed to the mailing address you have listed in the MyUW portal. You may review and update your address in the MyUW portal via the portal Personal Information tile.

Why Should I Consent to Electronic-only Distribution?

• Secure method of delivery with less risk of lost or stolen forms.
• Electronic forms are available earlier than mailed paper forms.
• Reduced administrative costs of generating W-2 and 1095-C forms.
• Environmentally friendly.

Completing the Electronic-only Consent Form(s)
The option to choose electronic-only distribution is now available. Follow the instructions below. It’s quick and easy:

• Log into the My UW Portal
• Go to the Payroll Information tile and select “Tax Statements.”
• On the Tax Statements page, choose “Consent to receive W-2 electronically” and/or “Consent to receive 1095-C electronically.” Reminder: you must complete the two separate consent forms to choose electronic-only distribution for both the W-2 form and the 1095-C form.
• Read the provided instructions.
• Check the “I consent…” checkbox.
• Choose the “Submit” button.
• You will receive an email confirming your consent within 24 hours. You will also receive an email by January 31, 2019 alerting you to the electronic availability of your W-2 and/or 1095-C forms.

Withdrawing Consent: The same instructions noted above apply to withdrawing consent, except that an alternative checkbox must be chosen to submit consent withdrawal. An email is sent within 24 hours of submitting withdrawal.

If you have any questions regarding choosing electronic-only distribution of your W-2 and 1095-C forms, contact Human Resources at (920) 465-2390 or payrollandbenefits@uwgb.edu.

Source: UW Service Center

Register now to attend these informative webinars about the UW System Tax-Sheltered Annuity 403(b) Plan, hosted by a T. Rowe Price representative.

Achieving Financial Goals
Explore your personal financial goals for retirement and how to balance them with life’s other financial priorities, such as building emergency savings, paying down debt, or saving toward a college education.

You’ll also explore planning tools and resources from T. Rowe Price, your plan service provider, that can help you along the way.

Date: Wednesday, December 5, 2018

Time:  11:00 a.m.

Register to Attend

Your Retirement Savings Options
Learn important details about your distribution options under your retirement plan, explained by representatives from T. Rowe Price, your plan’s service provider.

You’ll hear about key financial considerations for each option and have the opportunity to ask questions to determine which might be best for you.

Date:  Thursday, December 6, 2018

Time:  11:00 a.m.

Register to Attend

The University Insurance Association (UIA) Life Insurance annual $24.00 premium will be deducted from October monthly earnings, paid November 1, 2018.

Participation in the UIA Life Insurance plan is a condition of employment for UW System Faculty/Academic Staff/Limited Appointment (FA/AS/LI) employees. Additionally, eligible employees must meet the minimum monthly salary threshold which is $2,658.00 for the 2018-2019 plan year. The minimum monthly salary threshold is determined each year and is based on 45% of the average instructor’s salary for the previous year.

Once an employee becomes eligible for coverage, eligibility will continue for the full plan year of October 1, 2018 through September 30, 2019. Employees must re-qualify for eligibility each year.

For more information about the plan, visit the UW System Employee Benefits website.

Source: UW System Human Resources

Join us on Tuesday, November 20 from 11 a.m. to 12 p.m. at University Union, in Room 1965 for a presentation designed to help you understand your UW Tax-Sheltered Annuity (TSA) 403(b) Program options. It’s a lot easier to spend than save. But getting into a saving mindset now could make a big difference later. Start with a plan that works for you and follow it. It might be easier than you think.

The University of Wisconsin offers a comprehensive UW TSA 403(b) Program to meet the diverse needs of our community. Understanding your retirement savings options can help you make the most out of them.

This presentation can help you:

• Understand the reasons to enroll
• How much you should save
• Investing basics

No matter where you are in life, you can plan and start saving for the retirement you want. Come and learn how to create a plan that can help you reach your goals – on your timeline. The UW TSA Program offers you convenience, choice, and control. Get started saving now!

To reserve your seat for this presentation click this link http://www.cvent.com/d/mbqxf5/4W .

If you cannot attend the presentation and you want to learn more about your retirement benefits or how to schedule a one-on-one counseling session with one of the five UW Tax-Sheltered Annuity 403(b) Program providers visit https://www.wisconsin.edu/ohrwd/benefits/ret/tsa/.

The Statewide Employees Combined Campaign (SECC) annual workplace campaign has begun! You can make a pledge anytime between now and November 30, 2018.  The SECC Campaign is available for state and university employees outside of Dane, Milwaukee and Waukesha counties.

SECC raises money to support a wide range of charities doing important work like protecting our natural resources, providing health services and research, defending civil and human rights, and preventing violence.

 

To make your pledge:

• Go to www.seccstatewide.wi.gov
• Choose the link that corresponds with your employment
  • University
  • State
  • Retiree
• Login or register following the instructions online
• Find out more information about the charities available to support
• Follow the instructions on the website to complete your pledge

The CHOICE is yours…

You decide:

• How you want to give – choose payroll contribution, cash or check.
• Where your dollars go – when you designate your gift to specific charities, only the charities you choose will receive money from you. Pick from more than 300 state, national and international charities.

Check out a list of common questions and concerns.

Learn more about the impact of your gift.

For additional information or if you have any questions, please call 608-256-1066 ext 205.

Effective January 1, 2019, there will be changes to the supplemental benefit plans. Most of the changes are specific to the supplemental dental insurance plans; therefore, this article focuses on the supplemental dental plans.

How do the upcoming supplemental plan changes affect current participants?

Dental WI and EPIC Benefits+ will no longer administer any supplemental insurance plans in 2019.

Employees currently enrolled in any of the plans with Dental WI and/or EPIC Benefits+ will be required to make a new dental plan election during the Annual Benefits Enrollment (ABE) period, October 1 – 26, 2018 (if they wish to have supplemental dental coverage in 2019).

Why are changes being made to the supplemental dental insurance plans?

Changes are being made to reduce benefit overlap, streamline the claims filing process for you and your dentist and to reduce the overall complexity of dental plan options. Due to these changes, you should be able to more easily determine which supplemental plan is best for you and your family.

Who will administer the supplemental dental plans in 2019?

Delta Dental will administer the supplemental dental insurance plans in 2019. Since Uniform Dental is already currently administered by Delta Dental, this will ensure that the plans do not duplicate coverage (i.e. preventive care will only be covered by Uniform Dental).

Will I be able to enroll in more than one supplemental dental plan in 2019?

No. There will be two supplemental dental insurance plans offered in 2019, the Select Plan and the Select Plus Plan; however, in 2019, you will only be able to enroll in one supplemental dental plan.

What are the main differences between the two supplemental dental plans offered in 2019?

The main differences between the plans are premium cost, annual maximums, the coinsurance amounts and whether orthodontia is covered.

What are the main enhancements to the supplemental dental plans for 2019?

One of the main enhancements is that there will not be any waiting periods before supplemental dental benefits take effect. Another enhancement is that the Select Plus Plan will cover adult orthodontia at 50% up to a lifetime maximum of $1,500; whereas in the past, some of the supplemental dental plans included orthodontia coverage; however, it was limited to dependents up to the age of 19.

Are there any dental services that were covered by the supplemental plans through Dental WI and/or EPIC Benefits+ that will no longer be covered by the supplemental plans through Delta Dental?

Neither of the supplemental dental plans with Delta Dental will cover preventive services; however, preventive services are covered by the Uniform Dental plan with Delta Dental.

To enroll in the Uniform Dental plan, employees must be enrolled in a State Group Health Insurance plan. If enrolled in a State Group Health Insurance plan, employees have the option of enrolling in the Uniform Dental plan.

Additional information regarding 2019 supplemental benefit plan changes, including premium rates, will be communicated during ABE, October 1 – 26, 2018. Please contact Human Resources at (920) 465-2390 or payrollandbenefits@uwgb.edu with immediate questions.

Source: UW System HR

As a reminder, all leave-eligible faculty and instructional academic staff are required to submit a 2018 Summer Leave Report if they work any summer service or summer session appointments between 5/21/18-8/19/18.  Similar to last year, summer leave reports need to be processed via a paper form, instead of the standard academic year online process.  2018 summer leave reports are due to Human Resources by September 1, 2018.

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

 

Fidelity, one of the UW TSA 403(b) providers, will be presenting two online workshops in July — Invest Confidently for Your Future on July 24 and Be in the Financial Front Seat on July 25. See below for workshop details. Both workshops are approximately one hour, and there will be time for questions at the end of each. All you need to do is log in from your desktop and listen to the audio portion from your phone. Don’t miss this opportunity!

Invest Confidently for Your Future
Tuesday, July 24, 11:00 a.m. Central Time*
The skills you’ll gain from this workshop will help you to:

• Define your savings goals
• Build an investment plan to help you optimize your savings
• Understand the importance of continually managing your plan

Register here.

Be in the Financial Front Seat — making financial health a priority for women
Wednesday, July 25, 11:00 a.m. Central Time*
Presented at this workshop is:

• Why it’s particularly important for women to make financial wellness a priority
• What it means to be in the financial front seat, including:
  • Knowing what you own, and what you owe
  • Having a clear idea of your financial goals
  • The importance of an annual financial review

Register here.

*Please note that online registration provides the workshop times in Eastern Time. The times listed above are Central Time.

Source: UW System Human Resources