2019 WRS Contribution Rates Released

At its June 21, 2018 meeting, the Employee Trust Funds Board approved Wisconsin Retirement System (WRS) contribution rates for 2019.  There are many complex factors that affect WRS contribution rates, such as investment performance, legislative adjustments to benefit levels, demographics, etc.  It is important to remember, WRS investment experience is smoothed over a course of five years to prevent large swings in WRS contribution rates. Generally, WRS rates are decreasing in 2019 primarily due to positive investment returns.

Your contribution rate is determined by your WRS employment category. Most UW employees are covered by the General/Teacher WRS category. High level administrators (chancellors, president, vice presidents, provosts) are covered by the Executive category.  Employees whose main duties are related to law enforcement or the protection of the public (police officers, fire fighters) are covered by the Protective category.

2019 WRS

The 2019 rates will  apply to all paychecks paid in 2019, beginning on the January 2, 2019 paycheck for Faculty, Academic Staff and Limited  paid monthly, and January 3, 2019 for University Staff paid bi-weekly.  As a reminder, WRS contributions are taken on a pre-tax basis for state and federal purposes.

For more information, please see ETF’s website.

Please contact Payroll & Benefits at (920) 465-2390 or payrollandbenefits@uwgb.edu with any questions.

 

 

 

 

 

College Savings Made Simple

Saving for your child’s post-high school education may seem daunting, but with Edvest, Wisconsin’s 529 College Savings Plan, you can start making small contributions today that will benefit them in the future. Anyone – parents, grandparents, extended family members and friends – can set up an account for anyone else. An account can also be used to save for one’s own continuing education.

Edvest makes saving easy by offering low fees, a low minimum contribution of $15 per pay period, and tax deductions for Wisconsin residents (limitations apply). You may have contributions to Edvest allocated from your paycheck. Payroll deduction is not available.

The best part is the benefit to your child(ren), who can use these funds at universities, colleges, professional schools, technical colleges, and graduate programs across the country and even at some institutions abroad. Funds can cover tuition, books, room and board, computers, tablets, and many other expenses.

For more information and to open an account, visit the Edvest website.

Source: UW Service Center

Saving 1% More

It is recommended Americans save 15% of their annual income for retirement – are you?

If you are, great!

If you’re not, 15% probably seems 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).

Your Wisconsin Retirement System (WRS) benefit is a great tool in saving for retirement, but a UW TSA account can also help.

If you already have a UW TSA account 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 so by visiting Counseling Sessions under the Education section of the UW TSA website.

If you do not have an account, there is no time like the present to sign up! Visit the UW Tax-Sheltered Annuity (TSA) 403(b) website for information on how to enroll.

Source: UW System Human Resources

Tax Reform Update

Taxpayers may be impacted by the Tax Cuts and Jobs Act of 2018 based on the new withholding tax tables that the University of Wisconsin implemented on payroll payments dated on or after February 1, 2018. Therefore, the IRS is advising employers to notify their employees to review their personal situation to determine how the tax law changes may be impacting their tax withholding. https://www.irs.gov/newsroom/irs-encourages-paycheck-checkup-for-taxpayers-to-check-their-withholding-special-week-focuses-on-changes

Taxpayers may use the IRS Withholding Calculator https://apps.irs.gov/app/withholdingcalculator/ to estimate their income tax for 2018. This calculator will provide taxpayers information about adjusting their withholding allowances and/or their additional withholding amounts for federal income tax.

After completing this analysis on the IRS website, current W4 withholding allowances can be found on the last earning’s statement in the “Tax Data” box.

Employees can go to http://www.uwgb.edu/UWGBCMS/media/hr/forms/pay-employee-withholding.pdf?ext=.pdf to complete an amended W4.  All completed forms should be submitted to Human Resources for processing.

 

Now Available: Time & Absence Manager Self Service Dashboard

Starting on May 6, UW Managers and Supervisors have a new tool to help manage their Time and Absence approvals in the Human Resource System HRS. Called the ‘Time and Absence MSS (Manager Self Service) Dashboard,’ this tool will:

  • Provide a one-stop shop for Managers to process pending time and absence approval transactions for their employees.
  • Reduce the number of clicks required to access each page and to complete time and absence approval transactions.

Managers will now see a new icon on the ‘Manager Time and Approval’ tile in the MyUW portal, labeled ‘Time/Absence Dashboard.’ To access the dashboard, just click on the icon.

Managers and supervisors can watch a short video that provides an overview of the Time and Absence MSS Dashboard here: https://uwservice.wisconsin.edu/docs/pd/mss-dashboard/index.html. Dashboard support resources are available on the Time and Absence Help Page.

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

Source: UW Service Center

End of Academic Year Leave Reports Reminder

This is a reminder to all Faculty & Instructional Academic Staff: As we are nearing the end of the 2017-2018 academic year, this is a reminder that all monthly leave reports need to be submitted online for approval by May 20, 2018.  Please review the Monthly Leave Reporting Instructions for details on how to enter leave reports.  Please remember that you must make a monthly leave entry, even if you did not take any leave during the month (No Leave Taken entry).  Failure to enter monthly leave reports will result in sick leave balances being reduced per Wis. Stats §40.05(4)(bp)1.) and as outlined in the Operational Policy BN 3- Sick Leave.

Please contact Payroll at payrollandbenefits@uwgb.edu with any questions.

 

 

 

 

End of Fiscal Year Leave Usage

This is a reminder to all Non-Instructional Academic Staff & Limited Employees:  As we are nearing the end of the 2017-2018 fiscal year, you should be reviewing your vacation and holiday leave balances.  You can locate your balances on your last earnings statement on the MyUW Portal.  Please read the information below to avoid losing leave hours not used by 6/30/2018.

Personal Holiday:

  • Personal Holiday hours not used by 6/30/18 will be dropped as of 7/1/18.  They do not carry over to the next fiscal year.

Vacation:

  • Vacation carryover hours from the 2016-2017 fiscal year that have not been used by 6/30/18 will be dropped as of 7/1/18.
  • If you are eligible for Annual Leave Reserve Account (ALRA), you may bank vacation (up to your eligible maximum hours) first from the 2016-2017 vacation carryover as of 6/30/18 and then from your 2017-2018 vacation allocation.  A communication regarding the ALRA banking process will be sent to employees in July.
  • All remaining 2017-2018 vacation allocation hours as of 6/30/18 will automatically be carried over into the 2018-2019 fiscal year on 7/1/18 as vacation carryover.

Legal Holiday:

  • Memorial Day is the last legal holiday in the 2017-2018 fiscal year.  8 hours (pro-rated for part-time staff) should be remaining for Memorial Day and will automatically be removed from balances with the June payroll.
  • There were two floating legal holidays in the 2017-2018 fiscal year, due to when Christmas Eve and New Year’s Eve occurred. Floating legal holiday hours not used by 6/30/18 will be dropped as of 7/1/18.

Please contact Payroll at payrollandbenefits@uwgb.edu if you have any questions.

WRS Webinars Offered in May

etf

ETF is offering a series of 30-minute, live, interactive webinars designed to increase your understanding of Wisconsin Retirement System benefits. Individuals can also ask questions at the end of these sessions.

Additional Contributions- Find out how making additional contributions to your WRS account can potentially increase your retirement. This webinar also provides examples of how contributions grow over time with interest, how to pay additional contributions (payroll deduction or direct pay), etc.

  • Tue, May 1, 2018 11:00 a.m. – 11:30 a.m.
  • Thu, May 10, 2018 11:30 a.m. – 12:00 p.m.
  • Mon, May 21, 2018 12:00 p.m. – 12:30 p.m.
  • Wed, May 30, 2018 6:00 p.m. – 6:30 p.m.

Returning to Work After Retirement- Whether retired or planning to retire, do you need information about what happens if you decide to work again? This webinar is for you. 2013 Act 20, which was effective July 2, 2013, made some important changes to laws that affect retired WRS members planning to return to work. This webinar covers the old law as well as the changes provided by Act 20.

  • Wed, May 2, 2018 12:30 p.m. – 1:00 p.m.
  • Fri, May 11, 2018 12:00 p.m. – 12:30 p.m.
  • Wed, May 16, 2018 6:00 p.m. – 6:30 p.m.
  • Thu, May 24, 2018 11:30 a.m. – 12:00 p.m.

Understanding Your Annual WRS Statement of Benefits- Join ETF to review key things you can find out about your WRS benefits, simply just by reading and understanding your WRS annual Statement of Benefits. Some topics we will review include:

  • How much you and your employer have contributed to your WRS pension
  • Your vesting status and years of service
  • Your beneficiary designation – what happens to your account if you die before taking a benefit

Tip: Have your statement in hand while attending this webinar.

  • Thu, May 3, 2018 6:00 p.m. – 6:30 p.m.
  • Mon, May 7, 2018 11:00 a.m. – 11:30 a.m.
  • Fri, May 18, 2018 11:30 a.m. – 12:00 p.m.
  • Tue, May 22, 2018 12:30 p.m. – 1:00 p.m.

WRS Annuity Adjustments and Effective Rates- Do WRS accounts receive an investment return? Do investment returns affect how much a retiree will initially receive when they begin their pension? Do those retired in the WRS receive adjustments to their monthly pension amount over the years? This webinar will cover the process of how account effective rates and annuity adjustments are calculated, starting with the investment return reported by the State of Wisconsin Investment Board. Also covered during the webinar will be explanations of both the Core and Variable Trust Funds and the calculations specific to each fund for effective rates and annual adjustments. At the end of this webinar, it is hoped that you will have a better grasp on how State of Wisconsin Investment Board investment returns affect your WRS pension.

  • Thu, May 3, 2018 11:30 a.m. – 12:00 p.m.
  • Tue, May 8, 2018 6:00 p.m. – 6:30 p.m.
  • Wed, May 23, 2018 12:00 p.m. – 12:30 p.m.
  • Thu, May 31, 2018 12:30 p.m. – 1:00 p.m.

 

Register for a webinar

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

WRS Annual Statement of Benefits Now Available in the MyUW Portal

If you were covered by the Wisconsin Retirement System (WRS) in 2017, your WRS Annual Statement of Benefits is now available in the MyUW Portal.

Log in to the portal. Go to the Benefit Information module and click on the Statements tab. Choose “2017 ETF Annual Statement of Benefits (WRS) Issued 2018” to view or print your statement. The WRS Annual Statement of Benefits provides you with information about your WRS account as of January 1, 2018.

Understanding Your Statement

Your WRS Annual Statement of Benefits includes your 2017 earnings and service, years of creditable service as of January 1, 2018, retirement benefit projections, separation benefit, death benefit, and primary beneficiary designation(s) for your WRS account.

The Department of Employee Trust Funds (ETF) has many resources available to assist you in understanding your Statement of Benefits. Review and verify each section of your statement using these resources as a guide.

Reviewing Your Beneficiaries

It is important to review your WRS account primary beneficiary(ies) on your statement. If you do not have beneficiaries listed on your statement, it may be that you do not have a beneficiary designation on file, or your designation was made before 1998 (beneficiaries added before 1998 are not listed on your statement). It is suggested that if you do not have a beneficiary designation listed on your statement that you complete a Beneficiary Designation Form.

Death benefits are always paid according to the most recent valid beneficiary designation form on file with ETF prior to an individual’s death. Your beneficiary information does not automatically change when a significant life event occurs, such as a divorce or a marriage. You may add, change or remove beneficiaries by completing a Beneficiary Designation form (ET-2320) or Beneficiary Designation-Alternate form (ET-2321). Mail your completed beneficiary designation directly to ETF at the address listed at the top of the form.

Questions?

If you have questions about your statement, please contact Human Resources at payrollandbenefits@uwgb.edu or (920) 465-2390.

Source: UW Service Center

Wisconsin Retirement System (WRS) Webinars Offered in April

etf

ETF is offering a series of 30-minute, live, interactive webinars designed to increase your understanding of Wisconsin Retirement System benefits. Individuals can also ask questions at the end of these sessions.

5 Basic Steps to Your Retirement: Consider this webinar your quick reference guide to starting the retirement process within the next 12 months. ETF will review: choosing a termination date, how to request a retirement estimate – and how to read and understand it. ETF will also cover how to schedule a retirement appointment and – drum roll here — how to submit the retirement application.

  • Mon, Apr 9, 2018 6:00 p.m. – 6:30 p.m.
  • Fri, Apr 20, 2018 12:00 p.m. – 12:30 p.m.
  • Tue, Apr 24, 2018 12:30 p.m. – 1:00 p.m.
  • Mon, Apr 30, 2018 11:00 a.m. – 11:30 a.m.

Beneficiary Designations- What Happens to My Account When I Die: Do you have a beneficiary designation on file with ETF and does it reflect how you would want your WRS death benefits paid? This webinar reviews the importance of having a beneficiary designation on file and keeping it updated as life events occur. ETF will also review how to correctly complete a designation form, what it means if you do not have one on file with ETF, and how to request a copy of your current form.

  • Wed, Apr 18, 2018 12:30 p.m. – 1:00 p.m.
  • Thu, Apr 26, 2018 11:00 a.m. – 11:30 a.m.
  • Mon, Apr 30, 2018 6:00 p.m. – 6:30 p.m.

How to Use ETF’s Online Calculator to Estimate a Retirement Benefit: ETF’s online retirement calculator, one of the most-used tools on ETF’s website, allows you to calculate an unofficial projection of your WRS retirement benefit at any point in the future. This webinar will cover where to find and how to use the calculator, specific information required for data entry (e.g., desired retirement date, spouse or partner’s birthdate, etc.) and how to interpret the results.

  • Thu, Apr 5, 2018 11:00 a.m. – 11:30 a.m.
  • Tue, Apr 10, 2018 11:30 a.m. – 12:00 p.m.
  • Tue, Apr 17, 2018 6:00 p.m. – 6:30 p.m.
  • Mon, Apr 30, 2018 12:30 p.m. – 1:00 p.m.

WRS Annuity Adjustments and Effective Rates:  Do WRS accounts receive an investment return? Do investment returns affect how much a retiree will initially receive when they begin their pension? Do those retired in the WRS receive adjustments to their monthly pension amount over the years? This webinar will cover the process of how account effective rates and annuity adjustments are calculated, starting with the investment return reported by the State of Wisconsin Investment Board. Also covered during the webinar will be explanations of both the Core and Variable Trust Funds and the calculations specific to each fund for effective rates and annual adjustments. At the end of this webinar, it is hoped that you will have a better grasp on how State of Wisconsin Investment Board investment returns affect your WRS pension.

  • Wed, Apr 11, 2018 12:30 p.m. – 1:00 p.m.
  • Fri, Apr 13, 2018 12:00 p.m. – 12:30 p.m.
  • Wed, Apr 18, 2018 11:00 a.m. – 11:30 a.m.
  • Thu, Apr 26, 2018 6:00 p.m. – 6:30 p.m.

WRS Employee Benefits Seminars: Attend a Wisconsin Retirement System employee benefits seminar and come away with a greater understanding of your WRS benefits and how they work. These one-hour evening presentations, hosted by the Department of Employee Trust Funds in cities throughout Wisconsin, are designed for all members, especially those who are within five years of retirement. Topics covered include the retirement process itself, return-to-work rules, the Core and Variable Trust Funds, beneficiary designations, purchasing service, how “life events” affect your benefits, and much more. Questions are encouraged – stick around for the Q&A session afterward

  • Wed, Apr 4, 2018 6:30 p.m.- 7:30 p.m.
  • Thu, Apr 19, 2018 6:30 p.m.- 7:30 p.m.

 

Register for a webinar

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