Author: sipiorsk@uwgb.edu

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 assess their savings and take financial action. This is a great opportunity to expand your financial knowledge and set some new savings goals.

The University of Wisconsin is a partner in the America Saves campaign. In the upcoming weeks be on the lookout for in-person workshops and interactive webinars, videos, handy tips and information on saving and financial wellness. Look forward to more information as we encourage savers – or potential savers – just like you to set a goal, make a plan, and save automatically.

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

Source: UW Service Center

The Wisconsin Department of Employee Trust Funds (ETF) has scheduled additional “Group Appointment” retirement seminars in Green Bay for March.  An afternoon seminar is scheduled from  to 2:00 PM to 4:30 PM on Wednesday, March 22, 2017; a morning seminar is scheduled from 9:00 AM to 11:30 on Thursday, March 23, 2017 .  The seminars are being held at Northeast Wisconsin Technical College – Green Bay.  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            

You can also receive automatic e-mail updates of upcoming retirement presentations and group appointment sessions by registering at this link: https://public.govdelivery.com/accounts/WIDETF/subscriber/new?topic_id=WIDETF_24

 

 

 

The 2016 W-2 Wage and Tax Statements are now available online in the MyUW portal. Your statement is located under the Tax Statements tab in the Payroll Information app. Paper copies of the W-2 will be mailed via U.S. mail and postmarked by January 31, 2017.

A printed Form W-2 from the portal is a valid document for tax filing. However, if you are filing a paper tax statement, you must write your Social Security number or Individual Tax Payer Identification number in the ‘a’ field at the top of each Form W-2 section. In order to increase the security of sensitive information online, any U.S. Social Security or Tax Payer Identification number has been removed from the online statements.

Additional Tax Forms to be Distributed

Some employees will also receive additional tax forms from the University (Examples: 1095-C, 1042-S, Fellowship/Scholarship Letter, 1099-Misc Form).

• The 1095-C Form will be mailed via U.S. mail to employees in early February and available on the portal by mid-February.  All UW employees who were full-time for some or all months of 2016 will have a 1095-C form to document that health insurance coverage was offered to them.  Employees will need the 1095-C Form as part of their documentation requirement when filing 2016 taxes.
• The 1042-S Forms will be available in the Glacier Online Tax Compliance System for those who chose the option of electronic delivery; others will have them mailed to their home address.  The 1042-S forms will be posted on the portal sometime in March.
• The Fellowship/Scholarship Letter and 1099-Misc Forms will be mailed to your home address.

Filing Your Taxes

Please remember to use your W-2 Form, not your final 2016 Earnings Statement, to file your taxes. Some employees have had adjustments made to their 2016 taxable earnings since the last 2016 payroll was paid. These employees may have an additional earnings statement generated reflecting these adjustments. These adjustments will already be reflected on the W-2 Form that the employee receives.

The Internal Revenue Service (IRS) will begin accepting returns on January 23, 2017 for the 2016 tax filing season. To minimize your chance of a fraudulent return being processed using your Social Security number (SSN), or Individual Tax Payer Identification number (ITIN), you may want to consider filing a return as early as you are able and once you have received all necessary tax forms. More information is available on the IRS website.

Late February HR System Outage Will Affect Availability of Tax Forms on Portal

Please note that the UW’s Human Resource System (HRS) will have a multi-day outage towards the end of February in order to implement a technical upgrade of HRS.  During this outage all electronic statements on the portal, including the electronic copies of all tax forms, will be unavailable.  We anticipate that statement access will be restored when HRS comes back on-line on the morning of Monday, February 27^th.  If you need an electronic copy of a statement during the outage, please contact Human Resources during normal business hours; we will be able to retrieve copies of your statements on your behalf.

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

 

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.

• Wed, Jan 18, 2017 12:00 p.m. – 12:30 p.m.
• Fri, Jan 20, 2017 11:30 a.m. – 12:00 p.m.
• Thu, Jan 26, 2017 12:30 p.m. – 1:00 p.m.
• Tue, Jan 31, 2017 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.

• Thu, Jan 12, 2017 11:00 a.m. – 11:30 a.m.
• Tue, Jan 17, 2017 12:00 p.m. – 12:30 p.m.
• Thu, Jan 19, 2017 6:00 p.m. – 6:30 p.m.

WRS Benefits for New and Mid-Career Employees: This one-hour webinar is for employees who are five years – or more – from retirement. The information presented will help you make sound, strategic decisions over the course of your career. Topics include vesting, ways to enhance a WRS retirement benefit, purchasing service, military service credit, the Core and Variable Trust Funds, contribution rates, the importance of a beneficiary form and how to complete one, and how “life event” changes affect retirement benefits.

• Wed, Jan 11, 2017 6:00 p.m. – 7:00 p.m.
• Thu, Jan 12, 2017 2:00 p.m. – 3:00 p.m.
• Mon, Jan 23, 2017 9:30 a.m. – 10:30 a.m.
• Wed, Jan 25, 2017 11:00 a.m. – 12:00 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, Jan 19, 2017 11:30 a.m. – 12:00 p.m.
• Tue, Jan 24, 2017 6:00 p.m. – 6:30 p.m.
• Fri, Jan 27, 2017 12:00 p.m. – 12:30 p.m.
• Tue, Jan 31, 2017 11:00 p.m. – 11:30 p.m.

WRS Employee and Employer Contribution Rates: This webinar will review how employer and employee contributions help keep the WRS fully funded. We will discuss how the contribution rates are calculated, why they change annually, where those dollars go and the contribution rate changes for 2017.

• Fri, Jan 13, 2017 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 quesitons.

Benefit changes made during the Annual Benefits Enrollment period and premiums for 2017 coverage will be reflected on the pay check dated December 22, 2016 for University Staff (paid bi-weekly) and January 3, 2017 for Faculty/Academic Staff/Limited Appointees (FA/AS/LI) (paid monthly).

HOW TO CHECK YOUR 2017 BENEFIT ENROLLMENTS

Your Benefits Summary is available online. Log in to the MyUW portal and click on the “View Benefits Summary Detail” link in the Benefit Information module to see your Benefits Summary. On the Benefits Summary page, enter “01/01/2017” in the date field above the summary and click “Go” to see your 2017 elections.

2017 PLAN CARDS

• Health insurance plan cards are typically sent by health plan providers to participants by the end of December. The 2017 plan cards are effective January 1, 2017, and you will need to present your card at appointments that occur after January 1, 2017.
• Navitus pharmacy cards (prescription drug coverage) for 2017 will only be sent to newly enrolled employees. If participants were covered in 2016, they will not be receiving a new card.

Employee reimbursement account (ERA) AND HEALTH SAVINGS ACCOUNT (HSA)

If you enrolled in either the ERA or HSA programs for 2017, the first deduction for 2017 elections will be on the January 3, 2017 pay check for FA/AS/LI, and the January 5, 2017 pay check for University Staff.  New TASC cards will be sent to all new participants. This card should be used for all expenses in 2017. 

Current ERA participants (those who participated in 2016 and have elected to continue participation in 2017) will not receive a new TASC card.  Current participants should continue to use the TASC card that they have which will be loaded with their 2017 elected amount.

WISCONSIN RETIREMENT SYSTEM (WRS) CONTRIBUTIONS

The Wisconsin Retirement System (WRS) employee contribution rate for 2017 will increase from 6.6% to 6.80% for all employees. This increase will occur on the January 3, 2017 pay check for FA/AS/LI, and the January 5, 2017 pay check for University Staff.

Source: UW Service Center

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

For UW employees who are paid on the 1st of each month, the monthly pay date for December, 2016 earnings is Tuesday, January 3, 2017. January 3 is the pay date because January 1 (New Year’s Day) is on a Sunday and Monday, January 2 is a Federal Reserve holiday.

When a pay date falls on a weekend or Federal Reserve holiday, the pay date is usually the previous business day. An exception to this is the monthly pay date that falls on New Year’s Day, January 1.

To avoid tax-related issues, the January 1 pay date for December earnings is paid in the new calendar year and must be the first “official banking business day” following the New Year’s holiday. The “official banking business day” is defined as a calendar day other than a Saturday, Sunday or a Federal Reserve holiday.

Source: UW Service Center