2024 Statement of Benefits Distribution Underway

The Department of Employee Trust Funds has started distributing the Wisconsin Retirement System Annual Statement of Benefits.

The statement is an employee’s once-a-year summary of their WRS account information, including earnings and years of service, interest credited, employer and employee contribution, beneficiary designation, and more.

Statements will reflect WRS contribution balances as of Dec. 31, 2023, and be delivered by mail.

Carefully review your statement because it contains information tied to your WRS retirement account. Keep your statement with other important papers for reference in the future.

Source: 2024 Statement of Benefits Distribution Underway | ETF (wi.gov)

Faculty, Academic Staff/Limited Appointees: Use Paid Leave By June 30, 2024

Faculty, Academic Staff and Limited Appointees are encouraged to plan ahead, and schedule paid leave now to avoid losing hours that are not eligible to carry over into the next fiscal year.

Paid leave is granted on a fiscal year basis (July 1-June 30) to Faculty, Academic Staff and Limited Appointees who have annual basis appointments.

Personal, Legal, and Floating Legal Holidays
Personal, Legal, and Floating Legal Holidays granted July 1, 2023, must be used by June 30, 2024, or they will be lost.

Floating Legal Holidays were granted for December 24 and December 31, 2023, and must be used by June 30, 2024.

Vacation
All vacation hours carried over from fiscal year 2023 (July 1, 2022 to June 30, 2023) must be used by June 30, 2024, or banked (if eligible) by September 30, 2024.

Note: For University Staff employees, paid leave is granted on a calendar year basis (January 1-December 31).

Resources

Source: Universities of Wisconsin Office of Human Resources

Updated State Group Life Insurance Premiums Effective April 1, 2024

State Group Life Insurance premium rates will increase for most age categories effective April 1, 2024. Premium rates for Spouse and Dependent coverage will decrease slightly.

View Your Updated Premium
Employees who are currently enrolled in the State Group Life Insurance Program can view their updated 2024 premium in their Personalized State Group Life Insurance Premium Notice. Changes in premium will be reflected on the April 4, 2024, paycheck.

Annual Premium Update
In addition to the premium rate increase, your State Group Life Insurance premium may also change effective April 1, 2024, if either or both your age category and salary have changed since April 1, 2023. Coverage levels are based on:

  • Your highest calendar year of eligible earnings,
  • Your age as of April 1 each year, and
  • Your elected coverage level(s).

The Universities of Wisconsin contribute towards the cost of your State Group Life Insurance Basic and Supplemental Insurance coverage. You pay the full cost of Additional, Spouse and Dependent coverage.

Questions
Review the State Group Life Insurance web page and Benefits Premiums web page for more information. If you have questions after reviewing the web pages, reach out to your benefits contact.

 

Source: Universities of Wisconsin Office of Human Resources

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.