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.

Income Continuation Insurance: Deferred Enrollment Period, Updated Premiums and Plan Changes

An Income Continuation Insurance (ICI) Deferred Enrollment opportunity is currently available through March 1, 2024, for eligible University Staff employees. This insurance provides replacement income if you are unable to work due to a short or long-term disability.

Additionally, all employees currently enrolled in ICI will have a premium update on the February 8, 2024, paycheck, and the Standard and Supplemental coverage levels will be consolidated into a single coverage level effective February 1, 2024.

Deferred Enrollment Sign-up Deadline Friday, March 1, 2024

University Staff employees who are eligible for the ICI Deferred Enrollment Period are notified of their enrollment opportunity by email the week of January 29.

To enroll, submit an ICI application to your benefits contact by 4:30 p.m. on Friday, March 1, 2024. Coverage is effective April 1, 2024, and the first premium deduction will occur on the April 4, 2024, paycheck.

Generally, University Staff employees not currently enrolled in ICI are eligible for deferred enrollment if they meet one of the deferred enrollment provisions. This is the only time during the year they may enroll in ICI without providing proof of good health.

Review your personalized ICI employee web page to determine your enrollment opportunity and an estimate of your premium.

Premium and Coverage Update

Effective February 1, 2024, ICI premiums will be updated. The following factors will determine the new premium amounts:

  • A decrease in premium rates. While premium rates are decreasing, your premium amount is determined by the rates and the factors listed below, which may cause your premium to increase.
  • Your 2023 eligible earnings and sick leave balance (if applicable)
    • For Faculty/Academic Staff/Limited Appointees: ICI premium* is based on your 2023 eligible earnings and the elimination period you elected.
    • For University Staff: ICI premium* is based on your 2023 eligible earnings and unused sick leave balance as of December 31, 2023.

      *If you were on an unpaid leave of absence during 2023, review your ICI employee web page for information on how your premium may be affected.

  • The consolidation of Standard and Supplemental ICI into a single coverage level up to $120,000 in eligible earnings. Employees currently enrolled in ICI will be automatically covered up to $120,000 in eligible earnings per year. The Universities of Wisconsin will contribute a portion of the premium if you are eligible for the employer contribution.

Review the Income Continuation Insurance Coverage Changes portal article for more information about this change.

Premium changes for 2024 will be reflected on the February 8, 2024, paycheck. Visit your personalized ICI employee web page for your premium summary.

More Information

For ICI plan information, visit the Universities of Wisconsin Employee Benefits ICI web page. After reviewing the web page, if you have questions, reach out to your benefits contact.

Source: Universities of Wisconsin Office of Human Resources

UIA Life Insurance Annual Premium Deduction on January 25, 2024 Paycheck

If you are eligible for the University Insurance Association (UIA) Life Insurance plan, the annual premium of $38.40 will be deducted from your January 25, 2024, paycheck. This is the only premium for the UIA Life Insurance plan you will pay for the year.

Participation in the UIA Life Insurance plan is a condition of employment for Universities of Wisconsin Faculty, Academic Staff, and Limited Appointees. Eligible employees must requalify for coverage each year. If you are employed on January 1 and meet the minimum monthly salary threshold ($3,043 for 2024), you are automatically enrolled in the plan effective January 1 with coverage through December 31.

Visit the UIA Life Insurance web page for more information about the plan, including coverage levels and detailed eligibility requirements.

Source: Universities of Wisconsin Office of Human Resources

W-2 Forms Available on the My UW Portal

The 2023 W-2 forms (Wage and Tax Statements) are available for all active Universities of Wisconsin employees on the My UW portal. Paper copies will be postmarked by January 31, 2024, and sent via U.S. mail to employees who did not consent to electronic only W-2 Form distribution.

Resources

View/print your W-2 form and find tax resources on the Tax Statements tab on the Payroll Help page.

Availability of Other Tax Forms

Some employees will receive additional tax forms from the Universities of Wisconsin. These additional forms are not applicable to all employees. Examples include Form 1095-C, the Fellowship Letter, and Form 1042-S. For information on these forms, visit the Tax Statements tab on the Payroll Help page.

Filing Taxes

Employees should use their W-2 form, not their final 2023 earnings statement, to file taxes.

The Internal Revenue Service will begin accepting and processing 2023 tax year returns near the end of January 2024. Employees may want to file their return as soon as all tax forms are received to minimize the chance of a fraudulent return being processed using their Social Security number, or Individual Taxpayer Identification number. More information is available on the IRS website.

If you have questions, please contact serviceoperations@support.wisconsin.edu or 888-298-0141.

Source: UW-Shared Services

Get Free Income Tax Return Filing Assistance January – April 2024

Struggling with your tax return filing? Looking for a cost-free E-filing solution? Interested in maximize your tax refund? The Volunteer Income Tax Assistance (VITA) program provides FREE tax help from IRS-certified volunteers on campus. Assistance is available to low-to-moderate-income individuals, individuals with disabilities, and non-English-speaking taxpayers. Your information will be kept confidential and your returns will be reviewed by certified tax professionals.

Visit uwgb.edu/vita to learn more.

2024 Benefit Deductions and Contributions

For most employees, benefit deductions and contributions will change in 2024.

Health, Dental, Vision, and Accident Insurance
While premiums for all health insurance plans will increase for 2024, vision insurance premiums will remain the same and accident insurance premiums will decrease. Premiums for all dental insurance plans will also change. The change to the premiums will start on your January 11, 2024 paycheck.

Individual & Family Life Insurance
If you will be in a new premium age category as of January 1, 2024, or if you changed your coverage level during the Annual Benefits Enrollment period, your new premium will start on your January 11, 2024 paycheck.

Accidental Death & Dismemberment (AD&D) Insurance
If you enrolled, changed coverage levels, or cancelled coverage during the Annual Benefits Enrollment period, your 2024 premium will start on your January 11, 2024 paycheck.

Wisconsin Retirement System (WRS) Contributions
The WRS employee and employer contributions for 2024 will increase slightly and will start on your January 11, 2024 paycheck.

UW 403(b) Supplemental Retirement Program (SRP) and Wisconsin Deferred Compensation (WDC) 457 Program
2024 contributions will start on your January 11, 2024 paycheck.

Health Insurance Opt-Out Incentive
If you do not need health insurance through the Universities of Wisconsin and elected the health insurance opt-out incentive, it will start on your January 11, 2024 paycheck.

Flexible Spending Account (FSA) and Health Savings Account (HSA)
If you enrolled in an FSA or HSA for 2024, your first contribution will be on your January 11, 2024 paycheck.

University Insurance Association (UIA) Life Insurance
If you are enrolled in the UIA Life Insurance Plan, the annual premium will be deducted from your January 25, 2024 paycheck.

Income Continuation Insurance (ICI)
2024 ICI premium rate changes will be effective February 1, 2024. The change to your premium will start on your February 8, 2024 paycheck. Additional information will be communicated in January.

State Group Life Insurance
The 2024 State Group Life Insurance premium will increase for most age groups effective April 1, 2024. Spouse & Dependent coverage premiums will decrease. The change to your premium will start on your April 4, 2024 paycheck. Additional information will be communicated in March.

Reminder – Payroll Deduction Schedule Change
The payroll deduction schedule for benefits will be changing. Previously, benefit insurance premiums for most benefits were deducted one month prior to the coverage month. In January 2024, benefit insurance premiums will be deducted in the same month as the coverage month. Additional information about the change is available in the My UW portal article: Benefit Insurance Premiums: Deduction Schedule Change. You also received emails with information about this change.

More Information: https://www.wisconsin.edu/ohrwd/benefits/premiums/ 

Source: Universities of Wisconsin Office of Human Resources

2024 Benefits Highlights

Here are reminders about the benefit plan changes for 2024.

Health Insurance Deductibles
The annual deductibles for the High Deductible Health Plans (HDHPs) will increase to $1,600 for individual coverage and $3,200 for family coverage to remain compliant with the federal minimum deductible requirement for HDHPs.

The annual deductible for the non-HDHP Health Plans will remain the same; however, the out-of-pocket maximum for pharmacy benefits will increase to the federal limits.

Health Insurance Premiums
For all plans, premiums will increase and the accumulators for the deductibles and out-of-pocket maximums will reset on January 1, 2024.

Health Insurance Providers
If you have enrolled in State Group Health Insurance for 2024, contact your health insurance carrier to confirm your preferred doctors, clinics, and hospitals will remain in-network since health insurance carrier networks can change slightly from year to year.

Health Insurance Access Plans
The Access Health Plan and Access HDHP will continue to offer nationwide coverage in 2024. Dean Health Plan will remain the carrier using the Dean Health Plan and First Health networks.

If you changed your health insurance plan carrier, or are newly enrolled, after you receive your ID card, contact your health insurance plan carrier to assign a primary care physician. Your health insurance plan carrier will assist you with designating one, if necessary.

Dental Insurance
Annual deductibles and benefit maximums will remain the same for 2024. The accumulators for the deductibles and benefit maximums will reset on January 1, 2024. Premiums will change for all plans.

Accident Insurance
Premiums will decrease for 2024.

Pre-tax Spending and Savings Accounts
Below are the pre-tax spending and savings accounts annual contribution amounts for 2024.

  • Healthcare Flexible Spending Account (FSA): $3,050
  • Dependent Day Care Account: $2,500 or $5,000 (depending on tax filing status)
  • Health Savings Account: $4,150 for individual health insurance and $8,300 for family health insurance

The Healthcare FSA carryover limit will increase to $610. For the Healthcare FSA, balances less than $50 will be forfeited if you did not re-enroll during Annual Benefits Enrollment for 2024. The Dependent Day Care Account does not have a carryover provision. The Health Savings Account has unlimited carryover.

Review the Universities of Wisconsin Employee Benefits website for additional information.

Source: Universities of Wisconsin Office of Human Resources

2024 Benefits ID Cards

If you enrolled or made changes to your benefits during the Annual Benefits Enrollment (ABE) period, you may receive new benefits ID cards.

Review your ID cards for accuracy. If you discover errors or if by early January you do not receive all the ID cards you expected to receive, contact your insurance carrier directly. Your benefits contact is not able to request ID cards on your behalf.

See below for ID card information specific to each benefit plan.

STATE GROUP HEALTH INSURANCE

If you are enrolled in State Group Health Insurance for 2024, you should receive a new ID card by early January.

You may be able to obtain an ID card online through your health insurance carrier’s website. The website address for your health insurance carrier can be found on the last page of the Health Benefits Decision Guide.

PHARMACY BENEFITS

If you are newly enrolled in health insurance for 2024 or added/removed dependents, you will receive an ID card from Navitus, the pharmacy benefits manager. You should receive your ID card by early January. To access your ID card online, go to www.navitus.com.

DENTAL INSURANCE

If you are newly enrolled in Uniform Dental, Preventive Dental, the Select or Select Plus plans, you should receive an ID card from Delta Dental by early January.

If you are currently enrolled, you will only receive a new ID card if you changed your level of coverage for 2024 (for example: from individual to family) even if you selected a different health plan for 2024.

You may obtain an ID card online at www.deltadentalwi.com/state-of-wi.

VISION INSURANCE

If you are newly enrolled in vision insurance for 2024, you will receive an ID card from the vision insurance administrator, DeltaVision/EyeMed by early January. If you are currently enrolled in 2023, you will not receive a new ID card.

You may obtain an ID card online at www.deltadentalwi.com/state-of-wi.

Note: You may not need to show your ID card at your vision appointment as most vision providers will be able to verify that you have coverage with DeltaVision/EyeMed.

ACCIDENT INSURANCE

Securian, the Accident Insurance plan administrator, does not issue ID cards. Review the Accident Insurance web page for information about how to file claims. Most claims must be filed within a specific timeframe shortly following an injury that resulted from an accident.

FLEXIBLE SPENDING ACCOUNTS AND HEALTH SAVINGS ACCOUNTS

If you are enrolled in a Health Care Flexible Spending Account (FSA) or a Health Savings Account (HSA) for 2023 through the Universities of Wisconsin and already have a payment card, you should continue to use your current payment card until the expiration date. Shortly before the expiration date, Optum will automatically issue you a new payment card.

If you are newly enrolled in a Health Care FSA or an HSA for 2024, you should receive a payment card from Optum by early January.

If you have money in multiple accounts (FSA, HSA, Parking), the same payment card should be used for all accounts.

MORE INFORMATION

For additional information about each benefit plan, review the Universities of Wisconsin Employee Benefits website.

Source: Universities of Wisconsin Office of Human Resources