Category: Payroll & Benefits
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TASC Payment Cards Issued due to Upcoming Expiration Dates
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The Department of Employee Trust Funds (ETF) has indicated that participants in the Health Savings Accounts, Flexible Spending Accounts, and Commuter Fringe Benefit Accounts may have received a new TASC debit card if their TASC card was set to expire. TASC’s system automatically generates new cards 30 days prior to the expiration date. TASC has…
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Update Your Address for Tax Form Distribution
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Now is the time to make sure your address information is up-to-date for tax form distribution (such as the W-2 Form). Review and update your address as soon as possible. Your 2019 W-2 Form will be mailed to the first available address on record in the following order: mailing, home or office address. Note: Active…
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Monthly Pay Date for December Earnings is January 2, 2020
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For UW employees who are paid on the 1st of each month, the monthly pay date for December 2019 earnings is Thursday, January 2, 2019. January 2 is the pay date because January 1 (New Year’s Day) is a Federal Reserve holiday. When a pay date falls on a weekend or Federal Reserve holiday, the…
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2020 Tax-Sheltered Annuity and Wisconsin Deferred Compensation Contribution Limits
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IRS recently announced the 2020 contribution limits for the UW Tax-Sheltered Annuity (TSA) 403(b) Program and the Wisconsin Deferred Compensation (WDC) 457 Program. In 2020, employees may contribute a basic maximum of $19,500 to the TSA Program. Employees age 50 and over can contribute an additional $6,500 for a total of $26,000. These same limits…
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Do you have a Health Care FSA or HSA balance?
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The administrator of your Flexible Spending Account (FSA) and/or Health Savings Account (HSA) will change from TASC to ConnectYourCare (CYC) effective January 1, 2020. Communications regarding this change began in August 2019. To review these communications, key dates and frequently asked questions, go to the FSA & HSA – 2020 Vendor Change webpage. Health Care…
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Important Year End Leave Information for University Staff
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*Please note that this information applies to University Staff positions, not Academic Staff, Limited, or Faculty positions.* As we near the end of the 2019 calendar year, University Staff employees are reminded to review their leave balances. Vacation Carry Over Employees may carry over any unused vacation earned in 2019 into 2020. You don’t need to do…
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Maximizing Your UW TSA 403(b) Contribution for 2019
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You may be aware that the UW TSA 403(b) Program is a great way to save additional money for retirement, but did you know that you can contribute up to $19,000 to your account in 2019? If you are age 50 or older at any time in 2019, you can also contribute a “catch-up” amount…
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Social Security and Medicare Taxes for 2020
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Social Security wage base will rise to $137,700 in 2020 from $132,900 in 2019. This means that the first $137,700 of an employee’s taxable wages are subject to Social Security taxes. An employee and the UW will each pay 6.2% on taxable wages up to $137,700. An employee’s entire taxable salary is subject to Medicare…