Category: Payroll & Benefits

America Saves Week, a national campaign encouraging savings and financial planning, is February 27 – March 4, 2017. The University of Wisconsin is a partner in the America Saves campaign and has many resources and events planned to help UW employees expand their financial knowledge and set new savings goals.

Take a look at the UW’s America Saves website which lists all of the resources and events planned throughout the state. In-person events include workshops on valuable financial wellness topics presented by the UW Credit Union, Summit Credit Union, TIAA, Fidelity, T. Rowe Price, Ameriprise, Lincoln, UW faculty members and Tax-Sheltered Annuity Program staff, as well as credit report consultations and individual counseling. The UW is committed to helping you plan, save, and build wealth, so you can fulfill your long-term goals.

Click here to find out more information regaring the Achieving Financial Goals Workshop being held on campus and go to the website to view live, interactive webinars and videos, and read handy tips and information on savings and financial wellness. Visit the website often in the coming weeks as more information and events may be added.

America Saves will keep you motivated with information, tips, and reminders to help you reach your savings goal. Think of them as your own personal support system.

America Saves Week is an opportunity to commit—or recommit—to saving for today and for the future. Saving is more than just a good idea. It’s possible!

Date: Tuesday, February 28, 2017

Time: 9:00 a.m. – 10:00 a.m.

Location: University Union, Room 103

Meet Jennifer Almeida of T. Rowe Price, one of the companies with your UW Tax-Sheltered Annuity 403(b) Program.

Jennifer will explore your personal financial goals for retirement and how to balance them with life’s other financial priorities such as:

• Building emergency savings
• College savings
• Paying down debt
• Addressing competing priorities

You’ll also explore planning tools and resources from T. Rowe Price that can help you along the way.

Register for the workshop at:  http://rpstrowepricereg39.fugent.com/home/events.asp 

Individual Counseling Sessions will be available after the workshop in UU Room 103.

Register for an individual counseling session at:  http://rpstrowepricereg38.fugent.com/home/events.asp

The opportunity for staff and faculty to purchase a spring meal plan using payroll deduction has arrived.  This opportunity is open through Feb. 10, 2017 for post-tax deduction from your payroll starting March 2 (University Staff) or March 1 (Academic Staff & Faculty).  There are five options to choose from including:

• FAST 75 Block Plan – includes 75 meals plus $25** in FAST Points – Cost $425 . . . cost per meal $5.66
• FAST 50 Block Plan – includes 50 meals plus $25** in FAST Points – Cost $290 . . . cost per meal $5.80
• FAST 25 Block Plan – includes 25 meals plus $25** in FAST Points – Cost $155 . . . cost per meal $6.20
• FAST 300 Points Plan – includes $315 in FAST Points – Cost $300.00 (Spring 2017 Special – $15 in bonus FAST Points)
• FAST 200 Points Plan – includes $215 in FAST Points – Cost $200.00 (Spring 2017 Special – $15 in bonus FAST Points)

*All New/First-time FAST 75 Block Plan customers, as well as all FAST 75 Block Plan renewals from the Fall plans will receive a Free reusable mug that includes unlimited free refills of coffee and fountain soda beverages at all retail locations on campus.

**Chartwells is sponsoring the $25 for the Block Plan FAST Points and the bonus $15 in FAST Points on the 200 & 300 plans!

Please complete the form found here: FAST Meal Plan Deduction Request – to enroll in meal plan. 

FAST Meal Plans and FAST Points

FAST Points are not new to UW-Green Bay.  They have been in place for 3-4 years.  They are pre-paid declining balance funds you can purchase and load onto your official University ID for use at any Chartwells-managed food serving location on campus.  This spring, through February 10, the FAST 200 and 300 Points Plans include $15 in bonus FAST points through the generosity of Chartwells.  When customers use their “points” in the Marketplace they will receive a $0.50 discount bringing the net cost of breakfast to $5.75, lunch to $6.25, and dinner to $6.75 (+ sales tax).

FAST Meal Plans are new to UW-Green Bay and serve as option for staff and faculty to purchase meals in a larger quantity at prices-per-meal lower than paying with cash, credit or points.  This Spring’s FAST 75 Block Plan, at the cost of $425, equates to a cost-per-meal of $5.66 plus there are $25* in FAST Points for when you don’t need or want a full meal.  For this spring, a new all stainless steel mug is being given to new and renewing FAST 75 Block Plan customers.  In addition, all FAST Plan customers will receive a reusable To-Go container to use for take-out meals from the Marketplace inside Leona Cloud Commons.  Details on how to use the To-Go containers will be shared with all who participate and eventually posted on-line (https://new.dineoncampus.com/uwgb). The block meals and FAST points on all FAST Plans will remain on your University ID account until they are used.  They can also be used for combo meals in the retail operations.

 

 

 

The Income Continuation Insurance (ICI) program is an ‘income replacement’ benefit plan that replaces up to 75% of your gross salary if you are unable to work due to a short or long-term disability.

If you are not currently enrolled in ICI, you may be able to enroll during the ICI Deferred Enrollment period through March 1, 2017.  Eligible employees will be personally notified by email from the UW System HR (uwsystemhr@uwsa.edu) email address.

Please see https://www.wisconsin.edu/ohrwd/benefits/dis/ici/ for more information regarding eligibility and income continuation insurance benefits.

To apply for coverage through the Deferred Enrollment opportunity, you must complete an Income Continuation Insurance Application (ET-2307) and return it to your benefits office on or before March 1, 2017.  ICI coverage elected through deferred enrollment will be effective April 1, 2017.

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

The State of Wisconsin Investment Board has announced preliminary 2016 investment returns of 8.5% for the Core Trust Fund and 10.6% for the Variable Trust Fund. How will this affect your Wisconsin Retirement System account?

The projections below are based on preliminary 2016 investment returns. ETF will announce the actual effective rates and annuity adjustments after final investment returns have been determined and an actuarial analysis is completed. Watch for announcements in February (effective rates for active employees) and March (annuity adjustments for retirees).

Shared Investment Risk
WRS members benefit from good investment returns and share the risk of poor returns. Changes in employee and employer contribution rates, for example, are linked to Core and Variable Trust Fund investment performance. Likewise, annuity adjustments for retirees are linked to investment performance. This “shared risk” design keeps the WRS well-funded and able to pay promised benefits long into the future.

Plan Ahead
No matter your timetable for retirement, it’s important that you know about and fully understand your retirement benefits. This includes the fact that the WRS does not provide a guaranteed cost-of-living adjustment (COLA) in retirement.
In addition, did you know:

• Some pension systems provide COLAs in order to help retirees keep up with inflation over the long term. Under the WRS, post-retirement annuity adjustments are by law dependent on WRS trust fund investment returns.
• WRS retirees routinely receive annuity increases above the cost-of-living adjustment for Social Security; for 2016 Social Security increased only 0.3%.
• When retired, your Core annuity can never go below your original payment (“floor”).
• However, annuity adjustments can increase or decrease each year, based on trust fund investment performance and actuarial factors.
• When there is a market downturn, annuities can be lowered by repealing previously-granted increases.

For more information:

• See ETF Secretary Robert Conlin’s column about the best advice he received as a new employee regarding saving early and saving often.
• Participate in an ETF webinar on these topics – don’t delay – registration is required and space is limited!
  • Webinar: WRS Annuity Adjustments and Effective Rates
  • Recorded Webinar: Variable Fund
• Check out the helpful resources on this Core/Variable Information web page.

To receive immediate notification about WRS effective rates, annuity adjustments and other benefit-related news, sign up for ETF E-Mail Updates.

 

 

 

 

The Department of Employee Trust Funds (ETF) is pleased to offer a convenient, new service for WRS members who are within a year of retirement: Virtual Retirement Appointments.

These appointments are secure, one-on-one meetings with an ETF benefits specialist, conducted online.  Together, you and the specialist talk by telephone and view online your retirement estimate, annuity options and discuss the retirement process in general.  Virtual appointments are convenient (no travel necessary) and easy to schedule.

Find out whether a virtual retirement appointment is right for you – contact ETF at 1-877-533-5020.

 

 

 

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.