NOTICE TO ALL EMPLOYEES PARTICIPATING IN THE WISCONSIN RETIREMENT SYSTEM
Please see the attached press release regarding the 2010 WRS returns: http://www.swib.state.wi.us/2010_returns.pdf. There is additional information available on SWIB’s main page as well: http://www.swib.state.wi.us/.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
There have been some notable changes regarding taxes for 2011. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on December 17, 2010 enacted a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2% to 4.2% of wages paid.
There has been a change to the Federal Tax Withholding Tables for 2011. IRS Notice 1036 provides a summary of the recent tax law changes and includes the 2011 percentage method income tax withholding tables. State of Wisconsin income tax rates will remain the same for 2011. Employees are encouraged to review their federal income tax withholding every year; any major life changes may prompt you to submit a new W-4 Form to change your tax withholding.
For further information, please see the HR, Payroll and Benefits News section in the My UW System Portal. If you have questions e-mail benefits@uwgb.edu or call 465-2390.
NOTICE TO ALL SUPERVISORS AND EMPLOYEES PARTICIPATING IN THE WISCONSIN RETIREMENT SYSTEM
As a reminder, for those employees considering retirement and supervisors considering rehiring recently retired employees, please review the Q&A found in the link below. There are several rules and statutes governing rehired annuitants that must be followed to minimize jeopardizing the recently retired employee’s benefits.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
The State of Wisconsin Investment Board (SWIB) just released the WRS investment returns through November 30th. The Core Fund is up 7.6% and the Variable Fund is up 8.0%. You can visit SWIB’s website for more information: http://www.swib.state.wi.us/.
In addition, the UW System Administration has updated documents that outline how market conditions affect your WRS benefits: http://www.uwsa.edu/hr/benefits/retsav/wrsdownturn.html. For employees still considering on whether to retire at the end of 2010 or beginning of 2011, you can review the Retiree Q&A for information for help: http://www.uwsa.edu/hr/benefits/retsav/downturnretireeQA.pdf.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
Use of Floating Legal Holidays – December 25, 2010 and January 1, 2011
All employees eligible to earn and use legal holidays should note that Christmas Day, Saturday December 25, 2010, and New Year’s Day, Saturday, January 1, 2011, are floating legal holidays since these holidays fall on a regularly scheduled day off (a Saturday) for most employees.
Unclassified Employees
For unclassified employees (those paid monthly), floating holiday time can be used anytime during the fiscal year in which it is granted (July 1 – June 30), but MUST be used by the end of the fiscal year. For example, the December 25, 2010 floating holiday must be used by June 30, 2011.
The January 1, 2011 floating legal holiday must be used by June 30, 2011.
Unused floating holiday time is lost after June 30.
Floating holiday time is allocated to the employee during the pay period in which the holiday falls and will appear on the next leave statement. When floating holiday time is used before the holiday occurs, the balance will appear as a negative number on the statement and in the leave accounting system.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
NOTICE TO ALL EMPLOYEES PARTICIPATING IN THE WISCONSIN RETIREMENT SYSTEM
The Department of Employee Trust Funds is pleased to formally announce that they have expanded their outreach and education. Please see the EFT flyer to read the requirements for who is eligible to attend these group sessions and how to schedule an appointment.
You can find locations and dates around the state at their interactive website http://www.etf.wi.gov/members/presentation_map.html. With the exception of the one public presentation per district, please note that for all other dates and times participants must call and schedule an appointment and there is limited availability. In order to be eligible the participant must:
* Have a CURRENT retirement estimate and packet
* Plan to retire in the next 12 months
Included will be a step by step explanation of:
* Your retirement estimate
* Your Annuity options
* The application process
Call 608-266-5717 or toll free at (877) 533-5020, ext. 65717 to schedule an appointment.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
Reminder to all Classified Employees:
This year, Christmas Day falls on a Saturday, resulting in a floating holiday. Please note that floating legal holiday may be used at any time during the year it is earned. You must use this floating holiday by December 30, 2010 or it will be forfeited, as it cannot be carried over into 2011. You may use this floating holiday prior to it being earned on December 25, 2010 and usage of this time will appear as a negative balance on your earnings statement until after the holiday occurs.
Use of floating holiday should be reported as “Legal Holiday” on your bi-weekly timesheet.
For more information regarding legal holidays, please visit our website. If you have any questions, please contact Human Resources or Payroll.
Please click on the following link to view information about HRS and Self Service:
Please e-mail hr@uwgb.edu or call 465-2390 if you have any questions.
IMPORTANT NOTICE TO ALL EMPLOYEES PARTICIPATING IN THE WISCONSIN RETIREMENT SYSTEM
WRS Contribution Rates for 2011
Most UW System employees covered by the Wisconsin Retirement System (WRS) will be required to pay 0.2% (two tenths of one percent) of WRS-covered earnings to the WRS for 2011. Protective employees will have to pay a 0.8% (eight tenths of one percent) contribution rate, employees covered by the Building Trades bargaining agreement will have a 1% contribution rate (no change from 2010) and LTEs will have a 2.5% WRS contribution rate for 2011.
UW System will continue to pay the remainder of the WRS contribution rate for 2011. The WRS contribution rate paid by UW System on behalf of most employees will be 11.4% of earnings (9.1% for LTEs, 10.6% for Building Trades employees and 20.5% for protective occupation employees).
Any required WRS contributions are automatically deducted from an employee’s paycheck. Unclassified employees (paid monthly) will first have a WRS deduction on the January 3, 2011 paycheck and classified employees (paid bi-weekly) will have the first deduction on the January 13, 2011 paycheck. The contribution amounts are relatively small. For example, 0.2% of an annual salary of $40,000 amounts to $3.08 per biweekly paycheck and $6.67 per monthly paycheck.
Background
WRS contribution rates are approved by the Employee Trust Funds (ETF) Board. These rates are based on current benefit levels and recommendations from the ETF Board’s independent consulting actuary. The contribution rate increases for 2011 are mainly due to the large investment losses that occurred during the downturn of the stock market in 2008.
The 2009 – 2011 compensation plan and the collective bargaining agreements that are currently in force limit the amount an employer may contribute to the WRS on behalf of the employee. The increase in the WRS contribution rates for 2011 exceeds how much UW System is allowed to contribute on the employee’s behalf.
For additional information, see http://www.uwsa.edu/hr/benefits/WRSratefaq.pdf.
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
The IRS announced that because inflation has been very low, there are no cost-of-living adjustments (COLA) to the dollar limitations for contributions to the Tax-Sheltered Annuity 403(b) Program in 2011. (The same limits as 2010.)
For 2011 University of Wisconsin employees may contribute a maximum of $16,500 to the Tax-Sheltered Annuity 403(b) Program. Employees age 50 and over can contribute an additional $5,500 for a total of $22,000. If you have 15 years or more of service with the UW, you may have an additional “catch-up” opportunity. Check with your human resources/benefits office to see if you are eligible. For more information see the web page on TSA limits at http://www.uwsa.edu/hr/benefits/retsav/limits.htm.
Employees currently enrolled in the program can easily change TSA contributions for 2011 by submitting a Salary Reduction Agreement (SRA) to their human resources/benefits office. The SRA is found on the web at http://www.uwsa.edu/hr/benefits/retsav/sraform.pdf.
If signing up for the TSA program for the first time, information can be found at http://www.uwsa.edu/hr/benefits/retsav/tsaenroll.htm.
In order to have these deduction amounts taken from each paycheck throughout 2011, please have your TSA Salary Reduction Agreement in your human resources/benefits office in early December. Clearly mark the form as calendar year 2011.
Please click on the following link to view the dollar amount maximums: http://www.uwgb.edu/hr/benefits/2011 Maximum Contributions TSA.pdf
Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.
