WRS Investment Returns Are Up

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.

Floating Holidays (for Unclassified)

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.

WRS Small Group Sessions

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.

Floating Holiday Reminder

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.

WRS Contribution Rates

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.

2011 TSA 403(b) Limits

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.

New Timesheets

To All Classified Employees and Limited Term Employees

The timesheets for classified staff and LTE’s have been updated in Excel to include features such as automatic calculation of hours worked, overtime, differential hours, etc.  For your convenience, holidays and fixed furlough days will automatically highlight on the timesheet.  Please note that once you complete your timesheet, you must still print, sign, and have your supervisor sign.

Effective with the November B pay period (11/7/10 – 11/20/10), please use the correct timesheet for your employee type as follows:

Please find step-by-step instructions for all timesheets by clicking on the second tab in the Excel worksheet titled “instructions” to assist you with completing the new version of the timesheet.  You can save a copy of your timesheet for your records; it is recommended that you save this to your M: Drive.

Please note that handwritten timesheets will no longer be accepted and will be returned.

If you have any questions or would like help with the new timesheets, please feel free to contact Payroll or Human Resources at x2390.

Insurance Premium Holiday

The following information affects employees who are enrolled in State Group Health Insurance and/or State Group Life Insurance.

Employees currently pay State Group Health (SGH) and State Group Life (SGL) Insurance premiums two months in advance of coverage. For example, the premiums deducted from July earnings pay for SGH and SGL coverage for the month of September. A decision was made to change the current SGH and SGL deduction schedule so premiums are paid only one month in advance of the coverage month. During the transition period, you will not have SGH and SGL premium deductions for one month – this is considered a premium holiday. Normal payroll deductions will resume after the one‐month premium holiday.

Classified employees (those paid bi‐weekly) will not have a SGH deduction from the November 18, 2010 paycheck and will not have a SGL deduction from the December 2, 2010 paycheck.

Unclassified employees (those paid monthly) will not have a SGH or SGL deduction from the December 1, 2010 paycheck.

For more information, please read the Frequently Asked Questions.

Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.

Wisconsin Deferred Compensation Individual Sessions

Scott Schewe, a representative from WDC, will be available to meet individually with employees regarding their current WDC enrollment and for those interested in learning more about the program and planning for retirement by investing before tax dollars.   For more information about WDC’s Program highlights, see the Wisconsin Deferred Compensation Program Highlights by clicking on the following link:  http://www.uwgb.edu/hr/benefits/WDCP Program Highlights.pdf

When:   Wednesday, November 3rd, 8:00 am to 4:00pm

Where:   University Union Building, Wequiock Room #101A

To schedule a meeting with Scott, call toll-free at 877-457-9327, option 2, or call the WDC office in Madison at 608-241-6604.

Please e-mail benefits@uwgb.edu or call 465-2390 if you have any questions.