| Open Enrollment Opportunities |
When* |
Info |
| Employee Reimbursement Accounts (ERA) |
Oct/Nov |
You can set aside money in ERA accounts to pay for medical or dependent care expenses. The money is deducted from your earnings before taxes are withheld. If you participated this year, coverage in not automatic for next year. You must enroll every year. Enroll online or by telephone. |
| Health Insurance Dual Choice |
Oct |
The "It's your Choice/Dual Choice" booklet will be sent via campus mail to eligible employees. You may change health plans as well as change from single to family coverage during this period. |
| Spectera Vision |
Oct/Nov |
The Spectera vision benefit pays for vision exams, glasses, frames and contact lenses (after co-pays) and offers discounts on refractive eye surgery. If planning to enroll, review your participation in the ERA program and any vision benefits offered by your State Group Health insurance plan. |
*Approximate time of the year. Be sure to check on specific open enrollment dates.
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Dependent Status Eligibility Information
When your child marries, becomes independent, or reaches adulthood, your insurances will no longer cover him or her. To maintain coverage, you or your child must take action.
Information
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April: Read Your
UW Staff Benefits Statement Carefully!
Are you enrolled in the benefit plans that you think you are?
Are you paying premiums for coverage you do not need?
Are you NOT enrolled in plans that you thought you were?
Your UW Staff Benefits Statement is provided to you annually in April. The statement gives you an overview of all of the benefit plans in which you are enrolled, the level of coverage and the projected annual costs paid by you and the University. If you are not enrolled in a specific benefit plan, the Coverage column will state NONE.
It is extremely important that you review this statement thoroughly. The information is based on your payroll record on April 1. The statement is created by taking all of your monthly deductions and salary and multiplying the information by the number of payrolls in the year. The information provided is based on a snapshot in time and may not be exact if there are changes to your income or benefit programs during the year.
Health Insurance
Do you have family coverage but have no spouse or dependents? Review your coverage level to confirm whether you are carrying single or family coverage.
Do you think you are carrying health insurance, but the Statement indicates "None"?
EPIC Dental and Excess Medical
Are you enrolled in family coverage but have a spouse and no dependents or no spouse and only one dependent, and therefore only need 2-person coverage?
Are you enrolled in 2-person coverage but need only single coverage?
Dental Insurance
Are you insured in a dental plan? If yes, your statement will indicate "Dental Insurance-UW" or "Dental Insurance-OSER" or "Dental Insurance-Union". Your coverage level will NOT be listed in the Coverage section. However, if you divide the annual contribution amount by 12 and refer to the Insurance Premium Rates for dental benefits, you will be able to determine whether you carry Single, 2-person, or Family coverage.
Spectera Vision Insurance
Are you insured in the vision benefit? If your statement indicates "Vision" you carry the coverage. Your coverage level will NOT be listed in the Coverage section. However, if you divide the annual contribution amount by 12 and refer to the Insurance Premium Rates for Vision benefits, you will be able to determine whether you carry Employee Only, Employee + Spouse/Domestic Partner, Employee + Children, and Employee + Family coverage.
Income Continuation Insurance
If you are unclassified faculty or academic staff, is your waiting (elimination) period correct?
If you are classified, are you paying the correct premium based on your sick leave balance as of December 2006? If you are on a premium plateau (Categories 4-6), your premiums are not based on your sick leave balance.
If you have supplemental coverage, is it listed? Anyone enrolled in supplemental will see this coverage on the statement.
State Group Life Insurance
Is your coverage amount correct? Each unit of coverage is based on your highest calendar year of Wisconsin Retirement System reportable earnings. You can be insured up to 5 times your calendar year earnings.
Are you paying premiums for spouse and dependent coverage but have neither?
Do you think you have spouse and dependent coverage but it is not indicated on this statement?
UW Employees, Inc. Life Insurance
Your coverage is based on your age – Is it correct? See the Insurance Premium Rates.
Individual & Family Group Life Insurance
Note: The 2007 Statement reflects the coverage in effect prior to the annual optional increase.
Is the coverage indicated the level of coverage you selected?
Spouse/domestic partner and children coverage is also listed. Are you insured in the correct program with the correct coverage level?
Do you have spouse/domestic partner or children coverage but have no spouse/domestic partner or children? Do you think you carry spouse/domestic partner coverage or children coverage but it is not listed on this statement?
Accidental Death & Dismemberment Life Insurance
The coverage type you carry, Single or Family, is not listed on the statement. Refer to the Insurance Premium Rates to confirm you are paying for the correct coverage amount.
University Insurance Association Life Insurance
This coverage is mandatory for all eligible faculty and academic staff. A premium in the amount of $24.00 is deducted from September earnings paid October 1 for the plan year October 1 through September 30. New employees on payroll as of the April 1 check will have a premium in the amount of $12.00 deducted for plan year coverage from April 1 through September 30. This is a decreasing term life plan and the amount coverage is based on age as of October 1. This benefit is not available to classified employees.
Wisconsin Retirement System (WRS)
Contributions to the Wisconsin Retirement System include both employee required and employer required contributions. The University pays both contribution amounts on your behalf.
In addition to the WRS contributions, the University pays a percentage of your salary to pre-fund the Accumulated Sick Leave Conversion Credit and Supplemental Sick Leave Conversion Credit programs to pay for your health insurance premiums upon retirement.
Note: You will receive a separate Wisconsin Retirement System Annual Statement of Benefits via campus mail each year in May. This form is generated by the Department of Employee Trust Funds.
Social Security Taxes
You and the University each contribute to your social security account at the rate of 6.2% of earnings up to a maximum of $97,500. 1.45% of your total income is contributed by both you and the University to the Medicare program (no earnings maximum).
The programs below are listed under OPTIONAL PLANS.
Employee Reimbursement Accounts (ERA) Program
If you participate in the ERA program the statement will list the amount you contribute per pay period into a Medical and/or Dependent Care Account.
Tax Sheltered Annuity / Wisconsin Deferred Compensation
The amount(s) shown reflect the contributions deducted per pay period to the Tax Sheltered Annuity Program and/or the Wisconsin Deferred Compensation Program.
Benefits Not Reflected on the Statement
A number of other deductions taken from your payroll check such as parking, union dues, SECC, etc. are not reflected on this statement.
Beneficiary Designations
Make sure your beneficiary designations are up to date for these plans:
- Accidental Death & Dismemberment (AD&D)
- Dental and Excess Medical (EPIC)
- Individual and Family Group Life
- State Group Life
- Tax Sheltered Annuities (TSA)
- UW Employees, Inc. Life
- University Insurance Association (UIA) Life
- Wisconsin Deferred Compensation
- Wisconsin Retirement System
If you are unsure about who you have named as a beneficiary, you may want to file new Beneficiary Designation forms. The UW does not have any record of who you named on any of your beneficiary designations. All beneficiary designations are to be sent directly to the administrator of the plan.
Questions?
If you note a discrepancy, need forms, want to enroll in additional benefits plans or want general benefit information contact Kris Soukup at soukupk@uwgb.edu or ext. 2839. Just a reminder, for most plans during a non open enrollment period you will be required to provide evidence of insurability.
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Is there a grace period for Employee Reimbursement Account (ERA) submissions?
Yes. A 2-1/2 month grace period following the end of the Plan year applies to both the Medical Expense and Dependent Care accounts. Effective with the 2006 Plan year, dependent care expenses as well as medical expenses for services provided through March 15 of the current year may be reimbursed with funds remaining from the previous plan year. However, any unused amounts from the prior plan year that are not used for expenses incurred by March 15 remain subject to the “use it or lose it” rule and will be forfeited. The deadline (or run-out period) for filing both medical expense and dependent care claims incurred during the Plan year, including the grace period, is April 15.
Employee Reimbursement Account (ERA) Forms and Brochures
Eligible Over-The-Counter (OTC) Medicines and Drugs
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Are you getting married, adding to your family, sending a child off to college, moving, etc.?
Changes in your working life or personal life may cause changes in
your benefits. Click here for a checklist of decisions to make and forms to file when certain
life events occur. You may also need to complete an Employee Information Card to change your personnel records.
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Things to do when your terminate employment:
Are you leaving employment?
If you are leaving employment, you need to take care of some tasks prior to your termination date. Deadlines may apply, so don't delay.
Submit a Resignation Letter
Will you be moving?
Make sure you update your address in the payroll system. You can do so by completing an Employee Information Card.
If you are participating in direct deposit and are not closing your account before your last payroll, no action is required.
If you are closing your account before the last payroll, and you have another open checking or savings account in the United States or Puerto Rico, complete a Direct Deposit Authorization Form.
Can you continue any of your benefits?
All insurance plans, except income continuation insurance, have provisions for continuation or conversion. See "Benefits When You Leave UW Employment" (UW1031).
Information is available on the Wisconsin Retirement System, Employee Reimbursement Accounts, Deferred Compensation accounts, and Tax Sheltered Annuity.
When does your coverage terminate if you don't continue benefits?
Each benefit plan may have a different date through which you will have coverage. For example, if you terminate in May, you will have health insurance coverage paid through July. Information on coverage termination for each benefit plan is included in "Benefits When You Leave UW Employment" UW1031.
What about the cost to continue each plan?
You will be charged the full cost of group rates for each plan that allows you to continue group coverage.
If you are not eligible to continue group coverage, you may be eligible for conversion coverage. Conversion rates must be obtained from the benefit provider. This information is found in "Benefits When You Leave UW Employment" UW1031.
Who do I contact with further questions?
Emal Kris Soukup or call 465-2839.
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What is the UW Tax-Sheltered Annuity (TSA) plan?
A Tax-Sheltered Annuity (TSA) plan is a retirement savings program authorized by section 403(b) of the Internal Revenue Code. It allows eligible UW employees to set aside a portion of their income on a pre-tax basis for retirement. The plan is for supplemental retirement savings and participation is voluntary. There is no employer contribution.
Why should I invest with the TSA Plan?
Here are five important reasons to participate:
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It's an easy way to accumulate additional savings you will need to supplement your retirement income.
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Your contributions reduce your current taxable income. You save on taxes while saving money for retirement.
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Both your principal and your earnings grow on a tax-deferred basis.
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It is a flexible, low-cost program with a wide array of investment options.
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It's portable. You can take your savings with you if you move to a different employer.
How do I sign up?
Sign up with an approved UW TSA plan provider and complete and send a Salary Reduction Agreement to the Benefits Office ES 107. Enrollment information
How does the Pension Protection Act of 2006 affect the TSA Plan?
Much of the act, signed into law in August, is concerned with the way defined benefit plans are funded; however, certain provisions do affect our UW TSA 403(b) plan.
The provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), which were scheduled to sunset in 2010, have been made permanent.
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Dollar limits on contributions, benefits and compensation for years 2007 and following will be based upon indexing.
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Catch-up contributions will continue to be available after 2010.
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The “Saver’s Tax Credit,” for qualified retirement savings contributions, formerly set to expire Dec. 31, is now permanent and will be indexed to inflation. This can be a great benefit for low- to moderate-income employees.
The act also permanently extends the tax-advantaged benefits of 529 College Savings plans (EdVest), previously set to expire in 2010, making that program attractive.
What are the limits for the TSA plan?
You may contribute as little as $8 biweekly or $20 per month. The maximum contribution is $15,500 for 2007.
If you are 50 or older, you may contribute an additional $5,000 for a total of $20,500 in 2007.
Are there fees to participate?
Yes. The UW charges $9 a year for administrative costs. This fee is deducted when you start a TSA and, thereafter, each March. Some vendors also have fees. The UW TSA Review Committee has set maximums for most of these.
How do I increase my deferrals for 2007?
Fill out a new Salary Reduction Agreement, available online as well as the benefits office. To be effective for the first pay date in 2007, forms are due Dec. 19. Send them to Kris Soukup in ES 107.
Can I increase, decrease or stop my contributions?
Yes. TSA contributions can be started, stopped or changed at any time by completing a Salary Reduction Agreement.
Does a TSA affect other benefits?
No. Contributions to a TSA do not affect Social Security or Wisconsin Retirement System benefits.
Who do I contact with further questions?
Emal Kris Soukup or call 465-2839.
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From the Department of Revenue: Beware of Refund Anticipation Loans
In recent years, professional tax preparation firms have begun offering tax refund loans, also known as Refund Anticipation Loans or (RALs) These financial products are marketed with a variety of names such as: "Pay stub loans"; "Holiday Loans"; "Fast Money"; "Instant Cash", etc. All of these financial products are similar in that they are very high-cost loans sold by tax preparation firms and are secured by the taxpayer's expected tax refund. Typical fees for these loans are $250 which enables a taxpayer to receive their tax refund (in the form of a loan) a few days faster than they otherwise would waiting for their refund check from the IRS. That $250 fee is equivalent to an APR of 521% for this short-term loan!
Tax preparation firms typically target low-income taxpayers and communities. But we are hearing from our lender partners in neighborhoods near campuses that they see also see large numbers of students receiving these tax refund loans.
In an effort to better inform taxpayers about these products and present taxpayers with a no-cost alternative, the Department of Revenue has joined forces with a number of partners, including: DFI; DATCP; the Wis. Council on Children and Families; the Wis. Bankers Association; the Community Bankers of Wisconsin; and the Wisconsin Credit Union League. We are all involved in a campaign to inform taxpayers that they can use free Volunteer Income Tax Assistance sites also called (VITA) sites located around the state to file their taxes electronically and with direct deposit, receive their tax refund in one to two weeks. Thereby keeping all of their tax refund and avoiding the extremely high loan fees associated with RALs.
Our coalition is also working on informing taxpayers about two Wisconsin income tax credits (the Earned Income Tax Credit and the Homestead Credit) that taxpayers may be eligible for.
2006 EITC/Homestead Flyer
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State of Wisconsin Investment Board (SWIB) investment practices and returns and how they affect WRS employees and retirees
Your pension will replace your salary after you retire. But will it be there?
How is it being protected and invested today?
These are important questions that every public employee should ask.
The State of WI Investment Board (SWIB) invests the assets of the Wisconsin Retirement System (WRS)—one of the largest public pension funds in the nation. All permanent state, technical school and university employees, teachers and most other public employees are covered under the WRS and, as such, are affected by SWIB's investment practices and the returns that it earns. Learn more about how the assets are invested, how the decisions to invest are made, how those decisions affect you, the effect that SWIB and the WRS have on the state's economy, and what to expect in the coming years. Finally, learn what SWIB is doing to protect your pension from future corporate scandals.
SWIB website
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