December 18, 2024

EagleEye

A Newsletter for UMW Faculty and Staff

News from Human Resources

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Visit our site to see new training sessions for Professional Development Month, available discount to Costco for all UMW employees, for information on CommonHealth’s Guide to Staying Healthier in 2014 and more!

Please join us in extending a warm UMW welcome to our newest employees:

  • Tameka Jalal joined the University Events and Conferencing Department as an Office Manager on Jan. 10.
  • Laura Needham joined the Financial Aid Department as a Financial Aid Assistant on Jan. 6.
  • Denise Shoemaker joined the Student Accounts Department as an Assistant Accounts Receivable Manager on Jan. 10.

ENROLLMENT: New VRS Hybrid Retirement Plan

OPEN ENROLLMENT FOR EMPLOYEES WHO ARE ENROLLED IN The Virginia Retirement System

On Jan. 1, 2014, the Virginia Retirement System (VRS) introduced the new Hybrid retirement plan option. This plan combines features of a defined benefit plan, which pays a monthly retirement benefit based on age, total service credit and average final compensation, and a defined contribution plan, which provides a retirement benefit based on contributions and the investment performance of those contributions.  Current VRS members will have the option of enrolling in this new retirement plan option between Jan. 1 – April 30, 2014, and the enrollment will take effect on July 1, 2014.

Please Note:  Employees who are enrolled in VALORS (Police Officers) or Optional Retirement Plan with TIAA CREF or Fidelity are not eligible for the Hybrid Retirement Plan.

To help you better understand this new plan and your options, the Office of Benefits will be hosting an informational meeting on campus. Dates and locations to be announced in a separate mailing.  Since the plan is very different from what has been offered in the past, we encourage you to review the information to help you make an informed decision regarding your retirement plan option. The Office of Benefits will be scheduling individual meetings after the campus wide informational sessions to provide you with personalized counseling and necessary tools to assist you with your decision making process. 

Online Helpful Resources:

Special Issue of Member News: This issue for current Plan 1 and Plan 2 members explains basic details about the Hybrid Retirement Plan and the opt-in period. It also provides information on available member resources, such as the Hybrid Plan Calculator (available for members in late January.)

Hybrid Retirement Plan webpage for members: This page provides basic plan information, a timeline for opting into the plan, and educational resources such as the Plan Comparison Guide.

The state is also conducting educational opportunities such as the Hybrid Retirement Plan Presentation for Members, which will be held at various locations around the state and you may register for webinars. We do recommend that you view the Hybrid Retirement Plan Overview pre-record webinar before attending a session.

YOUR right to a Deferred Compensation Plan

For more information, you may contact your Benefits Administrator, Denise Frye at Dfrye2@umw.edu.

Availability Notice To All Employees:

All University of Mary Washington employees including wage and adjunct faculty are eligible to enroll in the 457 Deferred Compensation Plan and/or the 403(b) Tax Deferred Savings Plan. All contributions are pre-tax deductions.

The Internal Revenue Service (IRS) has set the annual deferral contribution limit for employees who participate in the 457 and/or 403(b) to $17,500 for calendar year 2014. The catch-up contribution limit for those age 50 and over remains unchanged at $5,500. The Cash Match program remains the same-  the cash match continues to be 50 percent of your contribution to one of the Plans, not to exceed $20 per pay date. Wage employees and adjunct faculty  are not eligible to receive the cash match.

Full time salaried employees hired on or after Jan. 1, 2008 are enrolled automatically in the 457 Deferred Compensation Plan for a pre-tax deduction of $20 and a $10 contribution to the cash match plan unless they have an existing 457 account or opted out of participation in the plan. There are no automatic enrollments for the 403(b) Tax Deferred Savings Plan.

To enroll or change your current pay period deductions:

457 Deferred Compensation plan (ICMA-RC is our new plan administrator effective Jan. 1, 2014):

• Online: Go to http://www.varetirement.org/vrsaccountlogin.html  (You will create or reset your account information)

• By phone: 1-VRS-DC-PLAN1(1-877-327-5261), option 1.

• Paper enrollment form only if you are unable to enroll using the above options. You may locate the form site above, complete  it and send it directly to the provider.

403(b) Tax Deferred Savings Plan:

  • Select and contact a vendor from the attached approved provider list. 403(b)      Provider’s List
  • Complete the Salary Reduction Agreement form (SRA):  SRA  Form.  For initial enrollment, the SRA should be completed by you and the Financial Adviser/Agent of the selected Provider and returned to Office of Human Resources for processing.
  • To receive the Cash Match on the 403(b) account, complete the Cash Match Agreement Form and forward to the Office of Human Resources for processing.  Cash Match Form 

Beneficiaries:

Are your beneficiaries up to date? Your beneficiary form should be updated after each personal milestone such as a change in marital status, the birth or adoption of a child or as your life events change.

To update/change your beneficiary for your life insurance benefit and VRS Retirement, submit a new Designation of Beneficiary (VRS-2 ) to Office of Human Resources as soon as possible for processing. If you don’t know who you designated, you may also submit a new VRS-2  to Office of Human Resources for processing.

To update/change your beneficiary for the 457 deferred compensation plan, complete the 457(b)/401(a) beneficiary form and mail to ICMA-RC.

To update your beneficiary with the Optional Retirement Plan or 403(b), please contact the Vendor directly.

This WEEK for Professional Development Month

For more information or questions,  please contact Jennifer Cooper at jcooper4@umw.edu

 Professional Development Month

NOW THAT WE ARE ALL BACK AND READY FOR THE NEW SEMESTER, January, the month of resolutions and fresh starts, is the ideal time to reenergize.

  • Supervisors are asked to meet with their employees for mid-year performance check-in, coaching and support (A/P faculty document discussions on the annual work planning form).
  • Whether you want to enroll in a degree program, take some refresher courses or gain online knowledge of the latest practices in your field, use this month as an opportunity to set some goals and make a plan.

 This Week for All Employees:

  • Managing Multiple Priorities at Work? Our Employee Assistance Program (EAP) provider, Anthem, will be on campus Friday, Jan. 17 from 10 to 11 a.m. in Lee Hall, Room 412 to give you tools for making decisions about multiple priorities.  We will discuss the challenges of managing multiple priorities at work and learn some new approaches to help manage them.

 Upcoming Opportunities for All Employees:

  •  Dr. Lynne Richardson, Dean, College of Business will present Keys for Effective Leadership, brown-bag session on Tuesday, Jan. 21 at 11:30 a.m. in Lee Hall, Room 411.
  • How to Take the Edge off Giving Feedback – presented by our EAP on Wednesday, Jan. 22 from 1 – 2 p.m. in Lee Hall, Room 412. This session will teach you how to give helpful feedback-it sounds easier than it is. Some techniques to be reviewed include:  the reasons to give someone feedback, why we avoid it, learning an effective feedback model and how to avoid value judgments.
  • Dealing with the Elephant in the Room – Thursday, Jan. 30 at 11 a.m. in Lee Hall, Room 412 – presented by our EAP.  This course is a communications development seminar in which participants learn: the skills to talk to anyone about anything, identify the uncomfortable issues and realities they face at work and at home, and learn how to confront such issues with tact, empathy and clarity.

Ongoing Resources and Opportunities: (click on each subject for more details)