Retirement Roadmap Sessions Schedule Announced
Employees that are planning on retiring from WVU in the next few years should not miss this opportunity to learn about retiree benefits. Topics include retirement eligibility guidelines; retiree health insurance options; eligibility to use sick leave/or faculty service credits; income options available; retirement savings plans available, and Medicare enrollment requirements. The first fall session is scheduled for August 9.
TIAA Announces On-Campus Individual Counseling Sessions for June, July, August and September 2016
To schedule an individual session, please visit TIAA or call (800) 732-8353.
IRS Announces Retirement Plan Contributions for 2016
The IRS announces the limits on retirement contributions will remain the same from 2015:
-403(b) & 457(b) increase to $18,000 from $17,500
-Over age 50 catch up contribution increases to $6,000 from $5,500
-401(a) compensation limit increases to $265,000 from $260,000
-Grandfathered 401(a) compensation limit increases to $395,000 from $385,000
To learn more about increasing your retirement contributions through 403(b) and 457(b) Supplemental Retirement Accounts, please click here.
Or complete a Salary Reduction Agreement to make changes to an existing SRA for TIAA-CREF and Great West.
Qualified 401(a) Retirement Plan loan policy changes
effective July 1, 2015.
WVU benefit-eligible employees who participate in either TIAA-CREF or Great West (Empowerment Retirement) through the West Virginia Higher Education Qualified 401(a) Retirement Plan will be receiving a mailing to their home address regarding changes to the current 401(a) Loan Policy. The West Virginia Higher Education Policy Commission (HEPC) and the West Virginia Council for Community and Technical College Education (CTCS) are taking seriously their commitment to help keep employee’s financial futures on track and to maintain the integrity of the retirement programs. Effective July 1, 2015 the following changes will be implemented:
* No more than three loans can be outstanding at any given time. The three outstanding loan maximum includes any loans currently in default.
* All costs associated with loans made after the effective date of the provision will be borne by the borrower.
What to do if working and turning 65…
Medicare Part A and PEIA:
Medicare Part A is an free entitlement available to most people at the attainment of age 65 or earlier for disability and some specific medical conditions. If you are not receiving Social Security benefits when you turn 65 you will need to sign up for Medicare Part A if you would like to have Medicare coverage. Bear in mind, if you are an actively working employee of WVU and have PEIA coverage due to your active employment, PEIA will remain your primary coverage for yourself and any dependents you have covered by PEIA. If you are already beyond age 65 and not signed up for Medicare just contact the Social Security Administration to enroll. For more information contact the Social Security Administration at 1.800.772.1213 or online at www.ssa.gov or www.medicare.gov.
Medicare Part B and PEIA:
A common question asked by employees is what you are supposed to do when you turn 65 and become eligible for Medicare while working at WVU. The answer is if you are receiving health coverage through WVU as either an actively working employee, or dependent of an actively working employee you are not required to enroll in Medicare Part B which costs a minimum of $96.40 per month in 2009. You are required to have Medicare Part B as a retiree, or dependent of a retiree, when enrolled in the PEIA retiree health insurance. . has details on page 18. An easy way to remember this is if you have a PEIA health insurance deduction on your WVU paycheck, you are not required to have Medicare Part B. If you have questions regarding your particular circumstances, please call Employee Benefits at 304.293.5700×4 or the Social Security Administration at 800.772.1213, or online at www.ssa.gov or www.medicare.gov.