Retirement Announcements and Updates
The IRS announces the limits on retirement contributions:
-403(b) & 457(b) limit increases to $18,500 from $18,000
-Over age 50 catch up contribution remains $6,000
-401(a) compensation limit increases to $275,000 from $270,000
Supplemental Retirement Accounts (SRA) about increasing your retirement contributions through 403(b) and 457(b) Supplemental Retirement Accounts
Or complete a Salary Reduction Agreementto make changes to an existing SRA for TIAA and Empower.
Effective June 22, 2017 the West Virginia State Legislature has eliminated funding for the State Employee Sick Leave Fund. The fund was created by W. Va. Code §5-5-6 in 2009 and provided eligible employees an option to receive payment for their unused sick leave. Effective with the elimination of the sick leave fund due to recent state budget cuts, requests for payment of unused sick leave are no longer being accepted or approved by the State Department of Administration.
Please visit the Annual 403(b) Universal Availability Notice website for additional information.
TIAA On-Campus Individual Counseling Sessions
To schedule an individual session on campus, please visit TIAA or call (800) 732-8353.
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. 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. You are required to have Medicare Part B as a retiree, or dependent of a retiree, when enrolled in the PEIA retiree health insurance. You will pay a separate premium for Medicare Part B. To determine what your Medicare Part B premium will be, visit the Medicare Part B Cost website. 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.