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TIAA-CREF One-on-One Counseling Sessions with Erik Moreau – 2015

Categories: Midd Blogosphere

January 2015 – June 2015

  • Wednesday January 7, Davis Library 150D
  • Thursday January 15, Marble Works 201
  • Wednesday January 28, Davis Library 150D
  • Thursday February 5, Marble Works 201
  • Wednesday Februrary 18, Davis Library 150D
  • Tuesday March 3, Davis Library 150D
  • Thursday March 12, Marble Works 201
  • Wednesday March 25, Davis Library 150D
  • Wednesday April 8, Davis Library 150D
  • Tuesday April 14, Davis Library 150D
  • Thursday April 30, Marble Works 201
  • Thursday May 7, Marble Works 201
  • Wednesday May 20, Davis Library 150D
  • Tuesday June 2, Davis Library 150D
  • Thursday June 11, Marble Works 201
  • Thursday June 25, Marble Works 201

To schedule an appointment with Erik Moreau, please call the Field Support Team at (800) 732-8353, M-F 8am – 8pm (EST).

Holiday Pay Time Entry Reminder

Categories: Midd Blogosphere

As we near the holiday season, it is time to review procedures regarding time entry during the November and December breaks. Hourly (non-exempt) employees must use specific holiday pay codes to record time during the designated breaks; exempt (salaried) employees do not have use special codes.

The 2014 holiday schedule is:

Thanksgiving Break: 12:01 a.m. Thursday, November 27, through 11:59 p.m. Saturday, November 29

December Break: 5:01 p.m. Friday, December 19 through 11:59 p.m. Thursday, January 1 (the College reopens Friday, January 2, 2015)

Hourly Employees: There are two hourly employees pay codes – Holiday Pay and Holiday Premium Pay – that are used only during the designated holiday periods:

  • Holiday Pay (HOL): a benefit that is provided by Middlebury College to keep benefit-eligible employees’ pay whole without having to use CTO during designated holiday periods. It is not intended to provide extra pay: HOL, which pays at an employee’s regular hourly rate, is to be entered for normally scheduled hours by non-exempt benefit eligible employees on days during the specified holiday break periods whether or not they work. For the Thanksgiving break, up to two days may be entered, for the December break, up to nine days may be used. Employees who work variable or flexible schedules should coordinate entry of HOL with their supervisor to determine the appropriate number of HOL hours.
  • Holiday Pay Premium (HPP): a benefit that pays eligible non-exempt employees extra for working during the designated holiday periods. HPP, which pays at time-and-a-half the employee’s base hourly rate, is to be used by all eligible employees for hours worked during the specified holiday break periods. A limited number of part-time non-benefit eligible employees (such as those who work at the Snow Bow, as the Snow Bowl is open for regular business during the December) break are not eligible for HPP. Please speak with your supervisor or Human Resources if you have questions regarding your status or eligibility for HPP.
    Exempt Employees: the Holiday Pay code will be automatically entered for regularly scheduled time; no additional action is required.

For both hourly and exempt employees, standard pay codes (Regular, CTO, etc.) should be used for any time off before the start of the breaks and/or after 11:59 p.m. on last day of the breaks.

Who Worked on a Holiday
Hourly benefit-eligible staff: Enter Holiday Pay for any normally scheduled hours AND Enter Holiday Pay
Premium for hours actually worked.*
Hourly non-benefit-eligible staff: Enter Holiday Pay Premium for hours actually worked.*
Hourly non-benefit-eligible staff in positions designated as ineligible for HPP: Enter Regular for hours
actually worked.*
Salaried, exempt staff: No action.
* Remember to enter hours on the correct shift. 

Who Did Not Work on a Holiday
Hourly benefit-eligible staff: Enter Holiday Pay for any normally scheduled hours.
Hourly non-benefit-eligible staff: No action.
Hourly non-benefit-eligible staff in positions designated as ineligible for HPP: No action.
Salaried, exempt staff: No action. Holiday Pay code will default in during payroll.

FAQs

Q: I understand that holiday pay is for benefit eligible staff. However, I had coordinated with my supervisor and indeed worked during Thursday and Friday of Thanksgiving. Can I enter the hours normally in this case?
A: Worked hours during the holiday breaks should be entered as Holiday Pay Premium (HPP) by all non-exempt staff, whether or not they are benefits-eligible. The only exception would be Snow Bowl non-benefits eligible employees, since the Snow Bowl is not closed during the December break.
Q: I am a benefits-eligible hourly employee who normally works Tues-Sat; how would I enter time for the Thanksgiving break if I am off Thursday and Friday, then work Saturday? Would I get three days of holiday pay?
A: You would have to use CTO for one of the three days (the maximum holiday pay benefit is two days for the Thanksgiving break) if you were off all three days. If you work on Saturday, you would enter holiday pay premium for the hours if you work, but it wouldn’t be necessary to enter CTO since you would receive the maximum two days of holiday pay for Thursday and Friday.
Q: I normally work Sunday through Thursday; how would I enter my hours for the Thanksgiving break?
A: You would enter holiday time for Thursday, nothing for Friday and Saturday, and regular time for Sunday, assuming you work that day.

Please contact Human Resources if you have additional questions regarding time entry of HOL or HPP.

Open Enrollment

Categories: Midd Blogosphere

Open Enrollment for Middlebury’s 2015 Health & Welfare Benefit Plan is being held from November 1 – 14, 2014.  All benefits-eligible employees are required to complete the open enrollment process within this time period even if they do not intend to make benefit changes for 2015.

Open enrollment is your opportunity to:

• Continue your current medical, dental, or vision elections into the new year OR add coverage for yourself and/or dependents OR terminate your own or your dependents’ coverage.
• Continue your current voluntary life and/or accidental death and dismemberment coverage for the new year OR increase OR decrease the amount of existing coverage in these plans.
• Enroll in the health care and/or the dependent care flexible spending account(s) for next year. If you do not make an FSA election, you will not be contributing for 2015 even if you participated in 2014.  For Q&A’s on the Health Care FSA rollover click here.

Open Enrollment must be completed, using Banner Web, between November 1 – 14, 2014.  Benefits eligible employees will be able to access the open enrollment module from any computer with internet access.

Getting Started
1. Access the Open Enrollment System:

• Click this link: http://go.middlebury.edu/bannerweb OR
• On the bottom right-hand corner of the Middlebury homepage http://www.middlebury.edu/  click “Quick Links” and then “Banner Web”

2. Enter your Banner Web User ID (your Midd ID number) and your PIN and click “Login”.
3. Click “Employee”, then “Benefits and Deductions”, and then “Open Enrollment”.

2015 Premium Rate Chart

Save the Date: Open Enrollment Nov 1st-14th

Categories: Midd Blogosphere

Benefits open enrollment is being conducted electronically again this year.  You will be receiving an e-mail (ooa Oct 31st) detailing our 2015 benefits as well as step-by-step instructions on how to enroll using BannerWeb.  Human Resources will gladly help you through the process; if you have questions please call x2320.

All benefits eligible Faculty and Staff are required to complete Open Enrollment between November 1st & 14th.

Flexible Spending Accounts – it’s not too early to start calculating your 2015 annual election.  Per federal law, this year’s annual limit is $2,500 (plus you may roll up to $500 of unused 2014 Health Care FSA funds into your 2015 account).  If you will have large medical expenses next year (orthodontist work, laser eye surgery, etc.) you should make sure you know how much your out of pocket cost will be for these services before Open Enrollment starts.

For additional information on Flexible Spending Accounts, including a Planning Worksheet visit the Flex Spending webpage.

For Questions and Answers regarding the Health Care FSA rollover click here

IRS Announces 2015 Plan Contribution and Benefit Limits

Categories: Midd Blogosphere

On October 23, 2014, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. See the chart below for further details.

2014

2015

RETIREMENT PLANS
Annual Compensation Limits For Retirement Program Purposes 260,000 265,000
Elective Deferrals 403(b) – (for under age 50) 17,500 18,000
Catch-up Contributions For 403(b) Plan Participants age 50 and over 5,500 6,000
457 (b) Elective Deferrals 17,500 18,000
457(b) Catch Up Contribution (Subject To Age And Other Restrictions) 17,500 18,000
Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans 52,000 53,000
OTHER
Social Security Taxable Wage Base 117,000 118,500
Medicare Wage Base No Limit No Limit

All figures in US dollars.

Sources: www.tiaa-cref.orgwww.irs.gov

Follow @franklindaniel_ on Twitter for up to date information on retirement benefits.

 

What’s New with Flexible Spending Accounts

Categories: Midd Blogosphere

Keeping more in your pocket…..

Flexible Spending Accounts (FSAs) are more compelling than ever now that the government has modified its “use-it or lose-it” rule.  You can now rollover up to $500 of unused Health Care FSA funds at the end of the plan year, to be used the following plan year.

Health Care FSAs have always been a great way for you to budget for out-of-pocket health care expenses.  Contributions to the Health Care FSA are deducted from your paycheck on a pre-tax basis – reducing your taxable income and increasing your spendable income by an average of 30% of your annual contribution.  The government has modified its use-it or lose-it rule to allow up to $500 of unused Health Care FSA funds to rollover for use in the following plan year.  Now, you can maximize your tax savings by maximizing your Health Care FSA contributions up to the $2,500 annual limit.

The benefits of the new FSA rule:

  • Rollover up to $500 of unused Health Care FSA funds to the following plan year
  • The rollover amount does not affect the following year’s maximum contribution amount.  You can still contribute up to the maximum allowance of $2,500
  • Maximize your tax savings by increasing your contribution
  • The new rule does not affect the March 15th deadline to submit claims
  • Your entire annual election is still available at the beginning of the plan year

The risk of forfeiting funds has been greatly reduced.  The stress of choosing the “right” election amount has been reduced.  Increasing your contribution amount will automatically increase your tax savings.  Enroll during Open Enrollment (Nov 1st-14th) to enjoy the benefits of the new Health Care FSA rollover provision for 2015.

FSA Rollover Q&A

 

Save the Date: Open Enrollment November 1st-14th

Categories: Midd Blogosphere

Benefits open enrollment is being conducted electronically again this year.  You will be receiving an e-mail (ooa Oct 31st) detailing our 2015 benefits as well as step-by-step instructions on how to enroll using BannerWeb.  Human Resources will gladly help you through the process; if you have questions please call x2320.

Flexible Spending Accounts – it’s not too early to start calculating your 2015 annual election.  Per federal law, this year’s annual limit is $2,500 (plus you may roll up to $500 of unused 2014 Health Care FSA funds into your 2015 account).  If you will have large medical expenses next year (orthodontist work, laser eye surgery, etc.) you should make sure you know how much your out of pocket cost will be for these services before Open Enrollment starts.

For additional information on Flexible Spending Accounts, including a Planning Worksheet visit the Flex Spending webpage.

For Questions and Answers regarding the Health Care FSA rollover click here

All benefits eligible Faculty and Staff are required to complete Open Enrollment between November 1st & 14th.