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IRS Announces 2014 Plan Contribution and Benefit Limits

Categories: Midd Blogosphere

On October 31, 2013, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. See the chart below for further details.

 

2013

2014

RETIREMENT PLANS
Annual Compensation Limits  For Retirement Program Purposes 255,000 260,000
Elective Deferrals 403(b) – (for under age 50) 17,500 17,500
Catch-up Contributions For 403(b) Plan Participants age 50 and over  5,500 5,500
457 (b) Elective Deferrals 17,500 17,500
457(b) Catch Up Contribution (Subject To Age And Other Restrictions) 17,500 17,500
Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans 51,000 52,000
   OTHER    
Social Security Taxable Wage Base 113,700 117,000
Medicare Wage Base No Limit No Limit

 

Important Benefits Reminders

Categories: Midd Blogosphere

Trouble-free employee benefit plan administration requires a strong partnership between employees and Human Resources.  The Human Resources Dept. works diligently each year-end to accurately process the thousands of required or requested benefit record changes, and then we check and double-check our work.  However, in the end, we also must rely on you, the employee, to do your part in managing your benefits by confirming that you are enrolled in the benefits you intended to elect.  Please carefully review your first paycheck and let us know if you have questions or if anything seems amiss. 

Medical/Dental Insurance

  • If you made a change to who is covered under your medical or dental plan, new ID cards were mailed to you in December.  Please confirm that you have received your new ID card(s) if you made a change to who is covered under your medical or dental plan.  If you need additional cards (for example, for a child away at college) call the toll free customer service number on your ID card (1-888-222-9206).
  •  As was announced in November, the employee portion of the medical & dental premiums did not increase for 2013.  However, any employee who made coverage (single/2 person/family) level changes should see a premium change in the first paycheck of 2013.

 Vision Insurance

Life and Accidental Death & Dismemberment (AD&D) Insurance

  • Premiums changes related to a change in coverage amount or age-band changes (5 year increments) should be reflected in the first paycheck in 2013.  If you made changes or you hit a new age band in 2012, please confirm that your premium changed.
  • Requests for new Life coverage or for increases in Life coverage over the guarantee issue amount are not effective until approved by Mutual of Omaha.  An Evidence of Insurability form must be submitted by you to Mutual of Omaha if you have requested this type of change. Mutual of Omaha will notify you directly of approval or denial.  Any premium changes will be made as of the effective date of the approved coverage.

 Flexible Spending Accounts

  • 2013 elections for the Health Care and Dependent Care Flexible Spending Accounts should be reflected in the first paycheck of 2013.  Please review your pay stub and confirm that your contribution is correct (divide your total annual election by 26 to calculate your per pay-period election.) 
  • If you are a new Flexible Spending Account plan participant (you were not enrolled in a FSA last year) then FSA Benefits Cards were mailed to your home address in mid-December.  If you had a FSA last year you will not be issued a new card as they are valid for 3 years.   The Benefits Card can be used to access funds in your Health Care and Dependent Care Flexible Spending Account.  Important information about the FSA Benefits Card is available at http://www.middlebury.edu/offices/business/hr/staffandfaculty/benefits/flex
  • You have until March 15, 2013 to file claims against your 2012 flexible spending accounts for expenses incurred in 2012.  The FSA Claim form and other helpful information on Flexible Spending Accounts can be found at http://www.middlebury.edu/offices/business/hr/staffandfaculty/benefits/flex.Please visit CBA Blue’s website at http://select.cbabluevt.com/middlebury/ to review your account information.

 Retirement

  • If you submitted forms prior to the holiday break requesting changes to your Voluntary Retirement Plan or to enroll in the 457b Salary Deferral Supplemental Retirement Plan, your new elections should have been reflected in your first paycheck of 2013.  If you requested changes please confirm that your elections are as expected.

 If you have made a change to who is covered on your medical or dental plan and you have not received your new ID card(s), or if a benefit deduction doesn’t look right to you, or if you have any other questions or concerns about your benefits, please contact Human Resources as soon as possible.  Thanks for doing your part to keep our benefit plans running smoothly!

 Your Benefits Team,
~Lisa Hoff, Benefits Specialist (Health/Dental/Vision/Flex Spending) x3372
~Loretta Lee, Benefits Specialist (Retirement Plans & Retiree Medical/Dental) x5468
~Cheryl Mullins, Benefits & Compensation Manager x5542

Seeing the Unseen

Categories: Midd Blogosphere

Seeing the Unseen
In honor of Professor Frank Winkler
on his retirement

Professor, friend, our class’s true
astronomer, whom a blackboard can’t
erase. Who’s taken us beyond the seen,

and unseen stars. Where space is
anybody’s second guess. Where,
it seems, we’re more and less

and everything that matters.
Who uses up three boards to write
love’s infinite sign, the feeling

today in your, in our last class,
that can’t be canceled out, that
remains a constant one.

Not by chance, your name, Frank
Winkler, has us winking at
the stars, those burning gases

it takes more than this semester
to reach us. Years from now,
maybe from another galaxy,

one of us will look back to earth—
you taught us we’re made up
of everything there is

(Did I get that right on the test?)
To look back and see the comet’s
trace of you jetting across

Bi-Centennial Hall’s grand
space. See you dropping
that bowling ball, near my

roommate’s, First Year foot,
to show us the principle by which
we’ve come to be love’s

first gravity. So, Professor,
at the end of this hour, we can
stand, we can fall back to Earth.

Gary Margolis ‘67
Executive Director, Emeritus,
College Mental Health Services
Associate Professor (part-time)
English and American Literatures

Reminder: TIAA-CREF Open Meetings

Categories: Midd Blogosphere

WHEN: Thursday, March 29, 2012, 9-10 a.m. AND noon-1 p.m.

WHERE: Mitchell Green Lounge, 3rd Floor McCullough

Please join Erik Moreau our TIAA-CREF Field Consultant on Thursday March 29 for a live demonstration of the www.tiaa-cref.org website and its capabilities as well as a tour of the Middlebury College micro-site at www.tiaa-cref.org/middleburycollege. These will be interactive meetings where we will explore important online capabilities such as using web tools and services, in addition we will show you how to establish online access to your personal account and explore basic tasks like placing trades and changing beneficiaries or setting e-preferences. It promises to be useful information that we should all know and there will be plenty of time for questions on other subjects while we have Erik for the day. No registration required. Chose the time most convenient for you.

 Sponsored by Human Resources 

TIAA-CREF Open Meetings

Categories: Midd Blogosphere

WHEN: Thursday, March 29, 2012  9 am to 10 am or 12 pm to 1 pm

WHERE: Mitchell Green Lounge, 3rd Floor McCullough

Please join Erik Moreau our TIAA-CREF Field Consultant in March for a live demonstration of the www.tiaa-cref.org website and its capabilities as well as a tour of the Middlebury College micro-site at www.tiaa-cref.org/middleburycollege. These will be interactive meetings where we will explore important online capabilities such as using web tools and services, in addition we will show you how to establish online access to your personal account and explore basic tasks like placing trades and changing beneficiaries or setting e-preferences. It promises to be useful information that we should all know and there will be plenty of time for questions on other subjects while we have Erik for the day. No registration required.  Please choose the time that is most convenient for you.

Sponsored by Human Resources

 

HR Update: TIAA-CREF Investment Resources

Categories: Midd Blogosphere

Are you interested in learning more about the investment options that are available through TIAA-CREF? In addition to meeting individually with Erik Moreau, our TIAA-CREF consultant (click here to view visit schedule) you can also access a wealth (no pun intended) of information on the Middlebury TIAA-CREF Financial Services web page here.

http://enroll.tiaa-cref.org/middleburycollege/index.asp

What can you do here? Just a few of the options include:

Still have questions? To speak with a customer service representative at TIAA-CREF, call 1.800.842.2776, then enter 0 followed by your Social Security number and you will get to talk to a person. If you wish to schedule an appointment to meet with Erik Moreau, please call 1.866.904.7801 x275142.

Watch for more information about an open meeting on March 29th.  Erik will give a live demonstration of the TIAA-CREF website, the Middlebury College micro-site, how to establish your on line access, etc.

This week’s employment snapshot:

There are currently 19 faculty positions, one summer Language School faculty position, 17 external job postings and four internal job postings on the Middlebury College employment opportunities websites.

Employment Quick Links:

Faculty Employment Opportunities: go/faculty-jobs (on campus), http://go.middlebury.edu/faculty-jobs (off campus)

Summer Language School Faculty Opportunities: go/ls-faculty-jobs (on campus), http://go.middlebury.edu/ls-faculty-jobs (off campus)

Staff Employment Opportunities: go/staff-jobs (on campus), http://go.middlebury.edu/staff-jobs (off campus)

HR Update: TIAA-CREF One-on-One Counseling with Erik Moreau

Categories: Midd Blogosphere

If you are interested in scheduling an on-campus, one-on-one visit with Erik Moreau, consultant with TIAA-CREF, to discuss your retirement plan investments, he has confirmed dates he will be on campus for the first half of 2012. Please review the schedule below and call Erik’s assistant, Melissa Prunier, at 866.904.7801, ext. 275142, to schedule an appointment. Meetings will be held on the second floor of the Service Building in the rooms indicated.

  • January 12, Room 201
  • January 24, Room 223
  • February 14, Room 223
  • February 22, Room 223
  • March 8, Room 201
  • March 29, Room 201
  • April 10, Room 223
  • April 18, Room 223
  • May 10, Room 201
  • May 24, Room 201
  • June 7, Room 201
  • June 26, Room 223

This week’s employment snapshot:

There are currently 19 faculty positions, 1 summer Language School faculty position,14 external job postings and 6 internal job postings on the Middlebury College employment opportunities web sites.

Employment Quick Links:

Faculty Employment Opportunities: go/faculty-jobs (on campus), http://go.middlebury.edu/faculty-jobs (off campus)

Summer Language School Faculty Employment Opportunities: go/ls-faculty-jobs (on campus), http://go.middlebury.edu/ls-faculty-jobs (off campus)

Staff Employment Opportunities:  go/staff-jobs (on campus), http://go.middlebury.edu/staff-jobs  (off campus)