Employee Benefits - What`s your net worth?

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What Benefit is Most Important to You?
When Do You Plan To Retire?
What About Your Health Coverage?
What About My Leave Benefits?
Life Insurance; More or Less?
What Other Insurance Might I Need?
Retirement
Health Insurance
Leave Benefits
Life Insurance
Other Insurances
Take Home (Net) Pay
1)
2)
3)
4)
5)
Income: How much do I need?
Where will my payments come from?
When will I collect Social Security: Beginning at
age 62, 65, or full retirement age?
Medicare coverage at age 65. How will I pay for
health coverage if I retire prior to age 65?
Do you have a rainy day fund for those
unexpected expenses?
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Vesting Requirements
Employee/Employer Contributions
Fund Choice of Variable or Core Account
Additional Contributions Options
Formula Benefit and Money Purchase Calculation
Retirement Age Eligibility
Monthly Annuity Distribution Options
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2)
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Employees can retire from the WRS at age 55 and
those in the protective category at age 50.
If retiring from the WRS at age 57 with 30 or more
years of service, then no age reduction factor is
applied to their annuity.
Accelerated payments are typically available to
individuals retiring prior to age 62.
The monthly benefit is reduced at age 62 for those
that elect an accelerated payment option.
1)
Three Life Only options at retirement.
1.
2.
3.
2)
Annuitants Life Only.
Annuitants Life Only w/60 Payments Guaranteed.
Annuitants Life Only w/180 Payments Guaranteed.
Four Joint Survivor options, if applicable.
1. 75% Continued To Named Survivor.
2. 100% Continued To Named Survivor.
3. 25% Reduced on Death of Annuitant/Named Survivor.
4. 100% Continued To Named Survivor w/ 180 Payments
Guaranteed.
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2)
3)
When the monthly annuity is less than $182.00,
the annuitant must take a Present Value Lump
Sum payment.
If the monthly annuity payment is between
$183.00 and $371.00, the annuitant has an option.
A monthly annuity at or over $372.00 requires the
annuitant to select a monthly amount for
payment.
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Five vendors available to select from.
No Administration Fee for enrollment.
20% withholding and a 10% tax penalty for early
withdrawal prior to 59 &1/2 or retirement.
Contribute as little as $8 per pay period for
Classified or $20 per month for Unclassified .
You have both Pre-tax and Post-tax contribution
options.
Maximum contribution limit of $17,500 for
individuals under 50, $23,000 for over 50.
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2)
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Six vendors including T. Rowe Price, Fidelity,
TIAA-CREF, Ameriprise Riversource, and Lincoln
Financial.
Roth & pre-tax options are available although
Ameriprise does not offer the Roth option. Can
do either or both as a percent or flat amount.
Maximum contribution for individuals under age
50 is $17,500 with a $5,500 catch up for individuals
over age 50.
Special catch up of another 3,000/year may apply
1)
2)
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Can use contributions to purchase forfeited
service under the WRS.
Can take a loan out up to 50% of the contributed
amount.
Can move monies between vendors participating
in the 403(b) program.
Can take a distribution while still employed only
if you are disabled or at least 59 & 1/2.
Can take without penalty at age 55 if retired from
the WRS.
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2)
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Different Funds are available to invest in.
Same contribution limits as 403(b).
Offers both Roth and Pre-tax options.
Annual Fee for participation based on amount in
the account.
You are unable to access the funds as long as you
are employed by the State.
Upon termination, there are no penalties or
restrictions on obtaining the funds.
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Managed by Great West Financial Services.
Has 21 investment options with 5 lifecycle funds,
10 mutual funds 4 trust options, a stable value
fund and a FDIC-insured bank option.
Roth & pre-tax contribution option with three
distribution options; periodic payments, lump
sum, and a partial lump sum.
Similar contribution maximums as the 403(b)
except if within 3 years of retirement.
Up to $35,000 possible but excludes 50+ catch up.
Quarterly statements issued on performance.
The UW provides comprehensive health insurance
throughout Wisconsin to employees and their
families. Health plans offered include Health
Maintenance Organizations (HMOs) and Preferred
Provider Organizations (PPOs). One plan has a
nation-wide network of preferred providers. The
Standard Plan is the universal coverage administered
by WPS and provides coverage outside of Wisconsin.
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Coverage under the HMO plans provide a
Uniform Dental Benefit of $1,000/person/year.
[see dental comparison sheet]
Preventative Care covered at 100%.
Health coverage can be continued in retirement.
Family coverage allows surviving spouse access to
the sick leave credits as either an active or retired
employee.
There are Medicare I & Medicare II rates for the
supplement to Medicare B coverage at 65.
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Vacation
Personal Holiday
Legal Holiday
Sick Leave
Sabbatical or ALRA (Vacation Banking)
Leave Allocations
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University Insurance Association.
State Group Life.
UW Employees Inc.
Individual & Family Life.
Accidental Death & Dismemberment.
Three different dental plans.
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b.
c.
Three vision options.
2)
b.
One eye exam through HMO health plan.
VSP Vision Plan.
c.
Epic Benefits + discounted vision through EyeMed.
a.
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4)
Uniform Dental through the HMO health plan.
Epic Benefits + includes dental.
Dental Wisconsin Plans; Select & PPO.
Income Continuation (disability coverage).
Employee Reimbursement Account.
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Social Security & Medicare are taken first prior to
most pre-tax deductions.
Federal & State Income Tax withholdings.
Wisconsin Retirement System contributions.
Benefits that you have enrolled in.
Benefit Deductions Pre & Post Tax
The value of your salary, retirement and health
benefits are very beneficial.
Total Compensation: Do a Calculation
1)
2)
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Remember: Open Enrollment 2014 is October 6th
thru October 31st.
What are my benefits and what is their net worth?
Do I have too much or too little life insurance
coverage for myself and the family?
Are my benefits working as hard for me as I work
for them?
What is my plan for retirement; how and when
will it happen?
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