March 15, 2017
Retirement Election Process Update
The Department of Human Resources has been informed by the Office of the State Comptroller-Retirement Services Division, that the change to the retirement election process which will require new higher education state employees to make an irrevocable election to participate in an applicable retirement plan offered by the State of Connecticut no later than their first day of employment, has been delayed until March 31, 2017.
The Retirement Services Division of the Office of the State Comptroller is continuing to create tools that will be helpful to new employees when making a retirement election. This information as well as an updated retirement election form will be available in the coming weeks.
Given the University’s decentralized hiring model, hiring administrators must notify candidates of this state requirement at the time of job offer to ensure the candidate has ample time to make an informed election should they accept the position. In addition, the Department of Human Resources has designed a process by which all new hires eligible for a retirement plan will be reminded of the new requirement upon a job offer being accepted. More details regarding the new process will be available as soon as we receive final information from the Office of the State Comptroller.
For more information, contact: Human Resources Operations Team at 860.486.3034 or email@example.com
February 1, 2017
Prudential Retirement Sessions
Prudential Retirement Counselors Thomas Shepherd and Thomas Grubbs are on the UCONN Storrs Campus throughout the year to answer your retirement planning questions.
- How to save for the retirement you want
- How to take advantage of your plan features
- How to choose investments that meet your needs
- If you are on track to meet your goals (and what to do if not)
All sessions are at the UCONN Storrs Campus in the Student Union. For the schedule of upcoming retirement planning sessions please go to Prudential Retirement Sessions.
You can contact Prudential Retirement Counselors:
January 19, 2017
Change to Current Retirement Election Rules
The Department of Human Resources has been informed by the Office of the State Comptroller-Retirement Services Division, that all new higher education state employees must make an irrevocable election to participate in an applicable retirement plan offered by the State of Connecticut no later than their first day of employment. This requirement is a change to the current retirement election practice which allows new employees 60 days post start date to make a retirement plan election. The new requirement is effective for all new employees hired on or after March 1, 2017. New hires with start dates beginning January 1, 2017 who have not yet made a retirement election must do so no later than March 1, 2017.
The Retirement Services Division of the Office of the State Comptroller is creating tools that will be helpful to new employees when making a retirement election. This information as well as an updated retirement election form will be available in the coming weeks.
Given the University’s decentralized hiring model, hiring administrators must notify candidates of this state requirement at the time of job offer to ensure the candidate has ample time to make an informed election should they accept the position. In addition, the Department of Human Resources has designed a process by which all new hires eligible for a retirement plan will be reminded of the new requirement upon a job offer being accepted. More details regarding the new process will be available in early February.
It is important to note that if the new employee fails to make a voluntary irrevocable retirement plan selection by the first day of employment then the employee will automatically be defaulted into the applicable State Employee Retirement Plan agreed upon through the collective bargaining process. The automatic defaults will be irrevocable.
For more information, contact: Human Resources Operations Team at 860.486.3034
November 29, 2016
2017 Maximum Contributions to 457 & 403(b) Plans
The purpose of this memorandum is to announce the 2017 limits for contributions to the State of Connecticut 457 Deferred Compensation Plan and the 403(b) Plan and to explain how participants whose contribution(s) were stopped because they reached the 2016 annual limit can restart plan contributions for 2017.
The amount that employees can contribute to the 457 or the 403(b) plan each year is limited by the Internal Revenue Code. The Internal Revenue Service (IRS) recently announced that the contribution limits for 2017 will be unchanged. The maximum amount an individual under the age of 50 may contribute to a 403(b) or 457 Plan during 2017 is $18,000. Employees who will be at least age 50 by December 31, 2017 are eligible to contribute an additional $6,000.
The annual limit applies to pre-tax contributions, post-tax contributions or any combination of the two. Employees who are eligible for both the 403(b) and 457 Plans may contribute the 2017 maximum amount to each plan. The minimum contribution amount for the 457 Plan is $20 per pay period and $200 annually for the 403(b) Plan.
RESTARTING AND INCREASING CONTRIBUTIONS IN 2017
Employees whose contributions were stopped upon reaching the maximum 2016 limit must elect to re-start their contributions to the 403(b) or 457 Plan for calendar year 2017. See the attached 2017 Payroll Cut-off Schedule for the applicable deadlines for submitting changes. To avoid restarting your contributions too early, do not submit an online, telephone, or paper contribution change request before December 1, 2016.
Employees enrolled in the 457 and 403(b) Plans can restart their contributions online by following these instructions:
- Log onto www.ctdcp.com
- Click on ‘access account’
- Enter your user id and password
- Under the ‘go to’ box select Contribution Rate
- Next to your contribution amount, select ‘change’
- Enter your contribution amount
- Click on “OK”
- Review your new contribution amount
- Select ‘apply changes’
- You’ll receive your confirmation page with a tracking number.
Prudential can also accept contribution changes and restarts for the 457 and 403(b) plans by telephone. You can reach Prudential at 844-505-SAVE (7283).
For all other employees actively contributing to the 403(b) and 457 Plans in 2016, your contribution election will continue for 2017 unless you initiate a change.
Please see the Payroll Cut-off Schedule for the applicable deadlines for submitting changes for paychecks in 2017.
Employees who have questions regarding the 403(b) or 457 Plan should call Prudential at 844-505-SAVE (7283) or log onto www.ctdcp.com for more information. You may also contact the Employee Benefits Unit for assistance at 860-702-3543 or at firstname.lastname@example.org.
For more information, contact: Human Resources at 860-486-3034
November 21, 2016
2016 Taxable Fringe Benefits – Please Check E-mail
Each year, the University makes efforts to notify faculty and staff who received taxable benefits related to their employment, above and beyond their regular pay. Common taxable benefits include meal benefits, living expenses, season tickets and non-cash awards such as championship rings. Employees who receive such items must pay tax on them from their final paychecks of the calendar year.
Most affected employees are notified via an e-mail sent to their uconn.edu address. The e-mail is sent from email@example.com. Please check your spam or clutter folders to make sure that these e-mails are not being caught in them. Notifications began on November 16, 2016.
Please note: Only a small portion of University employees receive taxable fringe benefits. University employees who do not receive the types of benefits described above are not affected by this announcement and will not receive an e-mail notification.
For more information, contact: Nicholas Ferron at firstname.lastname@example.org.
UCPEA Holiday Time
To UCPEA members:
The following information is being provided to all UCPEA bargaining unit members to clarify the process of earning compensatory time on a working holiday when there is an early release or late opening.
Article 8 of the UCPEA contract states: Any employee who is required to work on a legal holiday shall be granted a compensatory day for that holiday to be taken by the end of the succeeding calendar year at a time mutually agreed to by the parties.
A recent arbitrator’s stipulated award spelled out that when there is a late opening or an early closing on a holiday when an employee is scheduled to work, UCPEA members will earn compensatory time equivalent to the time they actually work on the holiday.
For example, if the University opened 2 hours late on Washington’s Birthday, those UCPEA bargaining unit members who report to work consistent with the late opening and work the remainder of the work day would record the day as: 7 HOL, 5 HWCE. If an employee chose to report to work at their regular starting time despite the late opening, they would accrue the holiday as: 7 HOL, 7 HWCE. A job aid has been created to assist employees with the entry of holiday time on timesheets in Core-CT
The Office of Faculty and Staff Labor Relations
For more information, contact: Labor Relations at 860-486-5684
November 8, 2016
Long Term Care Insurance – Enrollment
As a State of Connecticut employee you are eligible for Long Term Care Insurance
Active employees age 65 and under working 17.5 hours or more per week are eligible to apply with Simplified Underwriting (answer only 9 health questions) for a limited time during this enrollment period!
SUPPLEMENTAL BENEFIT OFFERING:
Connecticut Partnership Long-Term Care Insurance [LTCi] from Transamerica Life Insurance Company. This benefit is available to active employees working 17.5 hours or more per week, Retirees, Spouses*, parents, parents-in-law, grandparents and adult children age 18 or older. All policies are certified by the Connecticut Partnership for Long-Term Care and provide asset protection under the Connecticut Partnership Plan. Additionally, as a State employee you receive a discount on Long Term Care Insurance and you may pay the premiums through the convenience of payroll deduction, at no additional cost to you. View more information at www.armltci.com/ltcbenefit.
Act today to ensure you take advantage of this important opportunity!
MEET WITH A REPRESENTATIVE
Bob DeLorey, CLTC
University of Connecticut
For more Information, contact your authorized Transamerica Life Representative:
Bob DeLorey, CLTC
*”Spouse” means a person legally married to or joined in a civil union with a State employee.
For more information, contact: Human Resources at 860-486-3034.