Welcome to the Benefits Bulletin!
Our goal with this monthly newsletter is to communicate benefit changes and keep you up-to-date and informed on approaching deadlines.
Virginia Retirement System Hybrid Retirement Plan Auto Escalation Quickly Approaching!
On January 1, 2023, the VRS Hybrid Retirement Plan’s auto-escalation feature will boost retirement savings for hybrid plan members. Automatic contribution increases and matching employer contributions make growing your retirement savings even easier!
Who is affected?
Hybrid members hired on or before September 1, 2022, who are not currently making the maximum voluntary contribution of 4 percent, will see their voluntary contribution amount increase by 0.5 percent of compensation on January 1, 2023.
How much will my contributions increase?
Your voluntary contributions will increase by 0.5 percent, even if you are not currently making any voluntary contributions to the Hybrid plan. That amount will increase by 0.5 percent every three years until you reach the maximum 4 percent voluntary contribution. You may contribute more to reach the maximum sooner.
You can also boost your contributions with SmartStep. You can take action anytime to maximize your voluntary contributions with SmartStep. SmartStep is a hybrid plan feature which allows you to set up annual increases to your voluntary contribution in an amount and month you choose. If you use SmartStep, your voluntary contributions will increase through auto-escalation and again during your designated SmartStep increase month unless:
- You choose January for your increase month prior to September 16, 2022 or
- You make a SmartStep election or change between September 16 – December 15, 2022
Why is it beneficial?
Auto-escalation offers you a convenient way to save more for your retirement:
- The more you save in voluntary contributions — the more you receive in matching employer contributions. When you contribute 4 percent, your employer contributes 2.5 percent!
- It’s easy – no action required! You only need to take action if you choose to opt out.
- Incremental increases help you make sure that you are saving more as you get closer to retirement age, when you will start withdrawing from your savings.
Members can opt out of auto-escalation from September 16, 2022 through December 15, 2022. To opt out, log into Account Access or call Participant Services at 1-VRS-DC-PLAN1 (1-877-327-5261) and select option 1.
Optional Group Life Insurance Special Enrollment
The Virginia Retirement System, along with Securian Financial, the insurer for the Group Life Insurance Program, is offering a one-time opportunity for employees to enhance their optional group life insurance protection without medical underwriting during a special enrollment window, October 1 – November 30, 2022.
Employees who do not currently participate in the optional group life insurance program will have a one-time opportunity to enhance life insurance protection without answering health questions. Normally, new hires have just 31 days to apply for optional life insurance without proof of good health. Those who missed that opportunity could take advantage of the special window to apply for guaranteed coverage.
Employees who already participate in the VRS optional group life insurance program can increase existing coverage by one level (e.g., if their current coverage is 1x compensation, they can increase to 2x) not to exceed the lesser of 4x compensation, or $400,000, without answering health questions.
To take advantage of this special enrollment period without medical underwriting, login into your myVRS account. Once logged into myVRS, select Life Insurance under the My History tab, and then the Visit Securian button. Once enrolled, you can change coverage online using the secure link to Securian through myVRS.
For specific coverage questions, please contact Securian at 1-800-441-2258.
Important Flexible Spending Account Deadlines
Please see the chart below for important dates for the Flexible Spending Account (FSA) Program. This includes both the Health Flexible Spending Account (HFSA) and the Dependent Care Flexible Spending Account (DCFSA).
Employees may login to www.payflex.com or call customer service at 1-855-516-8595 for account information. Claims may be faxed to 1-888-238-3539. If you fax your claim, please keep your fax confirmation. Claims may also be mailed to:
PayFlex Systems USA, Inc., PO Box 14879, Lexington, KY 40512-4879
Flu Season is Here!
Employees and enrolled dependents who have insurance coverage through JMU can receive a flu shot at no cost from their physician or participating pharmacies. Participating pharmacies in our area include Kroger, CVS, Walgreens, Walmart, Medicap, and Costco.
Can't make it to the DMV?
DMV Connect will be on campus Monday, September 26th and Tuesday, September 27th from 9:00 a.m. – 4:00 p.m. at the Wine-Price Building on the 2nd Floor. APPOINTMENTS ARE REQUIRED. Use the button below to schedule your appointment.
Need to talk with an Expert?
Did you know that every month, company representatives for your benefits are here on campus in the Wine-Price Building? Below is a list of upcoming dates when you could schedule a time to talk with an expert:
- September 21st - TIAA, Jay Colligan – TIAA scheduling link: https://www.tiaa.org/public/support/contact-us/consultations-seminars
- September 28th – VALIC, Jacob Meyer, Jacob.meyer@aig.com
- October 5th - AFLAC, Michael Glover - michael_glover@us.aflac.com or 540-997-3201
- October 7th - Fidelity, Punchai Paul Vutiprichar – FIDELITY scheduling or 800-642-7131 (virtual appointments)
JMU Service Awards
We are excited to be able to host the Service Awards in person again this year! The Staff Service Awards Breakfast will be held on Wednesday October 12th and the Faculty Service Award Lunch will be held on Thursday October 13th. Recipients and their supervisors who are eligible for this recognition in 2022 have been notified and invitations will be sent out later this month. If you believe you have reached a service milestone with JMU (5, 10, 15, 20, 25, 30, 25, 40, etc…..years of service) and you have not been notified, please contact Tara Torkelson – torkeltb@jmu.edu | 540-568-5533
Optional Retirement Plan for Higher Education (ORPHE) Open Enrollment
October is open enrollment for participants in the Optional Retirement Plan for Higher Education (ORPHE). You have the opportunity to change providers, effective with the first payroll in 2023.
Two provider options are available: DCP (record kept by MissionSquare Retirement) and TIAA. Use the ORPHE Provider Options Chart to review provider’s fees, services, and plan features.
If you wish to change providers during open enrollment, you can view your options and make a selection in myVRS. Once logged in, the following message will appear on your account home page through October 31, or until you make a provider change:
No action is required if you do not wish to change your provider during the open enrollment period.
Please note that selecting a new provider does not impact your balances. If you wish to transfer balances to your new provider you will need to request a plan-to-plan transfer. For additional information or assistance, please email orphe@varetire.org.
Reminder!
Election Day holiday is a floating holiday for the 2022 Leave Year
This is a reminder that as a result of Election Day occurring during the fall academic calendar, the university designated the Election Day holiday as a floating holiday.
The university granted 8.00 hours of recognition leave to all full-time classified staff and A&P Faculty to use at their discretion in its full 8.00 hour increment on or before Saturday, December 31, 2021. This 8.00 hours of additional recognition leave was effective and visible in MyMadison on January 10, 2022. Select the RL TAKEN option in MyMadison to use the leave with supervisor approval.
Questions may be directed to Reagan Neese, Leave Specialist, at neeserw@jmu.edu.
THANK YOU FOR READING!
This bulletin has been brought to you by the JMU Benefits Team. If you have any questions or would like to reach out to us, please give us a call at 540-568-3593, visit us on the web at www.jmu.edu/humanresources/benefits, or email us at benefits@jmu.edu. Look for the Live Chat on our website and reach one of us instantly!