July 2024 Benefits Updates
SmartHealth Wellness Incentives
With all the summer activities we find ourselves doing, be sure to track them and work towards earning your $125 Wellness Incentive. To start now, or continue your Wellness Journey, visit SmartHealth.
Participate in the Five to Thrive 28-day Challenge today!
Eating five servings of produce each day can help you live a longer and healthier life. Fresh fruits and veggies are filled with vitamins, minerals, nutrients, and hundreds of different plant compounds that are good for your well-being.
Join the Five to Thrive 28-day challenge and focus on eating five servings of fruits and veggies per day. Record your progress for at least 21 days to earn 150 points towards your SmartHealth incentive. Even if you don’t reach the daily goal, you’ll still earn points for what you log.
Tracking is easy, online or through the Wellness At Your Side app on your mobile device. Download the app from your app store and enter the connection code SmartHealth to get started.
Resources Available Through the Employee Assistance Program (EAP)
Navigating personal change can be difficult. EAP offers an abundance of free and reduced-fee Work-Life resources to help with legal, financial, family, aging, mental health, relationships, and professional development to name a few.
EAP also has a robust resource library full of articles, videos, and recorded sessions available on-demand to access whenever it fits your schedule. Visit the Washington State Employee Assistance Program and use organization code “WSU” to access all of these tools and more!
How to Make the Most of Your Upcoming Salary Increase
Mass salary increases are on the horizon! Classified staff will receive a 3% increase in July, and AP and Faculty will see a 2% increase in October. Have you considered how you’ll use this extra income?
Here are a few ideas:
- Pay off debt
- Save for a vacation
- Contribute to a voluntary retirement plan to set aside additional funds for the future
All WSU employees have access to two voluntary retirement plans with flexible contributions ranging from $15 per pay period up to $23,000-$30,500 per plan in 2024.
Available through DRS, the 457b retirement savings program under the Deferred Compensation Plan (DCP), is funded by employee-only contributions and designed to help you save more and achieve your desired retirement lifestyle. With two plan options available, each providing tax savings, contributions are made on a pre-tax basis (pay taxes on contributed funds), or post-tax basis (pay taxes on withdrawn funds). Learn more about the difference between the traditional and Roth plans available through DCP.
The Voluntary Investment Program (VIP) through TIAA also offers both traditional and Roth 403b options. Like the DCP options, both provide tax savings and allow you to save for your future self, ensuring a financially secure retirement.
To learn more or enroll, visit Voluntary Retirement Plans.
DRS Webinars and Podcasts: Enhance Your Retirement Planning
Attention PERS, TRS, LEOFF, and DCP Participants! Did you know that the Department of Retirement Systems (DRS), which administers these plans, offers a variety of webinars and podcasts that you can attend live or on demand? These sessions cover a range of topics, including plan overviews, withdrawal and retirement options, Medicare and Social Security basics, and comprehensive retirement planning (among other topics).
Monthly Pre-Retirement Sessions Hosted by HRS Benefits
If you are thinking of retiring in the next one to five years, you may find a pre-retirement seminar helpful. At these sessions, a variety of topics are discussed including:
- WSU retirement process
- Retiree medical/dental options
- Leave payout
- Who to contact regarding DRS or WSURP retirement benefits
Visit the Retirement Information page of the HRS Benefits website for a schedule of upcoming dates and sessions.
Content Credit: Ann Monroe, HRS Benefits Director; Carey Musburger, Learning and Organizational Development Assistant