November 2024 Benefits Updates
Open Enrollment is HERE!
Make your elections for the 2025 benefit year now, through November 25th
WSU’s open enrollment period is your chance to choose new or confirm current benefits for the 2025 year.
Key changes to note:
- Vision Benefits: Vision coverage is now separate from medical plans. All eligible employees must elect vision coverage seperate.
- Premium Rates: Kaiser rates will decrease, while Uniform rates will increase slightly.
Join us for the Open Enrollment Annual Benefits Fairs happening across Washington State University campuses! This is your opportunity to gather essential information, attend insightful presentations, and engage with representatives from our benefit providers.
Events will be held at the following locations:
- Everett: October 28, 2024, 10 AM – 6 PM, Edmonds College, Woodway Hall Bldg 36
- Spokane: October 29, 10 AM – 6 PM, Spokane Community College Lair Student Center
- Vancouver: November 4, 10 AM – 6 PM, Clark College Gaiser Hall
- Pullman: November 5, 10 AM – 6 PM, French Ad/Lighty Concourse
- Tri-Cities: November 6, 10 AM – 6 PM, Columbia Basin College Hawk Union Building H
Each fair will feature presentations by the Health Care Authority (HCA), new vision providers, and tailored sessions for retirees. For presentation schedules and a complete list of fairs, visit the HCA Benefits Fairs website. Can’t make it in person? Don’t worry! A virtual benefits fair is also available for your convenience. Don’t miss this chance to make informed decisions about your benefits!
Visit the Open Enrollment Website for more information and resources.
When we think about financial well-being- often the focus is on managing money. However, there is a crucial link between emotions and financial decisions. This webinar, offered by the WA State Employee Assistance Program (EAP), explores how emotional triggers influence spending habits and can lead to procrastination, hindering our financial goals. By understanding these emotional factors, participants will learn to make better financial choices. Drawing from personal and professional experiences, presenter Ria Dark, highlights how fear and anxiety impact financial decisions, offering strategies to achieve financial success.
Enhanced Contribution Options for Certain Employees’ Voluntary Plans
Starting January 1, 2024, employees aged 60-63 can make higher catch-up contributions to both the 457b Deferred Compensation Plan (DCP) through the Department of Retirement Systems (DRS) and the 403b Voluntary Investment Plan (VIP) through TIAA.
Typically, individuals over 50 can contribute an additional amount above the basic voluntary limit, which is $23,000 for 2024. The new catch-up limit for employees aged 60-63 will be 150% of the standard age 50 catch-up contribution. If the IRS maintains the catch-up contribution at $7,500 for 2025, these employees could contribute $11,250. Should the IRS increase the base catch-up amount in 2025, this higher limit will also increase accordingly.
Further details will be shared this fall and posted on the Voluntary Retirement Plans website following the IRS’s announcement of the 2025 contribution limits.
Deadline for Increasing 2024 Voluntary Retirement Contributions Rapidly Approaching
If you want to increase or adjust your voluntary retirement contributions for 2024 with the TIAA VIP plan or the DCP plan, please submit your elections soon—there are only a few pay periods left. You can contribute on a pre-tax or post-tax basis, starting with as little as $15, up to $23,000, or $30,500 if you’re over 50. Since these are voluntary plans, you can start, stop, or change your contributions at any time. For more information, visit WSU Retirement Information.
More news from Benefits:
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!
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).
Content Credit: Ann Monroe, HRS Benefits Director; Carey Musburger, Learning and Organizational Development Sr. Assistant