Employee Matters

This column is prepared by staff of the Employee Compensation and Benefits Services office. E-mail the office at employee@bussvc.wisc.edu, or call 263-7556 or 262-5650. For information, visit http://www.bussvc.wisc.edu/ecbs/.

Your Employee Benefits

The beginning of the academic year is a good time to review your benefits. What should you review?

• Has your address changed? You must contact our office directly to update your address for payroll purposes.
• Did you change financial institutions? If so, you must complete a new direct deposit form.
• Has there been a change in your tax status? You may need to complete a new W-4 to update your tax information.
• Did you experience a life event (marriage, divorce, birth of a child, etc.) that requires changes in benefit plans? You may be eligible for different benefits if you experience a life event.
• Do you need to adjust or begin contributing to a tax-sheltered annuity plan or deferred compensation? All employees can contribute at least $15,000 per year to a tax-sheltered annuity plan plus an additional $15,000 per year to deferred compensation.
• Are your beneficiary designations up to date? The Office of Human Resources does not retain this information and will not be able to tell you whom you’ve named. If in doubt, it is best to complete new beneficiary forms. If you do need to make any changes, obtain forms at http://www.bussvc.wisc.edu/ecbs/ecbs.html or e-mail benefits@ohr.wisc.edu.
• Will there be any open enrollments later this fall? How will you be notified? Yes. The Dual Choice Health Insurance Change Period runs from Oct. 9-27. There will also be DentalBlue and Spectera Vision Plan open enrollments that coincide with the Dual Choice period. The Employee Reimbursement Account annual enrollment period also begins on Oct. 9. Some other plans may offer open enrollments or the opportunity to make changes within plans. Depending on the plan, either a mailing will be sent to you at your campus address or your department payroll or benefits coordinator will forward an e-mail announcement to you. Check “New Info” on our Web site for updates.

How can you find out more about benefits? Plan to attend the Employee Benefits and Resource Fair on Thursday, Oct. 12, at Memorial Union. Watch for information about other upcoming seminars and educational opportunities.

To learn more, or for questions, contact Employee Compensation and Benefits Services at employee@bussvc.wisc.edu, or visit http://www.bussvc.wisc.edu/ecbs/ecbs.html.