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.
January's Featured Benefit
This month's featured benefit is...
Supplemental Retirement Accounts
With the beginning of each new year, we set personal goals for ourselves. This is a great time to set financial goals, including thinking about retirement in the future.
As a State of Virginia employee, you are provided a robust retirement plan through either the Virginia Retirement System (VRS) or the Optional Retirement Plan (ORP) for faculty members, but will these accounts be enough to provide you with the necessary income upon retirement? Though advice varies, most experts recommend saving 10% of your salary in order to have between 70%-90% of your annual pre-retirement income, which includes your retirement accounts and Social Security. So, just as you may take preventative measures to ensure your personal health, it is also important to review your financial health. Are you setting aside the necessary funds now so that you may live comfortably in the future?
At the university, employees may take advantage of both 457 deferred compensation plans and 403(b) supplemental retirement accounts. Below is a plan comparison of the two different plans:
Never Pass Up Free Money!
The university also offers a Cash Match Plan, an employer-paid benefit for benefited, salaried faculty and staff who are making contributions to a 403(b) account or 457 deferred compensation plan. The employer match amount is 50% of the employee's contribution, up to a maximum of $20 per pay period. The minimum an employee must contribute to their 403(b) or 457 account to participate in the Cash Match plan is $10 per pay period. If you are contributing to both a 403(b) and 457 account, you are eligible for only one cash match. If you are enrolled in the VRS Hybrid Retirement plan, you are not eligible for the 403(b) or 457 employer cash match unless you are contributing the additional four percent voluntary contribution to the Hybrid plan.
What Do I Do Now?
If you already contribute to a 403(b), complete this Salary Reduction Agreement to make changes to your semi-monthly deduction. To make changes or to establish a 457 account, visit the Commonwealth of Virginia 457 Deferred Compensation Plan to create an account, or call Investor Services at 1-877-327-5261, Option 1. If you have never established a supplemental retirement account, please contact benefits@jmu.edu or 540-568-3593, and a Benefits Specialist will walk you through the process.
Remember…take advantage of free employer money in order to secure your future!
TIAA Live Webinars
- January 16 - Invest for Success: 5 Principles You Need to Know, register online or visit TIAA.org/webinars
- January 18 - Take Control of Your Financial Life: Fine Steps to Managing Money and Debt, register online or visit TIAA.org/webinars
- January 24 - Cybersecurity/Identity Theft Protection for Elders: Help Protect Yourself, Your Family and Your Money, register online or visit TIAA.org/webinars
Need to Talk with an Expert?
- January 17 - MissionSquare, Janice Parker - online scheduling or jparker@missionsq.org
- January 17 - New York Life, Lisa Van Wickler- lvanwickler@ft.newyorklife.com or 434-953-5091
- February 7 - Aflac, Michael Glover - michael_glover@us.aflac.com or 540-997-3201
Make your Health a Habit!
Balanced Dukes invites you to participate in our annual Whole Health Challenge, starting on Monday, January 29, 2024. The Whole Health Challenge encourages participants to focus on creating long lasting habits designed to enhance their overall wellness.
Participants will earn points for completing daily healthy activities, which include eating well, moving more, sleeping better, and stressing less. Participants will track their daily points and receive emails with tips, resources, and encouragement throughout the challenge. The participant with the most points will win the challenge and the prize of $100, which will be applied to their JACard.
Click here to register for the Whole Health Challenge
**NEW OPTIONS FOR 2024**
We are pleased to partner with the Departments of Health Professions & Kinesiology to provide an opportunity for participants to monitor their health during the challenge. We will measure health variables (i.e., blood pressure, blood glucose, cholesterol, triglycerides, weight, and physical activity, among others) before and after the 8-week challenge to give participants an opportunity to see how these healthy habits can really make a difference.
In order to successfully perform the health screenings, faculty and staff who participate in this option during the Whole Health Challenge will be able to select one of three different start dates (1/29, 2/5, or 2/12).
Time and Attendance Records for Non-exempt Classified Employees
2023-2024 Time and Attendance Records for non-exempt classified employees must be submitted electronically to benefits@jmu.edu no later than Friday, January 19. The 2023-2024 and 2024-2025 Time and Attendance Records are located on the Time and Attendance Reporting website at https://www.jmu.edu/humanresources/benefits/leave/time-attendance.shtml.
University Closings Due to Inclement Weather
With winter weather reaching the valley, please review Policy 1309-University Closings, Class Cancellations and Exam Postponements Due to Inclement Weather or Emergencies to learn more regarding closing decisions, the cancellation of classes, the difference between designated and non-designated staff, and the eligibility for compensation for hours worked during inclement weather delays and closures.
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!