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Benefits Bulletin November 2023

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.

2024 Pension Plan Limits

The IRS recently announced Pension Plan limits for 2024. Effective with the 2024 calendar year, elective contribution limits for 403(b) and 457 plans will be $23,000/year, an increase from the current $22,500/year limit. The catchup limit for employees over the age of 50 will remain $7,500/year.

If you would like to make a change to your current 403(b) contribution, please complete the Salary Reduction Agreement and fax to 540-568-7916 or return to benefits@jmu.edu. The effective date for changing payroll deductions beginning with the 2024 calendar year would be December 25, 2023.

If you contribute to the 457 plan and wish to make a change to your current contribution, please log into your account or contact MissionSquare at 1-877-327-5261, Option 1. The change will become effective the first of the next month after you make the change; therefore, for your change to be effective January 1, 2024, please make any contribution changes during the month of December.

Please feel free to contact the Benefits Team at benefits@jmu.edu or 540-568-3593.

November SSA Column Newsletter

November's Featured Benefit

This month's featured benefit is...

Faculty/Staff Computer Loan Program

The Madison CyberZone at the JMU Bookstore and JMU Business Services have partnered to offer an interest-free payroll loan to qualifying JMU faculty and staff for the purchase of a computer from the JMU Bookstore.

All full-time, non-probationary JMU employees are eligible to participate in this program. This is an interest-free loan available to purchase hardware, software, or other computer accessories. All merchandise must be purchased from the JMU Bookstore. The current limit on the loan is $3,600.00, and the repayment period cannot exceed 24 months. Repayment of the loan will be made in payments through payroll deduction on each paycheck.

The JMU Bookstore will consult with the employee on their purchase and when they have made a decision, a formal quote will be written. That quote will be forwarded to the AVP Business Services Office, and the employee will be instructed to contact that office. At that point, the employee will need to sign their computer loan agreement, which will be forwarded to the Bookstore for the order to be placed. If the item is in stock, the purchase can be picked up at that time. Once the purchase is completed, the loan agreement will be forwarded to the Payroll Office to begin payroll deductions. Deductions will continue until the balance has been paid. Loans must be paid in full upon an employee's separation from JMU.

If you have any questions about this program, contact the Business Services Office at 540-568-5689.

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2023 Retiree Recognition

On November 14, we will be celebrating the dedication and contributions made to the university by our 2023 staff and AP faculty members. The following individuals will be recognized at the event:

  • Emily Akerson, Academic Affairs
  • Herbert Amato, Academic Affairs
  • Leslie Bailey, Student Affairs
  • David Barnes, Student Affairs
  • Brian Charette, Office of the President
  • David Chase, Office of the President
  • Lin (Cheryl) Chen, Academic Affairs
  • Kim Emerson, Academic Affairs
  • Carol Fleming, Academic Affairs
  • Julia Fox, Academic Affairs
  • Jacqueline Funkhouser, Academic Affairs
  • Bruce Helsley, Administration & Finance
  • Sherry King, University Advancement
  • Stephen Kozup, Administration & Finance
  • Joyce Krech, Academic Affairs
  • Steve Lackner, Administration & Finance
  • Cindy Leake, Administration & Finance
  • Gregory Liskey, Administration & Finance
  • Veronica Losh, Administration & Finance
  • Robert Martin, Academic Affairs
  • Joyce McBride, Academic Affairs
  • Debra Miller, Student Affairs
  • Dawn Miller, Student Affairs
  • Cynthia Miller, Administration & Finance
  • Donald Mix, Student Affairs
  • Robert Monk, Administration & Finance
  • Gail Napora, Administration & Finance
  • Anne Neale, Academic Affairs
  • Sharon Newman, Academic Affairs
  • Barbara Shepherd, Administration & Finance
  • Yvonne Skingley, Academic Affairs
  • Hope Thompson, Administration & Finance
  • Lori Tolbert, Academic Affairs
  • Frank Viscomi, Administration & Finance
  • Gloria Wood, Administration & Finance

University Closings Due to Inclement Weather

With winter weather on the horizon, the university is preparing for the possibility of inclement weather delays and closures. Decisions to close all non-essential university operations will be posted on the JMU website and broadcast via text and email alerts. Most university employees are considered "non-designated" employees and are not required to work when the university is closed. However, to continue to provide services to students, some positions are considered "designated" and these employees must report to work when the university is officially closed due to inclement weather or other emergency conditions. Designated employees earn compensatory leave for hours worked up to the maximum number of hours of their normal work shifts. Hours worked over the normally-scheduled shift will be compensated in accordance with the Fair Labor Standards Act (FLSA) for the excess time worked (i.e., overtime leave earned), provided employees are in a non-exempt classification. When inclement weather or other emergency conditions create transportation difficulties that result in an employee’s late arrival, supervisors may authorize up to two hours of such lost time as an authorized absence not charged as leave. Supervisors should decide each case on its own merits. Any hours worked by non-designated employees during an authorized closing will be paid and not credited with compensatory leave.

Please review JMU 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 compensation for hours worked during an inclement weather closure.

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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!