Benefits Bulletin November 2024

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.

Benefits Team Update

The Benefits Team had to say goodbye to two team members, Kristi Moon and Julie DiMarchi. Kristi served on the HR and Benefits Team for over 17 years and recently relocated to Texas. Julie served on the Benefits Team for several years and recently accepted another position on campus.

We wish both Kristi and Julie success in their future endeavors and appreciate the dedication and service they provided to the university.

November's Featured Benefit

This month's featured benefit is...

Voya Financial, New Record Keeper for VRS Defined Contribution Plans

In January 2025, the Virginia Retirement System Defined Contribution Plan will have a new record keeper, Voya Financial, replacing MissionSquare Retirement. Plans impacted by this change include:

• Hybrid Retirement Plan – Defined Contribution Component
• Commonwealth of Virginia 457 Deferred Compensation Plan
• Virginia Cash Match Plan
• Optional Retirement Plan for Higher Education

The transfer of plan records from MissionSquare Retirement to Voya will happen automatically. This includes your account details, investments, deferral elections, and beneficiaries. No action is required on your part, but here are some key dates to keep in mind during the transition:

• December 16, 2024, until 4:00 p.m. ET - Last day to change your future contribution rate in the Hybrid 457 Deferred Compensation Plan
• December 20, 2024, until 4:00 p.m. - Last day to do the following until the transition period is complete:

1. Request a withdrawal or distribution
2. Submit paperwork for any withdrawals that require paperwork
3. Enroll in a defined contribution plan
4. Change your future contribution rate in the COV 457 Deferred Compensation Plan
5. Make an investment change for future contributions
6. Transfer existing balances to other funds

• December 20, 2024, 4:00 p.m. ET - Blackout period begins. During this time, there will be a brief period when you will not have access to your accounts. Your funds remain invested and continue to receive any earnings during the transition period.
• January 6, 2025 (on or around) - Blackout period ends. Full account access is restored.

1. You will need to register your account with Voya (you will receive additional information when it is time to take action)

• January 2025 - MissionSquare Retirement will mail your final statement (December 31, 2024)
• April 2025 - Voya will send your first account statement (January 1 – March 31)

For more information regarding the transition to Voya, visit the Virginia Retirement System transition website.

2025 Pension Plan Limits

The IRS recently announced Pension Plan limits for 2025. Effective with the 2025 calendar year, elective contribution limits for 403(b) and 457 plans will be $23,500/year, an increase from the current $23,000/year limit. The catchup limit for employees over the age of 50 will remain $7,500/year. Additionally, under the SECURE 2.0 Act of 2022, a higher catch-up contribution limit applies to employees who will reach 60, 61, 62, or 63 by the end of the calendar year. For 2025, this higher catch-up limit is $11,250 instead of $7,500.

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 2025 calendar year would be December 25, 2024.

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. Due to the upcoming change by the Virginia Retirement System to the defined record keeper from MissionSquare to Voya Financial, contributions changes must be made by December 20 in order to be effective January 1, 2025. Otherwise, you would need to wait until January 6, 2025 (the end of the blackout period) once accounts have been transferred and make the change with Voya, with an effective date of February 1, 2025.

LiveHealth Online Benefits for COVA Care and COVA HDHP Members

COVA Care and COVA HDHP members have access to many free online services:

• Thrive: Healthy Back and Joints and Bloom powered by SWORD offers virtual in-home physical therapy that is effective, convenient, and addresses a broad range of musculoskeletal conditions and pelvic health issues. The programs leverage motion tracking sensors and a smart tablet that are shipped to the member. Licensed physical therapists will provide custom exercise plans and education, continuous engagement, and behavioral health resources.
• Lactation Support for new moms provides online support with a lactation consultant, counselor, or registered dietitian.
• Healthy Sleep provides access to virtual sleep specialists that can order at-home sleep evaluations, diagnose sleep disorders, and design treatment plans to improve sleep and overall health.

Go to www.livehealthonline.com or download the Sydney Health app to take advantage of these free online services.

Need to Talk with an Expert?

• November 6 - Aflac, Michael Glover - michael_glover@us.aflac.com or 540-997-3201
• November 8 - Fidelity, Punchai Paul Vutiprichar - online scheduling or 800-642-7131
• November 19 - FIRM - VA 529, Phil Harris - online scheduling
• December 2-MissionSquare (Virtual), Janice Parker -online scheduling or jparker@missionsq.org
• December 4 - Aflac, Michael Glover - michael_glover@us.aflac.com or 540-997-3201
• December 6 - Fidelity, Punchai Paul Vutiprichar - online scheduling or 800-642-7131

November's Social Security Column Newsletter

HAPPY THANKSGIVING FROM SOCIAL SECURITY

Thanksgiving is a time to reflect on our blessings and to share memories with our loved ones. During this holiday season and throughout life’s journey, we are here to help provide you and your family with services, benefits, and information about our programs.

Social Security is more than just a retirement program. We provide services that assist many families across this country. We are there for joyous moments like the birth of your child and issuing their first Social Security card. We are there during times of hardship and tragedy to provide disability and survivor benefits. And we’re there to help you celebrate your retirement, too.

We’re here to serve you online, by phone, and in person at a local Social Security office. You can learn more about our many services at www.ssa.gov.

Please share this information with those who need it. Happy Thanksgiving!

VETERANS AND ACTIVE-DUTY MILITARY MEMBERS: SOCIAL SECURITY HAS YOUR BACK!

Veterans Day is on Monday, November 11, 2024. We honor all veterans who served our country and risked their lives to protect us.

If you know a veteran, please let them know about our Military and Veterans webpage at www.ssa.gov/people/veterans.

On that page, we have information about Social Security Disability Insurance (SSDI) benefits for veterans, including:

• How SSDI benefits are different from benefits available through the Department of Veterans Affairs and require a separate application.
• How we expedite the processing of Social Security disability claims for service members.
• Answers to questions asked about Social Security.

Some active-duty military service members are unable to work due to a disabling condition but continue to receive pay while in a hospital or on medical leave. They should consider applying for SSDI. Active-duty status and receipt of military pay doesn’t necessarily prevent payment of SSDI benefits.

Our Military and Veterans webpage is easy to share on social media and with your friends and family. Please consider passing this information along to someone who may need it.

WHY IT’S IMPORTANT TO CHECK YOUR EARNINGS HISTORY

It may have been years or even decades since you thought about how much you earned at your first job. Did you know that you can find out how much you made that first year? Or any year you worked and paid Social Security taxes? Your earnings history is a record of your progress toward your future Social Security benefits. We track your earnings so we can pay you the benefits you’ve earned over your lifetime. That is why it’s so important for you to review your earnings record.

Even though it’s your employer’s responsibility to provide accurate earnings information, you should review your earnings history and let us know if there are any errors or omissions. Otherwise, your future Social Security benefits could be lower than you should receive. It’s important to identify and report errors as soon as possible. If too much time passes, it could be hard for you to get older tax documents. Also, some employers may no longer exist or be able to provide past payroll information.

The best way to verify your earnings record is to visit www.ssa.gov/myaccount and create or sign in to your personal my Social Security account. You should review your earnings carefully every year and confirm them using your own records, such as W-2 forms and tax returns. Keep in mind that earnings from this year and last year may not be listed yet. When you have a personal my Social Security account, we send you an email once a year, 3 months before your birthday, to remind you to check your earnings and to get future benefit estimates.

If your Social Security earnings record is incorrect and does not match your personal records, you may be able to submit a correction request online using your personal my Social Security at www.ssa.gov/myaccount. If that feature is available in your personal my Social Security account, you can use the online process to correct missing earnings, inaccurate earnings from a valid employer, or earnings from an employer you did not work for. You’ll need to provide:

• Your address if we need to contact you about your request.
• Details about your correct earnings and employer.
• Evidence or proof of correct earnings, if available.

You can electronically upload your proof (W-2, W-2C, tax return, wage stub, pay slip, etc.) in a JPG or PDF format. After you successfully submit your evidence, you can print or save a receipt.

Earnings corrections cannot be processed online if they are for:

• The current or prior year, which may not be recorded yet.
• Self-employment.
• Railroad Board.
• Certain years before 1978.

Also, you cannot submit an earnings correction online if you:

• Receive Social Security benefits, Supplemental Security Income (SSI), or Medicare.
• Have applied for Social Security benefits or SSI.

If you cannot correct your earnings online, call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday to Friday, 8:00 a.m. to 7:00 p.m. to request a correction.

Start a conversation today. Ask a family member or friend about their first job and let them know they can find out what they earned that year!

SOCIAL SECURITY CAN HELP YOU START OR RETURN TO WORK

If you receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits and want to start or return to work, we can help.

Ticket to Work (Ticket) is a program that supports career development for SSDI beneficiaries and SSI recipients who want to work and achieve financial independence. The Ticket program is free and voluntary. Learn more about the Ticket program at www.ssa.gov/work or call the Ticket to Work Help Line at 1-866-968-7842 or 1-866-833-2967 (TTY) Monday through Friday, 8 a.m. to 8 p.m. ET. Our blog article Celebrate the ADA and Ticket to Work During Disability Pride Month at blog.ssa.gov/celebrate-the-ada-and-ticket-to-work-during-disability-pride-month, also provides additional information on the Ticket program.

The Plan for Achieving Self-Support (PASS) program also helps people with disabilities start or return to work. A PASS allows you to set aside resources and income other than your SSI for a specified period. With a PASS you can pursue a work goal that will reduce or eliminate your need for SSI or SSDI benefits. We can refer you to a vocational rehabilitation counselor who can help you figure out your work goal. You can also set up a plan to cover the costs of vocational services (including testing and business planning).

The PASS must be in writing, and we must approve the plan. You can access the application at www.ssa.gov/forms/ssa-545.html. Or contact your local PASS Cadre or local Social Security office for the Form SSA-545-BK. You can get help writing your plan from Ticket service providers, vocational counselors, relatives, and representatives.

For more information about the PASS program, read Working While Disabled—A Guide to Plan to Achieve Self-Support at www.ssa.gov/pubs/EN-05-11017.pdf or the Red Book —A Guide to Work Incentives at www.ssa.gov/redbook.

A job isn’t just a source of income — it can be a vehicle to independence or a step to fulfilling your dreams. Let our Ticket to Work or PASS programs help you achieve your goals.

WILL REMARRYING AFFECT MY SOCIAL SECURITY BENEFITS?

Are you getting remarried? If so, we can help you with Social Security related questions regarding your remarriage.

You may be wondering how your new marriage affects your Social Security benefits now or in the future. Remarrying may affect your benefits if you receive (or expect to receive) any of the following:

1. Supplemental Security Income (SSI) payments – Your SSI eligibility and payment amount may change (or stop) due to your new spouse’s income and resources.

2. Surviving spouse or divorced surviving spouse benefits –

o If you remarry before age 50 – You won’t be eligible for survivors or disability benefits as a surviving spouse unless your later marriage ends by divorce or annulment.

o If you remarry between the ages of 50 and 59 – You may be able to get benefits as a disabled surviving spouse (or disabled surviving divorced spouse) if you were disabled and unable to work when you remarried and your remarriage occurred after age 50. If you remarry before you reach age 60 and that marriage ends, you may be able to get benefits on your previous deceased spouse’s record.

o If you remarry after age 60 – You may be eligible for survivors benefits on your deceased spouse’s record or benefits on your new spouse’s record.

3. Divorced spouse’s benefits – Generally, if you remarry, benefits paid to you on your former spouse’s record stop. You should report your new marriage to us to avoid being overpaid.

4. Children’s benefits (under age 18 or full-time student ages 18 or 19) – Under certain circumstances, we may be able to make payments to stepchildren of a worker who receives retirement or disability benefits.

To learn more about how your new marriage will affect your Social Security benefits now or in the future, read our blog post Will Remarrying Affect My Social Security Benefits at blog.ssa.gov/will-remarrying-affect-my-social-security-benefits.

Please share this with family and friends – and post it on social media.

2024 Retiree Recognition

On December 4, we will be celebrating the dedication and contributions made to the university by our 2024 staff and AP faculty members. The following individuals will be recognized at the event:

• Randal Alger, Administration and Finance
• Sue Ametsreiter, Administration and Finance
• Richard Scott Bailey, Administration and Finance
• Jeffrey Bourne, Athletics
• Sandra Boyd, Administration and Finance
• Stuart Broughton, Administration and Finance
• Anita Brown, Academic Affairs
• Samuel Butler, II, Student Affairs
• Roberta Canez-Jenkins, Administration and Finance
• John Case, Administration and Finance
• Debra Clutteur, Student Affairs
• Pamela Fischer, Administration and Finance
• Sandra Gilchrist, Academic Affairs
• Stephen Good, Administration and Finance
• Andrew Guertler, Student Affairs
• Cynthia Harman, Administration and Finance
• Donna Harper, Enrollment Management
• Tamara Hatch, Research, Economic Development and Innovation
• Linda Hensley, Administration and Finance
• Michael Hensley, Administration and Finance
• Rose Horner, Student Affairs
• Anne Hutt, Administration and Finance
• Jennifer Keach, Academic Affairs
• Jeffrey Knicely, Administration and Finance
• Janet Mahon, Administration and Finance
• Tessy May, Administration and Finance
• Stephen McNeal, Administration and Finance
• Julia Merkel, Academic Affairs
• Richard Miller, Administration and Finance
• Debra Morris, Administration and Finance
• Susan Moyers, Enrollment Management
• Doreen Nilsen, Student Affairs
• Mitchell Propst, Administration and Finance
• Jeffrey Roadcap, Academic Affairs
• Diane Scheidt, Enrollment Management
• Valerie Schoolcraft, Student Affairs
• Julie Shiflet, Student Affairs
• Ann Simmons, Student Affairs
• Jeffrey Smallwood, Administration and Finance
• Barbara Strickler, Administration and Finance
• Duane Swanson, Administration and Finance
• Sherry Thompson, Administration and Finance
• Joseph Urgo, Student Affairs
• Terry Watson, Administration and Finance
• Daveen Woods, Academic Affairs

Upcoming Benefits Training – Retirement 101: Understanding Your VRS Retirement

Are you contemplating retirement? Have you set a retirement date? What do you do next? What benefits will you receive? What is the timing on paperwork?

Come to Retirement 101 and learn the answers to all these questions and more! Learn about your retirement options through the Virginia Retirement System (VRS), discuss the impact on benefits when you retire, and learn how myVRS and Human Resources can aid in retirement planning.

Retirement 101: Understanding Your VRS Retirement (HR1212)

Wednesday, December 11, 9:00 a.m. - 11:00 a.m.

Register with course number HR1212 in MyMadison

Upcoming University Closings

Thanksgiving and Winter Breaks

The university will be closed November 25 - 29 in observance of the Thanksgiving holiday. The university will be closed December 20 – December 31 for the Winter Break*. Please review the Holiday Schedule and University Closings website for the 2024 Holiday and Closing Schedule.

*The university will also be closed Wednesday, January 1, 2025, in observance of New Year’s Day 2025.

As we approach the holiday season, please keep in mind that in accordance with Department of Human Resource Management Policy 4.25-Holidays, classified employees must either work on, or be on approved paid leave, the workday before and the workday after the holiday in order to be paid for holiday time.

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.

TIAA Webinars

• November 13 - How to Get the Most from Your Employee Retirement Plan register online or visit TIAA.org/webinars
• November 19 - Family Wealth Education register online or visit TIAA.org/webinars
• December 4 - Take Control of Your Financial Life register online or visit TIAA.org/webinars
• December 12 - How Can I Afford College for My Kids or Grandkids register online or visit TIAA.org/webinars

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!