Tuition Waiver requests must be received in Human Resources by 5:00 p.m. of the add/drop date. With the winter holiday break beginning December 19, this is your reminder to get your waiver requests in early so you’re not rushing to submit them when we return in January. Spring 2020 deadlines can be found on the Office of the Registrar’s website. Waivers received after their respective deadline will not be accepted and you will be responsible for paying your full tuition. The Request for Waiver of Tuition form is found here.
End of the Year Leave Reminder for Classified Employees
The university’s winter holiday break begins Thursday, December 19 at 1:00 p.m. 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.
Classified employees should review their current vacation balance with their supervisor and plan to use vacation hours that will exceed their maximum carry-over limit. Excess vacation hours and the 2019 Personal Day (taken in its full eight-hour increment) must be used on or by January 9, 2020 with the exception of the vacation hours accrued on January 9 for the final pay period (12/25/19 through 1/9/20). These vacation hours will be counted in the new leave year’s total vacation leave balance.
Please have all leave requests for the 2019 leave year entered in MyMadison by Friday, January 10 at 5:00 p.m. Supervisors will have until Noon on Tuesday, January 14 to approve all requests.
Time and Attendance Records for Non-exempt Classified Employees
2019 Time and Attendance Records for non-exempt classified employees must be submitted electronically to firstname.lastname@example.org no later than Friday, January 17. The 2019 and 2020 Time and Attendance Records are located on the Time and Attendance Reporting website at https://www.jmu.edu/humanresources/benefits/leave/time-attendance.shtml
Mailing Addresses and W-2 Consent in MyMadison (Employee Tab)
Payroll Services would like to remind employees to check their mailing address in MyMadison by December 31, under the Employee Tab, to ensure timely delivery of their W-2 document in January. Payroll Services will not mail W-2 documents to mail stop codes, JMU departments, JMU student PO boxes or to the JMU designated zip code of 22807 due to the confidential nature of the information contained in the document. It only takes a minute to verify your address in MyMadison, but it may take the mail up to two weeks to return a W-2 document with an incorrect or invalid address.
NOTE: Student employees may need to update their mailing address under the ‘Employee Tab’ for payroll purposes and under the ‘Student Tab’ for other student related year-end documents.
Alternatively, you may “Go Green” with your W-2! We encourage employees to support the university’s mission of environmental sustainability, and to help us save paper and reduce processing costs, by logging in to MyMadison, navigating to the Employee tab, and clicking on W2/W2c Consent Form to opt out of receiving a paper form. By choosing to “Go Green”, you eliminate the possibility that your W-2 might be lost, stolen or delayed by the postal service. For more information on Electronic W-2’s or to view our W-2 Consent Disclosure Notice, please visit our Tax Information webpage.
Our goal with the Benefits Broadcast is to feature a specific benefit each month. This month’s featured benefit is...
Supplemental Retirement Accounts
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, as well as 403(b) supplemental retirement accounts. Below is a plan comparison of the two different plans:
You may choose from six participating 403(b) providers, while the 457 deferred compensation plan is managed by ICMA-RC.
Never Pass Up Free Money!
The university also offers a Cash Match plan, an employer-paid benefit for salaried faculty and staff who are making contributions to a 403(b) account or 457 deferred compensation plan. The employer match amount is 50 percent 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. 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 email@example.com 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!
Need to Talk With an Expert?
Did you know that every month, company representatives for your benefits are here on campus in the Wine-Price Building? Here is a list of upcoming dates where you could talk with an expert:
- December 11– Commonwealth One Federal Credit Union, Melissa Bohl, firstname.lastname@example.org
- December 12 – ICMA-RC, Steven McGregor, JMU Online Scheduling
- December 13 – Fidelity, Paul Vutiprichar, www.fidelity.com/reserve
- December 19 – Valic, Corbin Hess, email@example.com
- January 7 – TIAA Wealth Management, Antoinette Lucas, Antoinette.firstname.lastname@example.org
- January 15 – TIAA, Jay Colligan, Eugene.email@example.com
Virginia Retirement System Members News
Be sure to read the latest issue of Member News from VRS. Included in this issue is information regarding setting goals for retirement, reviewing your 2019 Member Benefit Profile, and VRS benchmark results. Subscribe to Member News directly for the latest updates.
Social Security Newsletter
Check out articles in the December 2019 issue of the Social Security Column for important reminders and information from the Social Security Administration.