With the approach of the new year, it’s a great time to evaluate your Deferred Compensation Program contributions. Are you saving enough to meet your retirement goals?
The IRS has increased the amount you can defer into DCP. In 2020, you can contribute up to the following maximum amounts:
- $19,500 annually if you are under age 50
- $26,000 annually if you turn 50 or older in 2020
Even if you don’t contribute to the maximum, it’s a good idea to check your deferral amounts and consider saving a bit more in 2020.
Depending on your employer’s payroll, it can take up to 30 days for your account changes to go into effect. So for the new year, you might want to start your changes now! Change your contributions through your online account at www.drs.wa.gov/login or call the DCP record keeper for assistance at 888-327-5596.
Remember, DCP is a special type of savings program that helps you invest for the secure and stable retirement you want to achieve. Unlike traditional savings accounts, DCP is tax-deferred — it lowers your taxable income while you are working and it delays payments of income taxes on your investments until you withdraw your funds. DCP is a great way to save!
To learn more, visit the DCP website at www.drs.wa.gov/dcp.
The Payroll Office would like to share with all employees that enrollment for voluntary SEBB Benefits has been extended to December 20. More details are included in the adjacent flyer:
Following is an important message from Payroll regarding SEBB enrollment:
Employees have one more day to complete enrollment in SEBB for benefits that will begin on January 1, 2020. You must still enroll if you are wanting to waive benefits or you will be automatically enrolled into a benefit plan and have a tobacco surcharge.
If you want to verify your coverage, please log into SEBB My Account and select “Coverage Elections.”
If you are enrolling your dependents, please log into SEBB My Account and review them under “Manage Dependents” to confirm they are “Verified.” If they are not verified, please contact payroll at (360) 596-6190.
Attention new employees and employees who have not set up direct deposit:
Employees whose Direct Deposit is not fully set up in time for the November payroll will be paid via a paper check. Importantly, the last day of the month is a holiday for the Olympia School District, and so the Knox 111 building will be closed and therefore paper check pick-up is not available.
The Payroll Office will mail these paper checks to the home address (or P.O. Box) that is on file in Skyward; paychecks will be mailed on November 26, 2019. This way, for employees who travel for the holiday, their check will be waiting for them in their mailbox. Please note, checks will likely arrive in the mail on November 29 depending on the U.S. Postal Service; November 29 is not a bank holiday.
Following is an important message from Payroll regarding SEBB enrollment and the final Supplemental Benefits/SEBB open house tonight, November 14 from 4-7 p.m.:
You only have one more day to complete your enrollment in SEBB for benefits that will begin on January 1, 2020. You must still enroll if you are wanting to waive benefits or you will be automatically enrolled into a benefit plan and have a tobacco surcharge.
If you want to verify your coverage, please log into SEBB My Account and select Coverage Elections.
If you are enrolling your dependents, please log into SEBB My Account and review them under Manage dependents to confirm they are “Verified.” If they are not verified, please contact payroll at (360) 596-6190.
Supplemental Benefits/SEBB Open House November 14
The school district’s Payroll department will host the final NW Benefit Advisors at the Knox 111 Administrative Center tonight, Thursday, November 14 from 4-7 p.m. Barbara Dickson will be at Knox 111 to help Olympia School District employees decipher supplement plans and their benefits to employees. Amy McGuire will also be on hand to answer SEBB questions.
If you are one of the 600 not enrolled in your benefits, you only have 15 more days left to complete your enrollment.
If you are enrolling your dependents, please see the information below about the dependent verification. If you have already competed your dependent verification, make sure to sign back into SEBB My Account and make sure they have been accepted. You can review this under “manage dependents.”
Clarifications on verifying your dependents
If you are enrolling dependents under your SEBB Program coverage, you must provide proof of their eligibility with documentation that shows they are your legal dependents. This is called dependent verification. It is required in most cases, even if you have previously verified your dependents’ eligibility.
Submit verification documents by November 15, 2019
You must submit valid verification documents for any dependents you wish to enroll by 11:59 p.m. on November 15, 2019 — the last day of the SEBB Program’s first annual open enrollment. A list of valid dependent verification documents is available on the SEBB dependent verification webpage. Your dependents’ eligibility must be approved before they can be enrolled under your coverage.
Additional documentation needed to verify a spouse or state-registered domestic partner
When submitting a marriage certificate or certificate/card of state-registered domestic partnership or legal union, you must also submit evidence that the marriage or partnership is still valid. This evidence can be a document such as a utility bill dated within the last two months showing both your and your partner’s name. Be sure to black out any financial information. When verifying a state-registered domestic partner, you must also submit a SEBB Declaration of Tax Status form.
Troubleshooting issues uploading verification documents
Some employees have reported issues uploading their dependent verification documents in SEBB My Account. Here are some helpful tips to upload your documents successfully:
- Google Chrome is the preferred web browser. If you are having issues while using Firefox or Internet Explorer, try uploading your dependent verification documents while using Chrome.
- Documents larger than 4 MB will not load. This could be caused by uploading two documents that total 4 MB at the same time. Try uploading one file at a time, or loading smaller-sized files.
You can also provide documents to your payroll or benefits office in person. These are due to payroll by November 8, 2019.
The school district’s Payroll department will host NW Benefit Advisors at the Knox 111 Administrative Center on Thursday, October 24, Monday, October 28 and Thursday, November 14 from 4- 7 p.m.
Barbara Dickson will be at Knox 111 to help Olympia School District employees decipher supplemental plans and their benefits to employees. Amy McGuire will also be on hand to answer SEBB questions.
View NW Benefit Advisors flyer