Learn about Deferred Compensation Program for supplemental retirement savings

Laptop computer with blank screen on table with pencil holder, plant, stack of books and coffee mug

The following information is shared by the district Payroll Office

The Washington State Deferred Compensation Program (DCP) is a supplemental retirement savings program administered by the Department of Retirement Systems (DRS). 

Why save with DCP?

  • You can save with as little as $30 per month
  • Your contributions are tax-deferred so if you save $100 per month, your paycheck is only reduced by $85
  • You don’t need to know anything about investing – if you complete the Quick Enrollment form, a professional team will invest for you
  • Getting started late?  That’s okay!  You can save as much as $1,625 per month, or even more if you are age 50 or older

To learn more about DCP, visit the DCP website at drs.wa.gov/DCP or watch the DCP webinar video.

Virtual VEBA Fairs planned in October

The following information is shared by the district Payroll Office

As a way to help employees better understand their VEBA benefit, there are several Virtual VEBA Fairs planned in October. These will be live sessions, and participants can listen to a quick overview of the VEBA Plan followed by a Q&A session.

For more information, see the VEBA Plan Benefits Guide.

State payroll tax and long-term care policy online workshops set August 24 and 26

Cluster of wooden Scrabble-like tiles that spell out LEARN

Attend an online workshop to learn the facts about the new state payroll tax and an overview of the long-term care Trustmark policy.

The next in a series of online workshops will be held this week on Tuesday, August 24 from 2-3 p.m., and on Thursday, August 26, from 9-10 a.m.

Zoom meeting information is included on a NW Benefits online workshop flyer posted on the staff intranet. Be sure to log in to Google to access the staff intranet from the staff portal or the district Home page.

2020-21 timesheets due by September 3

Sticky notes in different colors

The Payroll office wants to remind all employees to submit all timesheets from the 2020-21 school year by September 3, 2021.

Timesheets submitted after the deadline could be subject to an audit finding, so it’s important to submit them by September 3.

Thanks for your cooperation!

June online workshops set to explain new state-mandated payroll tax

person working on a laptop

In case you missed information shared with all employees last month regarding workshops offered in May, please see below regarding the new state mandated payroll tax with new June information webinars that begin this week.

On April 21, 2021, Governor Inslee signed House Bill 1323, creating a new long-term care trust program. Beginning in January 2022, all employees will be paying an additional payroll tax — 0.58% of all wages. The tax proceeds will be used to fund a public insurance program for long-term services and support. While January 2022 seems a distant time, there are high-stakes earlier deadlines regarding this legislation.

Employees will need to understand the value of the long-term trust, understand the options to use the trust account, and understand the relative cost after paying into the system.

Employees will also need to understand that if they invest in an individual long-term care account or trust, then the legislation offers a one-time window for employees to opt out of the state mandatory payroll tax. The individual long-term care policy must be in place by November 1, 2021. Rules regarding the process to opt out are not yet finalized, so we cannot predict when the opt-out must be in place.

Olympia School District is partnering with NW Benefit Advisors to assist us with the communications and education regarding the new law.

This is one of those times where the stakes are high. All employees of the school district will be subject to the payroll tax, we all need to understand the State’s plan, and the payroll tax and employee options. Excluding the precious weeks of summer, the fall deadlines are right around the corner.

NW Benefit Advisors will conduct workshops to explain the new payroll tax, what options employees have, and important deadlines:

  • Tuesday, June 8  3:30-4:30 pm;
  • Wednesday, June 9  3:30-4:30 pm;
  • Thursday, June 10 3:30-4:30 and 6-7 pm.

NW Benefit Advisors will also conduct workshops to give employees an overview of long-term care insurance, the costs of private insurance, and the deadlines to opt out of the payroll tax:

  • Tuesday, June 15 3:30-4:30 pm;
  • Wednesday, June 16 3:30-4:30 pm;
  • Thursday, June 17 3:30-4:30 and 6-7 pm.

 CLICK Here to access NW Benefit Advisors website with information on:

  1. Attend a workshop.
  2. Find information on House Bill 1323 and Long-Term Care Insurance
  3. Schedule an appointment with NW Benefit Advisors to discuss your personalized plan.

The website will ask for your email address; this is used to verify that you are an employee of the Olympia School District. It is safe to use your district email address.

If you are having troubles accessing the website please email help-payroll@osd.wednet.edu.

New state-mandated payroll tax with inflexible opt-out deadlines; note workshops this week

Open notebook with words "My Plan" at the top and person preparing to write with a pen

On April 21, 2021, Governor Inslee signed House Bill 1323, creating a new long-term care trust program. Beginning in January 2022, all employees will be paying an additional payroll tax — 0.58% of all wages. The tax proceeds will be used to fund a public insurance program for long-term services and support. While January 2022 seems a distant time, there are high-stakes earlier deadlines regarding this legislation.

Employees will need to understand the value of the long-term trust, understand the options to use the trust account, and understand the relative cost after paying into the system.

Employees will also need to understand that if they invest in an individual long-term care account or trust, then the legislation offers a one-time window for employees to opt out of the state mandatory payroll tax. The individual long-term care policy must be in place by November 1, 2021. Rules regarding the process to opt out are not yet finalized, so we cannot predict when the opt-out must be in place.

Olympia School District is partnering with NW Benefit Advisors to assist us with the communications and education regarding the new law.

This is one of those times where the stakes are high. All employees of the school district will be subject to the payroll tax, we all need to understand the State’s plan, and the payroll tax and employee options. Excluding the precious weeks of summer, the fall deadlines are right around the corner.

NW Benefit Advisors will conduct workshops to explain the new payroll tax, what options employees have, and important deadlines:

  • Tuesday, May 4  3:30-4:30 pm;
  • Wednesday, May 5  3:30-4:30 pm;
  • Thursday, May 6 3:30-4:30 and 6-7 pm.

NW Benefit Advisors will also conduct workshops to give employees an overview of long-term care insurance, the costs of private insurance, and the deadlines to opt out of the payroll tax:

  • Tuesday, May 11 3:30-4:30 pm;
  • Wednesday, May 12 3:30-4:30 pm;
  • Thursday, May 13 3:30-4:30 and 6-7 pm.

 CLICK Here to access NW Benefit Advisors website with information on:

  1. Attend a workshop.
  2. Find information on House Bill 1323 and Long-Term Care Insurance
  3. Schedule an appointment with NW Benefit Advisors to discuss your personalized plan.

The website will ask for your email address; this is used to verify that you are an employee of the Olympia School District. It is safe to use your district email address.

If you are having troubles accessing the website please email help-payroll@osd.wednet.edu.

Learn more about PayActiv

Payactiv flyer with an image of a cell phone offering employees to get an extra $20 for signing up with Payactiv and making a first transfer of earned wages to a card or bank account by April 14, 2021. Heading says, "Give it a try, we know you'll love it."

In last week’s blog, we shared with employees about PayActiv, a new option to get your pay when you need it prior to payday at the end of the month.

The vendor has since sent us information sharing that employees are eligible to get an extra $20 when they sign up with Payactiv and make their first transfer of Earned Wages to a card or bank account by April 14, 2021. PayActiv is also working with KOFE that can assist with Financial Planning.

Learn more about PayActiv by visiting the benefits webpage on the staff intranet. Be sure to log in to your Google account to access the staff intranet.

DRS offers live webinars during Spring Break

Close up of person typing on laptop computer with notebook in the foreground

OSD employees are invited to attend live Department of Retirement Systems webinars April 6–8, 2021. The DRS Education & Outreach team will present several topics, including:

  • Plan 2 Basics (PERS, TRS, SERS)
  • Plan 3 Basics (PERS, TRS, SERS)
  • Online Resources
  • Getting Ready for Retirement
  • Applying for Retirement

Logging into a webinar

Employees can visit the DRS Webinar Page for the schedule. Pre-registration is not required for these sessions; however, we recommend attendees join 15 minutes early to ensure a successful connection. How to join a DRS webinar provides tips for logging in, and help is also available at 360-664-7930.

Education & Outreach offers webinars for all members of DRS as well as many retirement planning resources.

Questions

If you have any questions regarding this DRS Notice, please contact Employer Support Services at 360-664-7200, option 2, or 800-547-6657, option 6, option 2, or email.

Learn about new OSD PayActiv Earned Wage Access

PayActiv QR code to go to the Apple/Google app store and download the PayActiv App. Information also includes: Access the money you have already earned. Transfer wages to your bank, card, or pickup as cash.

PayActiv Earned Wage Access is one of the many benefits you can now enjoy at Olympia School District. It is a great option to get your pay when you need it prior to payday at the end of the month. Enrollment is from the 1st through the 14th of each month. There is a blackout period after that until payroll is processed.

To start, you can download the PayActiv App from Apple or Google app stores and create your account using your employee ID. You can find your employee ID when you create an electronic timesheet in ETRS. It is that simple. You can then see your earnings and get your money between the 1st and the 14th of each month.

More information about PayActiv is posted on the staff Intranet Payroll Benefits page. Be sure to log in to your Google account to access the staff intranet.

If you have questions, call 1-877-937-6966. PayActiv provides 24×7 customer service.

Thinking about retirement? Join a VEBA Retirement Readiness presentation

White ceramic teacup sits on railing with mountains and lake in the distance

Want to learn more about the Voluntary Employees’ Beneficiary Association (VEBA)? Read the VEBA Plan Benefits Guide 2021. Then, pick a date and time that works for you to attend a VEBA Retirement Readiness webinar presentation. Note: To view the presentation, please register with your name and email (required). When you register, WebEx will likely default to Central Time Zone time, however the calendar invite you will receive will be in Pacific Time Zone.