HR Update; November 3, 2006
RSSIn this Edition
- Open Enrollment Closes in 19 Calendar Days
- Benefits Open Enrollment (OE) for Faculty and Staff 2007
- UC Retirement Savings Program
- Retirement and Savings Education Programs
Benefits Open Enrollment (OE) for Faculty and Staff 2007
When: November 1st - 21st
Where: At Your Service
Do you need assistance with your medical plan selection? Take advance of the following resources:
- Medical Plan Chooser
- Compare UC medical plans
- Health Scope
- View ratings of medical groups and medical plans
- UC Medical Plan Surveys
- View UC employees’ satisfaction ratings with their UC sponsored medical plans
Open Enrollment Closes in 19 Calendar Days
View your Local Open Enrollment for 2007 Announcement for information on Open Enrollment presentations and much more.
UC Retirement Savings Program
Maximum Annual Contribution Amounts for 2007
403(b) Tax-deferred Savings Plan:
- 2007 New 403(b) Maximum Annual Contribution Limit:
- $15,500 if not yet age 50 during plan year 2007
- $20,500 if age 50 (or older) during plan year 2007
- 2006 Final (current year) Contributions: There’s still time to make changes for the last 403(b) contribution on the December 1 paycheck if you act now. Submit changes before the payroll cutoff for the December 1 paycheck and your final 2006 contribution should show up on your November earnings paid on December 1, 2006.
- 2007 New Contributions: To submit an action to begin/change contributions on your January 1, 2007 paycheck, do so after receiving your December 1, 2006 paycheck-but before the payroll cutoff for the January 1, 2007 paycheck-and your revised contribution amount should be reflected on your December earnings paid on January 1, 2007.
457(b) Deferred Compensation Plan:
- 2007 New 457(b) Maximum Annual Contribution Limit:
- $15,500 if not yet age 50 during plan year 2007
- $20,500 if age 50 (or older) during plan year 2007
- 2006 Final (current year) Contributions: It’s now too late to make any changes for 2006 (current year) contributions to the 457(b). Changes must be submitted online before the beginning of the pay period in which the change is to become effective (e.g., a change submitted November 15, will become effective with December earnings and will appear on the January 1 paycheck).
- 2007 New Contributions: Any enrollments or changes submitted now-during the month of November 2006-should be reflected on your December earnings paid on January 1, 2007.
Online actions to enroll or change contributions must be submitted at the FITSCo website. http://netbenefits.fidelity.com/. The Payroll System (OLPPS) monitors these maximum annual contribution limits and will not permit you to over-contribute during any plan year.
For the Flat-dollar method-be sure to enter the monthly contribution amount.
Review your 457(b) and/or 403(b) monthly contribution amounts and, if you like, submit appropriate changes (if any) to become effective with the new tax year beginning with December earnings paid on January 1, 2007 (monthly) or January 10, 2007 (bi-weekly). Plan rules and Payroll deadline/dates apply. You are able to enroll/submit changes to these plans at any time-UC Retirement Savings Programs are never included as an Open Enrollment option. Login online (24/7) at FITSCo or call them at 1.866.682.7787 to enroll or submit your changes. Find FITSCo’s schedule for local presentations at our local UCSF HR/Benefits website - Workshops & Presentations menu.
2007 FICA (OASDI/Medicare) Tax Rates
- OASDI*: 6.2% on wages up to $97,500-OASDI wage base
- *Old Age, Survivor & Disability Insurance
- Medicare: 1.45% on all wages
- OASDI/Medicare taxes are paid by both employer and employee
Retirement and Savings Education Programs
Please tell your colleagues, circulate invitations, post the actual schedules, or otherwise re-broadcast these weekly reminders about our valuable (FREE) education programs for faculty and staff.
- OPEN ENROLLMENT for 2007-November 1 through 21, 2006
- November 6: Mission Bay, Rock Hall, GD-102, 12:00 - 1:00 p.m.
- November 7: SFGH, Carr Auditorium, 2:30 - 3:30 p.m.
- November 8: Mount Zion, Herbst Hall, 12:00 - 1:00 p.m.
- Refer to UCSF HR/Benefits Open Enrollment Announcement for details and future workshops
- “The Features of the UC Retirement Plan” (UCRP)
- Refer to this schedule for details and future workshops
- UC Retirement Savings Programs - the 403(b), 457(b) and DC Plans
- November 6: Mission Center Building, MCB - 126, 12:00 - 1:00 p.m.
- “Finding the Right Investment Strategy”
- November 8: Sacramento, 2nd Floor Shasta Conference Rm., 9:00 - 10:00 a.m.
- “Achieving a Sound Retirement”
- Refer to this schedule for details and future workshops
- November 6: Mission Center Building, MCB - 126, 12:00 - 1:00 p.m.
Usually there can be at least one (or more) workshop(s) per week scheduled at various UCSF locations around town. For more details and listings for upcoming scheduled presentations, please refer to our Workshops and Presentations Schedules menus found at our local UCSF HR/Benefits website.
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