Employees should be aware of the latest payroll and benefit updates related to: the payroll deduction schedule for insurance premiums and certain contributions, the Wisconsin Retirement System, income continuation insurance as well as the annual benefits enrollment deadline.
Payroll Deduction Schedule
- Currently, insurance premiums for health, dental, vision, life, AD&D, and accident insurance are deducted one month prior to the coverage month. Starting in 2024, insurance premiums will be deducted the same month as the coverage month. For most employees, this transition means that premium deductions will not occur on the December 14 or December 28, 2023 paychecks. Note: Coverage will remain active. If enrolled for 2024, insurance premium deductions for health, dental, vision, life, AD&D, and accident insurance will begin on your January 11, 2024 paycheck.
- Currently, contributions for the 403(b) Supplemental Retirement Program (SRP) and Wisconsin Deferred Compensation (WDC) 457 Program are processed each paycheck (26 paychecks per calendar year). Starting in 2024, contributions for the 403(b) and WDC will be processed the first two paychecks of the month (24 paychecks per calendar year).
Wisconsin Retirement System (WRS)
Employee and employer contributions to the WRS will increase to 6.9% for most employees effective January 1, 2024.
Income Continuation Insurance (ICI)
Effective February 1, 2024, premium rates will decrease and the plan will be simplified (standard and supplemental plans will be consolidated into one coverage level).
Reminder: ABE ends on October 20, 2023
Annual Benefits Enrollment (ABE) ends on October 20, 2023. All entries must be submitted by 4:30 pm on October 20, 2023.
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