Announcements
 Re
employment of Retirees
Re employment Form
Board of Trustees policy on Re-Hiring University of Illinois Retirees
Banner Implementation
General
Distribution of Work with Banner
Mapping
Payroll Adjustments to Banner Processes
Banner Employment Flowcharts
Changes in the Tax Law
The Economic Growth
and Tax Relief Reconciliation Act of 2001 (EGTRRA) provides additional
tax-deferred savings opportunities under the University of
Illinois' 403 B Tax Deferred Retirement Plan and the
457 State of Illinois Deferred
Compensation Plan. These changes are effective
January 1,2002. Employees who wish to participate in both the 403 (B) and
457 plans are eligible to defer the full amount to both plans.
Both the 403 B Plan
and 457 Deferred Compensation Plan have new maximums (which match) and have
new "over age 50" catch up provisions.
(1) New Maximums
2005 $14,000
2006 $15,000
(2) Over 50 Catch Up
If a person is over 50
or will turn 50 anytime during 2002, that person can contribute an
additional $1,000 to each plan. These amounts will increase over time as
well.
2005 $4,000
2006 $5,000
(3) 15 Year Rule Catch Up for 403 B Plan
This lifetime catch up
provides employees, with at least 15 years of FTE service and a history of
low contributions to a 403 B Plan, to make an additional contribution of
$3,00 per year for five years, up to a $15,000 maximum on aggregate contributions.
Currently this 15 year rule catch up is allowed in addition with the over
age 50 catch up. This could change based on legislative changes.
(4) Special Catch Up
for 457 Deferred Compensation Plan
This catch up feature
allows an employee, who is within 3 years of normal retirement age (i.e.,
60), and has underutilized deferrals in prior years, to make significant
contributions.
2005 $14,000
2006 $15,000
(5) How to Enroll
(a) Enrollment in the
403 B Plan requires completion of a Salary Reduction form along with an
Enrollment Form for the 403 B vendor. These forms should be submitted to
the Benefits
Center for processing.
(b) Enrollment in the
457 Deferred Compensation Plan requires completion of the Enrollment Form
and Beneficiary forms. These should be submitted to the
Benefits Center.
They will be forwarded to Deferred Compensation in
Springfield. Upon approval, the
deductions will begin. This approval process is also required for the
special 457 Deferred Compensation Catch Up.
Also note that with
the 457 Deferred Compensation plan, if the form is signed in January, the
deductions cannot begin until February, etc.
Please contact the UIC
Benefits Center
at 312/996-6470 if you have any questions about these plans or need copies
of forms, enrollment kits, etc.
Back
Employment Verification
Employees
requiring verification of employment should refer their lender or other
business to the automated verification system. You will need to establish a
vendor PIN in NESSIE for each vendor in order for your employment
information to be released. The Employment Verification application is
found in the "Your File" section of NESSIE.
If you need
assistance with establishing a vendor PIN in NESSIE, please contact the
Information and Employment
Center by phone at
413-4848 or via e-mail at Information and
Employment Center.
posted: 7/00
Back
Revision to
Policy and Rules for Sick Time
For the use of sick
time to care for a child, the criteria that the child must be under the age
of 18, or over age 18 but incapable of self care, was eliminated to match
General Rules (Article IV, Section 4 (b).
Employees may now use sick leave benefits for all children.
You may view the policy online at
http://nessie.uihr.uillinois.edu/pdf/policy/rules/pr10r0.pdf.
Posted 09/04
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