Liberty mutual insurance holding information sessions on campus
Wednesday, Jan. 18, 8:30 a.m.-4:30 p.m.—Buchtel Tower conference room
(Jan. 10, 2017) Learn more about Liberty Mutual's exclusive savings for educators and voluntary benefits available to all DU employees. Snacks and refreshments will be served. Please RSVP to reserve a time for your appointment.
TIAA Virtual Environment webinars coming up
(Jan. 3, 2017) Check out these live financial webinars offered by TIAA through the online Virtual Environment:
• Jan. 10, 10-11 a.m.: Socially Responsible Investing
• Jan. 10, 1-3 p.m.: Tomorrow in Focus: Saving for Your Ideal Retirement
• Jan. 11, 10-11 a.m.: Basic Estate Planning
• Jan. 11, 1-3 p.m.: The Starting Line: Why and How Retirement Saving Should Begin Now
• Jan. 18, 10-11 a.m.: Quarterly Economic and Market Update
• Feb. 14, 10-11 a.m.: Demystifying Life Insurance
Reserve your place (remember, you'll need to register if this is your first visit to the Virtual Environment).
Health Savings Account with your Kaiser plan?
(July 26, 2016) The Kaiser Permanente Health Savings Account (HSA)-qualified health insurance plan that DU offers benefited employees is undergoing a change in who provides the HSA service. Wells Fargo has sold its Health Savings Account (HSA) service to Optum, which means you'll soon be getting information from Optum. You don't need to do anything as a result of this change; everything works the same and you'll continue to use your Wells Fargo HSA debit card to pay for qualified medical expenses until you receive a new card from Optum. And look for more information on this change coming directly to DU employees who have this plan.
New benefits year health insurance deductions reflected on July 1 paychecks
(July 5, 2016) As a reminder, the 2016-2017 benefits year began July 1. Benefited employees who enrolled in DU-sponsored health insurance plans will see the new 2016-2017 rates reflected on July 1 paychecks (both for monthly and biweekly paychecks). Also, if you elected a Kaiser Permanente health insurance plan, or signed up for the Rocky Mountain Reserve health flex debit card, you should receive your new card(s) mailed to your home address in the next week. Please note: these cards often arrive in a plain white envelope. Note that Delta Dental does not issue cards, if you enrolled in this coverage. When visiting a Delta Dental dentist, simply provide your social security or identification number. The dental office can use that information to verify your eligibility and benefits. If you have questions, contact email@example.com or see the 2016-2017 benefits overview website.
DU and Kaiser required to send employees enrolled in KP health plans new forms
(March 29, 2016) When the Affordable Care Act (also known as health reform, or the ACA for short) was passed, with it came with a host of reporting requirements for employers and health insurance companies. If you are enrolled in an employer-sponsored Kaiser Permanente plan, you should have received from KP a form 1095-B. You will also receive form 1095-C provided by the University of Denver. You do not need to use either of these forms in completing your 2015 tax return.
saving is possible! America saves week
(Feb. 23, 2016) We all agree that saving is a good idea. That's the easy part. Figuring out how to manage your expenses so you can save, or save more? That may not be so easy. America Saves Week (Feb. 22-27) was established in 2007 to promote personal savings. Are you doing all you can to protect your financial well-being today and later in retirement? Take time this week to consider key questions about your finances and check out these tips and tools to make saving part of your routine.
Do you have a savings strategy?
Saving regularly helps you work toward your goals. But how much should you be saving? Identify your goals and then set up a plan based on the following:
• The cost of your goal
• Your timeline
• Your current spending
• How much you can save
• Do you have a savings cushion?
An emergency fund is the first step. It can help soften the impact of financial challenges you may not be expecting—such as expensive car or home repairs or a job loss or change—without derailing all your finances. You'll need to be able to access emergency funds, so take a moment to decide where to stash emergency cash. You might consider a savings account, a money market account or a CD.
You may have many financial goals; having three to six months' worth of living expenses set aside in an emergency fund should be one of them. It's better than dipping into your retirement savings or borrowing.
Are you saving enough for the retirement you envision?
One of your biggest savings challenges is retirement. If you're not sure you're saving enough and think retirement planning is complicated, help is available:
• Visit TIAA-CREF's website. It includes tips, tools and other online resources to learn more about saving for all your life stages, including retirement.
• Check out the Retirement Advisor tool. In just four easy steps, it can help you assess your savings progress and build a plan to reach your retirement goals.
• Talk to a TIAA-CREF financial consultant. In person or by phone, you'll receive fund-level guidance to help you make informed choices about your retirement savings strategy, no matter how much or how little is in your account. This service is available as part of your retirement plan at no additional cost to you.
Commit to practicing good saving behaviors. With the right strategies, you can begin saving toward a summer vacation...a new car...your kids' college educations...or investing in your retirement. During America Saves Week, commit to saving to pursue your goals and help protect your financial well-being for today and tomorrow. It's possible!
new form for your 2015 federal income tax filing
(Feb. 2, 2016) When the Affordable Care Act (also known as health reform, or the ACA for short) was passed, with it came with a host of reporting requirements for employers and health insurance companies. Beginning this year, around the time you receive your form W-2, you may receive one or more new tax forms related to health insurance you may have had or were offered in 2015. Form 1095-B will be provided by the insurer (Kaiser Permanente); form 1095-C is provided by the employer (University of Denver). Please note that the IRS has delayed the employer deadline for delivery of these forms to employees from Feb. 1, 2016 to March 31, 2016.
Please keep in mind that while we know what form or forms you will receive from the University of Denver, you may receive others if you worked for another employer earlier in the year. You will need to contact that employer directly for information on the form they provided.
If you receive this form, it is because you:
• Were considered "full time" for ACA purposes for at least part of 2015 or
• Were covered for at least a day in 2015 under an employer-provided self-insured plan
Form 1095-C, parts I and II
If you were considered full-time for ACA purposes for at least part of 2015, these two parts of form 1095-C will be completed on your behalf, regardless of the type of health plan under which you were covered, or regardless of whether you had or were offered any coverage at all.
Form 1095-C, part III
If your health insurance was through an employer-provided, self-insured plan, part III will be completed on your behalf. (If your employer was fully-insured, this part will be left blank, and you will receive a 1095-B.)
How will I use this information?
Parts I and II: You will not need to do anything with this information other than keep it with your other tax records.
Part III: If this section is completed, you will use this information to prepare your federal tax return for 2015 to demonstrate you satisfied the ACA's obligation to have medical insurance.
Note: Part III is to be completed by employers that provide "self-insured" coverage. DU provides "fully-insured" coverage. Therefore, DU is not required to complete this section and you will not need to do anything with this information other than keep it with your other tax records.
The IRS has provided the guidance below for individuals who opted out of employer-sponsored health insurance and instead purchased subsidized coverage through the health care marketplace exchanges and who file their individual tax returns before receiving form 1095-C:
"For 2015 only, individuals who rely upon other information received from employers about their offers of coverage for purposes of determining eligibility for the premium tax credit when filing their income tax returns need not amend their returns once they receive their forms 1095-C or any corrected forms 1095-C. Individuals need not send this information to the service when filing their returns but should keep it with their tax records."
In short, the IRS will take the individual taxpayer at their word that they received information from the employer that the coverage offered by their employer was not affordable and/or did not meet the minimum essential coverage requirements and therefore were eligible to receive a subsidy to purchase insurance through the exchanges.
A complete copy of the IRS notice can be found at the following link: https://www.irs.gov/Affordable-Care-Act/IRS-Extends-Due-Dates-for-New-2015-Information-Reporting-Requirements.
Please contact Lloyd Moore, director of benefits, at firstname.lastname@example.org or 303-871-4284.