Health Care in Retirement
AZ Smart Save Deferred Compensation Plan
Please join us for this webinar presented by the Nationwide Retirement Institute
Wednesday, August 12, 2020 from 11:30 am to 12:30 pm
Register at: https://attendee.gotowebinar.com/register/8974667312471657231
The informational flyer for the seminar can be viewed at: https://hr.az.gov/file/1517#overlay-context=users/michelleashleyazdoagov
Please join us for this webinar presented by the Nationwide Retirement Institute
Tuesday, July 14th 2020 from 11:30 am -12:30 pm
You can also register at https://attendee.gotowebinar.com/register/6242911981296243725
As of July 1, 2020, the total contribution rate of the ASRS Retirement Pension & Health Insurance Benefit for both the employer and the employee has increased slightly from 11.94% to 12.04% for fiscal year 2021. Likewise, the Long Term Disability Income Plan has increased very slightly from .17% to .18% for both the employer and the employee for fiscal year 2021. Contribution rates are actuarially determined and adjusted annually to ensure the plan remains fiscally sound and able to meet current and future obligations. For more information, please visit ASRS's website at https://www.azasrs.gov/.
Enrolling in your deferred compensation plan can help you meet your financial goals. The contributions you make may help supplement your pension income
in retirement.
Attend the June 18, 2020 virtual meeting hosted by Nationwide to see why the deferred compensation plan may be right for you.
You can obtain more information and register for the meeting by clicking on the link below.
Calendar Year 2020 has 27 paydays
Calendar years typically have 26 bi-weekly paydays. January 2, 2020, was the first pay day of 2020. The State pays bi-weekly (every 2 weeks) and the final pay day of 2020 will be December 31, 2020.
What does an extra bi-weekly payday in a calendar year mean?
The additional payday could show gross wages more than an employee’s annual salary on their final pay stub and federal taxable wages on the W-2 could be greater in 2020 than 2019 even with no job or pay change. Because IRS regulations require that employers report wages in the calendar year when paid, not earned, wages reported in 2020 will likely be more than normal.
Please be aware of the impacts of a 27th payday in 2020 for your specific situation and plan accordingly.
The IRS recommends that employees complete a Paycheck Checkup for accurate tax withholding from their paychecks and to avoid tax filing surprises.
The newly revised IRS Form W-4 is available on the Y.E.S. website and can be updated by employees at any time if the employee feels a change is necessary.
For additional information, you can visit the General Accounting Office (GAO) site at https://gao.az.gov/
A FREE workshop from the Social Security Administration will be held on Wednesday, February 26, 2020 at 11:30 A.M.
The workshop covers:
Learn how to use my Social Security online account and other online services.
Click here to see the workshop flyer. The flyer has a link to register for the workshop and includes steps you need to take to prepare for the workshop.
W-2 Statements:
Online W-2s
Employees who have consented to receive their W-2 online will have access up to 3 weeks earlier than those who receive their W-2 by mail. If you have already consented, it is not necessary to consent again, since your consent is effective until you revoke it. An email will be sent to you to notify you as soon as your W-2 is available online. Your W-2 will not be emailed. If your email address has changed, please login following the instructions on the GAO 2019 W-2 Advisory document and select “Change Secondary Email.”
Paper W-2 Mailing
Employees who have not consented to receive their W-2 online will be mailed their 2019 W-2 by January 31, 2020. Please ensure your mailing address in YES is accurate. Mailing addresses in YES as of Tuesday, December 31, 2019 at 2:00 PM will be used for the mailing. Any duplicate W-2s that are needed will be available via the YES website (https://hr.az.gov/YES/) starting February 1, 2020. W-2s for prior years (2006-2018) are also available via YES at (https://hr.az.gov/YES/).
1095-C Statements:
The Affordable Care Act (ACA) requires the State of Arizona to send an annual statement to all employees eligible for coverage, describing the insurance available to them. A 1095-C statement will be generated by the State of Arizona to serve as your documentation to the IRS about coverage offered to you. The IRS will use the information from your 1095-C to determine whether you have health care coverage.
Statements are scheduled to be placed in the mail to employees’ home addresses by
