With the new year upon us, be sure to review this important and timely benefit news and information.
STATE HEALTH PLAN
Any benefit election you made during Open Enrollment for the State Health Plan takes effect on January 1, 2024. Remember to review your most recent paycheck to ensure that the plan you elected is reflected with the corresponding deductions. Deductions for health care are withheld one month in advance of the coverage effective date (December deductions pay for January coverage).
NCFLEX AND UNIVERSITY BENEFITS
Any benefit elections you made during Open Enrollment for NCFlex and the University benefit programs take effect January 1, 2024. Remember to review your paycheck (January 12, 2024, for biweekly paid employees and January 31, 2024, for monthly paid employees) to ensure that the programs you elected are reflected with the corresponding deductions.
Please read the information pertaining to the specific plans listed in this update as it may impact your paycheck if you are enrolled in the benefit program referenced.
UNC Voluntary Life Insurance and AD&D (Securian)
- If you are enrolled in UNC Voluntary Life Insurance through Securian, you may see a change in your deduction beginning with your January paycheck. Adjustments to your premium are made based on your age as of January 1, 2024.
Critical Illness and Accident Plans (Voya)
- If you are enrolled in the Critical Illness plan through Voya, you may see a change in your deduction beginning with your January paycheck. Adjustments to your premium are made based on your age as of January 1, 2024.
- If you are enrolled in the Critical Illness and/or Accident Plan through Voya, don’t forget to earn your wellness benefit payment by completing an eligible health screening test. Each covered member can file for a wellness benefit payment once per calendar year.
Health Care Flexible Spending Account (FSA)
- If you were enrolled in the Health Care FSA for 2023, eligible health care expenses must have been incurred by December 31, 2023. You have until March 31, 2024, to submit 2023 claims for reimbursement. You can rollover up to $570 of your unused account balance into 2024, as long as you have a minimum balance of at least $25. Any funds exceeding this amount will be forfeited. The rollover will not count toward the 2024 maximum election amount (currently $3,050 for 2024). This rollover feature only applies to the Health Care FSA.
- If you enrolled in the Health Care FSA for 2024, eligible health care expenses must be incurred January 1 through December 31, 2024, to be eligible for reimbursement. You have until March 31, 2025, to submit claims for reimbursement.
Dependent Day Care Flexible Spending Account (FSA)
- If you were enrolled in the Dependent Day Care FSA for 2023, eligible dependent day care expenses must be incurred by March 15, 2024, provided you remain actively employed through December 31, 2023. You have until March 31, 2024, to submit 2023 claims for reimbursement. Any unused funds will be forfeited.
- If you enrolled in the Dependent Day Care FSA for 2024, eligible dependent day care expenses must be incurred January 1, 2024 through March 15, 2025, to be eligible for reimbursement. You have until March 31, 2025, to submit claims for reimbursement.
RETIREMENT PROGRAM
2024 Contribution Limits
- The limit on contributions to a 403(b)/401(k) plan for 2024 is $23,000. If you are over the age of 50, or will turn 50 by December 31, 2024, you are eligible for an additional $7,500 catch-up contribution.
- The limit on contributions to a 457(b) plan for 2024 is also $23,000. If you are over the age of 50, or will turn 50 by December 31, 2024, you are eligible for an additional $7,500 catch-up contribution.
- Employee contributions to a 403(b) and 401(k) plan are combined together when determining your maximum contribution; however, employees can maximize saving opportunities by contributing to a 457(b) plan. Amounts contributed to a 457(b) plan are not combined with your 403(b) and/or 401(k) contributions when determining your maximum contribution limit.
Enhancements to Your UNC System Retirement Program – Coming Soon!
Last September, we announced the University selected TIAA as our single retirement program recordkeeper for all five of the UNC Retirement Plans – ORP, 403(b) Plan, 457(b) Plan, Senior Administrative Officer Retirement Program and Senior Athletic Employee Retirement Program. With this change, you will soon have a more simplified experience to help you meet your individual retirement goals and needs.
You’ll receive more information at your home address in the coming weeks explaining the changes, steps you can take and key dates. Please review the information carefully.
FORM 1095-C
Under the Affordable Care Act (ACA), employers are required to report any qualifying medical coverage that you and your dependents were enrolled in during the previous calendar year. You will receive a Form 1095-C which includes information about the health coverage offered to you by the University. The form will be mailed to your home address sometime in the first quarter of 2024. You will not need to attach or file your Form 1095-C with your 2023 Federal income tax return; however, you may need to use its information when you complete your tax return.
QUESTIONS?
Please contact Trivia Johnson in System Office HR if you need assistance or have questions about the benefit plans you have enrolled in.