The CRAEA Board recently approved moving to a new phone system with Zoom. Our current phone systems located at each office will be phased out by March 2020. If you will be impacted by this change, you will be contacted via email from Zoom when your phone number has been established. Below are scheduled training and telephone system cutover dates for each region. As we move forward migrating each region we will be sending out communication via email and The Channel with detailed instructions.
The dates and locations for training are as follows:
by Karl Kurt, Assistant Chief Administrator and Director of Human Resources
In November, Central Rivers AEA hosted a Zoom “Lunch and Learn” meeting with an IPERS representative who did a great job of reviewing important information for those interested in starting the discussion around retirement. (You can view the PowerPoint here)
We know that IPERS is a “defined benefit” plan and retirement income is determined by a formula based on your years of service and salary earned. Although, IPERS is an excellent plan, it is often unable to meet the level of income that you receive as a full-time employee.
One key action you can take to improve your financial future is by taking additional steps to save for your retirement. A Voluntary Retirement Savings Plan (VRSP) allows you to save additional before-tax and/or after-tax money for retirement. Central Rivers AEA offers a 403b voluntary retirement savings plan through the State of Iowa Retirement Investors Club. The salary reduction form and more information can also be found on in the iVisions portal.
Before tax: By participating in a VRSP with before-tax contributions (i.e. 403b), you lower your federal and state taxable wages, but not Social Security or Medicare taxable wages. The contributions and any earnings become taxable when a qualified withdrawal is made in retirement.
After tax: By participating in a VRSP with after-tax contributions (i.e. Roth), you won’t lower your federal and state taxable wages, but qualified withdrawals will not be taxable in retirement and any earnings are tax-free.
In an effort to be fully financially prepared for retirement, we encourage all of our staff to go beyond IPERS, and contribute to a secondary retirement vehicle (i.e., 403B, IRA).
Please let the HR/Business Office know if we can assist you in any way.
(Disclaimer: The content above is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.)
Effective January 1, 2020, the contribution limits for Health Savings Accounts (HSA) are increasing as outlined in the table below:
Health Savings Account Contribution Limits
HSA contribution limit
2020
2019
Individual
$3,550
$3,500
Family
$7,100
$7,000
HSA catch-up contributions
(age 55 or older)*
$1,000
$1,000
*Catch-up contributions can be made during the year by HSA-eligible participants who will turn 55 by the end of the year
Take advantage of this pre-tax benefit and save for future medical expenses or your retirement. You may change your contribution to your health savings account at any time during the year by contacting Betty Hesseling.
The Iowa Retirement Investors’ Club (RIC) is our voluntary retirement savings program that allows you to set aside a portion of your salary for use as income in retirement. Through automatic salary reductions, you choose how much to save per paycheck up to the IRS maximum annual limits. Complete the RIC 403b Salary Reduction Form to enroll or contact Betty Hesseling for more information.
IRS 403b maximum contribution limits are:
Year
Regular
Age 50+
15-Year Catch-Up
Total Employee
Total EE & ER
2020
$19,500
$26,000
$22,500
$ 29,000
$57,000
2019
$ 19,000
$25,000
$22,000
$28,000
$56,000
Existing participants – You may make changes to the amount of your contributions at any time by completing the RIC 403b Salary Reduction Form and submitting it as instructed on the form.
New to RIC? Check out the great benefits and find out how to enroll by visiting the RIC website.
At roughly the half-way point, a preliminary report has been generated and to date, the agency will be paying out over $40,000 to staff who have completed challenges through December 29, 2019.
Anyone who has earned incentive dollars will automatically receive a separate electronic direct deposit on January 23, 2020. It’s also a great time to start thinking about your New Year’s Resolution and your dedication to earn more money.
Remember to log your final entries for any ongoing challenges into the Navigate system by December 29, 2019.
Fiducius provides relief to agency employees to improve their student loan situation. Click on this flyer for additional information to learn more about your potential savings options!
Please change your voicemail greeting and set an away message to your email during the holiday breaks so that callers and/or e-mailers will know when they can expect to hear from you.
Voicemail example:
“Hello, this is (your name). Our office will be closed beginning Monday, December 23 and will reopen onThursday, January 2. Please leave your name, telephone number and a detailed message and I will call when I return. Thank you and happy holidays from all of us at Central Rivers AEA.”
Email “away” message example:
“Thank you for your email. I will be out of the office beginning Monday, December 23 through January 2 and will respond to your email upon my return. Thank you and have a wonderful holiday!”
If you need assistance with either task, please visit with your supervisor or administrator.
