Congratulations to Service and Retirement Recognition Program Awardees!

The MSU Retirement and Service Recognition Award recognizes support staff employees celebrating a 15, 20, 25, 30, 35, 40, 45, or 50th work anniversary or a retirement falling between July 1, 2021, and December 31, 2021. This shortened date range is to support a transition from recognizing employees based on the fiscal year to the calendar year. Next year, we will recognize employee years of service between January 1 and December 31, 2022. This year, we recognize over 450 employees celebrating long-term work anniversaries and retirements.

While we are not able to hold an in-person celebration this year, we are no less thankful for our employees’ dedicated service to MSU. We are incredibly disappointed that we cannot celebrate our employees at an in-person event for their talent, loyalty, and contributions to MSU. Our university’s development and growth have been, in large part, due to the contributions made by staff members who have chosen to remain in the service of the university.

MSU President Samuel L. Stanley Jr., M.D.

President Samuel L. Stanley Jr., M.D. acknowledged awardees and expressed his gratitude:

“Service and Retirement Award recipients, congratulations on this milestone in your career or retirement from MSU. In addition to the great work you do every day, I am grateful for your dedication and flexibility over the past couple of challenging years. Together, we have maintained the university’s momentum across our key missions of education, research and outreach — a great accomplishment. I am proud to be your colleague. Thank you for all you do for MSU.”

For a full list of employees celebrating a milestone or retirement, please review the program here.

Thank you to these employees for their years of dedicated service to MSU! If you recognize any names from the program, we encourage you to reach out to these individuals and offer your congratulations.

Answers to Your Top Questions on Preparing for Retirement

Have you worked at MSU for at least 25 years in a benefit-eligible position? Or are you at least 62 years old and worked at MSU for at least 15 years in a benefit-eligible position? If you answered yes to either of these questions, you may be thinking about retiring from MSU someday (or even soon).

To help you prepare for retirement, we’ve compiled a list of the top questions we receive as employees think about transitioning to retirement:

Q1: What will be the retiree health care plan?

A1: This depends on whether you, your spouse/other eligible individual (OEI) or any covered dependents are eligible to enroll in Medicare when you retire. Review the Effect of Retirement on Benefits for details about your situation and the applicable year Open Enrollment Guide for Retirees for health plan information.

Q2: How much will retiree health care cost?

A2: Most retirees are eligible to receive the full university contribution level towards retiree health and dental benefits. To determine your level of university contribution, please review the Retiree Benefits Policy to understand your “Retirement Calculation Date” and your level of “FTE Service Months” (both can be viewed in your Personal Profile tile in the EBS Portal), and how they will affect the amounts that you pay in retirement. Then check the appropriate health care Monthly Plan Premiums chart in the applicable year Open Enrollment Guide for Retirees to determine the cost.

Q3: Am I eligible to cover my spouse/OEI or dependents on my retiree health care plan?

A3: Your “Retirement Calculation Date” (which can be viewed in your Personal Profile tile in the EBS Portal) will determine the university’s contribution for your spouse/OEI and dependents toward retiree health and dental coverage based on university policy. To see which contribution you will qualify for, please review the Retiree Benefits Policy. Even if you’re not eligible to receive a university contribution toward retiree health care for your spouse/OEI or other dependents, you can still enroll them in the university’s group retiree health care plan by paying the full premium cost.

Q4: How is retiree health care different from my current coverage?

A4: Please review the Health Plan Coverage Summary in the applicable year’s Open Enrollment Guide for active employees (faculty or support staff) and retirees to compare the benefits offered.

Q5: What does retiree health care cover?

A5: Please review the Retiree Open Enrollment Guide to view the Health Plan Coverage Summary for benefits offered.

Q6: Does the retiree health care plan include prescription drug coverage?

A6: Yes. Your retiree health care plan and prescription drug coverage is bundled together in one plan. To learn more about the prescription drug coverage, please review the Summary of Health and Prescription Plan Provisions in the Retiree Open Enrollment Guide.

Q7: Is Medicare necessary?

A7: Yes. If you, your spouse/OEI, or any other covered dependent are eligible for Medicare by being age 65 or older, or due to disability (SSDI), the eligible individual must enroll in Medicare Parts A and B (please do NOT enroll in Part D). Please review this Medicare and Social Security Information for more details about enrolling. Once you’re enrolled, you will need to send MSU Human Resources your MBI number from your Medicare card to enroll in MSU’s retiree health care plan.

Q8: Which parts of Medicare do I need?

A8: You must enroll in Medicare Parts A and B (please do NOT enroll in Part D). Please review this Medicare and Social Security Information for more details about enrolling. Once you’re enrolled, you will need to send MSU Human Resources your MBI number from your Medicare card to enroll in MSU’s retiree health care plan.

Q9: When should I sign up for Medicare?

A9: You should enroll in Medicare Parts A & B at least 2-3 months in advance of the effective date, as it will take time for Medicare to process your application and send you your Medicare card (which you will need in order to send MSU Human Resources your MBI number to enroll in the MSU retiree health care plan). If you are eligible for a Special Enrollment Period with Medicare, contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434 to complete the required form.

Q10: How early do I have to request retirement from MSU?

A10: We suggest you submit your MSU Retirement Form at least 90 days prior to your planned retirement date so we can ensure your enrollment in Medicare and/or the MSU retiree health care plan is completed smoothly and timely. You can submit your completed form up to 120 days in advance of your planned last day of work (for support staff positions) and up to 365 days in advance of your planned retirement date (for faculty, academic staff and executive management positions). You will submit your Retirement Form in the EBS Portal. Instructions to complete and submit the form are available.

Q11: How do you request retirement?

A11: You will submit the MSU Retirement Form via the EBS Portal. Instructions to complete and submit the form are available for your assistance.

Q12: As a support staff employee, what are my options regarding my unused vacation, personal and compensatory time?

A12: There are 3 options:

  1. Receive payment after your retirement date.
  2. Use all your time before your retirement date. After you indicate your last day worked on the Retirement Form, Human Resources will review your form and your available unused vacation, personal and compensatory time to determine your official retirement date.
  3. Combination of the options listed above: On the Retirement Form, please fill in the Notes section with the number of hours and type of hours (vacation, personal, and/or compensatory time) that you would like to use after your last day worked.

For more information on preparing to retire from MSU, please review the retirement resources on the HR website. These include a Roadmap to Retirement webinar, the effect of retirement on your benefits, information about Medicare and Social Security, a retirement checklist and much more. If you’re ready to take the next step, we recently made updates to the Retirement Form in the EBS Portal to make it more user-friendly.

Retirement Planning: 2022 IRS Retirement Plan Contribution Limits

Whether you’ve just started working at MSU or have been here for 30+ years, it is important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement.

The IRS places limits on how much employees can contribute to a retirement plan each year. The IRS recently announced the retirement plan limits for 2022:

  • The annual employee contribution amount increased to $20,500 for 403(b) and 457(b) plans.
  •  The age 50 catch-up contribution amount continues to be $6,500 for 403(b) and 457(b) plans. 

If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year. 

To access this tool: 

  1. Login to the EBS Portal with your MSU NetID and password. 
  2. Click the My Benefits tab at the top. 
  3. Click the Benefit/Retirement tile. 
  4. Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.
  5. Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right. 
  6. The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit. 
  7. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change. 
  8. If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll. 
  9. Make sure to click on Save in the bottom right to complete and save any changes/enrollments. 

If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant age 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage. 

Learn More About MSU’s Retirement Plans

The HR website contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available. 

Make a Plan During America Saves Week

America Saves Week (Feb. 22-26, 2021) is an annual event that encourages you to make a plan to increase your savings and improve your financial situation by utilizing your workplace retirement plan and the tools and resources they provide. Both of MSU’s retirement vendors, Fidelity and TIAA, have resources and tips on saving money, getting out of debt, and planning for retirement with live webinars, courses for financial literacy, and other tools. Be sure to review their resources on preparing for financial emergencies or managing unexpected expenses, which you may find especially useful during this difficult and uncertain time. 

Fidelity Resources

Fidelity is offering online workshops on a variety of topics including creating a budget, paying off debts, managing unexpected events and expenses, taking the first step to investing, preparing for retirement, and more. Fidelity members should consider registering for sessions (see link for details) that may be useful to your family’s current financial needs. If you can’t make the online workshops, check out this on-demand workshop called Taking Control: 3 Ways to Start Feeling Good About Your Finances. Other tools and calculators provided by Fidelity to their members can be found here.

Additionally, find resources on health and financial emergencies, building your financial “immune system” and emergency savings that are available for everyone.

TIAA Resources

TIAA’s Goal Planner webpage offers calculators and resources on how to save for things outside of your retirement plans, such as emergency funds, vacations, a home, and more. Additionally, TIAA has a financial goal planning PDF that allows you to track your money in detail. Use these tools to map your income and expenses, write down your goals, and match them to a time frame to complete them. 

If you’re struggling with debt, TIAA’s debt calculator tool will help you evaluate your current situation and then offer resources and tips to help. Additionally, their Retirement Checkup tool allows you to create a projection of how much income is needed in retirement.

Schedule a Virtual Consultation with Fidelity or TIAA

Both Fidelity and TIAA offer virtual appointments with financial consultants and encourage you to set up an appointment with them to ask any questions you have at no additional cost as part of your MSU retirement plan. Set up an appointment with your  TIAA consultant here or set up an appointment with your Fidelity consultant here. 

For general questions about retirement, visit the HR website or contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434. For questions about your specific retirement plans, please contact your retirement vendor directly.

Retirement Planning: 2021 IRS Retirement Plan Contribution Limits

Whether you’ve just started working at MSU or have been here for 30+ years, it is important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement.

The IRS places limits on how much employees can contribute to a retirement plan each year. The IRS recently announced the retirement plan limits for 2021:

  • The annual employee contribution amount continues to be $19,500 for 403(b) and 457(b) plans.
  • The age 50 catch-up contribution amount continues to be $6,500 for 403(b) and 457(b) plans.

If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year.

To access this tool:

  1. Login to the EBS Portal with your MSU NetID and password.
  2. Click the My Benefits tab at the top.
  3. Click the Benefit/Retirement tile.
  4. Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.
  5. Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right.
  6. The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.
  7. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change.
  8. If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll.
  9. Make sure to click on Save in the bottom right to complete and save any changes/enrollments.

If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant age 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage.

Learn More About MSU’s Retirement Plans 

The HR website contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.

Join MSU’s Virtual Benefits Fair This Week!

In an effort to reduce the spread of COVID-19, we will not be having an in-person Benefits Fair this year. Instead, we’re offering a Virtual Benefits Fair, which will consist of an online source for curated content from our benefits vendors (such as videos, brochures and more), along with special dates/times for virtual live chat options with HR staff and/or our benefit vendors. We encourage you to use these resources to help get answers to your questions or learn more about all the benefit options available to you as an MSU employee.

Dates and Times

The Virtual Benefits Fair will take place from October 12–16, with MSU HR staff and benefits vendors available to answer questions live via chat on Thursday, October 15 from 11 a.m. to 7 p.m. and Friday, October 16 from 7 a.m. to 5 p.m. (some vendor hours may vary for live chat).

How to Join

Click on this link to the Virtual Benefits Fair webpage to join the fair.
Please register with your name and email if you wish to interact with HR staff and benefit vendors during scheduled live chat sessions. You can then use the username and password you register with to login to the fair. View this Guide to Participating in the 2020 MSU Benefits Open Enrollment Fair for more information.

Participating Benefits Vendors

The following MSU benefits vendors and MSU units will be participating in the Virtual Benefits Fair:

Health/Dental

  • Aetna Dental
  • Blue Cross Blue Shield/Blue Care Network
  • CVS/Caremark
  • Delta Dental
  • Humana
  • Livongo (Diabetes Management)
  • Teladoc (Telemedicine)/Teladoc Medical Experts (Formerly Best Doctors)

Life and AD&D

  • Prudential

Flexible Spending Accounts

  • HealthEquity/WageWorks

MSU Benefits Plus

  • ARAG (Legal Group)
  • Liberty Mutual (Auto & Home)
  • MetLife (Critical Illness, Auto & Home)
  • Nationwide (Pet)
  • Transamerica (Long-term Care)
  • VSP (Vision)

MSU Units

  • MSU Health Team
  • MSU Human Resources
  • MSU IT Services
  • MSU Organization and Professional Development
  • MSU Pharmacy
  • MSU WorkLife Office

Retirement

  • Fidelity
  • TIAA

MSU Celebrates 2020 Award Winners!

The University acknowledges and expresses its gratitude for both long-term support staff and support staff going “above and beyond” in their job performance. Each year, the University recognizes these individuals through the MSU Retirement and Service Recognition, Jack Breslin Distinguished Staff Awards, and Ruth Jameyson “Above and Beyond” Award.

MSU Retirement and Service Recognition

The MSU Retirement and Service Recognition recognizes support staff employees celebrating long-term service work anniversaries of 15+ years, as well as employees who have recently retired within the last fiscal year. This year we recognize 573 employees celebrating a long-term work anniversary and 188 employees retiring from the University. Thank you for your years of dedicated service to MSU! Click here to view a full list of those celebrating this year.

Jack Breslin Distinguished Staff Awards

The Jack Breslin Distinguished Staff Awards honors six University support staff members annually. These individuals are nominated by their colleagues as demonstrating the qualities of Jack Breslin, who served MSU as a student leader, honored athlete, top administrator and steadfast advocate, personifying the “Spartan Spirit.” Award honorees display overall excellence in job performance, supportive attitude and contributions to their unit and the University. This year’s awardees are:

Shannon Davis

Davis is an Administrative Associate in the Dean’s Office in the College of Social Science. She manages all aspects of the college’s Human Resources operations. Davis’ colleagues had this to say about her: 

“Shannon [is] one of [the College of Social Science]’s shining stars and the work product she provides is exceptional. Shannon is more than willing to provide support to anyone on our team and does so with a positive and collegial attitude.” 

“Those of us in the College of Social Science continue to be amazed at the consistent, appropriate and accurate work-product that Shannon provides. Even though she has a tremendously busy life outside of MSU, she seems to be able to adequately compartmentalize, and while at work, gives more than 110% to the College of Social Science. She does us all proud, and we are truly fortunate to have her.”

Theresa (Terry) Edwards

Edwards is a Secretary III in the Department of Teacher Education in the College of Education. She provides direct support to the Department Chairperson, as well as support for departmental faculty, staff, students and visitors. Edwards’ colleagues had this to say about her: 

“Terry is an expert on academic triage and in performing her varied routine and ad hoc duties, she is skilled at not only managing her own priorities, but in managing the flood of issues she must field for others, whether the department chair or the myriad faculty and students that come to her for assistance or referral. We perform very well, in large part, due to Terry’s excellence.” 

“We truly believe Terry deserves this honor. In particular, at this challenging moment in MSU’s history, we believe it’s important to recognize community members who go out of their way to build relationships, make others feel safe and valued, and create workspaces that are humanizing as well as productive.” 

Todd Wilson

Wilson is a Planner/Inspector/Analyst II in Planning, Design and Construction for Infrastructure Planning and Facilities. He manages capital construction projects for MSU and serves as the University’s liaison. Wilson’s colleagues had this to say about him: 

“One of Todd’s real joys about working at MSU is his ability to construct learning environments that forward the mission of MSU and offer spectacular facilities for faculty and students.” 

“Spartans Will (or…Spartans Wil-son in this case)!”

Robert (Bob) Patterson

Patterson is the Chief Financial Officer for Residential and Hospitality Services (RHS). He is responsible for the financial budgeting, financial management and overall viability of the financial success of all departments which make up RHS. Patterson’s colleagues had this to say about him: 

“Bob is a tireless advocate for students. For their overall experience and for the stewarding of resources that impact that experience.”

“I have never seen anyone so great at relating to people of all walks of life as Bob does. Bob tries to find common ground with everyone he meets.”

Maggie Chen-Hernandez

Chen-Hernandez is Student Services Coordinator in the Office of Cultural and Academic Transition. She is responsible for assessing and developing curriculum for the Multi-Racial Unity Living Experience and Intercultural Aide Program, developing diversity, equity and inclusion training, and collaborating with academic affairs, faculty and students to implement student retention initiatives, among others. Chen-Hernandez’s colleagues had this to say about her: 

“In her close to 30 years of service, Maggie Chen-Hernandez has always and continues to go above and beyond what is expected of her because she deeply cares about the students she serves and wants them to feel a sense of belonging, and wants them to be successful both academically and socially.”

“Ms. Chen-Hernandez has made a great impact during her distinguished career at Michigan State University. The campus is a more inviting and inclusive community for students and staff due to her presence and service.”

Cindy Baswell

Baswell is the Bakery Manager for MSU Bakers. She is responsible for all aspects and operations of the unit. Baswell and her staff are responsible for almost all the fresh baked goods served on campus. Her colleagues had this to say about her: 

“Cindy truly cares about everything she does and puts the best interests of our students, guests and University as a whole in the forefront of her work.”

“Through her work at the bakery, Cindy has touched the lives of countless individuals; those with whom she works, student customers and other customers, and so many people throughout the community. Cindy leads her team to excellence in all they do, creating a culture of creativity, compassion, generosity, and strong ethics.”

Ruth Jameyson “Above and Beyond” Award

This annual award recognizes a support staff member who most closely exemplifies the contributions, personal characteristics, and commitment to MSU demonstrated by Ms. Ruth Jameyson, going “above and beyond” what is reasonably expected in supporting the mission of MSU. In recognition of Ms. Jameyson’s own pursuit of a graduate degree while working at MSU, the award recipient must be pursuing a graduate degree at MSU or elsewhere concurrent with their employment at MSU.

This year’s recipient is Michelle Gunn Van Deuren. She is a Research Assistant II in the Department of Pathobiology and Diagnostic Investigation in the College of Veterinary Medicine. Gunn Van Deuren is pursuing a graduate degree in Fisheries and Wildlife Disease Ecology and Conservation Medicine from MSU. Her colleagues had this to say about her:

“She is a very intelligent young lady, who is extremely creative in getting each task of her job done efficiently. In order to maximize time efficiency, she took courses to learn complicated software for bookkeeping, accounting and visual arts and mastered them.”

“Ms. Van Deuren unequivocally is the hands down, standalone, single best embodiment of “Above and Beyond”. Truly, as I became aware of this award and was reading about Ms. Jameyson, I swore the authors were writing and describing Michelle herself. Professionalism, Michelle. Loyalty, Michelle. Kindness, Michelle! Strength, patience, ambassador, Michelle! Never daunted by workload, whether piles or mountains, and being uncannily stalwart, Michelle is a tremendous asset to my growing program.”

The University would like to congratulate all award winners once again for all of their outstanding work. MSU would be nowhere near where it is today without the help of our dedicated employees. During this time, we invite the colleagues of these award recipients to extend their congratulations and appreciation to these individuals so they may receive the recognition and thanks they so greatly deserve.

Tips to Enhance Savings During America Saves Week!

Today marks the start of America Saves Week, taking place February 24-29, 2020. America Saves Week is a nationally recognized time to encourage individuals and families “to save money, reduce debt, and build wealth” (America Saves, 2018). Saving money is much easier said than done, so MSU’s retirement vendors TIAA and Fidelity have provided tips and tools to make saving for retirement and (life in general) a bit easier.

  • Save just 1% more. If you’re already saving, that’s great! But, did you know that increasing your 401(k) savings by just 1% can cause your savings to grow exponentially? Try the Power of Small Amounts tool by Fidelity to see how a small increase can have big effects on your savings.
  • Utilize a financial goal planner. Reveal your personal financial path in just three steps:

1. Map your income and expenses.

2. Write down each of your goals.

3. Match each goal to a time frame.       

4. Find an in-depth financial goal planner from TIAA here.

  • Try an online webinar. Both Fidelity and TIAA offer a variety of online resources. Fidelity hosts webinars on everything from managing life to saving and investment, to preparing for retirement. Fidelity is offering live webinars for Fidelity members during America Saves Week; if you’re not a member, you can find previous webcasts available any time on the Fidelity website. TIAA offers educational articles on saving, tools for goal setting, a retirement calculator, and free live webinars. You don’t need to be a TIAA member to participate in the live webinars, simply select the “Guest Login” option on their website when signing up for a webinar. You can also give them a call at 800-842-2252.
  • Try to follow the 50/30/20 rule. Allow 50% of your income to go towards necessities, 30% towards discretionary items, and 20% towards savings. Click here to learn more about monthly savings plans and the 50/30/20 rule from TIAA.

Whether you’re looking to save for retirement now or start planning for your future, Fidelity and TIAA can help you plan with webinars, online professional help and financial planners.

For general questions about retirement, contact MSU HR at SolutionsCenter@hr.msu.edu or 517-353-4434. For questions about your specific retirement plans, please contact your retirement vendor directly.

 

Accomplish Your 2020 Goals with Help from MSU HR

We’re officially one month into the new year! Have you made resolutions that are becoming more difficult to keep each day? If so, don’t worry, you are not alone. In fact, 80% of New Year’s resolutions begin to fizzle out by February (Psychology Today, 2018). Here at MSU HR, we want to encourage you to keep going by identifying resources right at your disposal to make keeping your resolutions a bit easier.

Work/ Professional Life:

We often have work or career-related goals that may include enhancing leadership skills, improving communication, increasing knowledge, etc. Discover resources offered through MSU to support you in your professional development:

  • Attend Organization and Professional Development (OPD) courses to enhance your leadership skills and aid in career development. Find a variety of OPD courses offered here.
  • If you’re a support staff employee, be sure to use your Educational Assistance funds for career development opportunities such as OPD courses, attending conferences, and so much more. Learn more about your Ed Assist benefit here.

Health:

It might come as no surprise that the most common (and most commonly broken) New Year’s resolutions are centered around health and wellness (Time Magazine, 2012). Below are benefits and resources you can utilize as an eligible MSU employee to help maintain a healthy lifestyle.

  • Take a trip to your doctor and stay up-to-date on your health! Get your annual physicals, eye exams, and check-ups.
  • Check out MSU Health4U courses! From learning how to cook quick and healthy meals, to participating in active stretching, MSU Health4U offers a variety of health and wellness programs. Click here to discover more.
  • Utilize discounts at local gyms offered through MSU Benefits Plus. Receive 5-20% off at various locations including LA Fitness, 24 Hour Fitness, Anytime Fitness along with regional chains, local gyms, and specialty studios. Log into MSU Benefits Plus to discover ways to save!
  • Prioritize your mental health! MSU employees and their adult dependents who are currently enrolled in an MSU health plan have access to behavioral health services offered through Teladoc. Find support and receive 24/7 access to a healthcare professional conveniently online. Find more information on Teladoc and how to use it here.

Money and Savings:

Money is another common resolution topic amongst Americans. Saving money is often linked to less stress because it allows you to be more prepared for changes in life and may give you the flexibility to spend your money on your own terms (Refresh Financial, 2019). Learn more about MSU benefits that promote financially responsible habits:

  • If you enrolled in a flexible spending account for this year, utilize those funds for eligible expenses such as band-aids, shoe insoles, and aspirin! Flexible Spending Accounts (FSA) help you save money by allowing you to use pre-tax dollars to pay for eligible expenses. Participants save an average of 30% on eligible expenses. Discover various items you can use your FSA funds at the FSA Store. You can also learn more about FSAs on our website here.
  • Put more towards retirement! Consider taking advantage of compounding retirement savings that will end up saving you more in the long run. Learn how compounding works and discover various retirement plans here.

Sticking to New Year’s resolutions may not be easy, but with these tips, we hope that you continue to see your goals as possible. Questions? Contact HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434. Find more information about MSU-related benefits and resources on our website hr.msu.edu.

Retirement Planning: 2020 IRS Retirement Plan Contribution Limits

Could you be saving more for your retirement? Whether you’ve just started working at MSU or have been here for 30+ years, it is important that you continue to monitor and adjust how much you’re saving if you want to have a comfortable retirement.

The IRS places limits on how much employees can contribute to a retirement plan each year. The IRS recently announced the retirement plan limits for 2020:

  • The annual employee contribution amount increased to $19,500 from $19,000 for 403(b) and 457(b) plans.
  • The age 50 catch-up contribution amount increased to $6,500 from $6,000 for 403(b) and 457(b) plans.

If you want to save as much as you can for your retirement, there is a tool in the EBS Portal called the Max Savings Contributions Calculator available to assist you. This tool automatically displays the remaining amount of retirement contributions you have available before reaching one of the limits, and the equivalent percentage of your pay to help you spread that out for the year.

To access this tool:

1. Login to the EBS Portal with your MSU NetID and password.

2. Click the My Benefits tab at the top.

3. Click the Benefit/Retirement tile.

4. Select Enroll/Change my Retirement/Health Savings Account Options in the drop-down menu and then click Next in the bottom right.

5. Navigate in the bar graph to the Savings Plans screen by clicking Next in the bottom right.

6. The Max Savings Contributions Calculator screen will display. This display will automatically show the remaining amount of retirement contributions you have available (if any) before reaching the IRS limit.

7. You can adjust the percentage of your contributions to any retirement plans you participate in by clicking on the pencil icon, and then choose Select to make the change.

8. If you want to enroll in a new plan, begin by clicking on the paper icon next to the plan and vendor of your choosing, and then enter the percentage of your new contribution and choose Select to enroll.

9. Make sure to click on Save in the bottom right to complete and save any changes/enrollments.

If you are an academic year faculty or academic staff employee, or a Voluntary 403(b) Base participant age 50 and over, contact the HR Solutions Center at 517-353-4434 or SolutionsCenter@hr.msu.edu for further assistance in calculating your maximum contribution percentage.

Learn More About MSU’s Retirement Plans 

The HR website contains a wealth of information about the different types of retirement plans offered, retirement investment vendors, and planning tools available.