Same Month Insurance Premium Deductions
November 20, 2023
The Universities of Wisconsin have announced an upcoming change to the payroll deduction schedule for several insurance related benefits.
Starting in January of 2024, the payroll deductions to pay for the premiums pertaining to State Group Health Insurance, Dental Insurance, Vision Insurance, Life Insurance, Accidental Death & Dismemberment Insurance, and Accident Insurance will occur in the same month as the coverage month.
(In 2023 the payroll deductions for these insurances occurred one month before the coverage month.)
Please see the message below for more detailed information on this change.
From the Universities of Wisconsin:
Starting in 2024, the payroll deduction schedule for most benefits will be changing. Please review the information below to learn about the change and how it may affect your paycheck.
Currently, benefit insurance premiums for most benefits are deducted one month prior to the coverage month (for example, deductions in November are for December coverage). Starting in 2024, benefit insurance premiums will be deducted in the same month as the coverage month (for example, deductions in January will be for January coverage).
If you are currently enrolled in any of the benefit plans listed in Column 1 of the table below, you will not have these benefit insurance premiums deducted from your December 14, 2023, and December 28, 2023, paychecks. You may have more take-home pay on these paychecks. Contributions and/or premiums listed in Column 2 of the table below will continue to be deducted from the December 14, 2023, and December 28, 2023, paychecks.
Your benefits coverage will remain active in December 2023 because your December premiums will be deducted in November of 2023. Deductions for benefit insurance premiums will resume on the January 11, 2024, paycheck.
| Column 1 | Column 2 |
|
Benefit Plans Affected (Premiums for the insurances below will not be deducted from the December 14 or 28 paychecks.) |
Benefit Plans Not Affected (Contributions or premiums for the benefits below will be deducted from the December 14 and 28 paychecks as usual.) |
| State Group Health Insurance | Income Continuation Insurance |
| Dental Insurance | Flexible Spending Accounts |
| Vision Insurance | Health Savings Accounts |
| Life Insurance | University Insurance Association Life Insurance |
| Accidental Death & Dismemberment Insurance | Health Opt-Out Incentive |
| Accident Insurance | Wisconsin Retirement System (WRS) |
| UW 403(b) Supplemental Retirement Program (see below) | |
| Wisconsin Deferred Compensation 457 Program (see below) |
Please Note:
You do not need to take any action in response to this announcement. Your benefit deductions pertaining to the insurances listed in Column 1, above, will automatically be stopped on your December 2023 paychecks and will automatically resume in January 2024. Benefit deductions can be reviewed on your earning statement for each payroll. Please see Access Your Earning Statement for more information.
Pay Dates and Deductions Schedules
Payroll Deduction Changes for Supplemental Retirement Programs
UW 403(b) Supplemental Retirement Program
Wisconsin Deferred Compensation 457 Program
Earlier this month, the Universities of Wisconsin also announced that the contribution schedules for the UW 403(b) Supplemental Retirement Program and the Wisconsin Deferred Compensation 457 Program would also be changing in January 2024. If you participate in either of these programs, please see the news item below for more information about that payroll change.
News: Payroll Deduction Changes for Supplemental Retirement Programs
If you have any questions about the upcoming changes to the payroll deduction schedule, please contact the Benefits office that corresponds to your School, College, or Division.