|
KANELECT - If you have not exhausted your
2004 KanElect account balances by December 31, 2004, you
will have until Thursday, March 31, 2005 (postmarked by
that date) to submit expenses to ASI which were incurred
between January 1, 2004 (or when you started participation
during 2004) through December 31, 2004.
SOCIAL SECURITY - Beginning January 1, 2005, the
wage base for Social Security will be $90,000. This is a
$2,100 increase from the 2004 wages base of $87,900. The
OASDI tax rate remains at 6.2% for both employees and employers.
The maximum OASDI employee contribution for 2005 will be
$5,580.00. There continues to be no limit on wages subject
to Medicare tax in 2005. Medicare tax rates for employers
and employees remain at 1.45%.
NEW BENEFICIARY OPTIONS - Due to new legislation,
all active members can name separate beneficiaries for insurance
retirement benefits beginning January 1, 2005. Previously,
when a KPERS member named a beneficiary, all of his or her
benefits went to the same beneficiary.
Members can now name separate beneficiaries for :
1. KPERS benefits (return of contributions and interest).
2. Life insurance proceeds (basic and optional life insurance).
Members who are satisfied with their current designations
do not need to do anything. This new option is purely for
members who wish to take advantage of the change. New Designation
of Beneficiary forms are available in your HR office or
the KPERS website.
NEW DISABILITY ADMINISTRATOR - Effective
January 1, 2005, DCG (Disability Consulting Group) Resource
Options, LLC will begin administering the KPERS long-term
disability plan. KPERS's long-term disability plan will
not change; DCG will simply be administering the same disability
benefits that SBL (Security Benefit Life) administered for
many years.
Please contact your agency HR office if you have questions
about this information. Thanks
|
