Benefit Insurance Premiums: Deduction Schedule Change
November 15, 2023
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 the left column of the chart below, you will not have these benefit insurance premiums deducted from your December 14 and December 28 paychecks. You may have more take-home pay on these paychecks.
|
Benefit Plans Affected |
Benefit Plans Not Affected Contributions/Premiums to Continue in December 2023 |
| State Group Health Insurance | Income Continuation Insurance |
| Dental Insurance | Flexible Spending Accounts |
| Vision Insurance | Health Savings Account |
| 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 * | |
| Wisconsin Deferred Compensation 457 Program* |
*Contributions will be deducted from 24 pay periods. If you participate in these programs, you have received an email providing additional information.
Your benefits coverage will remain active in December 2023 because your December premiums will be deducted in November. Deductions for benefit insurance premiums will resume on your January 11, 2024, paycheck.
You do not need to take any action in response to this announcement. Your benefit deductions 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. See Access Your Earning Statement for more information.
Resource
If you have questions about the payroll deduction schedule changes, reach out to your benefits contact.
Source: Universities of Wisconsin Office of Human Resources
Categories: Benefits