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piggy bankAmerica Saves Week
February 27 – March 4, 2017

America Saves Week, coordinated by America Saves and the American Savings Education Council, is an annual opportunity for organizations to promote good savings behavior and a reminder for individuals to assess their own saving status to reach their personal goals. Each day America Saves Week promotes a new savings theme to consider and University Human Resources is pleased to offer a variety of benefits and resources to support you in your saving strategies.

Monday, February 27
Save Automatically
One of the easiest and most effective ways to save is automatically. Employees and spouses who do not use tobacco and complete a tobacco-free affidavit during annual open enrollment will automatically save on their healthcare premium costs. Employees and spouses enrolled in an IU-Sponsored Health Plan save $25 per month for an employee or spouse ($50 for both). As an alternative to completing the affidavit, the employee and/or their spouse may still receive the Tobacco-free Incentive by completing the Quit For Life® tobacco cessation program. Program completion is defined as completing at least five calls with a Quit Coach. Participants will receive the premium reduction upon certification that the required coaching calls have been completed. Learn more about Quit for Life®.

Tuesday, February 28
Family Savings Day
Good savings habits start at home. Indiana University has contracted with Castlight to provide employees and their adult family members enrolled in an IU-sponsored medical plan help with finding in-network medical services and prescription drugs based on price and quality of care. Castlight also provides a step-by-step review of past medical spending for both medical services and prescriptions so members know how much they pay and why. There is no cost or fee for employees or their adult dependents to use Castlight. Eligible members can create an account and use the site at no charge. Visit the Castlight page to learn more.

Wednesday, March 1
Save for Retirement
Saving now for retirement will help ensure you have enough money to have a comfortable standard of living when you stop working or reduce the amount of hours you work. Indiana University sponsors two supplemental retirement plans:

  • IU 457(b) Retirement Plan
  • IU Tax Deferred Account Plan

These plans provide employees with an opportunity to save additional money for retirement while lowering current income taxes. To learn more, visit our IU Supplemental Retirement Plans webpage.

Thursday, March 2
Saving at Tax Time
The money you save on taxes can give your savings an extra boost. Get ahead of your financial goals by participating in Indiana University’s tax saving benefits:

  • Internal Revenue Code (Section 132) allows employees to pay for certain commuting expenses on a pre-tax basis (commuting expenses are treated as a "business expense" when an employee elects such in lieu of compensation -- a salary reduction). Subject to IRS regulation that may change each year, the plan allows an employee to exclude from gross income up to $255 (2016) per month for "qualified parking" (defined as parking provided to an employee on or near the business premises of the employer) and allows for qualified mass transit expense up to $130 per month combined for bus, train, or commuter highway vehicle expenses that take the employee to and from work.
  • The Tax Saver Benefit (TSB) plan is designed to save tax dollars when you pay for IRS eligible expenses. When you elect to set aside salary contributions into one or both of the TSB expense reimbursement accounts, the contributions are not subject to federal, state, local or FICA taxes. This can mean substantial savings. The TSB accounts are administered by the Nyhart Company and Eligible full-time (75% FTE or more) Academic (including Medical Residents) and Staff employees are eligible to participate in either or both reimbursement accounts:
    • Healthcare Reimbursement Account
    • Dependent (Day/Evening) Care Reimbursement Account
  • The Health Savings Account (HSA) administered by The Nyhart Company, is a special tax-advantaged bank account that can be used to pay for IRS-qualified health expenses for you, your spouse or tax dependents. Enrollment in either the Anthem PPO HDHP Plan or the IU Health HDHP Plan allows enrollment in the HSA.

The 3 main tax advantages to an HSA are:

  • No taxes taken on the contributions made to the account. All contributions are made on a pre-tax basis via payroll deductions.
  • No taxes when the funds in the account are used for IRS-qualified health expenses.
  • No taxes on the account interest or investment earnings.

For complete details on any of these tax saving benefits, please visit the Pre-tax Commuting Expense page, Tax Saver benefit page, or the Health Savings Account page.

Friday, March 3
Pay Off High-Interest Debt
With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. IU’s partnership with Fidelity and TIAA, provides one-on-one, telephone or on-site investment counseling at all IU campuses. Both firms offer appointments by phone or self-scheduling on the web. An in-person consultation from a seasoned investment professional provides personalized guidance to understand your financial situation, needs and how best to maximize retirement savings and achieve other goals. Our benefits webpage can direct you to Fidelity or TIAA where you can schedule a convenient time to meet.

Saturday, March 4
Save for Emergencies
Indiana University’s direct deposit offers flexibility to automatically deposit a portion of your paycheck to multiple checking and savings accounts at one or more financial institutions. Indiana University does not charge its employees to direct deposit their paycheck. Login to the Employee Center in One.IU and click “Payroll & Tax” to review your current direct deposit information. Please visit the Financial Management Services (FMS) webpage for additional information on direct deposit.

 

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