WPS Benefit News
April 2020
Wellness Update for 2021 Plan Year
Due the COVID 19 pandemic, the UTW, SEIU and District negotiations teams have agreed to waive the wellness points requirement for the 2021 health plan year only.
Given the difficulty and/or inability for employees and spouses to see providers for preventative care, employees and spouses will not be required to accumulate 100 wellness points between September 1,2019 and August 31, 2020 in order to earn the wellness premium waiver for the 2021 plan year.
Employees and Spouses on the district health plan will be required to earn 100 wellness points for the 2022 plan year and thereafter in subsequent plan years. The points for the 2022 health plan year must be earned between September 1, 2020 and August 31, 2021 in order to be eligible for the wellness premium waiver for the 2022 health plan year.
Retirement Office Still Open For Business (Virtually)
The retirement office is open for business for those of you who are still wanting to retire this school year. While we are not able to meet in person, we are able to meet virtually and to handle paperwork via mail, scanning, and e-mail.
If you are interested in retiring, please click here to schedule an appointment with the Retirement Specialist.
Alexis Summers
Retirement Specialist
Employee Benefits | Human Resources
Email: asummers@usd259.net
Phone: 316-973-4590
403(b) and 457(b) plans
The Coronavirus Aid, Relief and Economic Security Act
The Coronavirus, Aid, Relief and Economic Security Act, also known as the CARES Act, relieves some restrictions around withdrawals, loans, and a waiver of Required Minimum Distributions for 2020.
Specifically, the CARES Act permits a Coronavirus related distribution for up to $100,000 for an individual:
- who is diagnosed with COVID-19;
- whose spouse or dependent is diagnosed with COVID-19; or
- who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19.
The legislation also waives the 10% early withdrawal penalty tax and permits those individuals to pay tax on the income from the distribution ratably over a three-year period, with an option to repay all or a portion of the distribution into the plan over the next three years. Those repayments will not be subject to the maximum allowable contribution limits, and will be treated as a rollover contribution.
The CARES Act also doubles the current retirement plan loan limits to the lesser of $100,000 or 100% of the participant's vested account balance in the plan. The loan increase, however, only applies to individuals that would qualify for the Coronavirus related distribution (detailed above) and only until September 23, 2020. Individuals with an outstanding (OVID loan from their plan with a repayment due from March 27, 2020 through Dec. 31, 2020 can delay their loan repayment(s) for up to one year.
Finally, the CARES Act waives Required Minimum Distributions for 2020.
457(B) Deferred Compensation Plan
For more information contact Deb Anton, RPA Financial Advisor
Email: danton@retirementplanadvisors.com
Website: www.retirementplanadvisors.com
Phone: (316) 210-5049
403(B) Tax-Sheltered Annuity Plan
The list of 403(b) providers can be found on the Omni website.
Website: www.omni403b.com
Phone: 877-544-6664
Wichita Public Schools
HR/Employee Benefits & Insurance Management
903 S. Edgemoor | Wichita, KS | 67218