Announcements
January 2006
W-2 Forms will be available for pickup in the Payroll Office starting Wednesday, January 25, 2006. Any W-2 Forms not picked up by 10:00 a.m. on Tuesday, January 31, 2006 will be delivered by U.S. mail.
December 2005
AFLAC Enrollment: January 1, 2005 marks the open enrollment date for faculty and staff who would like to enroll in the AFLAC program, which is a supplemental benefit for cancer and/or accident insurance. A representative from AFLAC will be available for questions regarding coverage in the Alumni Room on Tuesday, December 13, 2005 from 11:00 a.m. – 1:00 p.m.
If you have any questions, please do not hesitate to contact Barbara Bilotta at (716) 880-2265.
Flexible Spending Plan: Enrollment/re-enrollment for the Flex Plan Year 2006 is approaching. If you plan on taking advantage of this benefit for the new year please complete an Enrollment Form and Payroll Reduction Authorization form (Adobe PDF) and forward to the Human Resources Office no later than January 3, 2006.
For those employees who currently have Flexible Spending Account(s) for medical expenses and/or dependent care please be advised that all claims must be incurred during your plan year (January 1, 2005 – December 31, 2005) to be eligible for reimbursement. According to the Internal Revenue Code stipulation commonly known as the “Use-It-Or-Lose-It Rule,” employees cannot keep the unused money as cash, save the unused money for similar expenses in the following year, or use the unspent money for any expense other than the type of expense designated for it. Flexible Spending Reimbursement forms are also available on the Human Resources Forms and Worksheets page under “Health Insurance and Benefits.”
If you have any questions or would like more information regarding the Flex Plan please do not hesitate to contact Barbara Bilotta at ext. 2265 or Jeanine Main at ext. 2312.
Retirement Annuity: TIAA-CREF and the Equitable Tax Deferred Annuity Agreement for Salary Reduction forms for Medaille College 2006 retirement plans are available.
Please take a moment and complete the appropriate 2006 agreement and return to the Human Resources Office. At this time, you may change your deduction or simply confirm your current deduction. In order for any changes to take effect in the January 15th paycheck, agreements must be returned to Human Resources by January 6, 2006. All participants are required to sign a new agreement each year.
In 2006 the maximum basic employee contribution to the tax sheltered annuity plan will increase from $14,000 to $15,000, and the “catch-up” contribution for those who are age 50 or older in 2006 will increase from $4,000 to $5,000, for a total contribution of $20,000.
From Payroll Management
Verification of Information: All employees should review their pay stubs or direct deposit notifications prior to December 20, 2005 to confirm that the following information is accurate.
- Correct name and spelling
- Address
- Social Security Number
- Earnings and related tax deferred deduction balances
Any discrepancies must be reported to the Payroll office for correction no later than 10 AM December 19, 2005.
Filing Amended W-4 and IT-2104 Forms
Amendments to Current Forms: Employees must file an amended Form W-4, Employees’ Withholding Allowance Certificate, and the New York equivalent, Form IT-2104, if their filing status, exemption allowances or exempt status has changed since the last filing of their Form W-4. These forms are available in the Payroll office or from the HR forms section of the Medaille College web site.
Amended forms should be submitted to the Payroll office by January 9, 2006 to be effective for the January 13 pay date.
Maintaining Exempt Status
Students in the Federal Work Study program claiming “exempt” from withholding during 2005 on their Forms W-4 and IT-2104 must complete new forms by February 15, 2006 to keep their “exempt” status. Any employees listed in 2005 as “exempt” will have new forms forwarded to them in January 2006.
Form W-5, Earned Income Credit Advance Payment Certificate (EIC)
Employees who filed Form W-5 in 2005 will have their certificate expire on December 31. All employees who want to continue receiving advance payments of earned income credit (EIC) must complete a new Form W-5 prior to January 13, 2006 pay date. This form may be accessed from the IRS forms Web site.
Form W-2, Wage and Tax Statement
Distribution and Content
Form W-2, Wage and Tax Statement, is distributed to all employees by January 31, 2006. The Form is submitted by employees to the federal and state governments when their income tax returns for 2005 are prepared. An employee may verify the W-2 information by comparing the reported numbers to the last payroll’s year-to-date balances unless other adjustments are made to the employee’s wages after the last payroll of the year.
Corrections
If an employee’s name and SSN are correct on the W-2 but are not the same as shown on the employee’s social security card, the employee should ask for a new card at any SSA office or call 1-800-772-1213.
