February Employee Benefits Spotlight

From: Human Resources

Please see the following announcements from the Benefits Team.

New leave year

Jan. 10 began the new leave year where balances for Family Sick, Family Personal, Personal Sick, and Community Service hours were replenished, as applicable. The processes to adjust balances for the new leave year are scheduled for Jan. 24 and updated accruals will be available for review on Jan. 25. Please submit questions to hrleave@vt.edu or learn more on the HR Leave website.

Annual tax document issuance and address review reminder

The issuance of annual tax documents, including W-2s, 1042S, and IRS 1095-C forms is underway. Many of these forms are available electronically; however, the Commonwealth of Virginia will mail 1095-C forms (a required information document for health insurance benefits) to the address reflected on Cardinal account profiles. 1095-C forms should be received by mid-March or earlier.  

Electronic W-2 forms for tax year 2024 are now available 

W-2s for the 2024 tax year are available electronically. Use the following instructions access your form: 

• Login to Hokie Spa, select Hokie Team>Employee Dashboard>Tax Forms>W-2 Wage and Tax Statement.
• View the 2024 W-2 in the Employee Dashboard.
• Employees can also view their W-2 through the ADP site using the link available at the top of this screen. or follow the instructions below to use the ADP site to download your W-2 or update your mailing preference.

Employees who no longer have access to Hokie Spa should use one of the following methods to access their W-2 via the ADP site. 

• If an ADP account has not been established, visit https://my.adp.com and select “Create Account.” Enter the Registration Code VAPOLYTECH-VTW2, and provide your first and last name, Social Security number, and full date of birth. Then select “Continue” and select an option to verify your identity. If you choose “ask questions,” a pop up will   appear with security question options. After completing the questions, you will be prompted to complete a registration process during which you will select a unique password. Passwords must contain between 8 and 20 characters with at least one alpha and numeric character. Additionally, ADP users will be assigned a system generated User ID.
  
• If an ADP account has been created, visit: https://login.vt.edu/profile/SAML2/Unsolicited/SSO?providerId=https%3A%2F%2Ffed.adp.com&target=https%3A%2F%2Ffed.adp.com%2Fsaml%2Ffedlanding.html%3FREDBOX

If none of the above options allow you to view your W-2, contact Payroll at vtw2@vt.edu for assistance.

ADP will mail paper W-2 forms by Jan. 31 to the mailing address reflected on employee profile records, as of Jan. 9, 2025. 

W-2s prior to 2021 will continue to be available in Hokie Spa. To view and/or print W-2s prior to 2021, select the year on the W-2 Year End Statement page and select Display.

If you have additional questions about accessing your W-2 or information on the form, contact Payroll at vtw2@vt.edu or 540-231-5201 or visit the Controller’s website. Direct questions about address updates should be directed to the HR Service Center at hrservicecenter@vt.edu.

VRS Defined Contribution Plan recordkeeper transition

The Commonwealth of Virginia, with VRS, selected Voya Financial to be the recordkeeper for the VRS Defined Contribution Plans (DCP). Voya assumed record-keeping responsibilities Jan. 1, for the following VRS plans:

• Hybrid Retirement Plan (defined contribution component)
• Hybrid Cash Match Plan 401(a)
• Commonwealth of Virginia 457 Deferred Compensation Plan
• Virginia Cash Match 401(a)

Employees enrolled in one of the above plans can learn more about the things to be aware of during this time.

For plan balances, Mission Square statements should have been mailed early January, reflecting a zero-balance and signifying the transfer of those funds to VOYA.

Employees may have received a notice via the United States Postal Service (USPS) from DCP (Defined Contribution Plan) with a PIN to access associated accounts. All employees with a Hybrid and/or 457 account are encouraged to secure their accounts by activating online access and logging in periodically to review contributions and balances, as well as review personal information such as mailing addresses.   

Hybrid voluntary contributions 

Be your own hero when it comes to retirement planning by maximizing voluntary contributions. Participants can contribute up to four percent to their Hybrid 457 Deferred Compensation Plan and receive a 2.5 percent employer match. Previously changes to voluntary contributions could only be made quarterly. With the transition to VOYA as the recordkeeper, hybrid plan participants can now make changes monthly.  

Access health care anytime and anywhere through Online Doctor’s Visits

State health insurance plans offer the convenience of online doctor’s visits for acute health issues. Using a smartphone, tablet, or computer with a webcam, members can connect with a healthcare professional from the comfort of their home or while on the go. For more information about this benefit, visit DHRM’s Online Doctor’s Visits or contact Human Resources at 540-231-9331 or hrservicecenter@vt.edu.

Retirement planning pointers and resources available to Virginia Tech employees 

Employees are encouraged to set up online access to retirement accounts with their respective retirement vendor(s). Additionally, they have access to financial counseling sessions at no cost with representatives from:

• TIAA
• Fidelity
• VOYA

The Benefits Team can provide an overview of retirement plan information and answer general questions related to employee retirement benefits. The team also conducts retirement planning workshops each fall, which benefit all employees, not just those planning to retire soon. These sessions are communicated through Virginia Tech News. 

For questions regarding retirement participation and planning, any communications received, or to schedule an in-person or virtual meeting, contact the HR Service Center at 540-231-9331 or hrservicecenter@vt.edu.

Notice to employees receiving offers of unsolicited retirement advising

Several different agencies have contacted Virginia Tech employees, by email or phone, under the guise that they are endorsed by the university to provide financial advising services. Virginia Tech does not endorse unaffiliated financial advisors. Notices such as this can be reported as spam or phishing using these instructions. Employees have the option to seek outside financial counseling; however, this is a courtesy reminder to exercise caution when responding to unsolicited offers of retirement planning or counseling and to remind of the resources available to Virginia Tech employees.