HRExpress - November 2024

November 2024 

State of Iowa Benefits

Open Enrollment Ends Tomorrow at 6:00 p.m.

Open Enrollment for 2025 benefits ends at 6:00 p.m. (CST) on Thursday, November 7. This is your last chance to make changes to your 2025 health insurance, dental insurance, life insurance, or flexible spending accounts (FSAs) without a qualifying life event.

• No action is needed if you do not wish to make changes to your health and/or dental insurance during this Open Enrollment period. If you do not act, your 2024 options and coverage level (single or family) for health and/or dental will remain the same in 2025.
• Remember, you must enroll each year in the Health Flexible Spending Account (FSA) or the Dependent Care FSA, or both, if you wish to participate. 
• If you started the Open Enrollment process in Workday and hit “Save for Later,” you MUST go back and finish your enrollment before the deadline date. Your final enrollment selections will not be processed unless you finish the process and select the “Review and Sign” section.
• The vision insurance program is administered by World Insurance. Enrollment is NOT done in the Workday system. Open Enrollment for vision will take place in January and February of 2025, with elections taking effect on April 1, 2025. Additional information will be shared in December.
• More Open Enrollment information is available on the Open Enrollment webpage.

Employees make their benefit elections in Workday. These references can assist with the process:

• Open Enrollment Smart Guide - Screenshots - a step-by-step guide with detailed instructions and screenshots 
• Mobile Open Enrollment Smart Guide - for use with your mobile devices

Don’t delay - Thursday, November 7, at 6:00 p.m. (CST) is your last chance to make changes! 

Education Opportunities

Emotional Intelligence 2.0

Emotional Intelligence 2.0 is the world's leading measure of emotional intelligence. With EQ-i 2.0 you will complete the emotional intelligence inventory including a one-on-one debrief with a certified coach and attend a one-day training in which you will develop a plan for self-development. Gain insight and understanding of your strengths and opportunities for growth with emotional intelligence. This course is part of our Management Development Certificate series. Visit the course page for details and to enroll.

Safety Courses Available

DAS Safety is offering a handful of new courses. Select each course name below to learn more and see upcoming course dates.

• OSHA Construction
• OSHA General Industry
• Fall Protection
• Machine Guarding
• Evacuation and Emergency Planning 

Quick Links

• Check out PDS website for course offerings
• Enroll through the LMS - OKTA | external
• Find your PDS Partner
• Contact us with any questions!

Health and Well-Being

Type 2 Diabetes Can Be Prevented

Roughly 98 million American adults have prediabetes—and eight in 10 don’t even know they have it. Those numbers are alarming, but it’s possible to turn things around before it’s too late. Read Wellmark’s Type 2 Diabetes Prevention: Three Lifestyle Changes to Make Now  to see if you may be at risk, and for tips to help you significantly reduce your chances of developing the disease later in life. 

Bracing for Braces - The Basics

Getting braces is a rite of passage for many children and young teens. If you are a parent considering braces for your child, you likely have questions. This informative article, Braces Basics, from the experts at Delta Dental, discusses your most pressing questions about straightening teeth. 

Free Health and Well-Being Seminars Offered Online

On-demand online seminars covering various health and well-being topics are available from Acentra, the State’s Employee Assistance Program (EAP) provider, at www.EAPHelplink.com. Use Company Code: IOWA and click on e-learning for a list of available online seminars.

Seminars are free of charge, with the most current offerings available on the dates listed below.

• Available now: Aging Parents, Renewed Connections - Transitions that occur in later life can be challenging, yet they also offer unique opportunities to deepen our relationships and rekindle connections. This training will uncover ways to maximize this time.
• Available November 19: Laughter Helps - Discover how a good laugh can boost your mood, strengthen your relationships, and unlock a wealth of other benefits.

EAP also offers confidential resources at no cost to help employees and eligible family members address many of life’s challenges. For more information on EAP resources, visit the DAS Employee Assistance Program web page.

Work Smart with Workday

Check Your Address in Workday

In preparation for the end of 2024, be sure to validate your home address in Workday. W-2s and 1095s will be mailed to the address of record in Workday, so it is important the correct address is listed. Please review the Contact Change Smart Guide for steps to update your address in Workday.

Need Workday Support?

Just follow these three easy steps:

• Check the resources. Check out step-by-step how-to guides, presentations, and video training sessions located in the Workday Learning Catalog for HR staff. 
• Ask a friend. If you know other employees who have the same job responsibilities, ask if they have a solution for you. This is often the easiest and fastest way to address your questions.
• Submit a ticket. If you still need help, submit a service ticket to get your questions answered.

Retirement Benefits and Savings

IRS Raises 457 Contribution Limits for 2025

The Internal Revenue Service (IRS) has raised the 457 limits for 2025. In addition, they have added a new limit for anyone turning age 60 through 63 in 2025.

To change your RIC contributions, please make your elections in Workday.

IPERS Offers Ready, Set, Retire Workshop in Zoom

Retiring in the next three to five years? If so, IPERS offers you Ready, Set, Retire, a free all-day Zoom webinar just for you! You may view/attend sessions during work time if scheduling permits and your supervisor approves. Spouses are welcome to attend. View the description and upcoming workshop dates and reserve your spot by clicking on the workshop you wish to attend and then click “Register.” 

From the RIC Team

• Retirement Readiness: A Year-End Focus - As the year draws to a close, many individuals find themselves reflecting on their achievements, aspirations, and plans for the future. While holiday festivities often take center stage, this is also the perfect time to assess your retirement readiness. Whether you are just starting out in your career, approaching retirement age, or somewhere in between, understanding and evaluating your retirement strategy is crucial to ensuring a secure and fulfilling future. Let's take this opportunity to pave the way for a brighter, more secure financial future.

  Log into your RIC accounts to review account balances and current savings rates, the funds you are investing in, and beneficiary information.

  Want some help? Contact your RIC advisor and request a meeting (free of charge) to make sure you are on track to meet your financial goals. Not sure who your advisor is? 

       - Call your provider

       - Log into your account and locate advisor information

      - Look at your most recent statement

       - Review advisor listings 

• SageView invites you to register for an upcoming live financial webinar! -  Register to attend SageView’s Financial Fitness Workshop, on November 13, 2024, at 1:00 p.m.

         During this one-hour workshop, SageView will cover:

        -  College Savings 529 Plans: Understanding the tax and other benefits

         - HSAs and FSAs: Tax-advantaged savings for your healthcare needs

         - Roth vs. Traditional: What’s similar, what’s different, what’s right for you? 
 

News from Your RIC Providers

Remaining calm and focused in volatile times
Market volatility can be unsettling, but it’s important to not lose sight of the big picture—planning and preparing for your financial future.

Five key principles can help you keep your emotions in check and stay the course:

• Keep market volatility in perspective
• Choose an asset mix you’re comfortable with
• Avoid trying to time the market – stay focused on your long-term goals
• Consider investing regularly to help create balance
• Talk with your financial professional

Read Remaining Calm in Volatile Times to learn more!

Join Our Next Corebridge and State of Iowa Co-Sponsored Webinar November 13
All State employees are invited to attend this informative webinar.The Corebridge team will review both IPERS and Deferred Comp during this webinar. Employees may view/attend sessions during work time if scheduling permits and your supervisor approves. There will be two sessions - 10 a.m. and 2 p.m. 

Corebridge offers webinars on a variety of topics
Join a webinar and learn more about a variety of topics. Upcoming webinars include:

• Tuesday,November 5 – Understanding IPERS – Will IPERS replace my paycheck?
• Tuesday, November 19 – Inflation Implications – Why you will need more money in retirement than you spend now
• Tuesday, December 3 – Your Future Starts Now - Make 2025 the year you control your money not your money controlling you.

All webinars are held at the following times: 11:30 a.m.  |  12:30 p.m.  |  4:00 p.m.  |  7:00 p.m.   

Register for the Corebridge webinars here. If you can’t make the webinars, they are also offered on demand. 
 

Be ready for what’s next in retirement
If you’re nearing retirement age, your view of investment risk has probably evolved. What does that mean for your retirement plans? What should you do to manage risk and similar age-related factors? 

Here are a couple suggestions:

• Review your asset allocation — and adjust as needed. Older investors tend to shift toward a more conservative mix of investments to manage the risk of the assets they’ll rely on for retirement income. If your mix of investments is too aggressive, a sudden drop in stock values can hurt your retirement income viability. However, if you invest too conservatively, you’re also at risk of inflation eating into your spending power. It’s all about finding the right balance for your age, risk tolerance, and retirement income needs.
• Clarify your “spend-down plan.” How will you use the funds in your account as a retirement income source? How will Social Security benefits, pension benefits, personal savings, IRAs, and your retirement account — work together to provide you with the income you’ll need? The answers to these and similar questions are what’s known as a “spend-down plan,” a systematic approach to withdrawing your assets over the course of your retirement. A well-designed spend-down plan can help you minimize your tax obligations while helping you stretch your savings across your entire retirement.

If you have questions on these issues and how to make a smooth transition to retirement, schedule some time with your local retirement plan advisor.

Do you know what your retirement income will be?

Whether your retirement is in the near or distant future, achieving your goals for a dream retirement depends largely on the plans and decisions you make now. 

Many factors can affect your retirement income: inflation, rate of return on savings and investments, your retirement date, taxes, spending, part-time earnings, Social Security, and longevity. When planning for income in retirement, it’s important to understand how what you can expect to receive postretirement stacks up against what you make now pre-retirement. 

Want more information?

Check out our retirement calculators online and contact your Horace Mann representative to schedule an annual review to help you stay on track for the retirement of your dreams.

Three Steps to Take as You Get Closer to Retirement

Consider the following three steps to learn how to monitor your savings and income projections as you take specific, simple steps towards retirement.

• Check your retirement savings progress
  -Log in to your Iowa RIC accounts at iowa.beready2retire.com and use myOrangeMoney® to help you project your monthly income in retirement and your progress towards your goal. 
  - Use myOrangeMoney to see how other factors like healthcare expenses or where you plan to retire might have an impact. 

• Factor in Social Security
  - Set up an online account at ssa.gov. 
  - Review your Social Security statement and determine your full retirement age. 
  - Estimate your expected benefits at Early Retirement, Full Retirement and Delayed Retirement.

• Plan for medical expenses
  - Consider your current healthcare costs to help determine how much greater they could be in retirement.
  - Determine whether you will be able to fund retiree health insurance using a SLIP account.
  - Learn more about Medicare at medicare.gov.

Visit VOYA - Nearing Retirement Series: Checking your progress to learn more about each of these steps. For help using myOrangeMoney or factoring Social Security and Medicare into your future retirement income projection, schedule an appointment with your local Voya representative by calling our Des Moines Office toll-free at (800) 555-1970 or (515) 698-7973. Office hours are Mondays through Fridays, 8:30 a.m. – 5:30 p.m. Central Time.

 HRExpress is a publication for State of Iowa employees. For prior editions, visit the HRExpress webpage.  If you have questions or suggestions for future content, please contact us at hrexpress@iowa.gov.