Download payroll updates / reminders

Simsbury Public
Schools
933 Hopmeadow Street
Simsbury, Connecticut 06070
PAYROLL UPDATES / REMINDERS
UPDATES
Health Savings Accounts (Employees with Insurance Coverage in the HDHP – High Deductible Health Plan) The IRS has
established annual limits that can be contributed to Health Saving Accounts for Calendar Year 2015. The 2015 IRS limits are
$3,350 for single coverage and $6,650 for family coverage. The catch-up provision for participants age 55 and older is $1,000
for 2015 per account, not per participant. Please note that contributions are based on Simsbury Public School’s payroll
deduction schedule of 20 deductions per calendar year. All employees wishing to have a contribution through payroll
deduction will need to submit a new Health Savings Account Payroll Deduction Form 2015. This form can be found on the SPS
website under Payroll Information. Forms must reach the Payroll Department by December 12, 2014. Please note that the total
amount contributed between your contribution and the employer contribution cannot exceed the limits above. Simsbury Public
Schools will be contributing $1,300 for single coverage and $2,600 for family coverage for Calendar Year 2015.
Simsbury Public Schools maintains a 403(b) plan for all employees of the District. The plan allows employees to make
pre-tax salary reduction contributions into investments selected by each employee from a list of participating vendors available
under the plan.
Employees of the District, except student teachers, independent contractors, and student workers, are immediately eligible to
participate in the plan. For more information on the plan, investment options and procedures on how you can enroll, please
contact Debbie Clark, Payroll Supervisor or access the information on the Simsbury Public School website at
www.simsbury.k12.ct.us Click on District - Human Resources - Payroll Information.
TAX SHELTERED ANNUITY [403(B)] CONTRIBUTION LIMITS - For employees participating in the tax sheltered annuity
program or considering participating in January 2015, please note the new IRS limits: 2015 Limits to 403(b) accounts is
$18,000. For those employees who are age 50 or older (at any point in time during Calendar Year 2015), the catch-up
amount has changed to $6,000 for a total contribution of $24,000. As is our policy, contribution level changes are allowed
two times during a year; July 1 and January 1. A new Salary Reduction Agreement Form is needed for any change or new
accounts. Forms can be obtained from the Simsbury Public School Website. All paperwork relating to changes and/or new
accounts must be submitted to the Payroll Department at least two weeks prior to the effective date.
Again during Calendar Year 2015, payroll deductions will not be permitted for ROTH AFTER-TAX INDIVIDUAL
RETIREMENT ACCOUNTS through the Simsbury Public Schools' 403(b) program. Individual employees may choose to set
up a Roth IRA separately through a participating financial institution and contribute directly.
REMINDERS
W-2's will be mailed again this year. Please verify your social security number and/or update any address changes through the
Employee Access Center. Changes should be made prior to December 12, 2014.
All staff members are asked to review their income tax filing status. If your status, exemption allowances or exempt status has
changed during 2014, please complete Form W-4, Employee Withholding Allowance Certificate and forward to the Payroll
Office. This form can be found on the Simsbury Public School website under Payroll Information.
Employees claiming "exempt" during 2014 on Form W-4 must complete a new W-4 by February 15, 2015, to maintain their
"exempt" status. Forms not received by the Payroll Office by said date will result in the Payroll Department changing "Exempt
Status" to "Single" status with Zero withholding allowances. Form W-4 can be found on the Simsbury Public School Website.
All employees are encouraged to participate in Simsbury’s Direct Deposit program instead of receiving paper checks. Direct
Deposit guarantees payroll checks will be in employee’s accounts the morning of payday regardless of weather, vacations or
holidays. Please sign up for Direct Deposit by completing a Direct Deposit form found on the SPS website under Payroll
information. If employees are still receiving an actual payroll check, they are reminded to please cash payroll checks
promptly. Do not hold on to them.