Letter of Appointment/Part-time Staff Benefits Information

Congratulations and Welcome to Western Nevada College. Below is a summary of the benefits you are entitled to in accordance with your employee classification. The information provided is intended to help you understand your benefits.

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FICA ALTERNATIVE RETIREMENT PLAN

The State of Nevada signed a 218 agreement with the Social Security Administration in 1954. Under this agreement the State of Nevada chose to opt out of FICA participation for their employees who qualify for a retirement plan. Employees who participate in any NSHE mandatory retirement plans do not contribute to FICA. There is also no employer contribution to FICA. This means that while employed for the Nevada System of Higher Education (NSHE), you will not be gaining any FICA service credits from NSHE. In addition, your FICA retirement amount received from Social Security could be affected by the retirement you receive from our retirement plans.

HOW TO PARTICIPATE

As a part-time, seasonal or temporary employee of the State of Nevada, you are required to participate in the State of Nevada FICA Alternative Deferred Compensation Plan. As a FICA Alternative employee, you must contribute 7.5% of your gross compensation per pay period to the Plan. No additional contributions are permitted.

Your contributions are made on a tax deferred basis. You will be taxed on the value of your contributions (including any earnings) when you receive a distribution of your benefits from the Plan.

WHEN YOU ARE ELIGIBLE TO RECEIVE YOUR RETIREMENT BENEFITS

Distribution of your Plan benefits can only be made upon:

• Severance from employment
  • Death
• Attainment of age 70½ (whether or not you are still employed).

A severance from employment occurs when you voluntarily or involuntarily terminate. You may elect to receive your distribution immediately upon severance of employment or defer payment to a later date.

RECORD KEEPER

Nevada Deferred Compensation (NDC) Program administers a FICA Alternative Retirement Program. Effective 2015, NDC selected VOYA Financial (formerly ING) to be a sole record keeper for this plan. Please visit the. NDC website for more information about this plan.

ADDITIONAL RESOURCES

• FICA Alternative Program Summary
• Social Security Section 218 information
• VOYA FICA Beneficiary Designation Form

EMPLOYEE ASSISTANCE PROGRAM

 WNC employees are offered an employee assistance program. The program is strictly voluntary and confidential, and can help you or any member of your immediate family with confidential assessment, problem identification, personal and work-related issues. EAP is accessible by telephone twenty-four hours a day, seven days a week. For more information, brochures are available in the WNC Human Resources Office or visit their website GuidanceResources Online and enter our “Organization Web ID”: WNCEAP to find out how ComPsych can help.

VOLUNTARY RETIREMENT PLANS

 In addition to the mandatory retirement, three Voluntary Retirement Plans are available. Each plan has a basic annual contribution limit. All voluntary retirement contributions are made through payroll deductions.

The 403(b) Tax Sheltered Annuity plan allows pre-tax dollars to be set-aside for retirement.

 The Roth 403(b) Tax Sheltered Annuity plan allows for after-tax dollars to be set aside for retirement. If the distributions are made after the age of 62 and the account has been open for at least five years, your withdrawals may be tax-free.

The Deferred Compensation 457 plan is designed to supplement your other retirement savings and pensions. Contributions are made pre-tax and investment earnings are tax-deferred or you may invest on post-tax (Roth) basis and your investment earnings will be tax free upon eligible withdrawal.

NSHE Tax Sheltered Annuity Plan

 All voluntary retirement contributions are made through payroll deductions.

The 403(b) Tax Sheltered Annuity plan allows pre-tax dollars to be set-aside for retirement.

 The Roth 403(b) Tax Sheltered Annuity plan allows for after-tax dollars to be set aside for retirement. If the distributions are made after the age of 62 and the account has been open for at least five years, your withdrawals may be tax-free.

State of Nevada Deferred Compensation Plan (457)

 The Deferred Compensation 457 plan is designed to supplement your other retirement savings and pensions. Contributions are made pre-tax and investment earnings are tax-deferred or you may invest on post-tax (Roth) basis and your investment earnings will be tax free upon eligible withdrawal.

WORKDAY

 As an employee you may view your employment status, benefit elections, update your W4 tax elections, review your payslip, change your contact information and more all from the convenience of your computer or mobile device by logging into your Workday account. Upon hire, you will receive a MyWNC Anywhere username and password to access the program.