Make Sure Your Employee Information is Up-to-Date
Did you move, marry or have a child in 2013? As you navigate these and other life changes, it is important to maintain up-to-date information with the Employee and Retiree Service Center (ERSC). This will ensure that your taxes, pension, life insurance, and defined contribution plan beneficiaries are in line with your wishes, and that you never miss an important notification. Here is how to make sure your information is up to date:
Update Your Personal Information
To update your address, phone number, or other personal information, submit MCPS Form 445-1: Change in Personal Information to ERSC.
Update Your Banking Information
If you have changed bank accounts or wish to enroll in or change your summer pay savings with Educational Systems Federal Credit Union, you must make your change using direct deposit on Human Resources Online (HRO). You will then receive email confirmations that allow you to track the progress of your request.
Update Your Beneficiaries
While ERSC is the first stop for some of your beneficiary paperwork, ERSC staff is not able to report or confirm the beneficiaries on your existing plans. If you are uncertain of your earlier decisions, submit a new beneficiary form to be certain that your beneficiaries are in line with your wishes.
To change your basic employee term life insurance beneficiaries:
Submit MCPS Form 455-20: Employee Benefit Plan Enrollment to ERSC. Indicate your desire to change your beneficiaries in Section IIB and indicate your changes in Section VI of this form.
To change your optional employee life insurance beneficiaries:
Submit MCPS Form 450-1: Optional Employee Term Life Insurance to ERSC. Indicate your desire to change your beneficiaries in Part III and indicate your changes in Part IV.
To change your 403(b) or 457(b) plan beneficiaries:
Contact your vendor—forms must be submitted directly to your vendor. If you do not know how to contact your vendor, visit http://mcps.yourplan.info. Click on the “Vendors” tab. Select your vendor from the list to see information on updating your beneficiaries.
To change your pension plan beneficiaries:
MCPS Core and/or Supplement pension plan:
- Submit MCPS Form 455-5: Designation of Beneficiary/Beneficiaries to ERSC.
State Retirement and Pension System of Maryland:
- Submit State Form MSR004 to ERSC.
If you have experienced certain life events this year, such as the birth or adoption of a child, there may be additional actions you will want to consider. Visit the ERSC website to learn more about life events and their possible impact on your employee benefits, taxes, etc.
ePaystub Will Be Updated the Monday Before Each Payday Starting Next Month
Beginning Monday, Jan. 6, 2014, ERSC will send the ePaystub reminder to employees in the afternoon on the Monday before each pay date. When a holiday falls on an affected Monday, ERSC will update ePaystub the next morning. Currently, the ePaystub reminder is emailed to employees on Tuesday morning so the change will give employees a little more time to review their pay information before payday.
Reminder: Limits for Defined Contribution Plans in 2014 to Remain at 2013 Levels
Don’t forget … the Internal Revenue Service has announced that the 2014 contribution limit for 403(b) and 457(b) plans will be $17,500 for each plan—unchanged from 2013. Read this Dec. 3 Bulletin story for more information.