Employees enrolled in a Health Savings Account or the 403(b) retirement plan can adjust their contribution amounts at any time throughout the year.
While most benefit elections and ongoing deductions cannot be changed outside of the annual enrollment period unless an employee experiences a qualifying event, contributions to a Health Savings Account and the 403(b) retirement plan can be adjusted each pay period. Eligible employees may also enroll in these benefits at any time during the year.
An HSA provides an opportunity for those enrolled in the high deductible health plan (HDHP) to set aside money for healthcare expenses on a tax-free basis. Money that is contributed to an HSA rolls over from year-to-year, and the employee keeps ownership of the account and funds regardless of employment status. Funds in an HSA can be used for medical services expenses including co-pays, deductibles and coinsurance, as well as prescriptions, medical supplies, over-the-counter medicine and more. A list of eligible expenses can be found on WEX’s HSA and FSA toolkit. The Health Savings Account page provides further information on this tax-advantageous benefit.
The 403(b) retirement plan allows employees to begin contributing to a retirement account after receiving their first paycheck. Employees may contribute on a pre-tax basis, a Roth basis or a combination of both, and all employee contributions are immediately 100% vested. After two years of eligible service, Marquette will contribute an additional 8% of salary on a pre-tax basis for eligible employees who contribute at least 5%. Eligibility details are available on the Retirement 403(b) Plan webpage.
Changes to financial circumstances, such as a salary increase, can present an opportune time to consider increasing contributions to the 403(b) retirement plan and HSA, even if it is not annual enrollment.
To enroll in an HSA or make changes to the HSA contribution amount, email benefits@marquette.edu. Only those who are enrolled in the HDHP may enroll in an HSA. Those enrolled in the PPO plan or not enrolled in a Marquette medical plan may elect to enroll in a medical Flexible Spending Account (FSA) during annual enrollment for a similar tax-advantageous healthcare savings opportunity.
To make changes to 403(b) contributions, refer to this instructional guide or call TIAA at (800) 842-2776. Enrollment instructions can be found in the enrollment guide. Both of these guides can be found on the Retirement 403(b) Plan page.
Changes to these contributions may take up to two payroll periods to take effect, depending on the timing of the change.
A summary of the benefits outlined above can be found in the Total Rewards Guide, with more extensive information available on the Benefits and Wellness website.
