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Important Information for Employees of
Oklahoma State UniversityFebruary 2005
What to Do if You are Injured on the Job
What is Workers' Compensation Fraud?
2004 Total Compensation Statements
Do You Know the Whereabouts of Any of These OSU Retirees?
Saving for college is one of the most pressing financial challenges that a family will face. A college education is an important ingredient for anyone’s success. Research shows that people with college degrees have more job choices and earn more money.
For most families, saving enough to pay for the costs of higher education for
their children can seem overwhelming. The Oklahoma College Savings Plan (OCSP)
offers families an easy and affordable way to help prepare for funding future
education expenses at eligible postsecondary institutions anywhere in the
country and abroad. The account owner may designate anyone he or she chooses as
the beneficiary, including himself or herself.
The first $2,500 a year deposited in an account can be deducted from each
taxpayer’s Oklahoma income. Earnings on the investments are also exempt from
state and federal tax, even upon withdrawal, if used for a qualified education
expense.
Savings may be applied towards tuition and related expenses such as books,
supplies, required fees, and certain room and board costs.
An account may be opened with as little as $100. You can also contribute as
little as $15 per investment option per month using OSU payroll deduction. You
may open separate accounts for several different beneficiaries. There is no
annual limit on the amount you may contribute to an account. However, a lifetime
limit of $235,000 per beneficiary applies (total balance for all accounts.)
If your child or beneficiary decides not to attend a postsecondary institution,
the account owner can transfer funds to another beneficiary. To avoid penalty
and income tax, the new beneficiary must be a “family member” of the original
beneficiary as defined by law.
Investment choices vary in investment strategy and degree of risk, allowing you
to select the option(s) that best fit your needs and investment philosophy.
Parents, grandparents, relatives, and friends may open an account and contribute
on behalf of a beneficiary.
For more detailed information, go to
www.ok4saving.org, or call the OCSP at 1-877-654-7284.
The definition of “dependent” for qualified expenses under Flex Benefits changed January 1, 2005. Under the new definition of dependent, an individual is an employee’s dependent only if the individual is either a “qualifying child” or a “qualifying relative” of the taxpayer. A “qualifying child” is now the same for the dependency exemption, the child credit, the earned income credit, the dependent care credit, and head-of-household filing status.
A “qualifying child” is one who:
1. Is the employee’s daughter, son, stepchild, sibling, stepsibling or a
descendant of any of these individuals.
2. Has the same principal abode as the employee for over half the year.
3. Is under age 19 at the end of the year, or, if a full-time student, under age
24 at the end of the year, or disabled..
4. Doesn’t provide more than half of his or her own support.
There are three main changes to the definition of “qualifying child”:
1. No requirement that the employee provide more than half of the child’s
support in order for child to be a qualifying child (but child must not provide
more than half of his or her own support)
2. A new requirement that the child must reside with the employee in order for
the child to be treated as the taxpayer’s qualifying child
3. A “too-old” child is not considered the employee’s qualifying child, unless
permanently and totally disabled.
A child who is not a “qualifying child” under the new definition may be a
“qualifying relative” if the income and support tests are satisfied.
The definition of
“qualifying relative” is also relevant for purposes of the dependent care
credit.
A “qualifying relative” is one who:
1. Is not a qualifying child.
2. Has the same principal place of abode as the employee and is a member of the
employee’s household.
3. Has gross income under $3,100 for 2004 (this amount changes yearly)
4. Receives more than half of his or her support from the employee.
For the dependent daycare flexible spending account, beginning January 1, 2005,
an employee’s qualifying individual is:
1. A qualifying child who has not attained age 13.
2. A dependent (qualifying child or qualifying relative) who is physically or
mentally incapable of self care and who has the same principal place of abode as
the employee for more than half of the taxable year.
3. A spouse who is physically or mentally incapable of self-care and who has the
same principal place of abode as the employee for more than half of the taxable
year.
Also, an employee is no longer required to maintain a household in order to
claim the Dependent Care Tax Credit.
What to Do if You Are Injured on the Job
OSU provides workers’ compensation coverage for all employees who are on the
payroll. Workers’ compensation protects employees against accidental injuries or
occupational diseases arising from employment. The coverage provides for
reasonable and necessary medical treatment and some income replacement. In
addition, an injured employee may be entitled to prosthetic devices, physical
rehabilitation, vocational rehabilitation, or permanent disability compensation.
If the injury or occupational disease causes death, the employee’s dependents
may be entitled to additional benefits.
If you are injured on the job or think that you have an occupational illness,
you should notify your supervisor immediately and obtain appropriate medical
care as soon as possible. University Health Services, 1202 W Farm Road, can
provide first-aid on the Stillwater campus.
Your supervisor (or departmental representative) reports the incident to
Broadspire, OSU’s third party workers’ compensation administrator. Broadspire’s
staff will ensure proper care and payment of benefits, including payments for
lost work time or permanent disability.
Your supervisor will provide you with workers’ compensation medical ID card. The
card instructs the medical providers to forward all inquiries and bills directly
to Broadspire.
OSU continues the pay of an injured employee for the first three days. After
three days, workers’ compensation will pay 70% of an employee’s average weekly
wage up to a maximum amount payable of $528 per week.
You can discuss the status of the claim with Broadspire by calling (800)
890-8975.
What is Workers’ Compensation Fraud?
Workers’ compensation fraud may be committed by any person including
employee, employer, provider of goods or services, or insurer. OSU wants the
best of care for injured employees with legitimate claims, but will prosecute
fraud when identified.
Workers’ compensation fraud occurs when a person knowingly presents a statement
concerning a fact material to a claim for payment or other benefits that
contains false, fraudulent, misleading or incomplete information with intent to
defraud.
If you suspect workers’ compensation fraud, you may contact the Workers’
Compensation Fraud Unit, Office of Oklahoma Attorney General, 4545 North Lincoln
Boulevard, Suite 260, Oklahoma City, Oklahoma 73105, (405) 522-3403, or
1-877-800-8764, www.oag.state.ok.us.
All callers may remain anonymous.
2004 Total Compensation Statements
Watch for your 2004 Total Compensation Statement in campus mail in March. This
statement illustrates all pay for calendar year 2004 as well OSU-paid benefits
information. In addition, it confirms your current amount of life insurance
coverage and the 2005 enrollment elections effective as of January 31, 2005.
All continuous regular employees working .75 FTE or more who received pay in
2004, except those with federal benefits, should receive this statement.
If you have a Flexible Benefits Medical Reimbursement Account and/or Dependent
Care Account, remember that you have 90 days after the plan year ends (December
31, 2004) to file your claims for reimbursement.
Failure to incur expenses during the plan year or file claims timely will result
in forfeited funds that could have been used to your advantage.
Do You Know the Whereabouts of Any of These OSU Retirees?
Effective January 1, 2004, OSU increased retiree life coverage to $6,000 and
changed from American Fidelity to ING as the carrier. OSU attempted to notify
all retirees of this. After considerable effort, we have located all but five of
OSU’s 1,546 retirees. We are asking for your help to locate the five listed
below.
If you know any of the following retirees and have any clues (such as family
contacts) that might help us locate them, please send an e-mail to
osu-es@okstate.edu, or call (405)
744-5449. We appreciate your help.
Evans, Lawrence E. - Vet Clin Sci
Freemyer, Melba M. - Ag Comanche Co
Gee, Ruth E. - Ag - OK Co
Holloway, Kathlyn M. - Vet Med
Surrell, Alma A. - Ag - Atoka Co
Feb 8 Purchasing Policies and Procedures
Feb 9 Safety is Everybody’s Business
Feb 10 Management Strategies for Navigating Change (Exclusive to Director
Series)
Feb 10 FISH! Philosophy: How to Catch a World Famous Attitude
Feb 17 Employment Law 101
Feb 17 The Indispensable Employee
Feb 18 EA Forms and Payroll Sign-Up
Feb 22 Financial Reporting System and Purchasing
Feb 22 Premiership Through Empowerment
Feb 22 Fixed Assets
Feb 23 The Student Perspective
Feb 23 Respect for Diversity
Feb 24 OSU Policies and Procedures (Exclusive to Director Series)
Feb 24 Purchasing Card Training
Feb 25 HRS, Time Input and Confirmation
March 2 Collaborative Communication Skills
March 3 New Employee Orientation
March 3 Travel Vouchers
For more information, or to register, refer to your 2005 Faculty and Staff
Development Opportunities brochure, or go to
www.okstate.edu/osu_per/hr/staff_dvpt05.htm, or call Training Services,
(405) 744-5374.
OSU Human Resources developed this information for the convenience of OSU employees. It is a brief interpretation of more detailed and complex materials. If further clarification is needed, the actual law, policy and contract should be consulted as the authoritative source. OSU continually monitors benefits, policy and procedures and reserves the right to change, modify, amend, or terminate benefit programs at any time.