The Business Bulletin

Dear staff,

Welcome to The Business Bulletin newsletter! This resource is designed to keep you informed about important updates related to district finances, benefits, payroll, and key initiatives that impact our schools. Our goal is to provide clear, timely information and resources to support you in your role, highlight financial updates and achievements, and foster collaboration across the district. By staying connected through this newsletter, we aim to ensure everyone feels informed, supported, and engaged in the financial decisions that shape our schools. We're excited to share this journey with you and welcome your feedback along the way!

Each year, the IRS adjusts contribution limits for retirement and health savings plans to account for inflation and other factors. These updates provide greater opportunities to maximize your savings and benefits. Be sure to review the new limits to make the most of your financial planning.

Retirement Plans:

• 401(k) and 403(b) Plans:

  • Employee Contribution Limit: Increased to $23,500.
  • Catch-Up Contributions (Age 50 and Over): An additional $7,500, allowing for a total of $31,000 in employee contributions.
  • Special Catch-Up Contributions (Ages 60-63): Individuals aged 60 to 63 can contribute up to an additional $11,250 as a catch-up contribution.
  • Combined Employee and Employer Contribution Limit: Increased to $70,000.

• 457(b) Plans:

  • Employee Contribution Limit: Increased to $23,500.
  • Catch-Up Contributions (Age 50 and Over): An additional $7,500, allowing for a total of $31,000 in employee contributions.

Health Savings Accounts (HSAs):

• Self-Only Coverage:

  • Contribution Limit: Increased to $4,300.
  • Catch-Up Contributions (Age 55 and Over): An additional $1,000, for a total of $5,300.

• Family Coverage:

  • Contribution Limit: Increased to $8,550.
  • Catch-Up Contributions (Age 55 and Over): An additional $1,000, for a total of $9,550.

We encourage all staff to review these updated limits to stay informed about available tax benefits and savings opportunities.

Are you looking for ways to save more for retirement? Opening a 403(b) or 457 plan is a great way to start. Below is a link to the current list of authorized vendors that work with our district. Please be aware that administration recently completed an RFP for investment services, and updates to our vendor list will take effect at the start of the new school year. One immediate change is the addition of MEA Financial Services as an option for both 403(b) and 457 plan offerings.

https://www.tsacg.com/individual/plan-sponsor/michigan/allen-park-public-schools/

To make changes to your contributions, please complete the appropriate salary reduction form and submit it to Joannie Payne in the Payroll Department.

As we approach the end of the fiscal year, it's important to be aware of key deadlines to ensure a smooth year-end close. Please submit all purchases and reimbursement requests on time to ensure they are processed before the fiscal year ends. Departments should also review their budgets for any necessary adjustments or remaining funds that can be utilized before the deadline. For specific deadlines, please check with your building office staff. If you have any questions, feel free to contact the Business Office.

For employee reimbursements use the Informed K12 link here

For travel reimbursements use the Informed K12 link here

For Curriculum Department Extra-Duty pay use the Informed K12 link here

Click here to view your paystub by logging into RESA eEmployee with your username and password.

If you need to register for eEmployee or have forgotten your password, please refer to the attached guide for assistance.

To change your direct deposit information, complete the attached form and return it to Joannie Payne, Payroll & Benefits Coordinator at Riley.

Keep up to date with important retirement news, benefit updates, and financial planning resources by subscribing to MPSERS monthly newsletters here. These updates provide valuable information to help you make the most of your retirement benefits. Stay informed and connected!

If you have specific questions about your retirement plan, contributions, or benefits, you can contact the Office of Retirement Services (ORS) directly:

• Phone: 1-800-381-5111
• Website: www.michigan.gov/ors

Watch for more information from ORS by email, in Proactive, and via our social media channels — Facebook, YouTube, Instagram, and X.

To sign up for a Voya webinar or a one-on-one appointment with Voya about the State of Michigan 401(k) and 457 plans click here.

Thank you for taking the time to read this newsletter and stay connected with the important work happening in our district. Your engagement and feedback are invaluable as we continue to support our schools and community. If you have any questions, suggestions, or need assistance, please don’t hesitate to reach out to the business office. We’re here to help and look forward to hearing from you!

Warm regards,

Tiffany Keith
Director of Finance
Riley Education Center