January 16, 2025

Did you know the State Health Plan is a self-funded plan? This means we don’t pay premiums to an insurance company. Instead, your employee premiums and employer contributions are held in a trust fund from which PEBA pays claims and administrative expenses. Plus, the health care decisions you make can save you and the Plan money.

When you play an active role in your benefits, you can improve the quality of care you and your family receive.

• Keep track of important health information. This includes checking your health insurance coverage in MyBenefits to ensure it’s what you elected during open enrollment.
• Download mobile apps, such as My Health Toolkit®, Express Scripts®, EyeMed® and ASIFlex®, to your mobile phone.
• Make sure you have your insurance ID cards handy. If you’ve downloaded the mobile apps, you have copies of your ID cards on your phone.
• Schedule your annual doctor appointments. These include a well visit and well woman visit, dentist appointments and an eye exam.

You'll also want to take advantage of a preventive health screening this year. This benefit can give you insight about your health risks so you can take steps to improve your health. Be sure to schedule your preventive screening that's available at no cost to you before your adult well visit. Learn more about adult well visits and other no-cost-to-you benefits at www.PEBAperks.com.

Tax withholding changes for 2025

The federal and South Carolina state income tax withholding tables changed for tax year 2025. Accordingly, members who receive a monthly retirement benefit might notice a change in their net January benefit amount.

To update or change state withholding allowances (exemptions) or flat dollar amount, complete PEBA’s Form 7202 and mail it to PEBA. If you want to update or change your federal withholding elections, complete IRS Form W-4P and mail it to PEBA. If members prefer, they can log on to Member Access and select View/Change Tax Withholdings to update and make changes to their federal and state withholdings.

If members are satisfied with their current withholding elections for their monthly benefit, they do not need to do anything. Their withholding elections will remain unchanged.

PEBA to mail 2024 1099-R and W-2 forms

PEBA will mail 1099-R forms for calendar year 2024 by Friday, January 31, to anyone who received a benefit payment from the retirement systems. Please allow two weeks for delivery. As a reminder, payees can also access and print their tax documents any time through Member Access. Documents will be available online after Tuesday, January 21.

Additionally, Qualified Excess Benefit Arrangements (QEBA) members will receive their W-2 forms by Friday, January 31; however, you will not be able to access your W-2s using Member Access.

It's always good practice to review and update your beneficiary information, especially if you experience an important life event, like a marriage or the birth of a child. Depending on which benefits you participate in, you should designate beneficiaries for your life insurance, defined benefit plans, State Optional Retirement Program (State ORP) accounts and Deferred Comp accounts. Visit peba.sc.gov/update-beneficiary to learn how to designate and/or update your beneficiaries.

Annual open enrollment for the State Optional Retirement Program (State ORP) began January 1 and will continue until March 1, 2025.

During annual open enrollment, active State ORP participants have the option to change service providers. State ORP participants can also make an irrevocable switch to the South Carolina Retirement System (SCRS) during annual open enrollment if at any point during the open enrollment period it has been at least one year, but not more than five years, since their initial enrollment in the State ORP.

More information on annual open enrollment can be found at peba.sc.gov/sorp-oe.

The IRS increased the maximum deferral limit for 401(k) and 457 plans for 2025 from $23,000 to $23,500. This is the amount you can elect to contribute to Deferred Comp from your paycheck. You can contribute up to $23,500 in the 401(k) plan and 457 plan, for a combined maximum of $47,000.

For participants ages 50 to 59, the catch-up limit remains the same at $7,500 in additional deferrals allowed under both the 401(k) and 457 plans. Participants ages 60-63 have a new, increased catch-up limit because of SECURE 2.0, and they will be allowed to contribute up to $11,250 in catch-up contributions beginning January 1, 2025. This increased catch-up limit is subject to changes in future years based on contribution limits set by the IRS.

As a reminder, Deferred Comp participants at school districts and state universities who have access to a 403(b) plan and contribute to both a 401(k) and 403(b) plan have a coordinated limit between the two, for a maximum of $23,500 across both plans. For example, a participant younger than age 50 who contributes $13,000 to their 401(k) can contribute a maximum of $10,500 to their 403(b). Likewise, if they contribute $15,000 to their 403(b), they cannot allocate more than $8,500 to their 401(k). The limit is subject to the same catch-up provisions outlined above.

Participants do not have to coordinate contribution limits with the 457(b) plan. Instead, they can contribute $23,500 to the 457(b) plan above and beyond the $23,500 total between the 401(k) and 403(b) plans.

If you have questions, contact your local retirement plan advisor.

Our online member portals give you access to your insurance and retirement accounts, allow you to view and update your personal information, and conduct online transactions. The member portals for MyBenefits and Member Access are safe, secure and available anytime from anywhere you have internet access.

MyBenefits

MyBenefits is the fastest, most convenient way for subscribers covered by PEBA-administered insurance programs to manage their benefits. You can use MyBenefits for the following:

• Making changes to benefits due to birth, marriage, divorce or adoption.
• Completing new hire enrollment elections after your employer initiates the process.
• Uploading any required documentation.
• Updating beneficiary information for Basic Life and Optional Life insurance.
• Changing your address and contact information.

Member Access for current employees

Member Access allows you to view and update the personal information on file for your retirement account. Employees can use Member Access for the following:

• Updating active member beneficiary information.
• Applying for service retirement.
• Changing your address and contact information.
• Creating benefit estimates.
• Submitting service purchase requests.
• Changing your State Optional Retirement Program (State ORP) service provider, if applicable.

Member Access for retirees

Retirees can use Member Access for the following:

• Reviewing and managing your monthly benefit, including payment history and direct deposit information.
• Managing your tax withholdings.
• Reviewing your beneficiaries.
• Viewing and printing an IRS Form 1099-R, as mentioned in the second article above.
• Viewing and printing a benefit verification letter.
• Reviewing your payment option.
• Updating your contact information.

Information on registering for MyBenefits or Member Access can be found here. Additionally, several informational flyers on MyBenefits and Member Access are located on our Navigating Your Benefits page.

Serving those who serve South Carolina

Not all members participate in a PEBA-administered retirement plan or insurance programs. Please disregard any information not applicable to you.

Data classification: public information