PEBA Pulse - January 19, 2022

January 19, 2022

New year, new you

New Year’s resolutions can be difficult to keep. In fact, according to some estimates, only about eight percent of people follow through on all their goals for the year. But if you’ve resolved to live healthier in 2022, you’ll have the support and resources of the State Health Plan to help you succeed. Make the most of your benefits this year and beyond.

Check your 2022 coverage in MyBenefits. Log in to your account at mybenefits.sc.gov to check your coverage and ensure your open enrollment changes were applied correctly.
Download your mobile apps. Apps are available for health, dental, vision, prescription and flexible spending accounts.
Make sure you have your ID cards. You can also access your ID cards in your mobile apps.
Schedule checkups or doctors’ visits now. These can include preventive screenings, well visits, dentist appointments and eye exams.

Take full advantage of your insurance benefits to make 2022 your healthiest year yet.

Tax info for retirement benefit recipients

Tax withholding changes for 2022

The federal and South Carolina state income tax withholding tables changed for tax year 2022. Accordingly, if you receive a monthly retirement benefit, you may notice a change in your net January benefit amount. If you want to update or change the number of withholding allowances (exemptions) and/or marital status (if applicable) or flat dollar amount, log in to your Member Access account. Changes made via Member Access will be immediate.

PEBA to mail 2021 1099-R forms

PEBA will mail 1099-R forms for calendar year 2021 by January 31, 2022, to anyone who received a benefit payment from the retirement systems. Please allow two weeks for delivery. As a reminder, payees may also access and print their tax documents any time through Member Access.

State ORP open enrollment is happening now

Annual open enrollment for the State Optional Retirement Program (State ORP) began January 1 and continues until March 1, 2022.

During annual open enrollment, all State ORP participants have the option to change service providers. State ORP participants may 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.

IRS increases Deferred Comp contribution limits

The IRS recently announced an increase in the maximum deferral limit for 401(k) and 457 plans for 2022 from $19,500 to $20,500. You may contribute up to $20,500 in both plans, for a combined maximum of $41,000, or 100 percent of your includible compensation (as defined by Deferred Comp), whichever is less. If you have questions, please contact Empower Retirement.

Review your beneficiaries

Life insurance

Active employees can change life insurance beneficiaries at any time at mybenefits.sc.gov. The change is effective on the date the request is made. Retirees who have life insurance with MetLife may review or update beneficiary designations with MetLife.

Retirement defined benefit plans through PEBA

Active members have the option to designate three types of beneficiaries for their retirement accounts. Active members may change their beneficiary designations through Member Access.

State Optional Retirement Program

If you participate in the State ORP, you must update your beneficiaries with your chosen service provider. Your beneficiary must submit a claim to receive your account balance in the event of your death.

Deferred Compensation Program

If you participate in Deferred Comp, you must update your beneficiaries with Empower Retirement. Your beneficiary must submit a claim to receive your Deferred Comp account balance in the event of your death.