Do you need a form to start a new 403b deferral (deduction) in 2021? You do not at this time. We are setting up a FTP link between Kronos and OneAmerica’s database, but it is not operational at this time. Our temporary solution is to ask you to log in to the oaretirement.com site, set up a 403b deduction, and the OneAmerica system sends YKHC a report with the employee’s 403b deferral amount.  YKHC staff log in to Kronos, and manually set up or adjust your 403b deferral.  If you maxed out your 403b in 2020, we may have had to turn it off temporarily so you do not go over and possibly get a penalty tax, but we will turn it on for you in 2021.  You do not need to do anything if you like your rate.

You may want to consider readjusting your 403b, because in 2021, we only have 26 pay periods (we had 27 in 2020). If your current rate is too high, we will contact you and ask you to adjust it, but for most employees their rates are just fine.  If you want to check yours?  Use this formula:

If you are under 50 in 2021, you can set aside a total of $19,500 in 2021. To max out, divide $19,500 by 26 = $750 (we will deduct that much every pay day).

If you are turning 50, or are 50+ in 2021, you can set aside a total of $26,000 in 2021. to max out, divide $26,000 by 26 = $1000 to make adjustments, see attached

For questions about this message, please contact HR benefits staff via email at hrbenefits@ykhc.org or call HR main number at 907-543-6060.