With the Thanksgiving holiday and last weeks before winter break, now is the time to make sure you’re setting yourself up for success in 2025.
There are certain deadlines to hit before the end of the year, and changes that are coming that you should be prepared for in the new year.
Here’s what was heard around campus this month:
End-of-Year FSA Reminders
Remember to spend the money in your 2024 Flexible Spending Account(s) (FSA) before the end of the year, since these accounts are "use it or lose it.” You can carry over $610 of unused funds from your 2024 health care FSA into 2025 heath care FSA, but any remainder will be forfeited. There is no carryover for the dependent care FSA, and any unused/unclaimed funds will be forfeited. Do not forget that you can purchase FSA-approved products using your health care FSA on fsastore.com. In addition, you have until March 31, 2025, to submit manual reimbursement requests to WEX for both your HealthCare and Dependent Care Flexible Spending Account for claims incurred between Jan. 1 and Dec. 31, 2024, that have not already been paid for using your WEX card.
Review and/or Make Changes to Your 2025 Retirement Plan Contributions
The annual employee contribution limit for the 403(b) plan will increase in 2025. Employees can contribute up to $23,500, an increase of $500 from the 2024 limit. The catch-up contribution limit for employees aged 50 and older who participate will remain at $7,500, the same amount in 2024 for a total contribution of $31,000 in 2025. (Please note as you consider your contribution plan for 2025 that, as communicated last month, Drexel University is suspending the employer match and basic contribution to the 403(b) retirement plan effective Jan. 1, 2025, through Dec. 31, 2025.)
The annual employee contribution limit for the 457(b) plan will increase to $23,500 in 2025, and additional contributions may be made in the three years before turning age 65. Employees can contact TIAA for additional information on this special catch-up provision. Remember that enrollments and changes in the 457(b) plan are effective the following month.
Enhance Your Physical, Financial and Emotional Support This Winter
Drexel University's employee wellness program, A Healthier U, is here to support you this season with resources to help you engage with your physical, financial and mental-emotional well-being. Benefits-eligible faculty and professional staff are invited to log in to the program this December to discover materials that can help you be well and stay well.
Mark your calendars for the 2025 Wellness Incentive Program, which launches on Jan. 1, 2025. Here are a couple ways to kickstart the program and your earnings for the new year:
- Consider participating in a virtual webinar on Dec. 3, on "Working Through Stressful and Changing Times," which will earn you 15 wellness points ($15) toward the 2025 program.
- Schedule your onsite biometric screening, which will be held on Feb. 18, in Behrakis Grand Hall. Registration opens on Jan. 1; please visit the program website FAQs for instructions on how to secure your spot.
If you have questions about Drexel’s wellness offerings, visit the program website, or contact Health Advocate at 1.866.695.8622.
Winter TIAA Consultations at Salus at Drexel University
TIAA will be on campus at Salus at Drexel University from 9 a.m. to 4 p.m. the following dates/locations:
- 9, Jan. 9 and Jan. 23 (The Eye Institute — shared HR/security office room 902)
- 5, Jan. 16 and Jan. 30 (Elkins Park — HR office 4401, fourth floor, Breyer Office Park)
RSVP today, as space is limited. You may register for sessions at tiaa.org/schedulenow or by calling 800.732.8353 on weekdays from 8 a.m. to 8 p.m. (ET).
New Look, New Home for Official University Policies
This month, the Office of Compliance, Policy and Privacy Services launched a new and improved policy directory, displaying all Official University Policies in a standardized format. The policies are hosted in a centralized SharePoint database that feeds directly to the website, and they are searchable by name and sponsoring unit. Please make sure to bookmark the directory for future reference, and send any questions to the director of Policy Compliance at policy@drexel.edu. Moving forward, the office encourages all departments to link to the main Policy Directory when referencing policies on departmental websites and in communications, instead of linking directly to individual policies, as SharePoint hyperlinks may change over time as policies are updated.
FY25Q1 Effort Report Certification Due Dec. 20
All FY25Q1 effort reports must be fully certified by Dec. 20, which is the last workday before winter break. If you have questions or need assistance, please contact ras@drexel.edu. Information regarding effort reporting can be found on the Comptroller’s website.
New Salus and Drexel Account Codes
Effective immediately, the Office of the Comptroller is establishing several new account codes to identify revenues and non-salary expenditures. These new account codes are as follows:
- 1377 – Auxiliary Revenues – Salus
- 1378 – Miscellaneous Income – Salus
- 3799 – Salus Expenses
The auxiliary and other revenue accounts should be used by Salus at Drexel University to record revenues of this nature. Any budgeted revenues in these categories will be reclassified by the Office of Budget and Financial Planning and General Accounting in Period 5, by the end of the day on December 6, 2024.
The new 3799 account code will only be utilized for administrative cost centers that do not have unique orgs associated with Salus. PLEASE NOTE: The college programs and clinical areas of Salus at Drexel University, (i.e. any orgs that begin with 8XXX, AND Orgs 3600 – Office of the Provost – Salus, 4401 – Salus IT, Org 5185 – Salus Facilities Management) are not impacted by this change.
For more information, review the related announcement.
Sign up for Comptroller’s listserv: If you would like to receive important accounting- and finance-related emails from the Comptroller's Office and are not currently subscribed to their listserv, please email Patty Dalessandro at pjr27@drexel.edu and request to be added.
Earn Certifications and Further Your Learning at Goodwin College of Professional Studies
Are you searching for professional development courses that can help you establish, grow and advance your career? At Goodwin College of Professional Studies, you can complete short professional certificates in project management, web design and data analytics and earn industry certifications such as Lean Six Sigma and Project Management. Drexel's tuition remission benefits cover professional non-credit professional certificates and online, self- paced courses to help you achieve your professional goals. Learn more by emailing goodwin.ce@drexel.edu.
Drexel Compliance Hotline Reminder
Compliance at Drexel is a shared responsibility — everyone is expected to do the right thing in compliance with Drexel policies and the law. If you become aware of situations that are in violation of University policy, are illegal, or constitute improper conduct, please do the right thing and contact the Office of Compliance, Policy and Privacy Services at compliance@drexel.edu or file a Drexel Compliance Hotline Report.
How do I file a report?
Reporting to the Drexel Compliance Hotline is easy. Visit the Drexel Compliance Hotline website or make a report over the phone by calling 866.358.1010. All reports are completely anonymous, handled through a secure third-party vendor, and thoroughly investigated by the appropriate University department.
IMPORTANT NOTE: The Drexel Compliance Hotline should not be used for immediate threats to life or safety. If you are aware of any incident that may constitute such a threat, or criminal conduct, including sexual assault, child abuse or other similar misconduct (whether on- or off-campus), report the incident immediately to the Drexel Police Department at 215.895.2222, or the Philadelphia Police Department at 911.
If you have questions about the Drexel Compliance Hotline, please contact Compliance Program Services at compliance@drexel.edu. Remember, It's Okay to Ask!