BENEFITS and RETIREMENT Orientation (561) 297-3071-Benefits (561) 297-2061-Retirement

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BENEFITS and RETIREMENT Orientation (561) 297-0242 (561) 297-3073 (561) 297-2061 (561) 297-3915 - Fax 1

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BENEFITS and RETIREMENT Orientation (561) 297-3071-Benefits (561) 297-2061-Retirement Fax: (561) 297-3915. Benefits Enrollment. Instant access to your benefits through an online secure website at https://peoplefirst.myflorida.com User ID and password mailed to you - PowerPoint PPT Presentation

Transcript of BENEFITS and RETIREMENT Orientation (561) 297-3071-Benefits (561) 297-2061-Retirement

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BENEFITS and RETIREMENT Orientation

(561) 297-0242

(561) 297-3073

(561) 297-2061

(561) 297-3915 - Fax1

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• Instant access to your benefits through an online secure website at https://peoplefirst.myflorida.com•User ID and password mailed to you• People First Service Call Center (1-866-663-4735)• Plan information, Benefits Guide, cost estimators, links to insurance companies, and all brochures found at:

http://www.myflorida.com/mybenefits

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• You have 60 days from your Hire Date to select your benefits•Enroll online after you receive your Enrollment Kit in mail from People First,•Health coverage effective First of the Month following enrollment. Prepayment allowed for Medical only. Make checks payable to:

Florida Atlantic University • Supplemental coverage effective First of Month after deductions have been taken.

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HEALTH INSURANCE

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•PPO•Florida Blue (Blue Cross & Blue Shield)

•HMO’s•AvMed •Coventry

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HEALTH INSURANCE

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Insurance Cost per paycheckInsurance Cost per paycheck

90- day supply through

Available through Retail Pharmacy

Generic

• $14

Preferred Brand Name

• $60

Non-Preferred Brand

• $100

CVS Caremark Rx Manager

30 day supply costs:

Generic

• $7

Preferred / Brand

• $30

Non-Preferred

• $50

Biweekly Premium

• Individual coverage

$25.00

• Family Coverage $90.00 Cost will be different for part-

time

employees (see Benefits Calculator)

Office Visit• $15 PPO Physician• $20.00 HMO• $25 PPO Specialist• $40 HMO Specialist• $25 Urgent-Care Center• $250 Hospital stay

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HMO’s•Exclusive network in the area that you live or work

AvMed & Coventry Healthcare have providers in Dade / Broward / Palm Beach County / St Lucie Counties

Martin County/Indian River: AvMed only HMO•No referrals required•No deductible •No claims to file•Mail Order Rx from Retail Pharmacy – CVS/Caremark

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PPO- Florida Blue (Blue Cross/Blue Shield of FL)

• Nationwide/World wide coverage • No referrals required• Co-insurance (based on percentage of

charges) • Calendar year deductible • CVS/Caremark Prescription Card• 90 Maintenance Medication from

Retail Pharmacy

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PPO network Non-network

PPO Calendar Year out-of–pocket maximum

$2,500/person; $5,000/familyAfter your out-of –pocket costs reach the maximums,

PPO pays 100% for covered care, up to allowable costs.

HMO’s: Out-of pocket: $1,500/$3,000All Plans: No lifetime maximums

•Deductible$750/person

$1500/family

• Network allowed amount 60%

• Hospital Stay $500

• Ambulance 100% with no deductible

•Deductible $250/person

$500/family

• Network allowed amount 80%

• Hospital Stay $250

• Ambulance 100% with no deductible

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Spouse Program – When both spouses are full time active State Employees, each spouse pays only $15 per month for health insurance for full family coverage ($30/month total)

Employees may not change their benefits electionsduring the course of a plan year unless they

experiencea Qualifying Status Change (QSC) event

Examples: marriage or divorce / death of a spouse or dependent / birth, adoption, or legal guardianship / change in employment status from part time to full-time or vice-versa, change in spouse’s employment status

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All dependents covered though the end of the calendar year in which the child turns 26 are eligible for coverage.• New: separate rider available to cover

dependents age 27-30; must meet criteria; additional premium ($641.52/month), pre or post tax payroll deduction.

Important Note:• Dependent Certification required when enrolling

family.• Copies of birth and/or marriage certificates are

required for all dependents and should be faxed directly to People First within 60 days of enrollment or coverage suspension.

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The FAU Boca Campus Pharmacy accepts CVS/Caremark for AvMed HMO and Florida Blue PPO subscribers. FAU Pharmacy also carries a wide variety of over-the-counter products including: cough and cold medication, pain relievers, hygiene products, bath and beauty aids, etc.

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Flexible Spending Accounts programFSA allows you to set aside a portion of your income to pay pretax for health and dependent care expenses not covered by your insurance.Deduction amounts are taken from gross pay before Social Security,

Medicare, andFederal withholding taxes are calculated which creates at least a 20%

savings.

Medical Reimbursement Account• Minimum amount $60• Maximum amount $2550 in 2015• myMRA Debit Card

Dependent Care Reimbursement Account• Minimum amount $60 per year• Maximum amount $2500-$5000 in 2015 (depends on tax filing status )

• If you elect $2400 for the calendar year; $100 would be deducted bi-weekly over 24 pay periods for 12 month employees and $150 over 16 pay periods for 9 month employees.

• Reimbursements are processed within 7 days • Some myMRA expenses require documentation• Deadline for filing is April 15 of the following Year• You must incur expense to use money by next March 15th (grace

period) or it will be forfeited.

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Eligible Health Care Expenses

• Co-insurance• Experimental treatment• Contact lenses• In-vitro fertilization•Deductibles•Dental copayments• Vision expenses•Hearing aids• Insulin supplies

• Immunizations •Guide dogs• Stop Smoking RX• Vaccines•Medical supplies•Weight loss programs•Wheel Chairs• See IRS Pub 502 for complete list.

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Eligible Dependent Care Expenses•Day care services• In-home care•Nursery school • Preschool and afterschool care• Summer day camps •Baby-sitting fees•Elder care services Can only be used if NOT filing

Dependent Care Tax Credit

on tax return

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Health Investor High Deductible Health Plans (HIHP)

The Health Investor High Deductible Health Plans offers a reduced premium.

• All covered benefits must apply to the Plan Deductible, including prescriptions.

• Offered only if you have no other health coverage.

• In addition to the higher deductibles, employees will pay co-insurance vs. set dollar co-payments.

• Higher out of pocket maximums. 15

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High Deductible Health Plan- PPO

(Florida Blue)

High Deductible Health Plan - HMO (AvMed, Coventry)

Biweekly Cost Individual coverage

$7.50 Biweekly

Family coverage

$32.15 Biweekly

Covers care received In Network or non-network In network only

Annual deductibleIndividual coverageFamily coverage

In Network$1,250$2,500

Non-network$2,500$5,000

$1,250$2,500

What you pay for care received after deductibleMedical carePrescription drugs- generic / name brand- non-preferred

30%

30%50%

Pay in full and fill a claim

30%

30%50%

Annual out-of-pocket maximumIndividual coverageFamily coverage

$3,000$6,000

$7,500$15,000

$3,000$6,000

Plan pays 100% after out-of-pocket maximums.

Preventive care Same as current PPO Same as HMOs

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• 1. pay for expenses while meeting deductible

• 2. Pay coinsurance (based on percentage)

• 3. Pay for dental and vision not covered by other plans

• 4. Save for future healthcare costs

For someone participating in a HSA (Health Savings Account) for full year…

FAU Contributes

Employee can add:

Individual Coverage

$41.66 per month up to $500/year

up to $3350/year tax-free (2015)

Family Coverage

$83.33 per month up to $1,000/year

up to $6650/year tax-free (2015)

Employees MUST enroll in HSA and open bank account to receive HSA debit card and convenience checks. Form and account info on People First website.

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Limited Purpose Medical Reimbursement Account

(to be used ONLY with HSA) • You can use the LPMRA to cover dental, vision and over-the-counter medication costs, IF considered tax deductible by the IRS, but not paid by any health plan.

• You can set aside $60 to $2,550 in an account • Not for Medical expenses (use HSA)

• Dental and vision expenses only• Orthodontia not covered by dental plan• Over-the-counter medications

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What Should I Know About My Options ?

High DeductiblePPO

HighDeductibleHMO’s

State Employees’ PPO FL Blue

HMOsAvMed

Coventry

Choice Of Providers

Network or Non-Network

Network Only In or Out of Network Network only

Lifetime max Unlimited Unlimited Unlimited Unlimited

Health Savings Account?

YES YES NO NO

Reimbursement Account?

Yes, Limited Purpose Medical Reimbursement Account $2500 PER YEAR

Yes, MedicalReimbursement

Account $2500 PER YEAR

Yes, Medical ReimburseAccount $2500 /yrwith MyMRA Card

Monthly Cost Individual $15.00Family $64.30

Individual $50.00Family $180.00

PrescriptionDrugs

30%-50% of Cost

Pay, file claim 30%-50% of Cost

Set amount Set amount

Annual deductible

• Individual coverage

Family coverage

Network

$1,250

$2,500

Non-Network

$2,500

$5,000

Network

$1,250

$2,500

Network

$250

$500

Non Network

$750

$1,500

Network

$0$0

Annual out-of-pocket

Max after deductible

Individual Coverage

Family coverage

$3,000

$6,000

$7,500

$15,000

$3,000

$6,000

$2,500

$5,000

$1,500

$3,000

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Wellness BenefitsEmployees and dependents are covered at 100% for preventative care benefits under the PPO and HMO plans.

Physical exams and screenings including lab work, and health assessments

Fitness Club discounts (see listings)Smoking Cessation program discountsWeight management program discounts up to 50%

and Nutritional Counseling toolsPrenatal Programs Massage and Acupuncture discountsRoutine eye and hearing testsPSA test for males 50 and over

Other preventative benefits are listed in the Benefits Guide

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• Basic Life Insurance coverage is FREE to full time employees*; $25,000 Policy includes AD&D and Accelerated Death Benefit. Effective date of hire.

* Part Time may elect at a cost.

• Optional Life Insurance – Employees may add additional term life insurance by selecting 1 to 7 times their annual salary (post tax); policy is portable and guarantee issue

Rates on PeopleFirst Enrollment screen or see the HR/Benefits Calculator for rates

Basic and Optional Term Life insurances will end when you

terminate employment; policy conversion available within 31

days of termination.21

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•United Dental•Cigna DHMO•Assurant •Ameritas Dental•Humana DHMO •Humana PPO -Premiums are listed on the enrollment form

-Cost will depend on the coverage selected

-Four tiers of coverage available

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Prepaid (DHMO)•Each member registers with a dentist from a list of providers• Some no charge benefits available•No claims to file•No deductibles•Expenses for preventative and restorative care vary by Provider• Some plans may also include vision discounts

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Indemnity / DPPO•May select any dentist •More out of pocket expense•Coinsurance, deductibles and maximum annual benefits•Coverage and cost vary by Provider•Employees will pay out of pocket for services and then submit a claim form for reimbursement

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Vision Plan

HumanaVision VCP Comprehensive Exam Plus Materials Plan

See Benefits Guide for details or go to:HumanaVisionCare.com/custom/FL/

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Supplemental InsurancePlans pay you cash for out of pocket expenses

• AFLAC – cancer, hospital intensive care insurance

• Capital Insurance – hospital insurance and vision discount program

• Colonial – income replacement for accident and cancer insurance fixed rates

ALTA & Cigna: Hospitalization plans * Must complete Peoplefirst enrollment AND Company

application

• Gabor Agency – (Not on PeopleFirst website)

Long Term Care, Whole or Universal Life Insurance (including spouse or dependents), and

Long Term Disability coverage (30 or 90 day waiting period)

Detail information about each plan is provided through brochures.

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Attendance & Leave: Sick Leave Pool

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Sick Leave - SP, Faculty, and AMP• Accrue 4 hours bi-weekly (13 days a year)• Can be used for immediate family• Annual leave can be used if sick leave has

been depleted

Sick Leave Pool• Full Time and Part Time employees are

eligible upon invitation• Minimum one year of service• Minimum balance of 64 hours

Sick leave hours from the Pool shall be granted only for the employee’s serious or catastrophic personal illness or injury.

Employees donate 16 hours and can apply up to a maximum of 480 sick leave pool hours once all personal leave has been exhausted.

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FAU Education Benefits

Employee Educational Scholarship Program (EESP) To Qualify:

• Full time employee • May enroll after 6 months of employment • Undergraduate - C grade or better • Graduate - B grade • Degree or non Degree seeking• Employees are allowed to take up to 6 credit hours per semester Tuition FREE.• Some fees still apply.• Must be employed last day of class.

• Book Stipend Available, conditions apply.

• FAU Bookstores sell text and reference books, school supplies, convenience foods, drinks, clothing, FAU merchandise on all campuses. Online ordering options are available.

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P r e f e r r e d L e g a l P l a n

Biweekly Cost $4.98• Unlimited free legal advice via phone• Free review of legal documents• Initial consultation with attorney no charge• Free letters and phone calls made on your behalf • Free Identity Theft help & restoration• Free credit report analysis and repair• Free Simple Wills for member & spouse• Free notary services• 40% - 70% reduced off other legal fees and services• Access 24 hr/day, 7 day/week

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EAP – Employee Assistance Program

Investing in your career with completely confidential counseling, through

Aetna Resources for Living

3 free sessions per issue with a private licensed therapist for guidance on:

Financial Issues Legal issues Relationships Stress or Anxiety Grief Issues Depression Child & Elder Care Alcohol/Drug Abuse Family challenges Special Discounts Life Improvement Purchase Pet Insurance

Call: 800-865-3200 www.mylifevalues.comLogin ID: Florida Atlantic University, Password: EAP

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Credit Unions

Open accounts anytime online.Competitive rates on home, personal, and auto loans.

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Log on to: www.fau.edu/HR/Benefits

• Review Benefits Guide; use our Benefits Calculator

• Have direct links to all insurance websites and provider company’s telephone numbers

• Receive FAU discounts on Tri-Rail, Wireless plans, Universal Studios, Busch Gardens, Walt Disney World and other discount websites

• View commonly asked policy questions• Review criteria, procedures and print

Employee Educational Scholarship Program Form

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Florida Retirement SystemState sponsored retirement plan

Mandatory 3% pretax contribution

• Must choose a plan:• Pension Plan• Investment Plan

• Eligible Employees:• All Faculty• All AMP employees• All SP employees SP employees are automatically enrolled in the FRS when employed by the University.

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Florida Retirement System

FRS Pension Plan

• Hired after July 1, 2011: Must have 8 years of creditable services in order to be vested and receive retirement benefit. Mandatory 3% Employee Contribution.• Normal retirement is considered to be age 65

with 8 years of service or 33 years of service, regardless of age. For Special Risk members, normal retirement is age 60 with 8 years of service or 30 years of service, regardless of age. • Retirement benefit is based on your earnings,

length of service, and membership class.

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FRS Investment Plan• Vesting is after 1 year of FRS creditable service, in order to receive the

retirement benefit. Mandatory 3% Contribution.• FAU contributes 3.30% (effective July 1, 2012)• No age or service requirements for you to receive a benefit, once

vested. • You should consult a tax specialist to get an explanation of the tax

implications of early retirement.• If you're vested when you leave FRS-covered employment and go to

work for a non-FRS employer, you can: • Leave your account in the Investment Plan, where it will remain

invested until you withdraw it; • Roll your account over to an Individual Retirement Account (IRA) or

to the plan of your new employer, if that plan accepts rollovers; or • Have your account paid to you. You'll have to pay taxes on this

amount in the year during which it's paid to you. • If withdrawal after termination, you forfeit service credit and

will not be able to join any of the State of Florida retirement plans if reemployed.

For more information log on to: www.myfrs.com. or call 866-446-9377

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Florida Retirement System

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Optional Retirement Program

(ORP)• AMP and Faculty are eligible for ORP• The ORP is a defined contribution plan that

provides full and immediate vesting of all contributions. • Mandatory 3% employee contribution.• FAU contributes 5.14% and employees can

contribute a voluntary match up to that amount• Maximum voluntary amounts employees can

contribute for the year in 2015:

- $18,000 under age 50

- $24,000 if over age 50 • 90 days to choose plan or employees are

automatically defaulted into FRS Pension Plan.

• Faculty in the College of Medicine must enroll in the ORP as specified in Faculty Practice Plan.

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ORP/403(b) Companies

•Fidelity Investments• Jefferson National•VOYA •MetLife Resources•T. Rowe Price Ins.•TIAA-CREF•VALIC

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Tax Sheltered Accounts

403(b) Plan TSA / 403(b) is a retirement savings plan which allows you to invest a chosen dollar amount as a pre-tax deduction.•Reduces your tax liability•Choice of approved Providers•Manage your investments.•Contribution amounts can be changed or stopped at any time.

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FRS Reemployment - Renewed Membership Rules for Prior FRS

Participants or RetireesInvestment Plan: • Considered “Retiree” if terminated and received

any benefits or took ANY distribution, regardless of age.

• No re-employment at FRS agency for 6 months.• No renewed membership in FRS and no

contributions.

Pension Plan: • No reemployment for 6 months.• No renewed membership in FRS.• Request a refund of 3% mandatory- lose service

credit.

Optional Retirement Program• Considered a “Retiree” if terminated and take a

distribution.• No re-employment at FRS agency for 6 months.• No renewed membership in FRS and no FAU

contributions.

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Refunds or Distributions of Mandatory Employee Contribution

after leaving FAU:

• Participants must be terminated from all FRS employers for 3 calendar months to be eligible for a refund or distribution.

• Taking a distribution of any employee contributions and/or employer contributions makes you a RETIREE under all plans. No renewed membership.• No reemployment for 6 calendar months

after receiving distribution.

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MyFRS.comFree Resources: •New Hire Kit with video•Financial Guidance & Planning Line: 866-446-9377•Estimate Pension benefits, or•Access Investment Account•Personalized Counseling & Assistance•Retiree Services•Access forms, brochures, newsletters at www.MyFrs.com

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State of FL Deferred Compensation Plan• 457 Plan for supplemental pretax retirement savings• Payroll deductions can be up to 80% compensation• Shelter up to IRS limits $18,000 or $24,000 (50+) in 2015• 5 state approved vendors - one online brokerage firm•Hardship provisions•No 10 % penalty after termination•Enroll online at: www.Myfloridadeferredcomp.com

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Human ResourcesBenefits & Retirement

Florida Atlantic University777 Glades Road

Administration Bldg. 102 Boca Raton, FL 33431

Benefits Staff: Insurance Benefits: (561) 297-0242

EESP: (561) 297-3073Retirement: (561) 297-2061

Manager Benefits & Retirement: (561) 297- 2061Fax: (561) 297-3915

Email: [email protected]/humanreources/benefits

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