Transcript Template 5

Summit Consolidated
Group
2010 Benefits Renewal
December 9, 2009
Benefits Update
Commitment to Employee Benefits
According to the Society for Human Resource Management
(SHRM), 60% of the employers surveyed indicated that they
have had to cut employee benefits this year due to the
economy.
Impact on Summit Consolidated Group
We continue to offer a very competitive benefits package as
well as continue to enhance our product offering
Benefits Renewal
Summit Employee Benefits Spectrum
MEDICAL
WELLNESS
DENTAL
EAP
VISION
LIFE/
AD&D
401(k)
BENEFITS
PREPAID
LEGAL
STD
LIFELOCK
LTD
FLEX
VOL.
LIFE
VOL.
CANCER
Benefits Renewal
Medical
Medical insurance is renewing with BlueCross BlueShield
Plan ran well this year
We performed a complete evaluation of alternate carriers and plans
BCBS continues to provide the most affordable and comprehensive
coverage and network to all employees
Still offering the $1000 and $2500 plans
Changing plan designs is only allowed during this open enrollment
period
No payroll deduction changes!!
Benefits Renewal
Medical (continued)
Medical plans review:
Deductibles (starts over 1/1/10):
Coinsurance
Out-of-pocket maximum:*
Office copay (includes lab work):
Inpatient hospitalization:
Outpatient surgery:
Prescriptions:
Generic
Preferred Drug:
Other drugs:
$1000/ $3000 vs. $2500/ $7500
80/70/60/50 & Outside OK: 80/50
$2000-$5000 per person plus ded.
$20 vs. $35 (ded. & coins. are waived for all
children’s visits & 1st 6 adult visits)
Ded. & Coins, plus $500 or $750
Ded. & Coins, plus: $200 on both
30% with $12 minimum
$25
30% with $25 minimum
* Copays and additional deductibles do not count towards satisfying your OOP Max. Out-ofnetwork services are subject to balance billing and not covered under the OOP Max.
Benefits Renewal
Medical (continued)
BlueCross Representative: LouAnne Hale
Other benefits and considerations:
Preventative, Physicals, Colonoscopy
Chiropractic & Physical Therapy
Request in-network providers
Follow up on pre-treatment verifications
Request in-network providers
BCBS Online Tools and Resources
Benefits Renewal
Dental
Changing carriers from MetLife to Delta Dental
Delta Dental was able to offer very comparable benefits and keep the costs down
Plan: $50 deductible, $2000 annual plan maximum, $1500 ortho. max.
Two networks available: PPO & Premier – PPO pays higher coinsurance and can
provide deeper discounts
Network is at good or better than MetLife
Class 1 (Preventative):
Class 2 (Basic):
Class 3 (Major):
Class 4 (Ortho.):
PPO
100%
90%
60%
60%
Premier
100%
80%
50%
50%
Out-of-Network
90%
70%
40%
40%
Benefits are limited to Class 1 services if you or a family member enrolls and is not
coming off another dental plan at this time.
Benefits Renewal
Dental (continued)
Find a participating dentist (PDP) at www.deltadentalok.org
Choose PPO or Premier Network
Online Services available through Spotlight™ (/spotlight)
Check claims status and access EOB’s
Check available benefits
Print ID cards
Oral health and wellness education
Benefits Renewal
Dental (continued)
Payroll Deduction Changes:
Employee
Employee/ Spouse
Employee/ Children
Family
Current
$4.58
$18.19
$21.46
$38.73
Renewal
$3.90
$15.90
$20.90
$37.90
Decrease
-$0.68
-$2.29
-$0.56
-$0.83
Benefits Renewal
Vision and Ancillary
The Vision insurance with VSP renews in April
Exam: $10/ Glasses (or Contacts): $25 & discounts on additional services
Frequency: Exam and Lenses every 12 months/Frames every 24 months
You can make enrollment changes during March
Group Life/AD&D, STD & LTD provided by Summit
No change in benefits
Life: $50,000 (w/ age reduction starting at age 70)
AD&D: pays an additional benefit if you die as the result of an accident
or become dismembered
STD: 60% of weekly salary to $1000 weekly maximum
LTD: 60% of monthly salary to a $6,000* monthly maximum benefit
* Some associates may be eligible for an enhanced LTD benefit
Benefits Renewal
Flex Plan
Set aside on a pre-tax basis up to $5000 in anticipated and qualified health
expenses and $5000 in dependent care costs through your flex plan on an
annual basis.
You and your dependents do not need to be enrolled in Summit’s benefits to
be reimbursed for qualified expenses under our FSA. However, you cannot
claim the same expenses that are reimbursed through another plan, such as a
spouse’s flex or HSA account.
Dependent care expenses will be reimbursed once you have accumulated the
money in your account to cover that expense/ claim for reimbursement.
You have until March 31st of the following calendar year to turn in your
receipts for qualified expenses incurred between January 1st through
December 31st. Money accumulated in your account but not reimbursed in
time will be forfeited.
Benefits Renewal
Flex Plan (continued)
Advantages:
The “Unreimbursed Medical” acts like an interest free loan. You can
incur and be reimbursed for the expenses in January, for example, but
only make small payments throughout the year through payroll
deductions to cover that expense.
Your payroll deducted flex elections and insurance premiums are
deducted pre-tax to save you money. Be advised that you cannot
make plan changes throughout the year unless you have a qualifying
event.
Expenses you pay out in prescriptions, copays, deductibles,
coinsurance etc. on your medical, dental, and vision plans are qualified
expenses to be reimbursed through your flex.
Benefits Renewal
Worksite Products
TRANSAMERICA LIFE INSURANCE COMPANY
TransLegacy Universal Life Insurance
Conditional Guarantee Issue up to $75,000
Portable when you leave employment
Includes Accidental Death and Dismemberment, Waiver of premium layoff rider &
Terminal Illness Rider
Coverage available for employee, spouse (CGI $25,000), children & grandchildren
Benefits Renewal
Worksite Products (continued)
PRUDENTIAL
Voluntary Group Term Life/AD&D
Guarantee Issue up to $100,000
Maximum Coverage Available – Lesser of 5X Earnings or $500,000
Annual Increase without Medical Evidence – Lesser of 4 increments
($40,000)/salary multiples
Age Reduction Schedule – 35% @ age 65; 50% @ age 70
Spouse Guarantee Issue up to $20,000
Child(ren) – Up to $10,000 until 19 years of age, 25 if full-time student
Policy terminates at retirement
Portability is available
Benefits Renewal
Worksite Products (continued)
ALLSTATE FINANCIAL
Cancer and Specified Disease Coverage
Pays directly to you unless you assign the benefit
Portable (Can be continued if no longer employed)
20 specified diseases covered in addition to cancer
Hospital Confinement – Pays up to $400 for each of the first 70 days of each period
of confinement
Radiation, Radio-active isotopes, chemotherapy and immunotherapy – pays up to
$20,000 each 12 months
Blood, plasma and platelets – Pays up to $20,000 each 12 months
Pays up to $100 per calendar year for each insured to have cancer screening tests
such as a mammography, pap smear, PSA and CA125
Pays up to $5,000 upon Initial Diagnosis
Benefits Renewal
Worksite Products (continued)
ALLSTATE FINANCIAL (continued)
Cancer and Specified Disease Coverage
Semi-monthly cost:
Individual
Family
Base Plan
$ 10.48
$ 17.31
Enhanced Plan
$ 13.74
$ 23.15
Premier Plan
$ 17.88
$ 30.72
SUMMIT FINANCIAL GROUP
PRD AUTHORIZATION
Name: _________________________________
Sex: __M__F
Social Security Number: ________________________
Mailing Address: _____________________________________ City: ______________________ St: ______ Zip: ______
Home Phone: (
)
Cell Phone: (______)_______________ Height: _______ Weight: _______
Date of Birth: _________ Date of Hire: _________ Job Title: ________________ *Mother’s Maiden Name: __________________
Primary Beneficiary: ___________________
Relationship: ____________________ Email: ____________________________n
Complete For All Dependents (If coverage is requested)
Height
Weight
SS#
Date of Birth
Age
Sex
SPOUSE
CHILDREN
SEMI-MONTHLY DEDUCTIONS
MONTHLY PREMIUM AMOUNTS (FOR HOME OFFICE)
Bill Date
Deduction
Date
1.
Permanent Life - Transamerica
$
Monthly Perm Life Prem
$
2.
Term Life – Prudential
$
Monthly Term Life Prem
$
3.
Cancer – AHL
$
Monthly Cancer Prem
$
4.
Administration Fee
$ .75
Monthly Admin Fee Prem
$ 1.50
Total Deductions
$
_________________
Date
Total Monthly Premium
$
_________________________________________________
Employee Signature of Authorization
WAIVER OF COVERAGE
I have been offered the opportunity to participate in my employer’s Employee Benefit Program and I decline. I understand that if I want to participate later, I may
have to furnish evidence of insurability.
________________
Date
_________________________________________________
Employee Signature of Declination
* Permanent Life – If purchased, electronic signature includes last 4 digits of your social security number plus two digit month of birth plus your mother’s
maiden name. (example: 557902peddy)
*Permanent Life – If coverage is purchased on spouse Transamerica needs: Date of Marriage______________________________
State of Marriage______________________________
Benefits Renewal
LifeLock Identity Protection
Provides the following services:
They obtain a current credit report and monitor it every 90 days
They send you one annually from all credit bureaus
They request that you be removed from junk mailings
They provide WalletLock service to help you cancel and reopen new accounts if your
wallet is lost or stolen
eRecon and TrueAddress will search internet websites for unauthorized use of your
personal information and notify you if your address is changed online
They call you to approve big purchases
They will spend up to $1 million doing whatever is necessary to repair your credit if you
become a victim of identity theft
Teenagers are now being targeted because their credit won’t be searched until they are at
least 18
Employees covered for $66 per year/ children under 16 are $25/ year
Just use the promotional code SFG40 at www.lifelock.com to obtain your discount
Benefits Renewal
Prepaid Legal
Provides the following services:
Legal consultation and advice
Write letters and make calls on your behalf
Reviews contracts and documents for you
Will preparation service with annual review, plus Living Will and Power of
Attorney preparation
Major an Minor Motor Vehicle legal services
Trial defense services, start at 60 hours and increase with each renewal
IRS Audit Legal Services
Legal Shield card provided to use in immediate situations
Cost is $15.95 per month for the entire family for the standard plan
Benefits Renewal
Employee Assistance Programs
An Employee Assistance Program provides counseling for common issues such as:
Depression and Stress Management
Marital Conflicts
Parenting, Child Care and Elder Care Concerns
Emotional Problems and Crisis
Financial and Legal Concerns
Alcohol and Drug-Related Addictions
All employees have access to the EAP through Lincoln Financial. Tulsa area employees also
have access to our initial EAP service through Community Care.
Advantages:
Improved health through counseling
Contact to the EAP is anonymous
Counselors are available 24/7 via phone and internet, and you can schedule appointments
for one on one counseling sessions. Situations that require further treatment will be
referred to an outside counselor.
Benefits Renewal
Wellness
In addition to addressing stress-related and emotional concerns through
the EAP, you can further manage your health and help prevent medical
conditions through the numerous wellness tools provided to you by:
BlueCross BlueShield website: www.bcbsok.com Register for BlueAccess
Delta Dental website: www.deltadentalok.org Register for Spotlight
ActivHealth website: www.activhealth.com
Summit Financial Group
401(k) Plan Summary
PARTICIPANT ELGIBILITY:
Minimum Age: 21, Waiting Period: 6 consecutive month period. Those eligible but not in
the plan will be automatically enrolled at 3% of pay unless you opt out or select a
different percentage.
Contributions will be increased 1% per year to a cap of 6%.
PLAN ENTRY DATES:
January 1, April 1, July 1, Oct. 1 (after meeting eligibility requirements)
DISCRETIONARY MATCH:
Summit has a discretionary match, historically 25% on the dollar up to 4%. A
discretionary profit sharing contribution may be made.
VESTING:*
All Company contributions subject to the following schedule:
Years of Service
Ownership Percentage
0-1
0%
2
20%
3
40%
4
60%
5
80%
6
100%
*All accounts are fully vested at
Normal Retirement Age 65.
DISTRIBUTIONS:
Funds are available upon retirement, death, disability, or termination of employment.
In-service withdrawals are allowed at age 59 ½ Loans are allowed under the plan.
Benefits Renewal
401(k) Contact Information
http://retirement.standard.com
Or call INFOLINE at 800.858.5420
For a salary deferral form contact Kristina Humphrey
at x411.
All forms are due to Thelma no later than January 4th.
Benefits Renewal
Information Needed
Required Forms:
Dental applications
Flex election forms
Comprehensive Benefits Election Form
Optional Forms:
Medical application - for changes only
Life insurance beneficiary form- for updates only
401(k) election form- for changes
Voluntary/ Worksite coverage forms
Dental forms are due by Monday, December 14th
All other forms are due by Friday, December 18th
Benefits Renewal
Questions & Answers
Questions will be addressed at this time. Those that
are only relative to an individual should be addressed
to [email protected] after the call.
Thank you
Human Resource Notices
9/80 Program Reminders:
You should be working during your scheduled working hours. Coming in
early and working late is not intended for visiting and taking breaks.
The program is a privilege and continues to be evaluated. If it is abused, the
abuser can be removed from the program, or the program eliminated all
together.
Although it’s not our intent to have associates work on their day off, you
need to make sure your work is taken care of before taking off or leaving
early that Friday.
2010 Holiday Calendar
New Years Day
President’s Day
Good Friday
Memorial Day
Independence Day
Labor Day
Thanksgiving
Christmas Eve
New Years Eve
Friday, January 1st
Monday, February 15th
Friday, April 2nd
Monday, May 31st
Monday, July 5th
Monday, September 6th
Thurs. & Fri., November 25th & 26th
Friday, December 24th
Friday, December 31st