Transcript Document

BENEFITS and
RETIREMENT Orientation
(561) 297-0242
(561) 297-3073
(561) 297-2061
(561) 297-3915 - Fax
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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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• PPO
•Florida Blue
(Blue Cross & Blue Shield)
• HMO’s
• AvMed
• Coventry
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Insurance Cost per paycheck
Biweekly Premium
CVS Caremark Rx Manager
30 day supply costs:
• Individual coverage
$25.00
Generic
• $7
Preferred / Brand
• Family Coverage
$90.00
Cost will be different for part-time
employees (see Benefits Calculator)
• $30
Non-Preferred
• $50
90- day supply through
Office Visit
• $15 PPO Physician
• $20.00 HMO
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$25 PPO Specialist
$40 HMO Specialist
$25 Urgent-Care Center
$250 Hospital stay
Available through Retail Pharmacy
Generic
• $14
Preferred Brand Name
• $60
Non-Preferred Brand
• $100
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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
• Deductible
$250/person
$500/family
• Network allowed
amount 80%
• Hospital Stay $250
• Ambulance 100% with
no deductible
• Deductible
$750/person
$1500/family
• Network allowed
amount 60%
• Hospital Stay $500
• Ambulance 100% with no
deductible
PPO Calendar Year out-of–pocket maximum
$2,500/person; $5,000/family
After 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/$3,000
All Plans: No lifetime maximums
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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 elections
during the course of a plan year unless they experience
a 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 viceversa, 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 2730; 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 program
FSA 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, and
Federal 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.
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High Deductible Health
Plan- PPO
Biweekly Cost
Covers care received
Annual deductible
Individual coverage
Family coverage
(Florida Blue)
High Deductible
Health Plan - HMO
(AvMed, Coventry)
Individual
Family
coverage
coverage
$7.50 Biweekly
$32.15 Biweekly
In Network or non-network
In network only
In Network
$1,250
$2,500
Non-network
$2,500
$5,000
$1,250
$2,500
What you pay for care
received after deductible
Medical care
Prescription drugs
- generic / name brand
- non-preferred
30%
Pay in full and
fill a claim
30%
Annual out-of-pocket
maximum
Individual coverage
Family coverage
$3,000
$6,000
Preventive care
Same as current PPO
30%
50%
30%
50%
$7,500
$15,000
$3,000
$6,000
Plan pays 100% after out-of-pocket maximums.
Same as HMOs
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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 taxfree (2015)
Family
Coverage
$83.33 per month
up to $1,000/year
up to $6650/year taxfree (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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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
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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.
• Dental and vision
• You can set aside $60 to
expenses only
$2,550 in an account
• Orthodontia not
• Not for Medical
covered by dental plan expenses (use HSA)
• Over-the-counter
medications
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What Should I Know About My Options ?
Choice
Of Providers
Lifetime max
Health Savings
Account?
Reimbursemen
t
Account?
High Deductible
PPO
High
Deductible
HMO’s
State Employees’
PPO
FL Blue
Network or NonNetwork
Network Only
In or Out of Network
Network only
Unlimited
Unlimited
Unlimited
Unlimited
YES
YES
NO
NO
Yes, Medical
Reimbursement
Account $2500 PER YEAR
Yes, Medical Reimburse
Account $2500 /yr
with MyMRA Card
Yes, Limited Purpose Medical Reimbursement
Account $2500 PER YEAR
Monthly Cost
Individual $15.00
Family
$64.30
Individual $50.00
Family
$180.00
Prescription
Drugs
30%-50%
of Cost
Pay, file claim
30%-50%
of Cost
Annual
deductible
Network
Non-Network
Network
$1,250
$2,500
$1,250
$2,500
$5,000
$2,500
$3,000
$7,500
$3,000
$2,500
$6,000
$15,000
$6,000
$5,000
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Individual
coverage
Family
coverage
Annual out-ofpocket
Max after
deductible

Individual
Coverage
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Family
HMOs
AvMed
Coventry
Set amount
Network
Set amount
Non Network
Network
$250
$750
$0
$0
$500
$1,500
$1,500
$3,000
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Wellness Benefits
Employees 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 discounts
Weight management program discounts up to 50%
and Nutritional Counseling tools
Prenatal Programs
Massage and Acupuncture discounts
Routine eye and hearing tests
PSA 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.
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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.
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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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HumanaVision VCP
Comprehensive Exam Plus Materials Plan
See Benefits Guide for details or go to:
HumanaVisionCare.com/custom/FL/
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Supplemental
Insurance
Plans 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
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:
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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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Preferred Legal Plan
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
Relationships
Grief Issues
Child & Elder Care
Family challenges
Life Improvement
Legal issues
Stress or Anxiety
Depression
Alcohol/Drug Abuse
Special Discounts
Purchase Pet Insurance
Call: 800-865-3200
www.mylifevalues.com
Login ID:
Password:
Florida Atlantic University,
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
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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 System
State sponsored retirement plan
Mandatory 3% pretax
contribution
• Must choose a plan:
• Pension Plan
• Investment Plan
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Eligible Employees:
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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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Florida Retirement System
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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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 Retirees
Investment 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.com
Free 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 Resources
Benefits & Retirement
Florida Atlantic University
777 Glades Road
Administration Bldg. 102
Boca Raton, FL 33431
Benefits Staff:
Insurance Benefits: (561) 297-0242
EESP: (561) 297-3073
Retirement: (561) 297-2061
Manager Benefits & Retirement: (561) 297- 2061
Fax: (561) 297-3915
Email: [email protected]
www.fau.edu/humanreources/benefits
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