2018 Employee Benefits Guide

Transcription

1 2018 Employee Benefits Guide See the Employee Benefits open enrollment schedule on the back page. Rev. 09/14

2 EMPLOYEE BENEFITS GUIDE You have in front of you important information about your employee benefits. This information is for all employees, including employees recently hired. However, not all benefits are available to all employees, so please read the following information closely: For benefit purposes, the following employees are considered eligible employees : Employed 70% or more in a certified position Classified employee who averages 80 hours/month (about 4 hours/day) Eligible employees can choose the following types of payroll deductions: Cafeteria plan benefits Post-tax deduction benefits All employees can choose the following types of payroll deductions: Tax-deferred retirement plans Cafeteria Plan Overview: The cafeteria plan includes dental plans, cancer insurance, vision coverage, etc., which can save employees a lot of money by allowing the use of pre-tax dollars to pay for these benefits. The term pre-tax means premiums are deducted from the employee s pay before calculating the taxes owed to the state and federal government. Open Enrollment Period: This refers to the one opportunity each year when employees can enroll in the cafeteria benefits plan. During the open enrollment period, eligible employees must meet with a cafeteria plan enroller from Annuity Associates to indicate the benefits desired for the upcoming calendar year (January to December). The enroller will utilize an electronic form the IRS requires employees to sign. If ANY employee does not sign the enrollment form by the end of the cafeteria plan open enrollment period, the IRS will not allow the employee s benefits to continue on a pre-tax basis. Finally, we try very hard to communicate information to employees in a way that is easy to understand, but if there is anything that is unclear, please don t hesitate to contact Heidi Clark in the Finance Department at She is the Benefits Coordinator and can help with your benefits questions. The information contained in this guide is correct to the best of our knowledge. Some premiums for next year could not be updated by the time this guide was finalized. Before signing up for any benefit option, the employee should verify the premium amount with the enroller to be certain of the cost of the benefit. The IRS restricts our ability to make changes after the open enrollment period has closed. 1

3 SUMMARY Types of payroll deductions included in this Employee Benefits Guide are: Cafeteria plan options (page 3) premiums are withheld from the employee s paycheck before taxes are calculated for these benefits. Included in cafeteria plan options are dental plans, cancer insurance, vision coverage, etc. Employees select from available choices, much like choices are made from options in a cafeteria. Post-tax deduction options (page 7) employees are given the option of choosing some payroll deductions not available in the cafeteria plan. These deductions are withheld after taxes have been calculated, so these benefits do not save the employee any taxes, but they still may meet an important need for some employees. Tax-deferred retirement options (page 9) employees may choose to have money withheld before taxes are calculated and invest these funds in a retirement program. Investments and earnings accumulate on a tax-deferred basis until withdrawn at retirement. 2

4 Cafeteria Plan Options Eligibility: Eligible employees (as defined on Page 1) Enrollment Period: During cafeteria plan open enrollment period Available Pre-Tax: Yes Effective: Jan.-Dec. (or 1 st day of 2 nd month for employees hired later) Deductions Start: 1 st Jan. payroll (or 1 st payroll of 2 nd month if hired later) Delta Dental (DENTAL) Product: PPO Dental PPO+Premier Dental insurance utilizing a PPO and Premier network is available through Delta Dental. Under a PPO+Premier plan, the member may use their benefits in-network or out-ofnetwork with a deductible of $25 for Single Coverage and a maximum of $75 per family. Preventative services are covered at 100% (with no deductible), minor care is covered at 80% after deductible and major care (including implants) is covered at 50% after deductible. There are orthodontic services included for dependent children up to age 19. There is a 12-month waiting period for Major and Orthodontic services but it is waived for anyone currently enrolled in any dental plan and for new hires. The annual maximum, excluding ortho, is $1,000 per covered participant. For participating dentist in this area, visit - you can use the PPO or Premier Provider Directory on this plan. Premiums: Employee $13.66 per paycheck Employee + one $25.96 per paycheck Family $42.34 per paycheck Delta Dental Product: Delta Care [DENTAL] This dental plan includes the advantages of no waiting periods, no office visit co-pays, no deductibles, no claim forms, no extra lab fee charges for crowns or dentures, and orthodontics for children and adults. There is also no annual maximum benefit. The participant does not have to pre-select a dentist but must go to a dentist within the DeltaCare network. Employees can find additional information and a provider directory online at Premiums: Employee $9.37 per paycheck Employee + one $18.09 per paycheck Family $32.88 per paycheck 3

5 Avesis (VISION) Product: Plus Plan Avesis Vision Care Avesis offers the option of going to an in-network provider and paying a co-pay for a vision exam and a co-pay for frames and lenses or contacts. Benefits are still available to employees who utilize an out-of-network provider, although the employee would be responsible for filing the claim in this situation. There are certain reimbursement amounts for the different services provided. Currently there are several providers in the local area, but, as always, employees are advised to check with their provider to be certain this plan is accepted. Employees may find additional information at Premium: Employee $4.12 per paycheck Employee + children $8.88 per paycheck Employee + spouse $9.67 per paycheck Family $12.21 per paycheck. 4

6 SunLife (CRITICAL ILLNESS/CANCER) Product: Critical Illness and Cancer Policy Critical Illness insurance For employees of Shelby County Public Schools, policy # Focus on your health not your wallet if you are diagnosed with a serious illness! Available benefit amounts For you For your spouse For your child(ren) You can elect $10,000 or $25,000 of coverage. If you elect coverage for yourself, you may elect $5,000 or $12,500. If you elect coverage for yourself, you may elect $5,000 of coverage for each eligible child. An eligible child is defined as a child from birth to 26 years old. The cost for Sun Life s Critical Illness insurance depends on the benefit amount you choose, your age, and whether or not you smoke. If you are diagnosed with a serious illness, Critical Illness Insurance helps reduce daily stress about money, so you can focus on getting better. Receive a lump sum cash benefit, up to a maximum paid directly to you, after your claim is approved for a variety of illness. Circulatory Cancer Other Childhood Heart Attack End-Stage Heart Failure Stroke Coronary Artery Disease* Cancer Non-life threatening cancer* Benign brain tumor Coma Major organ failure Paralysis Severe burns Cerebral palsy Complex congenital heart disease Cystic fibrosis Type 1 diabetes mellitus 5

7 SunLife [ACCIDENT] Product: Accident Plan Accidents can happen to anyone, at any time. When employees, their spouses or children are injured playing sports or in any covered accident, Sun Life s Accident plan pays cash benefits that may be used to meet deductibles, satisfy co-pays, buy crutches or in any other way needed. This plan is 24/7, so it covers any accidents during or after work, as well as all kids organized sports. Receive a cash benefits after your claim is approvedfor injuries (e.g., fractures or dislocations), treatments (e.g., emergency room visits, follow-up doctors appts, or ambulance rides), and loss due to a covered accident. You can find a list of some of the covered benefits and what the plan pays on the school benefit website. Premium: Employee $9.01 per paycheck Employee + children $15.89 per paycheck Employee + spouse $14.21 per paycheck Family $24.90 per paycheck 6

8 Post-Tax Deduction Options Eligibility: Eligible employees (as defined on Page 1) Enrollment Period: See below Available Pre-Tax: No Effective: See below Deductions Start: See below SunLife Financial [DISABILITY] Product: Short-term and long-term disability insurance Enrollment: During cafeteria plan open enrollment Effective: January to December (or 1 st day of 2 nd month for employees hired later) Deductions Start: 1 st Jan. payroll (or 1 st payroll of 2 nd month if hired later) Short-term and long-term disability insurance is offered through SunLife Financial (previously with Prudential Insurance Company). Short-term disability pays 60% of the employee s weekly pay (non-taxable) if the employee is off due to a disability. Benefits begin 14 days after an illness or accident and are paid for up to 11 weeks. Long-term disability pays 60% of the employee s monthly income (non-taxable) if the employee is off due to a disability. Benefits begin after 90 days and are paid at least up to age 65/67. Employees who do not obtain disability coverage in the initial year of eligibility must provide evidence of insurability in order to obtain coverage at a later date. Other limitations may apply. Premium: Short-term disability See enrollers for premium information Long-term disability See enrollers for premium information 7

9 SunLife Financial [LIFE] Product: Term life insurance Enrollment: Within 30 days of hire or during cafeteria plan enrollment period Effective: 1 st day of 2 nd month of employment All employees can purchase additional term life insurance in the following amounts $50,000, $75,000, $100,000, $125,000, $150,000, $175,000, or $200,000 not to exceed five times their annual salary. Also $20,000 of coverage on spouse and $10,000 coverage on dependent children may be purchased. The life insurance is a guaranteed issue this year only during open enrollment and to all new hires signing up for coverage during their initial new hire enrollment window. Coverage applied for after that will be subject to evidence of insurability. Premium: See enrollers for premium information one rate regardless of age or medical history. 8

10 Tax-Deferred Retirement Options Eligibility: Any employee Enrollment Period: Any time during the year Available Pre-Tax: Yes Deductions Start: Next payroll after receipt of enrollment Franklin Templeton [RETIREMENT] Product: Mutual Funds Description: Equity Investments Franklin Templeton has served investors since The Franklin Templeton 403(b) Plan offers a broad choice of funds covering a wide range of investment goals designed to meet the needs of conservative, moderate, and aggressive investors. Each fund is actively managed and has its own investment style. Investments can be made directly to mutual funds without going through an insurance company policy. Great American [RETIREMENT] Product: GreatFlex6 Description: Guaranteed Investment Program This product may be used for a traditional 403(b), a Roth 403(b), or a 457 plan. The Great American Great Flex 6 is a guaranteed investment program. All proceeds are guaranteed to earn a minimum interest rate. The current rate will vary depending upon market conditions. The product offers a bonus on all first-year premiums received, which makes the effective rate higher for the first year of each premium deposit. The product has no front-end fees, nor any continuing administrative fees. Funds may be withdrawn in a variety of ways at retirement but, if funds are withdrawn in a lump sum, the funds must have been in the program for at least six (6) years. 9

11 VOYA (formerly ING) [RETIREMENT] Product: Quintaflex II Description: Guaranteed investment program This product may be used for a traditional 403(b), a Roth 403(b), or a 457 plan. The ING/Quintaflex II is a guaranteed investment program. All proceeds are guaranteed to earn a minimum interest rate. The current rate will vary depending upon market conditions. The product has no front-end fees, nor any continuing administrative fees. Funds may be withdrawn in a variety of ways at retirement but, if funds are withdrawn in a lump sum, the funds must have been in the program for at least five (5) years. 10

12 Cafeteria Plan Enrollment The district s third-party administrator, Annuity Associates, Inc., will be at each school or location shown on the schedule below to assist employees during the open enrollment period. Please note: Each eligible employee, including those new employees who recently completed the 2017 open enrollment process, must meet with Annuity Associates, Inc. during the open enrollment for 2018 and complete the enrollment form required by the IRS, otherwise the employee will not have any pre-tax benefits starting January 1, This is an IRS requirement, so the district has no flexibility. 10/23 Mon. 8:00 4:00 Shelby County High School 10/24 Tues. 8:00-4:00 Collins High School 10/25 Wed. 7:30 3:30 Simpsonville Elementary 10/26 Thur. 7:45 10:30 Bus Garage 11:30 2:30 Shelby County Big Picture JCTC ` 11:30 4:00 West Middle 10/27 Fri. 8:00 4:00 Central Office (including Maintenance) 10/30 Mon. 7:30 4:00 Clear Creek Elementary School 10/31 Tues. 7:30 4:00 Wright Elementary School 11/01 Wed. 7:30 4:00 Heritage Elementary School 11/02 Thur. 8:00-4:00 East Middle School 9:00-3:00 Northside Early Childhood 11/03 Fri. 7:30-4:00 Painted Stone Elementary 11/06 Mon. 8:00-12:00 Shelby Co High School 12:30-4:00 Collins High School 11/07 Tues. 7:45 10:30 Bus Garage 11:30-4:00 Central Office 11/08 Wed 7:30 4:00 Southside Elementary School 11/09 Thurs 8:00-5:00 Central Office - Make-up Day 11

13 The last day of enrollment on November 9th will be the final opportunity for employees to complete the cafeteria plan enrollment. Please don t miss out, since the tax savings are significant for pre-tax benefits. Bus drivers can enroll at any elementary school after their morning run or prior to their afternoon run. Central Office and Maintenance personnel may enroll at any school on any day. 12