My Resources for Wellness

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Cleopatra Little
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My Resources for Wellness Quitting Tobacco?

edu/far $10 per month Free group fitness

1 My Resources for Wellness Quitting Tobacco? Free Help available! Participation based incentives Monthly Health Education $10 per month Free group fitness Resources for Stress Management and Work/Life Balance 24/7 Hotline Dependent Access

2 Planning for my future MY BENEFITS

3 My Benefits Overview Core Benefits Optional Benefits Retirement Benefits

4 My Benefits Benefits are effective the first day of the month following your hire date. You have 31 days to make your elections Default elections Member number is your HR number located on the photo ID badge.

5 Terminology Pre-Tax: Premiums are paid before taxes are withheld, reducing tax liability mandatory for core benefits and Flexible Spending Accounts After-Tax: Premiums are paid after taxes are withheldmandatory for dependent life, dependent AD&D, shortterm disability and long-term care Salaried/Exempt employee: Paid an appointed salary, not eligible for overtime, paid once a month Hourly/Non-exempt employee: Paid by the hour, eligible for overtime, paid (every two weeks in Norman) (once a month at HSC)

6 Medical Dental My Core Benefits Life Insurance = 1.5 times your annual salary Also have option of $50,000 policy (if annual salary is $33,000 or higher) AD&D Insurance = $20,000 Medical waiver required for full-time employees if coverage from another source.

7 My Core Benefit Medical Coverage BlueOptions PPO BlueEdge HSA Vendor:

8 PPO VS HSA: How Do I Choose? PPO Any network doctor, including specialists Coverage nationwide $500/$1,000 Deductible, $3,000/$6,000 out-of-pocket max HSA Any network doctor, including specialists Coverage nationwide Specific amount of money is deposited each benefit year in a health savings account (HSA) $1,500/$3,000 Deductible, $3,000/$6,000 out-of-pocket max

9 Health Savings Account Unused funds roll over year to year Used together with BlueEdge HSA medical plan University Contribution: $500 individual/$1,000 family Employee Contribution: $3,350 individual/$6,750 family Contributions are Pre-taxed and prorated-not funded up front The fund is used to pay for eligible medical care expenses up to the health savings account fund amount.

10 My Core Benefit Dental Coverage Basic Dental PPO Alternative Dental PPO PPO or Premier Network of Dentists Life-time $1,500 orthodontia benefits Vendor:

11 Basic Life Insurance My Core Benefit Life Insurance Provided by the University at 1.5 times annual salary OR Employees earning an annual salary of $33k or higher also have option of enrolling in $50,000 policy Employee must designate beneficiary and update when necessary Vendor:

increments, up to $250,000 Separate beneficiary designation required Spouse AD&D

12 My Core Benefit Accidental Death & Dismemberment Insurance (AD&D) OU pays for the first $20,000 for full-time employees Additional coverage available in $50,000 increments, up to $250,000 Separate beneficiary designation required Spouse AD&D in $10,000 increments up to $40,000 Child AD&D options are $5,000 or $10,000 Vendor:

13 My Optional Benefits Supplemental Life Insurance Dependent Life Insurance Vision Care Short-Term Disability Long-Term Disability Flexible Spending Accounts

14 My Optional Benefit Supplemental Life Insurance Additional Life Insurance up to 3 times annual salary, not to exceed $450,000 without evidence of insurability Total combined life insurance limit of $1.5 million Enroll now, without evidence of insurability requirement Premium paid by employee Beneficiary is the same as Basic Life Insurance

15 My Optional Benefit Dependent Life Insurance Spouse Life Insurance Coverage available up to ½ of the amount of employee s insurance Spouse information required at enrollment Child Life Insurance Dependent children, to age 26, may be covered at either $5,000 or $10,000 per child Premiums paid after-tax by employee for both options

16 Standard Plan My Optional Benefit Vision Service Plan (VSP) Optional Plan (richer plan options) Employee pays premium Co-pays and discounts through providers Vendor:

17 My Optional Benefit Short-Term Disability Employee paid benefit with after-tax dollars Personal plan to meet individual needs Plan pays up to 50% of your monthly income Premiums based on salary, options selected, and age Contact AFLAC directly at if interested in participating Vendor:

18 My Optional Benefit Long-Term Disability (LTD) Premiums paid by employee, either pre-tax or after-tax Six month waiting period before benefits would become payable if approved 3 options available Vendor:

19 My Optional Benefit Flexible Spending Accounts (FSA) Health Care Account up to $2,550 Dependent Day Care Account up to $5,000 Debit Card - Allows you to pay for eligible health care expenses at the point of service Use it or lose it Vendor:

My Benefits How do I enroll? Visit www.hr.ou.

20 My Benefits How do I enroll? Visit and click Employee Self- Service under Quick Links. User ID and password is the same as your login.

21 My Benefits When can I make changes? Annual Enrollment Period Applicable Qualifying Event (AQE) Deadline - 31 days from AQE

22 Questions / Break We ll reconvene in 10 minutes!

You can improve your readiness in the future by hitting the 15% savings target

23 Be Ready for Retirement - Save 15% The university knows it's important for you to be ready for retirement. You can improve your readiness in the future by hitting the 15% savings target today. Use a combination of the university's contributions and other retirement savings options to save the equivalent of 15% of your annual salary.

24 Tips for Retirement Readiness Start saving early. 15% of what? Aim to save an equivalent of 15% of your annual salary each year. Get to 15% by saving both what OU contributes on your behalf and some of your own money. Use payroll deduction to save your money. It's saved before you can even think about spending it.

25 More Tips for Retirement Readiness Save your own money in the Oklahoma Teachers' Retirement System (OTRS) or in a voluntary retirement savings plan. You don't have to make it to 15% savings all at once. Periodically review your retirement readiness with a Fidelity representative or a private financial planner.

26 When Can I Retire? 3 Paths to Retirement Eligibility 25 years of Benefits Eligible Service Your age plus years of service equals 80 Age 62 plus 10 years of OU benefit eligible service *Different rules apply for the Oklahoma Teachers Retirement System, distributions from retirement accounts, and Social Security.

27 Deadlines 2 Options available Salaried Employees : Must select within 90 days of employment Automatically enrolled in OTRS if no election made NOTE: THIS IS A ONE TIME ELECTION TO PARTICIPATE IN THE OTRS OPTION. This option cannot be changed later in your career. Hourly employees can make this choice at any time Automatically enrolled in the Optional Retirement Plan An OTRS hourly form can be filled out and submitted through HR services to elect Option 1. If you have ever been in OTRS, or in any public retirement system, you should consult with a Retirement Services representative. If you are with OUPD, consult with a Retirement Services representative about a separate retirement program.

28 Retirement Program of University of Oklahoma Option 1 & Option 2 Option 1 includes the OU Contributory Retirement Plan and the Oklahoma Teachers' Retirement System (OTRS). The OU Contributory Retirement Plan is a 401(a) defined contribution plan and OTRS is a defined benefit plan. Option 2 includes the OU Retirement Plan and OU Contributory Retirement Plan (for Hourly Employees). This option only contains 401(a) defined contribution plans. Employee Contribution OU Contribution Oklahoma Teachers' Retirement System (OTRS) 7% of Employee s Compensation Option 1 Option 2 OU Contributory Retirement Plan #55857 Employees do not contribute to this plan 8% of Employee s Base Pay over $9,000 Salaried Employee: OU Retirement Plan #65315 OR Hourly Employee: OU Contributory Retirement Plan #55857 Employees do not contribute to this plan 9% of Employee s Base Pay Vesting After 5 Years After 3 Years After 3 Years Plan Type Defined Benefit 401(a) Defined Contribution 401(a) Defined Contribution * OU Modeler Link

29 Eligibility New employees eligible for either 401(a) Defined Contribution Plans must complete a 12-month waiting period before entering the plan and receiving contributions from the university. The eligible employee begins participation in the 401(a) Defined Contribution Plan they selected at the time of hire, on the first day of the month following the employee's completion of the waiting period.

30 Save more by using a Voluntary Retirement Plans 403(b) and 457(b) are tax deferred savings plans All employees eligible to participate 100% vested once you elect 2016 Annual maximum is $18,000; or $24,000 for employees age 50 or older Minimum contribution of 1% of base salary Employees may contribute maximum to BOTH 403(b) and 457(b) each year Roth after-tax options available

31 Evaluation of Option 1 vs. (Option 2 + Voluntary Plan) Type of Contribution Option 1 Option 2 + Vol. Plan at 1% Option 2 + Vol. Plan at 3% Option 2 + Vol. Plan at 6% Defined Contribution Vol. Employee Deferral 0% 1% 3% 6% Defined Benefit Mandatory Employee Deferral 7% n/a n/a n/a DC Employer Contribution 8% 9% 9% 9% Total Contribution Percentage 15% 10% 12% 15%

32 Income Replacement Percentages Below is an analysis of beginning salary and approximated retirement salary and a advised income percentage replacement Beginning Salary Retirement Salary Income Percentage Replacement $30,000 ~$49,034 95% $50,000 ~$76,999 85% $100,000 ~$145,095 77%

Action Items 1. Salary employees will receive an email from HR Retirement services to make their retirement election 2.

If you would like to elect Option 1 contact Retirement Services for an hourly OTRS election form 3.

33 Action Items 1. Salary employees will receive an from HR Retirement services to make their retirement election 2. Hourly employees will not receive an and will be auto enrolled into Option 2 1. If you would like to elect Option 1 contact Retirement Services for an hourly OTRS election form 3. Visit Fidelity NetBenefits: NetBenefits.com/sooners 4. Elect beneficiaries 5. Set up 1-on-1 counseling 6. Make Investment Elections 7. Consider adding a Voluntary Retirement Savings Plan

34 Wrap-up Did you get the information you needed? What else do you need? Additional Questions?

*Verification may be required to confirm eligibility.

*Verification may be required to confirm eligibility. Benefits 2018 Introduction We are pleased to provide you with this summary of benefits. Our employees are our most important resource and CTA spends a substantial amount of money every year to provide