DeCourcey Benefits 25Aug05

Information about DeCourcey Benefits 25Aug05

Published on January 22, 2008

Author: Regina1

Source: authorstream.com

Content

Slide1:  Introduction to Your RIT Benefits August 25, 2005 Judy DeCourcey RIT Human Resources Overview of RIT’s Benefits Program:  Overview of RIT’s Benefits Program Discuss in detail RIT’s benefits program Review and complete forms HR Department located in Eastman Bldg, 5th floor Benefit Contacts:  Benefit Contacts If your last name begins with the letter A - L Val Liegey (585) 475-5346 or [email protected] If your last name begins with the letter M - Z Brett Lagoe (585) 475-5983 or [email protected] HR Voice Number – (585) 475-2424 HR TTY Number: (585) 475-2420 Benefits E-Mail: [email protected] Your Action is Needed:  Your Action is Needed Form I-9 – verification of employment eligibility (Human Resources) ID Card (Registrar’s Office) Parking Sticker (Campus Safety Parking Office) Apply on-line or use form New Employee Temporary Parking Permit good through September 10 Comprehensive Benefits Program:  Comprehensive Benefits Program Medical Insurance Prescription Drug Plan Dental Insurance Beneflex-FSA (Dependent Care and Health Care Spending Account) Life Insurance AD&D Insurance Disability short-term disability long-term disability Retirement Plan Education Benefits Time Off Benefits Employee Assistance Program (EAP) Voluntary Deduction Plans Statutory Benefits Medical Insurance:  Medical Insurance Coverage begins 1st of month on or after date of hire Coverage not automatic – you must complete forms Cover you, your spouse or domestic partner, and eligible children You must elect coverage for yourself in order to cover a family member(s) Medical-Child Eligibility:  Medical-Child Eligibility Covered up to age 19 Covered up to age 26 if full-time student; OR living at home, financially dependent on you and no coverage available from his/her employer Different eligibility than for life insurance coverage Domestic Partner Eligibility:  Domestic Partner Eligibility Domestic partner definition same sex or opposite sex meet certain criteria (for example: lived together at least 12 months, financially interdependent, not legally married to someone else) Tax implications for you (employee) Affidavit with both partner’s signature required Medical Insurance:  Medical Insurance Insured by Excellus BlueCross BlueShield – Rochester Region 3 Point of Service (POS) Plans In and out of network benefits Preventive coverage 2 plans with Rx coverage, 1 without 1 Indemnity (traditional Plan) PPO plan available for those who live outside POS service area POS In Network Benefits:  POS In Network Benefits 31 county service area Works similar to an HMO Use Primary Care Physician (PCP) to coordinate your care Limited referrals; many services do not require referrals including endocrinology, gynecology, ophthalmology, neurology, rheumatology and more Higher level of benefits than out of network POS Out of Network Benefits:  POS Out of Network Benefits Out of network benefits Non-participating providers locally or out of town, OR Participating providers without a needed referral Lower level of benefits than in network All services are subject to an annual deductible, then you pay coinsurance up to an annual out-of-pocket maximum “Just in case” coverage - provides an added advantage, but you probably won’t use out of network benefits often Emergency vs Out of Network:  Emergency vs Out of Network All the POS plans provide world-wide coverage for emergencies and urgent care Contact the Primary Care Physician (PCP) and/or plan as soon as possible to ensure referral paperwork done promptly Out of Network provides coverage if you choose to go out of area for services Value Added Services from Excellus BCBS:  Value Added Services from Excellus BCBS Member Rewards Health Club Discounts YMCA program discounts Discounts on teeth whitening, lasik eye surgery Much more! Web-based support tools Click & Compare Healthwise Step Up program Picking the Right Plan:  Picking the Right Plan The plan with the smallest payroll deduction amount may not be the least expensive plan overall Review co-payment amounts (office visits, prescription medications, etc.) Use worksheet to review anticipated medical needs and associated costs You can change coverage during Open Enrollment (Oct/Nov) for a January 1, 2006 effective date Plan A vs Plan B:  Plan A vs Plan B Some services are covered under plan A but not plan B, such as: Eyewear Hearing aids Some copays are different between plans A & B, including: Physician office visits Routine preventive care services Routine eye exams Hospitalization Plan A vs Plan B (cont’d):  Plan A vs Plan B (cont’d) Some examples of services that are the same between plans A & B (in network) include coverage for: Diagnostic lab and pathology Emergency room Out of area coverage – both cover emergency and urgent care as if in network Physician services for maternity care Outpatient psychiatric care Ambulance Durable medical equipment Plan B vs Plan A Contribution Differences:  Plan B vs Plan A Contribution Differences Plan B compared to Plan A will save you the following amounts: Individual $11/month or $132/year Two Person $26/month or $312/year Family $31/month or $372/year One Parent Family $48/month or $576/year Plan B No Drug vs Plan B Contrib Diff :  Plan B No Drug vs Plan B Contrib Diff Plan B No Drug compared to Plan B will save you the following amounts: Individual $ 59/month or $708/year Two Person $114/month or $1,368/year Family $140/month or $1,680/year One Parent Family $127/month or $1,524/year Where is Your Family?:  Where is Your Family? Is your family here in the Rochester area now? Will they be moving here? When? Does your spouse have coverage available at your previous home? Do you have information on spouse’s coverage and rates? Does it make sense for your spouse to carry your coverage or for spouse to cover family at previous home and you have individual coverage through RIT? Choosing a Doctor:  Choosing a Doctor For the POS plans, you must choose a Primary Care Physician (PCP) or a Medical Center before coverage will be effective BCBS has on-line PCP search capability (geographic, specialty, etc.) You can change PCP/Center at any time directly with insurance carrier (phone or web) Medical Insurance Opt-Out Benefit:  Medical Insurance Opt-Out Benefit Covered by another plan $400 annual payment for full-time $16.67 on a semi-monthly basis $250 annual payment for extended part-time $10.42 on a semi-monthly basis Automatic if you waive medical insurance Taxable payment Questions:  Questions Any questions about the medical plan? Prescription Drug Coverage:  Prescription Drug Coverage RIT is a member of the Preferred University Rx Purchasing Coalition Founding schools are Boston University, Columbia University, Cornell University, and Princeton University Other members are Seton Hall University, Yale University, and the University of Notre Dame Prescription drug benefits administered by Medco, the largest Pharmacy Benefit Manager (PBM) in the nation RIT Rx:  RIT Rx The RIT prescription drug plan, called RIT Rx, is a separate, self-funded, managed plan – it is not part of your medical plan Automatically cover employees, plus their eligible dependents, who enroll in any RIT-offered medical plan, under RIT Rx (except Blue Point2 POS B No Drug) Coverage is the same, regardless of the medical plan you choose Separate ID cards (one for medical, one for prescription drugs) RIT Rx Plan Design:  RIT Rx Plan Design Formulary vs Non-Formulary:  Formulary vs Non-Formulary Different terms for the same thing: Tier 2 = Formulary = Preferred Brand Name Tier 3 = Non-Formulary = Non-Preferred Brand Name A formulary is a select list (tier 2) of drugs approved by an independent national committee made up of Medical Doctors and Pharmacists (not Medco and not RIT) Drugs are selected for effectiveness and cost Preferred alternatives are designated The patient’s physician always decides Medco By Mail for Maintenance Medications:  Medco By Mail for Maintenance Medications Cost savings – you pay a 60-day price for a 90-day supply Convenient refill process Quality Control Features – better than the pharmacy Two ways to begin Medco By Mail Obtain hard copy prescription from your doctor to send into Medco, OR Ask your doctor to call 1 888 EASYRX1 (1 888 327-9791) for instructions on how to fax the prescription. Your doctor must have your Member ID number (which is on your RIT Rx Medco ID card) to fax your prescription Medco By Mail for Maintenance Medications (cont’d):  Medco By Mail for Maintenance Medications (cont’d) For a new medication, you may want to ask your doctor to write two prescriptions One for a 30-day supply that you will have filled at the retail pharmacy to make sure the medication works for you The other for a 90-day supply plus refills for up to 1 year to use after you know the new medication works for you Medco Services:  Medco Services 24 hours a day, 7 days a week access to customer service and registered pharmacists Automated phone service and Internet access Refill prescriptions Check the status of an order Request order forms and envelopes Personalized web page on Medco’s website More About RIT Rx:  More About RIT Rx After enrollment, you will receive a mailing from Medco Two ID cards (if you need more, simply contact Medco) Brochure on how to use the benefit Drug formulary pocket guide Detailed information on Medco By Mail Mail order envelope Health questionnaire Guide to provide to your physician to help you use your plan most effectively Additional Features:  Additional Features No annual benefit limit. If FDA-approved generic is available and you choose (or your doctor prescribes) a brand medication, you pay the difference. You can obtain up to a 90-day supply at a retail pharmacy, but it will cost you less from the home delivery pharmacy. Over 50,000 retail pharmacies in network nationwide*. Can fill Rx at a non-participating pharmacy, but: Have to pay whole cost and get reimbursed, and You pay more if higher cost than network pharmacy. Separate RIT Rx ID card * Walgreens Pharmacy does not participate in the network. If You Are Diabetic:  If You Are Diabetic New York State law requires that insured medical plans cover diabetic medications and supplies Use your ID Cards accordingly Medical Plan ID Card – for all diabetic medications and supplies RIT Rx Medco ID Card – for all other covered medications Few Other Items:  Few Other Items If you enroll in a plan that includes prescription drug coverage (all but Blue Point2 POS B No Drug), you will be automatically enrolled in the RIT Rx plan – no special enrollment required; it is automatic The employee contribution amounts that are published are a combined amount – include the medical portion and prescription drug portion of the premium (except Blue Point2 POS B No Drug) Payslips will show two separate deduction amounts Medical portion Rx portion Questions:  Questions Any questions about the prescription drug plan? Dental Plan:  Dental Plan Coverage begins 1st of month on or after date of hire Coverage not automatic – you must complete forms Cover you, your spouse or domestic partner, and eligible children. Domestic partner -- same rules as medical apply Medical and dental are separate enrollments – can elect one or both No Opt-Out benefit if waive coverage Dental-Child Eligibility:  Dental-Child Eligibility Covered up to age 19 Covered up to age 26 if full-time student; OR living at home, financially dependent on you and no coverage available from his/her employer Dental Plan:  Dental Plan One Plan – three service categories Preventive: 100% of Usual and Customary Charge (UCC) – oral exam, cleanings, x-rays, etc. Restorative: 50% of UCC after $25 per person annual deductible. Plan pays up to $1,000 per calendar year per person Orthodontia: 50% up to $1,000 per lifetime for children under age 19 Administered by Blue Cross Blue Shield Full benefit when you go to Blue Shield participating dentist Questions:  Questions Any questions about the dental plan? Beneflex Plan (FSA):  Beneflex Plan (FSA) Also referred to as Flexible Spending Accounts (FSA) Coverage begins 1st of month on or after date of hire Two parts to Beneflex Plan 1. Flexible Spending Accounts (Dependent Care & Health Care) 2. Pre-tax contributions for medical and dental coverage Tax free payments for: Unreimbursed medical/dental expenses ($3,000 cap) Dependent care expenses ($5,000 cap per calendar year for family) Eligible Beneflex Expenses:  Eligible Beneflex Expenses Dependent Care child care centers family daycare providers nursery schools caregivers for a disabled dependent Health Care ambulance braces crutches eyeglasses co-payments TTY Over the counter (OTC) medications Beneflex:  Beneflex To determine amount to elect, estimate your eligible expenses (services must be from your participation date to December 31st for you and qualified dependents) Amount deducted pre-tax from your paycheck on a pro-rata basis for the rest of the year Will be reimbursed for eligible expenses from your account(s) and pay no tax IRS Regulations Annual election –– you must re-enroll every year (i.e., will not continue for 2006) Use it or lose it Beneflex Example:  Beneflex Example You have monthly prescriptions with a total co-payment of $100 for a total of $400 from September 1st to December 31st You will purchase eye glasses for $100 (after medical plan coverage) Total of $500 deducted over 8 pay periods at $62.50 each You pay the co-payments and out of pocket costs Reimbursed on a tax-free basis for eligible health care claims up to $500 election Beneflex Reimbursement:  Beneflex Reimbursement To receive reimbursement, submit claim form with back up documentation to administrator, EBS Automatic Claims Transfer (ACT) for health care expenses if you carry medical/dental with RIT Reimbursement will be made by check or by direct deposit to your bank account Potential for large tax savings (federal, FICA, state) Beneflex usually better than Dependent Care Tax Credit – can’t do both for same expenses Account information available on secure website Tax Savings With Beneflex:  Tax Savings With Beneflex $1,285 Tax Savings With Beneflex:  Tax Savings With Beneflex $143 Questions:  Questions Any questions about Beneflex? Life Insurance:  Life Insurance Group Term Life Insurance (GTL) Accidental Death & Dismemberment Insurance (AD&D) Business Travel Accident Insurance Complete a Beneficiary Designation Form and keep it up to date Life Insurance:  Life Insurance Life and AD&D Insurance Coverage for you, your spouse, and your dependent children (cannot cover domestic partner under NYS law) Coverage begins first of month on or after date of hire Business Travel Accident Insurance Coverage for you while traveling on RIT business (not commuting) Coverage begins on date of hire Basic Life Insurance Plan:  Basic Life Insurance Plan All full-time employees eligible Automatically enrolled 2 times annual base pay, rounded up to next $1,000 (if not a multiple of $1,000) maximum of $150,000 Based on new hire pay initially Based on January 1 pay thereafter Premium fully paid by RIT Voluntary Life Insurance:  Voluntary Life Insurance Coverage for employee, spouse and dependent children Full-time and extended part-time employees After-tax payroll deductions Lower rates for non-smokers Some choices require insurance company approval – complete Evidence of Insurability Form (EOI) Employee Supplemental Life:  Employee Supplemental Life Choose from 1, 2, 3, 4, or 5 times base pay Immediately eligible for 1 or 2 times base pay 3, 4, or 5 times must prove insurability Contingent upon insurance company approval During annual open enrollment, can increase from 0 to 1 times OR 1 to 2 times without proving insurability Dependent Life Insurance:  Dependent Life Insurance Spouse coverage choose from $25,000 or 1, 2, 3, 4, or 5 times employee’s base pay (can’t exceed employee’s Basic plus Supplemental) immediately eligible for $25k, EOI Form for more cost based on employee’s age; spouse’s smoking status Child coverage choose from $2,000 or $4,000 same cost, regardless of number of children child up to the age of 19; 23 if full-time student Note: If your spouse is an RIT Employee (FT or ExPT), you cannot elect spouse coverage and only one of you can cover dependent children. Imputed Income:  Imputed Income Under IRS regulations, the premium value of your Basic and Supplemental Life insurance in excess of $50,000 is taxable to you (first $50,000 is tax-free) The taxable amount is calculated each pay period and shows (if applicable) on your paystub in the Earnings section as “GTL Imp Inc” Basic Accidental Death & Dismemberment Insurance:  Basic Accidental Death & Dismemberment Insurance All full-time employees eligible Automatically enrolled 2 times annual base pay, rounded up to next $1,000 (if not a multiple of $1,000) maximum of $150,000 Based on new hire pay initially Based on January 1 pay thereafter Premium fully paid by RIT Voluntary AD&D:  Voluntary AD&D Coverage for employee, spouse and dependent children Full-time and extended part-time employees After-tax payroll deductions Employee Supplemental AD&D Insurance:  Employee Supplemental AD&D Insurance Choose from 1, 2, 3, 4, or 5 times annual base pay No proof of insurability required Dependent AD&D Insurance:  Dependent AD&D Insurance Employee must elect Supplemental AD&D Spouse only = 50% of employee’s Supp coverage Child only = 15% of employee’s Supp coverage, maximum of $25,000 Family coverage spouse = 40% of employee’s Supp coverage child = 10% of employee’s Supp coverage, maximum of $25,000 Note: If your spouse is an RIT Employee (FT or ExPT), you cannot elect spouse coverage and only one of you can cover dependent children. Business Travel Accident:  Business Travel Accident $100,000 payable to your beneficiary if you die in an accident while traveling on RIT business Benefit also payable if you are disabled or seriously injured while traveling on RIT business Coverage for business trips only, not for commuting to and from work Questions:  Questions Any questions about life or AD&D, or business travel accident coverage? Salary Continuation:  Salary Continuation Faculty and exempt staff have salary continuation instead of sick leave Salary continuation for intermittent days (5 or less consecutive days) Short Term Disability:  Short Term Disability Automatically covered under New York State Disability Insurance as of date of hire, in most cases For non-work related illness or injury Following one week absence (waiting period), plan pays benefits for up to 26 weeks Length of STD is subject to your physicians report and the approval of RIT’s STD insurance carrier Short Term Disability:  Short Term Disability Five day waiting period Faculty & Exempt Staff Salary continuation STD plan then pays 100% for up to 8 weeks, then 80% for up to 18 weeks Long Term Disability:  Long Term Disability Coverage begins first of month on or after date of hire Benefits would begin after 6 months of total disability (disability must begin after LTD eligibility date) and approval from insurance company Benefits = 60% of base salary, $5,000 monthly maximum Supplemental LTD:  Supplemental LTD Eligible first of month on or after date of hire Purchase additional 10% of salary $7,000 monthly maximum (Basic plus Supplemental) Proof of insurability required if enrolling after first become eligible Questions:  Questions Any questions about the disability benefits? Changing Your Benefit Elections:  Changing Your Benefit Elections Annual Open Enrollment held in the Fall for a January 1 effective date Family Status Change - must notify HR within 31 days of event (can’t change plans) Change needs to be consistent with event According to specific IRS rules RIT Retirement Program:  RIT Retirement Program Basic Retirement Plan employee and RIT contributions Voluntary Retirement Plan employee contributions Employee contributions are made on a pre-tax basis -- before federal and state tax, but subject to FICA tax RIT’s plan is a 403(b) plan This is your retirement income plan You MUST take action 403(b) Plan:  403(b) Plan Similar to 401(k) plan both are code sections under Internal Revenue Code elect a percentage to contribute before federal and state taxes calculated, both subject to FICA accept direct rollovers, including IRA’s and 401(k) for most employees pre-tax contributions for 2005 is $14,000 if age 50 or older on 12/31/05, limit is $18,000 2005 limit includes your contributions to another plan Provide HR with the amount you already contributed so we can help you coordinate the limit Basic Retirement Plan:  Basic Retirement Plan Eligibility Regular full-time, extended part-time, and part-time employees Participation Eligible 1st of month after 2 years of service (waived if coming directly from higher education with at least 2 consecutive years of service as a full-time regular employee within three months of your hire at RIT) Contributions Employee contributes 2% of base pay RIT contributes 10% of base pay 100% vested in employee and RIT money “vested” means you have the right to this money when you leave Voluntary Retirement Plan:  Voluntary Retirement Plan Eligibility Regular full-time, extended part-time, and part-time employees Participation Eligible 1st of month following date of hire Contributions Employee contributes percentage of total pay (includes add pay, summer contract, overtime, etc.) Voluntary Plan (cont’d):  Voluntary Plan (cont’d) Rollovers accepted From prior employer plans (403(b), 401(k), pension plans) From Individual Retirement Accounts (IRAs) You have access to rollover funds, subject to tax laws Limited access to your Voluntary (not Basic) account through: Loans (TIAA-CREF only) Hardship withdrawals In-service withdrawals after age 59-1/2 Retirement Plan:  Retirement Plan Investment Options Fidelity Mutual Funds TIAA-CREF Retirement Annuities Choose from a variety of investment funds Why we offer both: Offer a wider choice of investment funds TIAA-CREF offered at most higher education Fidelity known by people outside higher ed Why Save in a Voluntary 403(b)?:  Why Save in a Voluntary 403(b)? Maintaining Your Lifestyle In Retirement + + + = Retirement! Social Security Voluntary Savings Plan Basic Plan Personal Savings 403(b): A Powerful Wealth-Building Tool:  403(b): A Powerful Wealth-Building Tool Immediate Advantage Lowers your taxable income Future Advantages Power of compounding Power of tax deferral Take Advantage of the Opportunity Now:  Take Advantage of the Opportunity Now Start now by contributing to RIT’s Voluntary Plan Start with an amount you’re comfortable with Rome wasn’t built in a day – consider increasing the amount each year Take Advantage of Higher Contribution* Limits:  Take Advantage of Higher Contribution* Limits *You must have a salary at least equal to the maximum amount you can contribute under each scenario represented by the different bars. **You must be an employee of an eligible teaching institution, hospital, church, home health agency, or health and welfare service agency to be eligible for these contribution limits. ** ** Understanding Investments :  Understanding Investments Things to Consider: Number of years to retirement How much will you need for retirement Tolerance for risk Other sources of retirement income Asset Classes:  Asset Classes Your choices can include the following asset classes: Equities (Stocks) Real Estate Fixed Income (Bonds) Money Market Guaranteed Investment Strategies:  **Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability. Investment Strategies Real Estate Guaranteed** Fixed Income Money Market* *An investment in the CREF Money Market Account is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Challenges & Opportunities in Investing:  Challenges & Opportunities in Investing 1926-2004 Hypothetical value of $1 invested at year-end 1925. Assumes reinvestment of income and no transaction costs or taxes. Source: Ibbotsnn Associates, Inc. Average Return 3.72% 5.45% 5.93% 10.43% Totals $17.87 $66.22 $94.40 $2,533 Stocks Corporate Bonds Government Bonds Treasury Bills Inflation $10.69 3.00% Time Helps Manage Risk:  Time Helps Manage Risk 10.43% 10.26% The Range of Annual Total Returns for Common Stocks (1926-2004) Source: Ibbotson Associates, Inc. These returns are illustrative only and do not reflect TIAA-CREF performance; past performance isn’t indicative of future results. Average Range of Return 100% 50% 0% -50% -100% 11.10% 1 Year 10 Years 5 Years Investment Strategies with TIAA-CREF:  Investment Strategies with TIAA-CREF Develop an asset allocation Use our Asset Allocation Evaluator Have a model allocation prepared Select one of our model portfolios Revisit your allocation decisions Conservative: 70% Non-Equity 30% Equity Moderately Conservative: 50% Non-Equity 50% Equity Moderately Aggressive: 40% Non-Equity 60% Equity Aggressive: 25% Non-Equity 75% Equity Action Steps!:  Action Steps! Start Now! Don’t wait! Important Investment Information:  Important Investment Information Investment products are not FDIC insured, may lose value and are not bank guaranteed. You should consider the investment objectives, risks, charges and expenses carefully before investing. This seminar must be preceded or accompanied by a current prospectus. Please call (877) 518-9161 for additional copies, or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. C33656 How to Join Retirement Plan:  How to Join Retirement Plan Complete Salary Reduction Agreement Complete Fidelity and/or TIAA-CREF application If you already have a TIAA-CREF account, you may be able to contribute to the same account – check with TIAA-CREF If you already have a Fidelity account, you will need to open a new account Submit both forms to Human Resources Department Enrollment is effective the first of the month after we receive your forms – we must have all applicable forms before your enrollment can be processed! Retirement Plan Changes:  Retirement Plan Changes Change your contribution percentage twice per calendar year Once between January and June Once between July and December Change your future investment election between Fidelity and TIAA-CREF at any time by completing a Salary Reduction Agreement (contribution percent stays the same) Transfer your invested dollars or fund allocation for future contributions at any time directly with Fidelity and/or TIAA-CREF Appointments:  Appointments Fidelity and TIAA-CREF representatives on campus at least once a month for one-on-one counseling sessions Sign-up sheet today, or Contact Fidelity/TIAA-CREF for appointment Fidelity Investments Voice: (800) 642-7131 TTY: (800) 259-9743 TIAA-CREF Voice: (585) 246-4600 or (877) 209-3144 TTY: (585) 246-4610 www.tiaa-cref.org (click on the link Meetings/Counseling at the top right of page) Questions:  Questions Any questions about RIT’s Retirement Plans? Education Benefits:  Education Benefits Education Benefits:  Education Benefits Eligible children are your or your spouse’s or domestic partner’s natural or adopted children up to the age of 30 Tuition Waiver Full-Time Employees:  Tuition Waiver Full-Time Employees Employee 100% tuition waiver for up to 11¾ credit hours per quarter upon hire Family Members (spouse/domestic partner, children) for up to 18 credit hours per person per quarter 50% waiver after 1 year of service 75% waiver after 3 years of service 100% waiver after 5 years of service Automatic for employee, form to complete annually for family members Must register for classes Tuition Waiver Ext Part-time Employees:  Tuition Waiver Ext Part-time Employees Employee 100% tuition waiver for up to 8¾ credit hours per quarter upon hire Family Members (spouse/domestic partner, children) for up to 18 credit hours per person per quarter 37.5% waiver after 1 year of service 56.25% waiver after 3 years of service 75% waiver after 5 years of service Automatic for employee, form to complete annually for family members Must register for classes Taxes on Tuition Waiver:  Taxes on Tuition Waiver Employee Undergraduate – generally not taxable, unless you are matriculated in a graduate program and take an undergraduate course as a requirement for that program. Graduate, unless the course is job-related (maintains or improves your current job skills) or you have not reached the IRS limit under RIT’s Educational Assistance Program ($5,250 per calendar year) complete a Job-Related Verification Form for all taxable waivers Taxes on Tuition Waiver (cont’d):  Taxes on Tuition Waiver (cont’d) Spouse Undergraduate – same as employee Graduate – taxable Domestic Partner Undergraduate – taxable unless reported as dependent on your tax return Graduate – taxable Taxes on Tuition Waiver (cont’d):  Taxes on Tuition Waiver (cont’d) Children reported on your or your ex-spouse’s tax return (the child’s other parent) Undergraduate – same as employee Graduate - taxable Children not reported on your or your ex-spouse’s tax return (the child’s other parent) Undergraduate and graduate both taxable Domestic Partner’s Children Undergraduate – taxable unless reported as dependent on your tax return Graduate – taxable Taxes on Tuition Waivers:  Taxes on Tuition Waivers If the benefit is taxable, you will receive a bill from the Controller’s Office for approximately 40% of the tuition waived Includes federal, FICA, and state taxes; tax amount varies based on tax tables in effect Your W-2 income will be increased by the waiver amount and your taxes paid will be increased by the tax amount you paid Tuition Assistance:  Tuition Assistance Regular full-time and extended part-time employees Eligible courses and reimbursement amounts job-related credit courses taken at accredited colleges and universities, $750 reimbursement per semester (maximum of 3 reimbursements or $2,250 per year) courses taken through RIT’s Center for Professional Development (CPD), $250 reimbursement (maximum of 2 reimbursements or $500 per year) Tuition Exchange:  Tuition Exchange Regular full-time employees with at least five years of service A reciprocal scholarship program with over 500 colleges and universities Children only, for full-time undergraduate study during regular academic year Not guaranteed, up to receiving school Tuition Exchange is limited to a maximum of eight semesters per family (temporarily at 12 semesters) RIT couples each receive 8 for total of 16 semesters Taxes on Tuition Exchange:  Taxes on Tuition Exchange Benefit will be taxable if child is not reported on your or your ex-spouse’s (child’s other parent) tax return Tax payment process similar to Tuition Waiver Tuition Scholarship:  Tuition Scholarship Regular full-time employees with at least five years of service Children only, full-time undergraduate study during regular academic year Tuition reimbursement if child does not receive Tuition Exchange benefit (includes community colleges and SUNY schools) Up to $750/semester/child or net tuition bill if lower, with maximum of $1,500/child/year Taxes on Tuition Scholarship:  Taxes on Tuition Scholarship Benefit will be taxable if child is not reported on your or your ex-spouse’s (child’s other parent) tax return Reimbursement made through payroll system if not taxable, made as a non-payroll reimbursement if taxable, made as a taxable payment, with taxes withheld Center for Professional Development (CPD):  Center for Professional Development (CPD) HR provides training and professional development programs for all employees Resource providing single-point access to many education and training programs Benefit is not taxable Six learning clusters CPD Learning Clusters:  CPD Learning Clusters New Employee Orientation and Development Diversity/Deaf Culture and Language Career and Personal Development Enhancing Faculty & Staff Performance Technology/Computer Skills Supervision/Management/Leadership Questions:  Questions Any questions about the various education benefits programs? Time Off Benefits:  Time Off Benefits Vacation Time Holidays Vacation Time:  Vacation Time 10-month and 11-month faculty observe the quarter break schedule established for the academic year 12-month faculty receive 4 weeks of vacation each fiscal year (pro-rated for new hires) Holidays:  Holidays Eleven paid holidays each calendar year New Year’s Day Memorial Day Independence Day (classes sometimes held) Labor Day (classes sometimes held) Thanksgiving Day Day after Thanksgiving Day Christmas Day Four RIT-designated days Questions:  Questions Any questions about the time off benefits? Voluntary Deduction Plans:  Voluntary Deduction Plans After-tax payroll deduction programs VIP Services -- group auto and homeowners insurance Hyatt Legal -- group legal services Long Term Care Insurance New York’s College Savings Program U.S. Savings Bonds VIP Services:  VIP Services Sign up any time Auto, homeowners, and other personal insurance -- may save up to 10-20% Can even participate if homeowner’s insurance is paid as part of your mortgage payment (escrow) Easy to get a quote: phone or internet Hyatt Legal Plan:  Hyatt Legal Plan Sign up now or wait until Open Enrollment Hyatt is a MetLife company and is a major provider in group legal plans Covers many personal legal services in full if you go to a participating attorney Fee schedule for non-participating attorneys Covers legal work that begins after coverage becomes effective Contact Hyatt Legal for authorization number before contacting attorney (phone or web) Hyatt Legal Plan Services:  Hyatt Legal Plan Services Preparation of wills, codicils, living wills and living trusts, powers of attorney, deeds, demand letters, promissory notes and mortgages Representation for purchase, sale or refinancing of your primary residence Debt collection defense, civil litigation defense, name change Uncontested adoptions and guardianships Long Term Care Insurance:  Long Term Care Insurance Type of care you would need if you are unable to care for yourself because of a prolonged illness or disability Different than traditional medical care Services may include help with activities of daily living, home health care, respite care, adult day care, care in a nursing home and care in an assisted living facility Long Term Care (cont’d):  Long Term Care (cont’d) Available for employee, spouse, children, parents, grandparents, siblings at group rates Can enroll at any time, but if new employee enrolls within 31 days of hire, coverage will be approved on a modified guarantee issue basis (only one health-related question to answer) Family members and employees enrolling after 31 days must always complete long form for approval New York’s College Savings Program:  New York’s College Savings Program Sign up any time Save for higher education costs, including tuition, fees, supplies, room and board, books, and equipment Can deduct $5,000 on NYS tax return Earnings grow tax free (federal and state) When withdraw no NYS or Federal tax for qualified expenses U.S. Savings Bonds:  U.S. Savings Bonds Sign up anytime Interest is exempt from state or local income tax and federal income tax is deferred until you cash them in (for up to 30 years) Interest accrues monthly, compounds semi-annually Can be cashed in after as little as six months No fees or service charges Questions:  Questions Any questions about the voluntary deduction plans? Other Benefits:  Other Benefits No sign up, automatically covered Adoption Assistance Plan Employee Assistance Program Real Estate Benefits Program RIT Services and Discounts Adoption Assistance Plan:  Adoption Assistance Plan Reimbursed up to $2,000 for adoption expenses Maximum reimbursement is $4,000 per family in 12 month period Employee Assistance Program:  Employee Assistance Program Confidential counseling and referrals Includes financial, marital, emotional, drug or alcohol counseling Available 24 hours a day, 7 days a week Up to 5 counseling sessions per family member per calendar year paid in full Additional counseling may be available through your medical insurance Real Estate Benefits Program:  Real Estate Benefits Program On the House® - Columbus Real Estate and Relocation Keys to the Community - Mitchell Pierson, Jr. Inc. Realtors Coldwell Banker Prime Properties- Earl Krakower Incentives designed to help those who buy, sell, finance, or invest in a primary or secondary residence in and outside of Rochester area Automatically covered, no enrollment necessary On the House®:  On the House® Benefits include Rewards Dollars in the form of a rebate that can be used with any Realty Club member Realty Club members include air conditioning/heating, air duct cleaning, carpentry, carpet cleaning, cleaning services, moving companies, security systems Discounts on legal services and mortgage services if you use participating providers Sign language interpreter Keys to the Community:  Keys to the Community Benefits include Household goods moving assistance Move in day dinner Preferred vendors Choice of artistic or sporting community packages (choices include GeVa Theatre, RPO, Finger Lakes Performing Arts Center; Red Wings, Amerks, Rhinos) Free home warranty program (during listing period) Sign language interpreter Coldwell Banker Prime Properties:  Coldwell Banker Prime Properties Benefits Include 1% reduction on commission if selling Discounts for support services (repairs, remodeling, electrical, etc.) Reduced legal fees to close transactions Sign Language Interpreter RIT Services and Discounts:  RIT Services and Discounts Student Life Center Margaret’s House (on-site daycare) Wallace Library Credit Union Campus Connections (RIT Bookstore)--10% discount on most items Tiger Bucks – your RIT ID card can be used as a debit card on campus if you deposit money into an account purchase goods and services at participating locations; 10% discount at Food Service facilities Statutory Benefits Required By Law:  Statutory Benefits Required By Law Social Security Medicare Workers Compensation Insurance Short Term Disability Insurance Unemployment Insurance Review Effective Dates:  Review Effective Dates Statutory Benefits Immediate eligibility for most benefits 4 week wait may apply for short term disability if not coming from covered employer Medical, Dental, Beneflex, Life, AD&D, LTD, Voluntary Retirement Plan First of the month on or after date of hire Basic Retirement Plan First of the month after two years of employment When Benefits End:  When Benefits End Medical, Dental, Beneflex Last day of the month in which you terminate employment or the last day of the month in which you transfer to an employment category not eligible for coverage Life, AD&D, LTD Termination of employment date or the date on which you transfer to an employment category not eligible for coverage (portability option to continue life insurance) Basic Retirement Plan Termination of employment date or the date on which you transfer to an employment category not eligible to participate Education Benefits Termination of employment date or the date on which you transfer to an employment category not eligible to participate Forms to Complete:  Forms to Complete Benefits Enrollment/Change Form Health Care Enrollment/Change Form Life Insurance Beneficiary Designation Form Retirement Program Before-Tax Salary Reduction Agreement Fidelity and/or TIAA-CREF Application Federal and State Tax Withholding Forms Direct Deposit Form More Information:  More Information Return your completed forms today If you are not ready today, please return by Friday, September 2 HR open on Labor Day (Monday, September 5) 9 a.m. to 2 p.m. For more information, refer to the HR web page at http://finweb.rit.edu/HumanResources

Related presentations


Other presentations created by Regina1

Romantic Period Intro
15. 01. 2008
0 views

Romantic Period Intro

era7
17. 01. 2008
0 views

era7

English Technical Writing
19. 03. 2008
0 views

English Technical Writing

The Globalization of HIV
11. 01. 2008
0 views

The Globalization of HIV

Araki
08. 05. 2008
0 views

Araki

CLDP Presentation AU 2006
07. 05. 2008
0 views

CLDP Presentation AU 2006

P2 4 Liu Yu RFIDlab in CAISA
02. 05. 2008
0 views

P2 4 Liu Yu RFIDlab in CAISA

Lesson38 The Olympic Games
02. 05. 2008
0 views

Lesson38 The Olympic Games

2010Bid Park
30. 04. 2008
0 views

2010Bid Park

roysembel smak7
24. 04. 2008
0 views

roysembel smak7

jbartram
22. 04. 2008
0 views

jbartram

KJ1E0019
21. 04. 2008
0 views

KJ1E0019

Guides Saga
18. 04. 2008
0 views

Guides Saga

investing in costarica
17. 04. 2008
0 views

investing in costarica

Barg PAC3
10. 01. 2008
0 views

Barg PAC3

cisco systems dwdm primer oct03
11. 01. 2008
0 views

cisco systems dwdm primer oct03

Mark Regier
13. 01. 2008
0 views

Mark Regier

Coherence 1
15. 01. 2008
0 views

Coherence 1

WonnacottPhase1
16. 01. 2008
0 views

WonnacottPhase1

Micro Clim
17. 01. 2008
0 views

Micro Clim

geoterm
22. 01. 2008
0 views

geoterm

handout 186663
23. 01. 2008
0 views

handout 186663

similars
23. 01. 2008
0 views

similars

dac03 shatter
16. 01. 2008
0 views

dac03 shatter

Customer Presentation
04. 02. 2008
0 views

Customer Presentation

part3 storms
11. 02. 2008
0 views

part3 storms

Gherm
12. 02. 2008
0 views

Gherm

Strawberries and Blueberries
22. 01. 2008
0 views

Strawberries and Blueberries

2007921162811471
28. 01. 2008
0 views

2007921162811471

treasuresbg
29. 01. 2008
0 views

treasuresbg

display advertising
29. 01. 2008
0 views

display advertising

telecom
31. 01. 2008
0 views

telecom

zhizhan
06. 02. 2008
0 views

zhizhan

TT IntroAfrica VCT
10. 01. 2008
0 views

TT IntroAfrica VCT

Parsons bores
13. 02. 2008
0 views

Parsons bores

Traditional music of Japan
13. 02. 2008
0 views

Traditional music of Japan

Ch14slideswebsitefin al7222006
18. 02. 2008
0 views

Ch14slideswebsitefin al7222006

classrocks
10. 01. 2008
0 views

classrocks

Microsoft Longhorn
20. 02. 2008
0 views

Microsoft Longhorn

ISV App Hosting for SaaS
21. 02. 2008
0 views

ISV App Hosting for SaaS

Iain Macleod Stephen Potts
29. 02. 2008
0 views

Iain Macleod Stephen Potts

poetry2007
11. 03. 2008
0 views

poetry2007

Crim Proc Sat Class 6
28. 01. 2008
0 views

Crim Proc Sat Class 6

Geology of Terrestial Planets
15. 03. 2008
0 views

Geology of Terrestial Planets

Minjun PhD Oral Exam
16. 03. 2008
0 views

Minjun PhD Oral Exam

Ontology of TB 16 9 04
20. 03. 2008
0 views

Ontology of TB 16 9 04

20070315presentation
24. 03. 2008
0 views

20070315presentation

harder2006wasteelvs
12. 02. 2008
0 views

harder2006wasteelvs

IPE Mutlinationals2005
31. 03. 2008
0 views

IPE Mutlinationals2005

39179261
08. 04. 2008
0 views

39179261

astrobiology
24. 01. 2008
0 views

astrobiology

The Panel of Chefs Of Ireland
05. 02. 2008
0 views

The Panel of Chefs Of Ireland

AMEDOC 2004 EXP RESP
15. 01. 2008
0 views

AMEDOC 2004 EXP RESP

otqh
10. 03. 2008
0 views

otqh

A C 4 US CHAPTER
13. 01. 2008
0 views

A C 4 US CHAPTER

chap5a
28. 02. 2008
0 views

chap5a

nih coprrace and trust
11. 01. 2008
0 views

nih coprrace and trust

ppt 44
14. 02. 2008
0 views

ppt 44

Morley TheLongandWindingRoa d1
04. 02. 2008
0 views

Morley TheLongandWindingRoa d1

abacus
11. 02. 2008
0 views

abacus

aaai99
25. 01. 2008
0 views

aaai99

Holt
05. 02. 2008
0 views

Holt

Cmtg Dec11
09. 01. 2008
0 views

Cmtg Dec11

Modified Micro May 2003
08. 01. 2008
0 views

Modified Micro May 2003

egs poster
22. 01. 2008
0 views

egs poster