Retirement Program Changes (Influence ORP and Discretionary Expense Shielded Records Offered through UT)

Retirement program changes affect orp and optional tax sheltered accounts offered through ut l.jpg
1 / 34
0
0
890 days ago, 247 views
PowerPoint PPT Presentation
Assessment Sheltered Accounts: Optional retirement arrangements offered to both workforce and ... Incorporate UT Saver Tax-Sheltered Annuities and UT Saver Deferred Compensation ...

Presentation Transcript

Slide 1

´╗┐Retirement Program Changes (Affect ORP and Optional Tax-Sheltered Accounts Offered through UT) Brett L. Morris Assistant VP for Human Resources June 29, 2006

Slide 2

Definitions ORP : Optional Retirement Plan. Contrasting option to TRS offered for the most part to employees. Impose Sheltered Accounts : Optional retirement arranges offered to both personnel and staff. They take pre-impose cash from your paycheck. There are no coordinating assets from the UT System. Incorporate UT Saver Tax-Sheltered Annuities and UT Saver Deferred Compensation Plans.

Slide 3

Overview of Changes Competitive offer process New enrollees must choose an affirmed merchant Vendor list overhauled More items accessible

Slide 4

Competitive Bid Process First time ever done by UT System Common arrangement of sellers for all projects Goal to choose unrivaled items and wide assortment of speculation choices Improve seller responsibility Brand as UT System program

Slide 5

About Approved Vendors Effective September 1, every single new enrollee must look over rundown of endorsed sellers Also powerful 9/1, all non-endorsed sellers must meet least principles Vendors who meet norms and take an interest in UT program can keep on receiving commitments (are grandfathered). All others may not get new commitments. Workers won't be required to exchange gathered equalizations.

Slide 6

Approved Vendor List AIG VALIC Fidelity Investments ING Lincoln Financial Group MetLife Resources TIAA-CREF

Slide 7

Not on the List GreatWest did not react to UT System interchanges. CitiStreet was obtained by MetLife Resources

Slide 8

Grandfathered Vendors Must be affirmed by January 1, 2007, to proceed with interest. Grandfathered merchants to be reached by UT System Benefits on November 1 .

Slide 9

Products Available Mutual Funds Single Decision Options Core Menu Expanded Menu Annuities Fixed Accounts Brokerage Accounts

Slide 10

What Questions Do You Have?

Slide 11

Group Insurance Annual Enrollment July 1-31, 2006

Slide 12

The Good News

Slide 13

Most protection rates have not gone up. Fortification Dearborn Group Term Life Insurance same Fort Dearborn Accidental Death and Dismemberment a similar Hartford Long and Short Term Disability the same CNA Long-Term Care a similar UT Dental Select (Delta Dental) a similar Superior Vision the same (and expanded rebates for glasses and contact focal points) Some adjustment in rate for the fundamental standard term extra security ($10,000)

Slide 14

Assurant Dental Plan Premiums changed somewhat. Less cost for representative/retiree just and worker/youngsters Small increments in different inclusions Small changes to copays

Slide 15

Evidence of Insurability Most structures can now be filled in web based amid Annual Enrollment. Frame will be a piece of UT TOUCH. One exemption: EOI for Long Term Care protection Must print the frame and mail to the merchant (back up plan) Please handle EOI ahead of schedule in yearly enlistment. Handling is finished by insurance agencies, and that requires significant investment.

Slide 16

Medco Savings Advisor for UT SELECT Members Tool intended to help you spare cash on your medicines. Accessible at medco.com Can recognize cost-sparing options for solutions Can print data to talk about with specialist Can print a fax frame for specialist to ask for new medicine

Slide 17

Other Changes Three choices when you require a claim to fame dental specialist with Assurant Dental Personal Health Manager accessible for HMO Blue individuals Special Beginnings pre-birth program for members in both UT SELECT and HMO Blue. Blue Cross/Blue Shield offers moms to-be who select amid first trimester a $ 50 present card from Target.

Slide 18

The Not-So-Good News

Slide 19

Medical Insurance Choices HMO Blue to be offered FY 06-07 for the last time. FY 07-08 will offer UT SELECT alone. Value Costs higher for both arrangements. UT retains a portion of higher cost. Taken a toll for HMO higher than for UT Select. First time ever, a cost for full-time representative scope for HMO Blue (not UT SELECT).

Slide 20

Out of Pocket Costs every Month

Slide 21

Employees Who Cover a Grandchild on HMO Blue Please check with our Benefits office about qualification criteria for UT SELECT before settling on your last decision. Telephone: 567.0123 Email: Benefits@uthscsa.edu

Slide 22

Positive Enrollment UT System didn't need anybody shocked by the expanded cost for the HMO. The default UT TOUCH decision will be UT SELECT. Regardless of the possibility that representatives now have HMO Blue, they should even now select HMO Blue amid open enlistment. This procedure is known as a positive enlistment for HMO.

Slide 23

How to Help the Situation: UT FLEX Accounts

Slide 24

How Does UT FLEX Work? UT FLEX Accounts Lower charges Reduce medicinal costs Can likewise be utilized for day mind costs How UT FLEX Works Must re-select each year at yearly enlistment. Put aside pre-charge cash to pay for costs.

Slide 25

UT FLEX Medical Care Medically fundamental human services costs Some over-the-counter things Optional FLEX Convenience Card (charge card) $15 - $416/month Dependent Day Care Children under 13 Qualified impaired wards of all ages $15 - $416/month "Utilize it or lose it." (Grace period till about mid-November of taking after arrangement year)

Slide 26

For More Information about UT FLEX Call our Benefits office at 210.567.2610 Email Benefits@uthscsa.edu Call PayFlex Systems, Inc., at 866.887.3539 On the Web, go to: http://www.utsystem.edu/benefits/utflex and http://www.payflex.com/utflex/http://www.uthscsa.edu/hr/ut_flex.ppt

Slide 29

Transitional Benefits When You Change Medical Plans If you and are being dealt with for an incessant or continuous therapeutic condition, you might be qualified for Transitional Benefits. Transitional Benefits surrender you to 3 months to locate another Network supplier while keeping on observing your present specialist. Cases will be paid at new arrangement's Network advantage level. Happens when the specialist under your present arrangement is not a contracting supplier with one year from now's arrangement.

Slide 30

Transitional Benefits Some restorative conditions that may be qualified for Transitional Benefits thought include: Pregnancy Cancer Heart Failure Diabetes Physical Therapy Allergy Treatments Organ Transplant Behavioral Health Care

Slide 31

What Questions Do You Have?

Slide 32

New Hiring Procedures When Hiring Employees from Other UT Components (Recruiting between Components)

Slide 33

New Directive from Executive Vice Chancellors of UT System This procedure is called "enlisting between parts." We should advise the other establishment ahead of time that we're making a vocation offer. In San Antonio, we should be particularly watchful about UTSA since that segment is in a similar city.

Slide 34

Next Presentation: Update on PeopleSoft Upgrade

SPONSORS