October 2008
UNC Asheville
Employee Benefits ROUNDUP
Time for Flu Shots!
Flu shot clinics will be on the UNC Asheville Campus for three days.
The
shots are at available at no cost for employees, retirees and
dependents above the age of 9 who are covered by the State Health Plan.
Dependents between the ages of 9 and 17 years of age must be accompanied
by a parent and shots will be available for family members and
employees who are not covered by the State Health Plan at a charge of $30 per
shot. Flu shots will also be available at no cost to all BCBS plans and Medicare Part B
participants.
Remember to bring your membership card for easier service and for more information regarding this year's flu season and vaccinating against the disease, visit the Centers for Disease Control Website
Clinics at UNC Asheville will be held from 8 a.m. until 4 p.m. in Highsmith Room 221:
Monday, October 27th
Wednesday, October 29th; and
Tuesday, November 18th
Rate Reductions &
Plan Enhancements:
NC Flex Open Enrollment Is Now!
The NC Flex Program that houses the Vision, Dental, Life, Accidental Death and Dismemberment (AD&D), Cancer and new Critical Illness Insurance is in the middle of open enrollment.
In addition to rate reductions for vision, AD&D and Group term life insurance, the NC Flex program has introduced a new Critical Care plan that is administered by Metlife. Employees can also enjoy expanded options for Vision and Cancer coverage. With these enhanced programs, participants can now be covered for eyeglass frames every year or receive a higher reimbursement for cancer screenings.
If employees want to make any changes in their coverage, the new online system will be available only until November 3rd. These elections will be for the 2009 calendar year.
In addition to the insurance programs, the open enrollment requires that employees re-elect their flexible spending. Without this re-election, employee's Healthcare and Dependent care amounts will not renew for 2009.
The new online enrollment process requires the setup of a username and password which will be used from this point forward to view your current benefits, communicate life events such as marriages, birth of children, etc. Employees can create the username and password then enroll through the plan's website at http://www.ncflexonline.org A computer kiosk has also been set up in the Benefits office at 116 Phillips so staff can help employees use the new web-based program. In addition to assistance on campus, phone support can be found at 1-888-860-6118 or via Instant Chat from their website.
Are you wondering what is going on with your retirement?
Check out our new Market Watch page!
And Remember ORP participants...
there is a new fund lineup
Spotlight ON:
Supplemental Retirement
What's with all the changes?
In addition to required retirement contributions, employees have several supplemental retirement choices available to them. While these contributions are not matched by the state, they offer pretax contributions and a variety of investment options. Thanks to new IRS regulations, there are changes taking place in the University sponsored Supplemental Retirement Offerings. Recent research findings estimate that most employees will need 80 percent of their pre-retirement income upon retirement.
401k
This supplemental Retirement Income Plan of North Carolina is currently administered by NC State Department of the Treasurer and serviced by Prudential. The NC 401(k) plan is a defined contribution plan which means you may contribute a certain amount to the plan and decide how you want to invest your money based on your unique retirement goals and number of years until you want to retire.
CHANGES: At this time, there are no anticipated changes to the 401k program. In addition to pre-tax elections, employees have the other funding options including Roth (after-tax) contributions, automatic payroll deduction and tax deferred growth.
WHAT TO DO: If you are interested in joining the 401k Program, contact Amy Owenby at aowenby@unca.edu or 250.2357. You may also drop by the benefits office at 116 Phillips to get more information.
403b
This is a supplemental retirement program for University, civil government and not-for-profit employees but often has the same characteristics and benefits as a 401(k). For instance, the 403b can offer hardship withdrawals or loans, has contribution limits based on your age and can aggregate with other plans.
CHANGES: The NC University system is narrowing their 403b vendor choices due to significant IRS regulations that take effect January 1, 2009. As a result, TIAA-CREF and Fidelity will be the only two vendor choices for 403(b) participants. However, new and existing enrollees will find a wider variety of fund choices from the low maintenance 'Lifecycle' funds based on age and investment level to a more sophisticated option that has higher participant involvement. Post-tax Roth funds will also be added to the choices. While the exact lineup of funds is expected to be announced in early November, it is likely that the fund choices will mirror those of the Optional Retirement Program for each of these companies and offer additional choices.
WHAT TO DO: If you currently contribute to a 403b plan with a de-selected vendor (AIG/Valic, Reliastar or Lincoln Financial) then you must identify a new fund with either TIAA-CREF or Fidelity Investments to continue your contributions. While you do not have to remove your money from either the AIG/Valic, Reliastar or Lincoln accounts, there will no longer be a payroll deduction that adds to your account with these vendors. Likewise, rules regarding loans and withdrawals will be complicated and will be subject to plan documents. If you already have TIAA-CREF as your 403b provider, no action is necessary. After January, your fund choices are increasing so feel free to stop by and learn more after the funds are announced in early November!
457
The governmental 457(b) deferred compensation plan is a retirement savings plan that allows eligible employees to supplement any existing retirement and pension benefits by saving and investing pre-tax dollars through voluntary salary deferral. Contributions and any earnings on contributions grow tax-deferred until money is withdrawn. Distributions are usually taken at retirement when many participants are typically receiving less income, and may be in a lower income tax bracket than while working. Distributions are subject to ordinary income tax.
CHANGES: Previously serviced by Great-West Life & Annuity Insurance Company, Prudential will soon be administering the plan beginning December 1, 2008.
WHAT TO DO: At this point, no action is needed regarding the Administration Change. Funding options will likely be announced in the next few weeks and you will find up-to-date communications at the Human Resource website or via the State Deferred Compensation Plan website. Immediate information regarding the 457 plan can be found by emailing NCplans@prudential.com