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The City University of New York Benefits Orientation -Full Time Instructional Staff- Office of Human Resources Management University Benefits.

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Presentation on theme: "The City University of New York Benefits Orientation -Full Time Instructional Staff- Office of Human Resources Management University Benefits."— Presentation transcript:

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2 The City University of New York Benefits Orientation -Full Time Instructional Staff- Office of Human Resources Management University Benefits

3 Updated 1/15/08 byThe University Benefits Office2 YOUR BENEFITS INCLUDE: Pension Plans Alternative Funding Vehicles (AFVs) Tax Deferred Annuity (TDA)-Voluntary Savings NYS Deferred Compensation Plan NYC Health Benefits Program PSC-CUNY Welfare Fund Benefits Leaves Retirement Other Benefits

4 Prepared 9/19/05 byThe University Benefits Office3 PENSION PLANS

5 Prepared 9/19/05 byThe University Benefits Office4 CHOOSING A PENSION PLAN! Your Choices are… Teachers Retirement System of the City of NY (TRS) TIAA-CREF - (Optional Retirement Program) NYC Employees Retirement System (ERS) (only as a Transferred Contributor) Board of Education Retirement System (BOERS) (only as a Transferred Contributor) Please note: New employees have 30 days from appointment date to choose a retirement plan. If no choice is made within 30 days, New York State Education Law Section 6253 mandates that the employee be assigned to TRS

6 Prepared 9/19/05 byThe University Benefits Office5 CHOOSING A PENSION PLAN! Review at a Glance! TRS Defined benefit plan Vesting after 5 years Employee contributes 3% of base salary, pre-tax to the Qualified Pension Plan (QPP) for the first 10 years of public employment Employer contributes a lump-sum to the pension fund, not individual accounts Benefits are based on age, final average salary (FAS) and years of service credit TIAA-CREF (ORP) Defined contribution plan Vesting after 366 days Employee contributes 3% of base salary, pre-tax Employer contributes 8% of salary for the first seven years and 10% thereafter Employer/employee Contributions held in suspense for 366 days unless you have a vested open retirement plan contract Benefits are based on the amounts contributed by the employer and the employee and the investment experience

7 Prepared 9/19/05 byThe University Benefits Office6 TEACHERS RETIREMENT SYSTEM OF THE CITY OF NEW YORK

8 Prepared 9/19/05 byThe University Benefits Office7 TRS Who Can Participate? full-time or a part-time Instructional Staff or pre-existing TRS members

9 Prepared 9/19/05 byThe University Benefits Office8 TRS How do I Enroll? To enroll in TRS, you must obtain from your Human Resources/Personnel Office and complete the following: The Tier III/IV Enrollment Application and Beneficiary Form must be notarized necessary proof of birth documentation must be submitted The Retirement Program Election Form

10 Prepared 9/19/05 byThe University Benefits Office9 TRS When Does your Pension Plan Become Effective? Your membership begins on the day that TRS receives your Tier III/IV Enrollment Application or 30 days after your CUNY appointment, whichever comes first.

11 Prepared 9/19/05 byThe University Benefits Office10 TRS Tier Status Tier I members joined TRS before July 1, 1973 Tier II members joined TRS after June 30, 1973, but before July 27, 1976 Tier III members joined TRS after July 26, 1976, but before September 1, 1983 Tier IV members joined TRS after August 31, 1983

12 Prepared 9/19/05 byThe University Benefits Office11 TRS Transferring Membership After joining TRS, you must contact the previous retirement system listed below to initiate transfer of your previous membership service: NYC Employees Retirement System NYC Board of Education NYC Fire Department Fund NYC Police Department Pension Fund NYS and Local Police and Fire Retirement System NYS Teachers Retirement System NYS and Local Employees Retirement Systems

13 Prepared 9/19/05 byThe University Benefits Office12 TRS Important Facts Benefits are based on age, final average salary (FAS) and years of service credit (service prorated for part-time members) Vesting occurs after completing 5 full time years of membership service as an Instructional Staff member If you are an in-service member who is at least age 55 and have completed at least five years of membership service, you would be eligible to receive immediate payment of a reduced retirement allowance. However, if you were hired after 12/27/01 you will need 10 years of service to receive retiree health insurance

14 Prepared 9/19/05 byThe University Benefits Office13 TRS Tier IV Service Retirement Calculation of a Retirement Benefit Service CreditTier IV Service Retirement Less than 20 years1 2/3% of FAS x years of service credit years2% of FAS x years of service credit 30 or more years60% of FAS for first 30 years of service + 1 ½% of FAS x years of service credit exceeding 30 years

15 Prepared 9/19/05 byThe University Benefits Office14 OPTIONAL RETIREMENT PROGRAM (ORP) Currently TIAA-CREF

16 Prepared 9/19/05 byThe University Benefits Office15 TIAA-CREF Who can Participate? All full-time Instructional Staff members are eligible for membership in TIAA-CREF (ORP) at the City University of New York

17 Prepared 9/19/05 byThe University Benefits Office16 TIAA-CREF How do I Enroll? To enroll in TIAA-CREF you must obtain from your Human Resources/Personnel Office: The TIAA-CREF Retirement Annuity Application The Retirement Program Election Form you must list beneficiaries

18 Prepared 9/19/05 byThe University Benefits Office17 TIAA-CREF Vesting Cycle If you do not have a previous vested CUNY Retirement Annuity contract or a vested open retirement plan contract from another employer, employee & employer contributions will be held in a suspense account for 366 days (the vesting cycle) For Senior Colleges: Upon the completion of the vesting cycle, employee contributions which are being held in an escrow account in Albany will be sent from the Office of the State Comptroller (OSC) and applied to your TIAA-CREF annuity contracts with 2% interest. The University will apply the employer contributions to with 2% interest to your contracts For Community Colleges: Upon the completion of the vesting cycle, employee contributions which are being held in a deposit fund at TIAA-CREF will be applied with 2% interest to your contracts. The University will apply the employer contributions with 2% interest to your contracts After vesting you will start receiving quarterly statements from TIAA-CREF

19 Prepared 9/19/05 byThe University Benefits Office18 TIAA-CREF Impact of Multiple Employment on Contributions Effective July 1, 2001, earnings in a part- time/hourly Instructional Staff position held by a full-time Instructional Staff member became pensionable Part-time earnings require both employee and employer contributions

20 Prepared 9/19/05 byThe University Benefits Office19 TIAA-CREF How do I Initiate My Multiple Employment Deductions? When a full-time Instructional Staff member is appointed to an part time/hourly position for the first time, they must complete the multiple position form (102b). Forms can be obtained in the: Office of the Provost Office of the Academic Deans Academic Departments Evening & Summer Session Office Benefits Office Human Resources Office Please review your pay stubs to ensure appropriate pension deductions

21 Prepared 9/19/05 byThe University Benefits Office20 TIAA-CREF Important Facts Benefits are based on the amounts contributed by the employer, the employee and the investment experience Vesting occurs after completing 366 days of full-time continuous service as an Instructional Staff member (waived if there is a vested open TIAA retirement plan contract) After the 366 day vesting period, employees are allowed to move funds to the Alternate Funding Vehicles MetLife or Guardian There is no minimum retirement age required to collect a retirement allowance. However, there is a tax penalty for early withdrawal

22 Updated 03/05/09 byThe University Benefits Office21 If you have more than ten (10) years of ORP membership You are required to contribute 2% of your GROSS pay to your TIAA- CREF ORP Account. CUNY contributes an amount equal to 9% of your yearly salary. Once you reach seven (7) years of employment as an Instructional Staff Member, CUNY will contribute an amount equal to 11% of your yearly salary thereafter. Effective April 1, 2009: Employees who contribute 2% will have their employee contribution reduced to 1%, and 2% of their employee contribution made by the State or the City. Effective April 1, 2010: Employees who have ten or more years of CUNY membership, will have the total 3% employee contribution made by the State or the City. Changes to Employer and Employee Contribution Rates Tier V TIAA-CREF Important Facts Cont…

23 Prepared 9/19/05 byThe University Benefits Office22 ALTERNATE FUNDING VEHICLES (AFVs) In order to allow for diversification of your ORP investments two AFVs are permitted. At present, the AFVs are the Guardian (represented by the Halliday Financial Group) and MetLife. Once you are vested (after 366 days) in your retirement annuity you may transfer your assets. Please review with each vendor what fees, if any, apply to such transfers. Contact your Human Resources/Personnel Office for further details

24 Updated 1/15/08 byThe University Benefits Office23 TDA or Supplemental Retirement Annuity 403(b) & New York State Deferred Compensation Plan 457 (b) TAX DEFERRED ANNUITY (TDA) & DEFERRED COMPENSATION PLAN

25 Updated 1/15/08 byThe University Benefits Office24 HOW DO I ADD TO MY PERSONAL INVESTMENTS FOR RETIREMENT? Employees have the option of participating in a tax- deferred annuity 403(b) or a deferred compensation plan 457(b) The tax-deferred annuity 403(b) and deferred compensation plan 457(b) allows employees to set aside pre-tax dollars subject to IRS limits As a result, the employee may voluntarily reduce their taxable income

26 Prepared 9/19/05 byThe University Benefits Office25 TAX DEFERRED ANNUITY Options Teachers Retirement System of the City of New York (for current members only) TIAA-CREF Lincoln Life (represented by the Halliday Financial Group - HFG)

27 Updated 1/15/08 byThe University Benefits Office26 DEFERRED COMPENSATION PLAN Options New York State Deferred Compensation Plan – 457(b)

28 Updated 03/05/09 byThe University Benefits Office27 TAX DEFERRED ANNUITY Limits Pre-Tax Savings – Goal Amounts 2009 n $16,500 – 402(g) limit n $5,500 – additional if you are 50 years or older you are allowed to make additional catch-up elective deferral contributions n $3,000 – additional if you have 15 years of full-time service in CUNY. Catch-up provision - up to $3,000 per year and $15,000 over the period of employment at an institution n deferred savings includes any pre-tax monies set aside, including Flexible Spending Accounts

29 Updated 03/05/09 byThe University Benefits Office28 NYS DEFERRED COMPENSATION PLAN Limits Pre-Tax Savings – Goal Amounts 2009 n $16,500 – 402(g) limit n $5,500 – additional if you are 50 years or older you are allowed to make additional catch-up elective deferral contributions

30 Prepared 9/19/05 byThe University Benefits Office29 NYC HEALTH BENEFITS PROGRAM

31 Prepared 9/19/05 byThe University Benefits Office30 HEALTH BENEFITS Who can Participate? If you work on a regular schedule at least 20 hours per week and Your appointment is expected to last for more than six months and You are being paid from tax-levy funds

32 Prepared 9/19/05 byThe University Benefits Office31 Complete the Health Benefits Application (Form ERB) To enroll any eligible dependents you must submit acceptable documentation to support their eligibility status and Return the health benefits application to the Human Resources Department within 30 days HEALTH BENEFITS How do I enroll?

33 Prepared 9/19/05 byThe University Benefits Office32 HEALTH BENEFITS Who can be Covered? A legally married husband or wife, but never an ex- spouse Domestic Partner Unmarried children under age 19 Unmarried children between 19 & 23 who are full- time students in an accredited educational institution Unmarried children who cannot support themselves due to disability that occurred while the dependent was covered by the City

34 Updated 3/5/09 byThe University Benefits Office33 DOMESTIC PARTNER A domestic partner is: at least 18 years of age, living together with the participant in a current continuous and committed relationship, not related by blood to the participant in a manner that would bar marriage in New York State If you live in a jurisdiction that has adopted a policy of allowing legal registration for domestic partners you must legally register your domestic partnership in the state or county of residency. If you live in a jurisdiction that has not adopted a policy of allowing legal registration for domestic partners you must complete and notarize an Alternative Affidavit of Domestic Partnership and a sworn Declaration of Financial Interdependence.

35 Prepared 9/19/05 byThe University Benefits Office34 TAX CONSEQUENCES OF HEALTH BENEFITS FOR DOMESTIC PARTNERS Based on Internal Revenue Service (IRS) policy, health benefits provided by the City and union welfare funds to domestic partners are considered income to employees and retirees This additional income is subject to Federal, State, and local tax plus Social Security/ Medicare taxes

36 Upated 1/15/08 byThe University Benefits Office35 HEALTH BENEFITS Types of Health Plans and Services Offered Health Maintenance Organizations (HMO) – A system of healthcare that provides managed, pre-paid hospital and medical services to its members. An HMO member chooses a Primary Care Physician (PCP) from within the HMO network Plans presently offered: Aetna HMO, CIGNA Healthcare, GHI HMO, Empire HMO, Healthnet, HIP Prime HMO and Vytra Health Plans Exclusive Provider Organization (EPO) – Offers a higher level of choice and flexibility than many other managed care plans. Members can see any EPO network provider. There is no need to choose a PCP and no referrals are necessary to see a specialist. Plans presently offered: Empire EPO

37 Prepared 9/19/05 byThe University Benefits Office36 Point of Service (POS) – Offers the freedom to use a network or an out-of-network provider for medical and hospital care. When using out-of-network providers, healthcare delivery resembles that of a traditional indemnity plan Plans presently offered: Aetna QPOS and HIP Prime POS Preferred Provider Organization (PPO) – Offers the freedom to use either a network or an out-of-network provider for medical and hospital care. Participating plans contract with health care providers who agree to accept negotiated lower payment from the health plan Plans presently offered: GHI-CBP/EBCBS HEALTH BENEFITS Types of Health Plans and Services Offered cont..

38 Prepared 9/19/05 byThe University Benefits Office37 HEALTH BENEFITS How to Select a Health Plan? Coverage - some plans offer preventative services while others do not Choice of Doctor - some plans offer partial reimbursement when non-participating doctors are used Convenience of Access - home or work Cost - some plans require payroll deductions for basic coverage while others charge for the optional rider only

39 Prepared 9/19/05 byThe University Benefits Office38 HEALTH BENEFITS Transfer Period The Transfer Period is a time in which you can make changes to your health plan without having a qualifying event The NYC Health Benefits Program determines the exact dates; usually it is during the Fall All changes become effective the first day of the first full pay period in January of the next year

40 Prepared 9/19/05 byThe University Benefits Office39 HEALTH BENEFITS Cost of Health Coverage The rates vary depending on the type of plan & carrier you choose Refer to the Citys Summary Program Description (SPD) and updates for rates and information.

41 Prepared 9/19/05 byThe University Benefits Office40 PSC-CUNY WELFARE FUND BENEFITS

42 Prepared 9/19/05 byThe University Benefits Office41 PSC-CUNY WELFARE FUND Who is eligible for benefits? must be eligible for health coverage under the NYC Health Benefits Program full-time Instructional Staff members with a six month or more appointment paid from tax-levy funds working at least 20 hours per week

43 Updated 3/5/09 byThe University Benefits Office42 PSC-CUNY WELFARE FUND What Titles are Eligible for Benefits? Instructional Staff Groups included: College Laboratory Technician series Higher Education Officer series Full-time faculty titles Continuing Education Teachers Classified Managerial Staff Members included: Administrative Superintendent (B&G) Assistant College Security Director Chief Administrative Superintendent of Campus Buildings and Grounds (B&G) College Security Director Computer Operations Manager Computer Systems Manager Deputy University Security Director University Associate Chief Engineer University Chief Architect University Chief Engineer University Security Director

44 Updated 1/15/08 byThe University Benefits Office43 PSC-CUNY WELFARE FUND How do I enroll? You must complete the PSC-CUNY Welfare Fund Enrollment Form which you can obtain from your Human Resources/Personnel Office To enroll any eligible dependents, you must submit acceptable documentation to support their eligibility status

45 Prepared 9/19/05 byThe University Benefits Office44 PSC-CUNY WELFARE FUND What is the Effective Date of Coverage? Your PSC-CUNY Welfare Fund benefits begins on the 1 st day of the next month following your appointment (or on the first day of the month if you start on the 1 st day of the month), if your enrollment form (data sheet and supporting documentation) is received within 31 days If the Human Resources Department does not receive your enrollment form within 31 days of your appointment date, your benefits may be delayed, and you may be subject to a loss of benefits

46 Updated 3/5/09 byThe University Benefits Office45 PSC-CUNY WELFARE FUND Non Contributory Plans Non Contributory Plans are provided by the PSC/CUNY Welfare Fund at no cost to you. These include: Extended Medical Benefit for members in GHI- CBP/Empire Blue Cross Blue Shield Death Benefit Dental Plan Group Long Term Disability Optical & Hearing Aid Benefits Prescription Drug Plan

47 Updated 3/5/09 byThe University Benefits Office46 EXTENDED MEDICAL BENEFIT Deductible For those who purchased the optional rider through GHI the deductible is $1,000 for individual plan and $2,000 for a family plan; For those who do not purchase the Optional Rider the deductible is $4,000 for an individual plan and $8,000 for a family plan Coinsurance After deductible is met, GHI pays 60% of R & C not paid by GHI After 60% coinsurance equals $3,000 for individual or $6,000 for family in a calendar year, GHI will pay 100% of R & C not paid by GHI

48 Updated 3/5/09 byThe University Benefits Office47 EXTENDED MEDICAL BENEFIT GHI-CBP Members Only If you have covered medical expenses that are not completely reimbursed under your GHI-CBP plan, you can use the Extended Medical Benefit. When your GHI-CBP allowance for covered procedures doesn't cover your medical bills completely, the major medical supplement gives you added financial security. Managed by Administration Services Only, Inc. (ASO)

49 Prepared 9/19/05 byThe University Benefits Office48 DEATH BENEFIT If you die in active service, your designated beneficiary is entitled to a $2,500 death benefit

50 Updated 1/15/08 byThe University Benefits Office49 DENTAL PLAN DeltaCare USA Program No deductibles, premiums, claim forms, or annual limits Choose from HMO Network Out-of-pocket expenses vary depending on services Orthodontia coverage for children and adults Must enroll by completing a Delta Dental enrollment form Guardian Dental Guard Preferred No deductibles, premiums, or annual limits Choose participating or non-participating providers Out-of-pocket expenses vary depending on services Orthodontia coverage for children Automatic enrollment unless you elect to participate in DeltaCare USA

51 Updated 1/15/08 byThe University Benefits Office50 GROUP LONG TERM DISABILITY Coverage through the Standard Insurance Company after completing one year of service Basic Disability coverage pays 50% of the pre- disability salary with a minimum of $1,250 monthly and a maximum, of $2,500 monthly before offsets Begins 1 st of month following six consecutive months of total disability Benefits continue to the earlier of five years or age 70, which ever comes first

52 Prepared 9/19/05 byThe University Benefits Office51 OPTICAL BENEFITS Benefits available once every 24 months General Vision Plan includes eye exam and prescription/glasses Other options at your expense Davis Vision Plan includes eye exam and prescription/glasses Co-pay of $25 for contact lenses Direct reimbursement Plan Maximum reimbursement of $100 for prescription glasses purchased through a non-participating provider

53 Prepared 9/19/05 byThe University Benefits Office52 OPTICAL BENEFITS cont… General Vision Services (GVS) offers the "Off Year" benefit for dependent children who have a prescription change in the year following the year of the use of the benefit. You MUST notify GVS that you are using this benefit at the time of service. Davis Vision offers a percentage discount on the "Offer Year" for contacts or frames and lenses.

54 Prepared 9/19/05 byThe University Benefits Office53 HEARING AID BENEFIT Benefits available once every 36 months Direct reimbursement of $500 maximum The Speech & Hearing Center of Brooklyn College

55 Prepared 9/19/05 byThe University Benefits Office54 PRESCRIPTION DRUG BENEFIT Medco Health (Primary Plan) Ability to get your prescription through a network of participating retail pharmacies or through the Medco Health Home Delivery Pharmacy maintenance drugs may be purchased through Medco Health Home Delivery Pharmacy How to contact Medco Health: Member Services

56 Updated 3/5/09 byThe University Benefits Office55 PRESCRIPTION DRUG BENEFIT cont.. Medco Health Home Delivery Service Maintenance Drugs Ability to get up to 100-day supply of medication Pay a 20%* coinsurance with a minimum of $10.00 for generic drugs Pay a 20%* coinsurance with a minimum of $30.00 for formulary drugs Pay a 20%* coinsurance with a minimum of $60.00 for non-formulary drugs *which ever is greater

57 Updated 3/5/09 byThe University Benefits Office56 PRESCRIPTION DRUG BENEFIT cont.. Medco Health Retail Network Service Medication needed for short periods of time, up to a 30- day supply of medication You pay a 20%* coinsurance with a minimum of $5.00 for generic drugs You pay a 20%* coinsurance with a minimum of $15.00 for formulary drugs You pay a 20%* coinsurance with a minimum of $30.00 for non-formulary drugs Coinsurance will increase to 35% if you continue to use retail pharmacy after second refill *which ever is greater

58 Prepared 9/19/05 byThe University Benefits Office57 PRESCRIPTION DRUG BENEFIT cont.. Nonparticipating Pharmacies If you use nonparticipating pharmacies: n you must pay the full cost of a prescription n complete a direct reimbursement claim form and submit to Medco Health n if you complete a direct reimbursement you will be reimbursed for a portion of the cost

59 Updated 1/31/07 byThe University Benefits Office58 PSC-CUNY WELFARE FUND Contributory Plans Contributory Plans are voluntary and require a contribution from you. These include: Catastrophe Major Medical Optional Long Term Disability Term Life Insurance (provided through NYSUT) Long Term Care

60 Prepared 9/19/05 byThe University Benefits Office59 CATASTROPHE MAJOR MEDICAL (voluntary, must purchase) Supplement to basic health policy. Provided through Marsh Affinity $10,000 deductible Premium based upon age at time of enrollment Plan pays up to $2 million for up to ten years for covered services (medical, surgical & convalescent expenses)

61 Updated 3/5/09 byThe University Benefits Office60 GROUP LONG TERM DISABILITY Optional Coverage (voluntary, must purchase) Coverage through the Standard Insurance Company after completing one year of service Disability coverage pays 60% of the pre-disability salary with a minimum of $1,500 monthly and a maximum, of $6,000 monthly before offsets Begins 1 st of month following six consecutive months of total disability Benefits continue to age 65. If disability occurs after age 60, the 5-year/age 70 provision of the basic plan applies If you are a member of TIAA, TRS, NYCERS or BOERS Contributions to a TIAA GRA account equal to 10% of your pre-disability salary (Minimum of $100 monthly)

62 Revised 8/17/06 byThe University Benefits Office61 TERM LIFE INSURANCE (must purchase) Provided through the New York State United Teachers (NYSUT) Trust term life insurance plan Effective 9/1/05, new Full-time employees receive free for one year a $25,000 term life insurance policy with option to renew after one year. Option not available to prior NYSUT members Spouses/domestic partners and eligible children may be covered Employees under age 65 may apply for additional coverage up to $1,000,000. Physical exam may be required Policy is portable

63 Prepared 9/19/05 byThe University Benefits Office62 LONG TERM CARE INSURANCE PROGRAMS Provides benefits when you are unable to care for yourself because of chronic illness, severe physical impairment, or disease that lasts a long time. Dependents can also be covered Eligibility - Full-time member or a retired member of the Instructional Staff

64 Updated 1/15/08 byThe University Benefits Office63 LONG TERM CARE INSURANCE PROGRAMS cont.. MetLife – Offered by the City of New York - payroll deduction John Hancock Mutual Life Insurance – Offered by the PSC-CUNY Welfare Fund - payroll deduction New York State United Teachers Long Term Care Program – Offered by the PSC-CUNY Welfare Fund - payroll deduction

65 Prepared 9/19/05 byThe University Benefits Office64 PICA

66 Prepared 9/19/05 byThe University Benefits Office65 WHAT IS PICA? PICA is a prescription drug program made available through the joint effort of the City of New York Office of Labor Relations and the Municipal Labor Committee PICA covers all employees, non-medicare retirees and their dependents enrolled in a health plan offered by the City Health Benefits Program

67 Prepared 9/19/05 byThe University Benefits Office66 PICA PROGRAM PICA covers medication in two specific drug categories: Injectable - most medications normally administered by injections (not in the doctors office Chemotherapy - medications used to treat cancer

68 Prepared 9/19/05 byThe University Benefits Office67 PICA DRUG COST The co-pay for the PICA drugs bought at the: Retail Pharmacy (up to a 30 day supply) are: $10 for generic medications $25 for preferred brand name (formulary) medications $45 for non-preferred brand name (non-formulary) medications Mail Order Pharmacy (up to a 90 day supply) required after second re fill $20 for generic medications $50 for preferred brand name (formulary) medications $90 for non-preferred brand name (non-formulary) medications Effective January 1, 2006, $100 per person annual deductible

69 Prepared 9/19/05 byThe University Benefits Office68 PICA In general, PICA drugs are not covered by a health plans optional prescription drug rider or the welfare fund. Use your prescription drug card for medication not covered by PICA To access PICA benefits you must use your prescription drug card issued by NPA, a Division of Express Scripts

70 Prepared 9/19/05 byThe University Benefits Office69 FLEXIBLE SPENDING ACCOUNTS PROGRAM

71 Prepared 9/19/05 byThe University Benefits Office70 FLEXIBLE SPENDING ACCOUNTS What are the Flexible Spending Accounts Programs? Pays for necessary out-of-pocket medical expenses not covered by insurance Pre-tax dollars: from $260 to a maximum of $5,000 Use it or Lose it by calendar year end Reduces your gross income for Federal, Social Security and Medicare tax purposes

72 Prepared 9/19/05 byThe University Benefits Office71 FLEXIBLE SPENDING ACCOUNTS Types of Flexible Spending Accounts Health Care Flexible Spending Account: helps to pay for unreimbursed out-of-pocket medical expenses while reducing your taxable income. $48 yearly administrative fee taken out monthly Dependent Care Assistance Program (DeCap): helps to pay for expenses to care for your child or other eligible dependents (while you and your spouse work) while reducing your taxable income. $48 yearly administrative fee taken out monthly

73 Prepared 9/19/05 byThe University Benefits Office72 FLEXIBLE SPENDING ACCOUNTS Types of Flexible Spending Accounts cont… Medical Spending Conversion (MSC) Premium Conversion program (automatic): pays for health premium deduction on a before tax basis, thereby reducing the gross income tax Medical Spending Conversion (MSC) - Health Benefits Buy-out Waiver program: enables eligible employees who have non-city group health benefits to waive city health benefits in return for an annual cash incentive ($500 for individual and $1,000 for family coverage) post-tax payment. Must provide proof of coverage under another group health plan. No person can be covered by two City heath contracts at the same time.

74 Prepared 9/19/05 byThe University Benefits Office73 FLEXIBLE SPENDING ACCOUNTS Qualifying Events (QE) Changes in family status or employment are considered triggering events which allow you to make certain changes to your health benefits. Examples of qualifying events are: Mid-year changes due to change in family status, marriage, birth of child Change in employment status Attainment of the maximum age for coverage of a dependent child Significant change in spouses coverage which is outside of spouses control 30 days to submit documentation and will go retroactive to date of the event

75 Prepared 9/19/05 byThe University Benefits Office74 LEAVES….. The University provides holidays, unscheduled holidays and a variety of other leaves such as vacation, leave for child care, fellowship leave, etc. Please contact your Human Resources office for further details.

76 Updated 1/15/08 byThe University Benefits Office75 FAMILY AND MEDICAL LEAVE ACT (FMLA) Family and Medical Leave Act (FMLA) entitles eligible employees with up to 12 weeks of unpaid, job protected leave for qualifying reasons during the designated leave year, September 1 st through August 31 st. Employee must have worked for 12 months & 1,250 hours Employees pay their share of the premiums through direct pay. The employer share is paid by CUNY

77 Prepared 9/19/05 byThe University Benefits Office76 JURY DUTY Employees who are required to serve on a jury receive their regular salary during any absences provided that they remit to the University an amount equal to the compensation received by them, if any, for jury duty

78 Prepared 9/19/05 byThe University Benefits Office77 SLOAC Special Leave of Absence Coverage (SLOAC) provides up to four months of additional health coverage if you have exhausted all accumulated leave balances including sick leave, annual leave and compensatory time. For employees own illness Employees pay their share of the premiums through direct pay. The employer share is paid by CUNY

79 Prepared 9/19/05 byThe University Benefits Office78 TEMPORARY DISABILITY (Sick Leave) Each year you earn 20 calendar days of temporary disability leave The unused portions of temporary disability leave can be accumulated to a maximum of one hundred and sixty (160) calendar days

80 Prepared 9/19/05 byThe University Benefits Office79 MILITARY LEAVE New York State Military Law Section 242 provides for paid military leave for 30 calendar days or 22 work days, which ever is greater, in any calendar year or in any continuous leave of absence which spans more than one calendar year. You may be also be eligible for Supplemental Military Leave and Reduced Pay.

81 Prepared 9/19/05 byThe University Benefits Office80 OTHER BENEFITS

82 Prepared 9/19/05 byThe University Benefits Office81 COBRA Employees, retirees and family members are offered the opportunity to continue group health and/or welfare fund coverage in certain instances where coverage would otherwise terminate Monthly premium is 102% of group rate Maximum period of coverage is 18, 29, or 36 months depending on the reason for continuation

83 Updated 3/5/09 byThe University Benefits Office82 COLLEGE SAVINGS PLAN (529) College Savings tax deductible Plan presently administered through Upromise Investments Inc. Parents, grandparents, relatives or friends can set up a tuition savings account for a future college student through payroll deductions. This program allows you to save for higher education expenses. New York State tax payers can save $5,000 per year per person; married couples filing jointly can save $10,000. There is a management fee of 0.55% of your accounts. Contact NYSAVES

84 Prepared 9/19/05 byThe University Benefits Office83 CUNY eMALL Visit the CUNY eMall for a variety of discounts and offering of products and services for CUNY employees and students. To access the web site you must first obtain a CUNY portal id by logging on to then log on to then click on the CUNY eMallwww.cuny.eduwww.portal.cuny.edu

85 Updated 1/31/07 byThe University Benefits Office84 FEDERAL CREDIT UNIONS Employees are eligible to participate in the Education Affiliates Federal Credit Union & the Municipal Federal Credit Union. Services include share savings plans, individual retirement accounts (IRA) and term share certificates with various maturities, loans, credit cards

86 Prepared 9/19/05 byThe University Benefits Office85 HIPPA Certificate of Group health plan coverage issued to employee upon termination to certify coverage that will be credited against any pre- existing exclusion period under a new health plan

87 Prepared 9/19/05 byThe University Benefits Office86 SAVINGS BONDS U.S. Savings Bonds are a safe easy way to save money and a way to increase your retirement investment portfolio through payroll deductions.

88 Prepared 9/19/05 byThe University Benefits Office87 TRANSITBENEFIT TransitBenefit Transportation Spending Account (TSA) is a voluntary benefit for eligible employees interested in saving on their New York City Transit subway and bus costs. Depending on your particular tax situation and your NYCT commuting expenses, you could save more than $200 annually if you commute by subway or local bus, more than $300 if you commute by express bus. For more details please visit

89 Created 3/5/09 byThe University Benefits Office88 A voluntary, free and confidential benefit for active employees and their families. The program is administered by Corporate Counseling Associates, Inc. (CCA). Services offered under the program include: 1) traditional counseling for stress; 2) family issues or substance abuse; 3) access to legal and financial assistance; 4) referrals for child care; and 5) elder care. For more details visit CUNY WORKLIFE PROGRAM

90 Updated 1/15/08 byThe University Benefits Office89 TUITION WAIVERS Tuition may be waived for undergraduate and graduate courses at any college of the City University on a space available no cost basis (online baccalaureate courses are available through the School of Professional Studies at the Graduate School and University Center). No waivers are available in the summer or winter sessions. The number of undergraduate credits for which tuition may be waived is unlimited. You must be on staff for one year. The number of graduate credits for which tuition may be waived per semester is six. There is no service requirement for the graduate tuition waiver.

91 Prepared 9/19/05 byThe University Benefits Office90 WORKERS COMPENSATION You are covered for workers compensation benefits if you suffer a job-related injury or illness

92 Prepared 9/19/05 byThe University Benefits Office91 RETIREMENT

93 Prepared 9/19/05 byThe University Benefits Office92 TRAVIA (Paid Sick Leave Upon Retirement) Members of a public retirement system (TRS, ERS or BOERS) must meet the eligibility requirements for a service retirement and must declare their bonafide intention to retire, file an application for retirement with their retirement system ORP members are eligible for Travia if they declare their bonafide intention to retire, file an application for retirement with TIAA/CREF and are: Tier 1 - age 55 or possess 20 years of service; Tier 2 - age 55 or possess 20 years of service; Tier 3/4 - age 55 and possess 5 years of service Retirees are granted a retirement leave of absence with full pay consisting of a maximum of five (5) months of pay if they have accrued 160 days. Those who have fewer than 160 sick days will receive one-half of their accumulated unused sick days

94 Prepared 9/19/05 byThe University Benefits Office93 ELIGIBILITY FOR RETIREE HEALTH BENEFITS ERS/TRS members who retire with immediate payability are eligible for benefits Tier 1 ERS members who retire with deferred payability can retain benefits for 5 years while in such status. If the deferment lasts longer than 5 years, benefits will be suspended until the retiree begins receiving retirement income from ERS TRS members who retire with deferred payability retain the right to retiree health coverage upon receiving retirement income from TRS Retirees pay their share of the premiums through pension deductions. The employer share is paid by CUNY

95 Prepared 9/19/05 byThe University Benefits Office94 ELIGIBILITY FOR RETIREE HEALTH BENEFITS cont… TIAA-CREF members: Instructional Staff members initially appointed to a full-time position: a. On or before June 30, 1976: 1.Separated at age 55 or over, with at least 10 years of pensionable, continuous, full-time CUNY service, or 2.Separated prior to 55, with at least 15 years of pensionable, continuous full-time CUNY service and attained the age of 55.

96 Prepared 9/19/05 byThe University Benefits Office95 ELIGIBILITY FOR RETIREE HEALTH BENEFITS cont… b.Appointed between July 1, 1976 and August 31, 1985: Separated with at least 15 years of pensionable, continuous, full-time CUNY service and attained the age of 62, or Separated with at least 10 years of pensionable, continuous, full-time CUNY service, and no subsequent full-time employment in a college, university, or other institution of post-secondary education related to the duties performed while in active service in CUNY or to duties normally performed by the Instructional Staff at CUNY and attained the age of 62.

97 Prepared 9/19/05 byThe University Benefits Office96 c. Appointed on or after September 1, 1985: Separated at age 62 or over with 15 years of pensionable, continuous, full-time CUNY service, or Separated prior to age 62, with 15 years of pensionable, continuous, full-time CUNY service and no subsequent full-time employment in a college, university, or other institution of post secondary education related to the duties performed while in active service in CUNY or to duties normally performed by the Instructional Staff at CUNY and attained the age of 62. ELIGIBILITY FOR RETIREE HEALTH BENEFITS cont…

98 Prepared 9/19/05 byThe University Benefits Office97 CHECK LIST OF FORMS TO BE RETURNED Pension Applications Retirement Program Election PSC-CUNY Welfare Fund Data Health Benefits Application (ERB) Flexible Spending Account Buy-Out-Waiver Death Benefit Beneficiary Designation Card

99 Prepared 9/19/05 byThe University Benefits Office98 MAKING A DECISION… Your responsibility is to determine which plans are best for you and your family. The College may not make health benefits or pension elections on your behalf. Take the time to review your options carefully. It is important for you to play an active role in understanding your benefits and how they work. We encourage you to weigh all factors before making a decision.


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