Presentation on theme: "Employee Benefits Retirement Health Dental Vision Life/AD&D Cafeteria"— Presentation transcript:
1 Employee BenefitsRetirementHealthDentalVisionLife/AD&DCafeteriaFlexible SpendingLong Term DisabilityLong Term CareLeaveHolidaySavingsCredit UnionAdditional Benefits
2 Classified Retirement Louisiana State Employees Retirement System (LASERS)Participant criteria:Full-time classified employeePart-time classified employee, working 21 or more hours per weekParticipation is mandatoryEmployees age 55 or older when hired contribute to one of the following:LASERSSocial Security (if you are under age 60, you must have already contributed to Social Security for at least 40 quarters)Deferred Compensation Plan
3 Classified Retirement RegularRegular 2Regular 3Haz DutyMandatoryMembershipHired by 6/30/06 and re-hires who did not refund contributionsHired 7/1/06-12/31/10 and re-hires who did not refund contributionsHired after 12/31/10 and re-hires who refunded contributionsPOST certified employees hired after 12/31/2010 and previous hires whoelect to joinEmployee Contributions7.5%8%9.5%Retirement Benefit2.5% of FAC*(3-year)(5-year)3.33% of FAC* (if past 10 yrs in HAZ Duty Position)2.5%XYears of Service20 years*Final Average Compensation (3 or 5 highest years of earnings)$40,000=Annual retirement amount$20,000
4 Classified Retirement RegularRegular 2Regular 3Haz DutyRegular Retirement30 yrs of service, any age25 yrs of service, age 5510 yrs of service, age 605-years of service and age 6012 yrs of service, age 5525 yrs of service, any ageEarly Retirement20 yrs of service, any ageDisability Retirement10 years of service, any ageOccurred in line of duty – no vesting requiredNot occurred in line of duty – 10 years at any ageSurvivor Benefits5 years for minor children10 years for spouseDeath in line of duty – no vesting requiredDeath not in line of duty – 5 years for minor children, 10 years for spouse
5 Classified Retirement Options at Separation of EmploymentKeep your money in the plan and notify us when you are ready to retireRoll your contributions into an IRA or another compatible planWithdraw your contributions20% taxes and 10% penalty will be imposed
6 Pool Employee Retirement Options Social Securityemployee may contribute to Social Security at a rate determined by the Federal Government. The Agency will also contribute to Social Security at the Federal Govt. rate.Deferred Compensationin lieu of contributing to Social Security you can opt to contribute to this investment plan. Contributions by both the employee and agency are at the normal Social Security rate.
9 Write your name hereWrite your SSN hereSign hereWrite the date here
10 Write your name hereWrite your SSN hereSign hereWrite the date here
11 Benefits Department Staff Office Information Alisha Crowell Benefits SupervisorTonya Jackson Benefits AnalystKim Myers Benefits AnalystDolores Nehlig Benefits SpecialistOffice InformationButterworth Building, Rooms7:30 a.m. – 4:00 p.m.Fax:
12 Important Information Dates to Remember:Date of Hire _____________________________Enrollment forms due in HR _________________Coverage effective date ____________________*Up to 30 days from date of hire to sign up for benefitsDocumentsRetirement: Social Security Card and Birth CertificateBenefits: Original Birth Certificate(s), and Marriage LicensePage 1
13 Premiums deducted one month in advance Pre-existing conditions apply Health InsuranceEnroll within first 30 days of employment or at any time during the yearPremiums deducted one month in advancePre-existing conditions applyFour plans:Insurance Site(find a doctor)Customer ServiceBCBS - HMOBCBS - PPOBCBS – High DeductableLSU First/CIGNA - CDHP(two options)
14 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstDeductableNone$500 Active,$300 RetiredMaximum of $1500 for active, Maximum of $900 for retired, exclusive of co-pays$1250 Employee$2500 Employee & Spouse or Employee & Children$3000 FamilyHealth Savings Account - State of LA Makes $200 deposit, matches up to $575 , no use it or lose it rule.You can use the money for any reason after age-65. Not eligible to enroll if you or a spouse participate in a flex plan, have other coverage, tri-care or tri care for life, used VA benefits in last 3 months, or have MedicareUnused HRA rolls over to next yearOption 1Option 2Employee OnlyHRA$1000You Pay$500$1500Total$2500Employee & Sp or Child(ren)$750$2250$3750Family$2000$3000$300$5000
17 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstOut of Pocket Maximum$1000 per person$1000 per person/$3000 per family$2000 per person$1500 employee$2250 employee & spouseor employee & child(ren)$3000 FamilyOffice VisitsWellness Benefits100%First Choice ProviderNot Available$0 after HRAIn Network$15 co-pay PCP$25 co-pay Specialist10% of contracted rate20% of contracted rateMember pays 10%Out of Network30%, plus a separate $1000 deductable30% of fee schedule if member resides in LA, otherwise 10%30% of fee scheduleMember pays 30%
18 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstHospital ServicesFirst Choice ProviderNot Available$0 after HRAIn Network$100 per day, $300 max10% of contracted rate20% of contracted rate10% after deductableOut of Network30%, plus a separate $1000 deductable30% of fee schedule if member resides in LA, otherwise 10%30% of fee schedule, separate $1000 deductable30% of the maximum reimbursable charge, plus amount over the maximum reimbursable charge
19 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstMental Health InpatientMental HealthOutpatientFirst Choice ProviderNot Available$0 after HRAIn Network$100 co-pay per day, $300 max per admit10% of contracted rate20% of contracted rate10% after deductableOut of Network30% after deductable30% of the maximum reimbursable charge, plus amount over the maximum reimbursable chargeFirst Choice ProviderNot Available$0 after HRAIn Network$15 co-pay10% of contracted rate20% of contracted rate10% after deductableOut of Network$15/$25 co-pay30% after deductable30% of the maximum reimbursable charge, plus amount over the maximum reimbursable charge
20 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstPrescription Drugs$50 max co-pay for 31-day supply$1200 maximum per person, per year$10 co-pay generic$25 co-pay Preferred Brand$50 co-pay non preferred brand & specialty, after deductable31-day supply$40 Co-Pay$120 SpecialtyStep Therapy – required to try generic medications at $0 before brand name$0 for generic drugs30-day supplyPrescription Drug Home DeliverySame as aboveSame as above, expect a 90-day supply
21 Health Insurance Comparison BCBSHMOPPOHigh DeductableLSU FirstPlan PerksHealth Management Program –Member has access to health coaches and online health information, reduced co-pays. For plan members and covered dependents diagnosed with 1 or more of these health conditions:DiabetesHeart FailureHeart DiseaseAsthmaChronis Obstructive Pulmonary Disease (COPD)$25K Employee Life & AD&D Policy$5K Critical Illness PolicyEmployee Assistance Program$10K Travel reimbursement for transplant related expensesLifestyle Management ProgramsHealth Advisors
22 Health Insurance Rates 2013 monthly deductionsEmployee OnlyEmployee & SpouseEmployee & Child(ren)FamilyHMO - BCBS$136.02$441.74$195.74$473.30PPO - BCBS$143.98$467.66$207.22$501.10LSU First Opt. 1 - CIGNA$408.90$489.52LSU First Opt. 2 - CIGNA$126.28$356.10$193.94$429.34High Deductable Health Plan-BCBS$111.76$363.00$160.94$388.92
23 Dental Insurance Two Options (Basic or Enhanced) ServiceBasic PlanEnhanced PlanType 1 ProceduresPreventative100% of Usual and CustomaryDeductible$100 Lifetime (excludes preventative services/Type 1)NoneType 2 ProceduresBasic Filings, Oral Surgery (extractions& impacted teeth), Root Canal, Dentures and Crown RepairFee Schedule80% of Allowable ExpenseType 3 ProceduresInlays and Crowns, Dentures and Bridges, Periodontal Surgery50% of Allowable ExpenseOrthodonticNot Covered$1,500 LifetimeImplants$2,000 LifetimeMaximum Plan Year Benefits$1,250$1,500
26 Vision InsuranceServiceLSU First MembersNon-LSU First MembersEye Exams (once per year)$0$10Lenses (once per year)Single/Bi-focal/Tri-focalLenticularFrames (once per year)Choose from Davis Vision Designer Frames, or receive 20% discount after $130Choose from Davis Vision Designer Frames, or receive 20% discount after $100Contact Lenses (once per year)Elective, formularyUp to 4 boxes of disposablesElective, non-formularyUp to $130, +15% discountMedically necessaryPaid in full with prior approval*if LSU 1st member, receive UV coating, scratch protection & progressive lenses at no additional cost(LSU 1st Client Control 4884) (Non LSU 1st Client Control 4885)
28 Prudential Life Insurance (OGB) Employees are guaranteed coverage within 30-days of hireState pays half the premiums for employee lifeDependent premiums are 100% employee paidIncludes AD&D on employeeChildren covered until age 2625% reduction in coverage amount and premiums at age 65 and 70
29 Prudential Life Insurance (OGB) Basic Life InsuranceOption Option 2Employee$5,000Monthly rate:$2.70, plus employer pays $2.70Spouse$1,000$2,000Each child$500Monthly Rate:.98¢$1.96Basic Plus Supplemental Life InsuranceOption Option 2EmployeeSalary based, up to $50,000Monthly rate:Salary based, employer pays 50%Spouse$2,000$4,000Each child$1,000Monthly Rate:$1.96$3.92
31 The Hartford Life Insurance (LSU) Guaranteed issue when enrolling during the first 30 daysGuarantee issue amount for employee coverage is five (5) times annual base salary up to $500,000Spouse coverage is guaranteed up to $100,000. Spouse is eligible for up to 50% of employee coverage; amounts over $100,000 require approvalAccidental death and dismemberment coverage for employee/spouse availableChild(ren) are eligible for $5,000, $10,000 or $20,000 of life up to age 26 (AD&D not available)Spouse and children are not eligible for coverage if they are an active member of the armed forces.May apply for coverage at any time, yet coverage is subject to underwriting approval
32 The Hartford Life Insurance (LSU) Employee CoverageAgeEmployee Rate/$10,000Spouse Rate/$5,000<25$0.55$0.2825-29$0.65$0.3330-34$0.75$0.3835-39$0.95$0.4840-44$1.19$0.6045-49$1.68$0.8450-54$2.85$1.4355-59$4.35$2.1860-64$6.60$3.3065-69$10.90$5.4570-74$20.50$10.2575-79$34.30$17.1580-84$60.90$30.4585+$115.10$57.55AD&D CoverageEmployee$0.31 per $10,000Spouse$0.16 per $5,000Child(ren) CoverageCoverage AmountMonthly Rate$5,000$0.75$10,000$1.49$20,000$2.98
33 Accidental Death and Dismemberment Benefits are paid for loss of life, disability or dismemberment resulting from a covered accident.Coverage is effective 1st of month following enrollment.Employee's spouse and unmarried eligible dependents (14 days up to age 21, up to age 24 if a full-time student) are also eligible for coverage:Spouse coverage = 50% of principal sum or 40% if you have eligible childrenChildren coverage = 15% of principal sum or 10% if your spouse is eligible for coverageCovered AmountEmployee Only*Employee & Family*$27,500$1.00$1.50$55,000$2.00$3.00$82,500$4.50$110,000$4.00$6.00$165,000$9.00$220,000$8.00$12.00$275,000$10.00$15.00$300,000$10.90$16.36* Monthly Rate
34 Tax Saver Flexible Benefit Plan Cafeteria PlanPremiums for medical, dental, vision and Group Benefits life insurance are deducted from your check pre-tax.Must enroll within 30 days of appointment date; otherwise, must wait until October Annual Enrollment periodNo cost to participateYou can only cancel or lower coverage during Annual Enrollment unless you have a qualifying event. Change must be made within 30 days of event.Qualifying events include:Change in marital statusBirth/AdoptionChange in employment status of spouseChange in eligibility of a dependent
35 Flexible Spending Account You can set aside a portion of your earnings, tax-free, for everyday expenses you may have:Dependent day care expensesOut-of-pocket medical expenses including medical, dental, vision, over-the-counter medications or prescription drugsHow it worksThe amounts you elect are automatically deducted from your paycheck on a pre-tax basis.The money is held until you have a qualified expenseYou will receive a credit card to pay for qualifying expenses or you can your claims and receipts toIf ed, the claim is reviewed and tax-free reimbursements are made to you by direct deposit.*IF YOU DON’T USE THE MONEY, YOU LOOSE IT!!
36 Flexible Spending Account Dependent Care FSAWho is eligible?Child under 13 (over 13 if physically incapable of self care)Spouse or parent who resides with you and incapable of self careEligible ExpensesDay care facilityBefore/After School CareSummer Day CampNursery school or preschool, if child is too young for Kindergarten (Private school tuition K4 and above is not eligible.)In home babysitting fees, if claimed as income by care provider and not provided by dependent
37 Flexible Spending Account Health Care FSAEligible ExpensesCo-paymentsDeductiblesPrescription DrugsDental ServicesBracesEye examinationsContacts/EyeglassesHospitalizationsSurgery ExpensesChiropractorsPodiatristsHearing AidsLaboratory FeesAcupunctureHealthcare FSADependent Care FSAMaximum Contribution$2,500.00/year$5,000.00/yearMinimum Contribution$100.00/yearAdministrative Fee$5.10/month
38 Flexible Spending Account Example:Assuming an employee has an Annual Gross Income of $30,000and is in the15% tax bracket:With FSAWithout FSAGross Monthly Pay$2,500.00Minus FSA Contribution-$360.00N/ATaxable Income$2,140.00Minus Taxes-$321.00-$375.00Net Income$1,819.00$2,125.00Plus FSA Reimbursement+$360.00Total Monthly Pay$2,179.00Monthly tax saving = $54.00; Annual tax savings = $648.88Note: Savings are greater for persons in higher tax brackets
39 Long-Term Disability Annual Salary Monthly Salary Monthly AmountBi-Weekly Amount $12,000 $1,000 $5.53 $ 2.55 $15,000 $1,250 $6.91 $3.19 $18,000 $1,500 $8.30 $3.83 $20,000 $1,667 $9.22 $4.25 $25,000 $2,083 $11.52 $5.32 $30,000 $2,500 $13.83 $6.38 $35,000 $2,917 $16.13 $7.44 $40,000 $3,333 $18.43 $8.51 $45,000 $ 3,750 $20.74 $9.57 $50,000 $4,167 $23.04 $10.63 $55,000 $4,583 $25.35 $11.70 $60,000 $5,000 $27.65 $12.76 $65,000 $5,417 $29.95 $70,000 $5,833 $32.26 $14.89 $75,000 $6,250 $34.56 $15.95 $80,000 $6,667 $36.87 $17.02 $90,000 $7,500 $41.48 $19.14 $100,000 $8,333 $46.08 $21.27Affordable financial protection against a disabling illness or injury60% of salary is insuredPayable once 90 consecutive days of work are missed & sick leave is exhaustedEmployee is guaranteed coverage if enrolled within the first 30 days of employment.Monthly salary X = monthly premium (see right)Deductions are immediate and are taken from all 26 checks.
40 Long-Term CareGuaranteed issue for employee and spouse if elected within first 30 days of employmentChoose a benefit amount of $1,000 to $4,000 per month, in increments of $1,000, with a benefit duration of either three or six yearsMay elect coverage for parents and grandparents after medical underwritingBenefits paid for a cognitive loss or when person can no longer perform 2 of the 6 “Activities of Daily Living”Before benefits are payable, a 60-day waiting period requirement must be met.Benefit payments are made directly to you, to be used at your discretion
41 Classified LeaveAll job appointment, probationary and permanent classified Civil Service employees earn sick and annual leave.Part-time Civil Service employees earn a pro-rated amount based on their hours worked.There is no maximum amount of leave an employee may accumulate.When leaving state service, up to 300 hours of annual leave will be paid out; sick leave will not be paid out.If you return to state service within 5 years, unpaid annual and sick time will be restored.At retirement, leave can be converted to service credit or paid out.Civil Service Accrual SystemYears of ServiceSick and Annual Hours Earned Per Pay PeriodApproximate Days Earned Per Year0-33.68812 days annual/12 days sick3-54.60815 days annual/15 days sick5-105.53618 days annual/18 days sick10-156.45621 days annual/21 days sick15+7.38424 days annual/24 days sick
42 Savings Plans LA Deferred Compensation(457b) & 403b Both are defined by the IRS as retirement savings accounts.Your contributions are made pre-tax.You pay taxes on the money when you make a distribution after retirement.IRS limits: $17,500/year and an additional $5,500/year if 50+You decide how the money is invested.You can roll money into account from other retirement plans,To sign up for 403(b) you must contact the individual vendor.
44 3197 Richland Ave. Metairie, LA 70002 Credit UnionsCredit UnionsAddressPhone/Web-SiteCampus Federal Credit Union433 Bolivar St.New Orleans, LA 70112Fleur De Lis Federal Credit Union1450 Poydras St.6th Floor, Room 628433 Metairie Rd.Suite 114Metairie, LA 70005LA Capitol Federal Credit Union3197 Richland Ave. Metairie, LA 70002
45 LA Start Saving Program Additional BenefitsLA Start Saving ProgramSaving money for college expenses for your children’s or grandchildren’s college or vocational educationEarnings enhancements between 2% and 14%Up to $2,400 per year may be excluded from taxable income reported on the account owner’s Louisiana tax returnEarnings are tax deferred while in the account and are exempt from state and federal taxes when used to pay qualified higher education expenses
46 BEFORE LEAVING FOR LUNCH All Employees must :Turn in your completed Benefits forms in the back of the room.If not electing to take benefits you need to turn in the forms declining them.Pool Employees may leave for lunch if they turned in their forms after the pool benefits presentation.All employees may go to lunch when finished with your Benefits paperwork.If you have not already done so, contact your manager to find out what time to report to work after orientation.The afternoon session begins promptly at 12:00 pm.Kindly return by 11:50 am so you can be settled and ready to begin the first afternoon presentation. The lecture on Prisoner Safety is from 12:05pm – 12:10. If you are late you will miss it.Thank you and enjoy your lunch.
47 LUNCHThe afternoon session begins at 12:00 pm. Please return by 11:55 am so you will be seated and ready to start on time.