Presentation on theme: "Employee Benefits Retirement Health Dental Vision Life/AD&D Cafeteria Flexible Spending Long Term Disability Long Term Care Leave Holiday Savings Credit."— Presentation transcript:
Employee Benefits Retirement Health Dental Vision Life/AD&D Cafeteria Flexible Spending Long Term Disability Long Term Care Leave Holiday Savings Credit Union Additional Benefits
Classified Retirement Louisiana State Employees Retirement System (LASERS) Participant criteria: –Full-time classified employee –Part-time classified employee, working 21 or more hours per week –Participation is mandatory Employees age 55 or older when hired contribute to one of the following: –LASERS –Social Security (if you are under age 60, you must have already contributed to Social Security for at least 40 quarters) –Deferred Compensation Plan
Classified Retirement RegularRegular 2Regular 3Haz Duty Mandatory Membership Hired by 6/30/06 and re-hires who did not refund contributions Hired 7/1/06- 12/31/10 and re-hires who did not refund contributions Hired after 12/31/10 and re-hires who refunded contributions POST certified employees hired after 12/31/2010 and previous hires who elect to join Employee Contributions7.5%8% 9.5% Retirement Benefit2.5% of FAC* (3-year) 2.5% of FAC* (5-year) 2.5% of FAC* (5-year) 3.33% of FAC* (if past 10 yrs in HAZ Duty Position) 2.5% XYears of Service20 years X*Final Average Compensation (3 or 5 highest years of earnings) $40,000 =Annual retirement amount$20,000
Classified Retirement RegularRegular 2Regular 3Haz Duty Regular Retirement 30 yrs of service, any age 25 yrs of service, age yrs of service, age 60 5-years of service and age yrs of service, age yrs of service, any age Early Retirement20 yrs of service, any age Disability Retirement10 years of service, any age Occurred in line of duty – no vesting required Not occurred in line of duty – 10 years at any age Survivor Benefits5 years for minor children 10 years for spouse Death in line of duty – no vesting required Death not in line of duty – 5 years for minor children, 10 years for spouse
Classified Retirement Options at Separation of Employment –Keep your money in the plan and notify us when you are ready to retire –Roll your contributions into an IRA or another compatible plan –Withdraw your contributions 20% taxes and 10% penalty will be imposed
Pool Employee Retirement Options Social Security –employee 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 Compensation –in 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.
Write your name here Write your SSN here Sign hereWrite the date here
Sign here Write the date here Write your name here Write your SSN here
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 benefits Documents –Retirement: Social Security Card and Birth Certificate –Benefits: Original Birth Certificate(s), and Marriage License Page 1
Health Insurance Enroll within first 30 days of employment or at any time during the year Premiums deducted one month in advance Pre-existing conditions apply Four plans: Insurance Site (find a doctor) Customer Service BCBS - HMO BCBS - PPO BCBS – High Deductable LSU First/CIGNA - CDHP (two options)
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First DeductableNone $500 Active, $300 Retired Maximum of $1500 for active, Maximum of $900 for retired, exclusive of co-pays $1250 Employee $2500 Employee & Spouse or Employee & Children $3000 Family Health 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 Medicare Unused HRA rolls over to next year Option 1 Option 2 Employee Only HRA$1000 You Pay$500$1500 Total$1500$2500 Employee & Sp or Child(ren) HRA$1500 You Pay$750$2250 Total$2250$3750 Family HRA$2000 You Pay$1000$3000 Total$300$5000
OPTION 1 Effective Date Employee OnlyEmployee + Spouse, or Employee + Child(ren) Employee + Family HRAMember Responsibility HRAMember Responsibility HRAMember Responsibility January 1 st $1, $ $1,500.00$750.00$2,000.00$1, February 1 st , , March 1 st , , April 1 st , , May 1 st , , June 1st , July 1 st , August 1 st September 1 st October 1 st November 1 st December 1 st LSU First Option 1 Pro-rated Deductable
OPTION 2 Effective Date Employee OnlyEmployee + Spouse, or Employee + Child(ren) Employee + Family HRAMember Responsibility HRAMember Responsibility HRAMember Responsibility January 1 st $1, $1, $2,250.00$2,000.00$3, February 1 st , , , , March 1 st , , , , April 1 st , , , , May 1 st , , , , June 1st , , , July 1 st , , , August 1 st , September 1 st , October 1 st November 1 st December 1 st LSU First Option 2 Pro-rated Deductable
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First Out of Pocket Maximum $1000 per person$1000 per person/$3000 per family $2000 per person $1500 employee $2250 employee & spouse or employee & child(ren) $3000 Family Office Visits Wellness Benefits 100% First Choice Provider Not Available$0 after HRA In Network $15 co-pay PCP $25 co-pay Specialist 10% of contracted rate 20% of contracted rate Member pays 10% Out of Network 30%, plus a separate $1000 deductable 30% of fee schedule if member resides in LA, otherwise 10% 30% of fee scheduleMember pays 30%
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First Hospital Services First Choice Provider Not Available$0 after HRA In Network $100 per day, $300 max 10% of contracted rate 20% of contracted rate10% after deductable Out of Network 30%, plus a separate $1000 deductable 30% of fee schedule if member resides in LA, otherwise 10% 30% of fee schedule, separate $1000 deductable 30% of the maximum reimbursable charge, plus amount over the maximum reimbursable charge
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First Mental Health Inpatient Mental Health Outpatient First Choice Provider Not Available$0 after HRA In Network$100 co-pay per day, $300 max per admit 10% of contracted rate 20% of contracted rate 10% after deductable Out of Network 30% after deductable 30% of the maximum reimbursable charge, plus amount over the maximum reimbursable charge First Choice Provider Not Available$0 after HRA In Network$15 co-pay10% of contracted rate 20% of contracted rate 10% after deductable Out of Network$15/$25 co-pay30% after deductable 30% of the maximum reimbursable charge, plus amount over the maximum reimbursable charge
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First Prescription Drugs $50 max co-pay for 31-day supply $1200 maximum per person, per year $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 deductable 31-day supply $40 Co-Pay $120 Specialty Step Therapy – required to try generic medications at $0 before brand name $0 for generic drugs 30-day supply Prescription Drug Home Delivery Same as above Same as above, expect a 90-day supply
Health Insurance Comparison BCBS HMO BCBS PPO BCBS High Deductable LSU First Plan Perks Health 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: Diabetes Heart Failure Heart Disease Asthma Chronis Obstructive Pulmonary Disease (COPD) $25K Employee Life & AD&D Policy $5K Critical Illness Policy Employee Assistance Program $10K Travel reimbursement for transplant related expenses Lifestyle Management Programs Health Advisors
Health Insurance Rates 2013 monthly deductions Employee Only Employee & Spouse Employee & Child(ren) Family HMO - BCBS$136.02$441.74$195.74$ PPO - BCBS$143.98$467.66$207.22$ LSU First Opt. 1 - CIGNA$143.98$408.90$207.22$ LSU First Opt. 2 - CIGNA$126.28$356.10$193.94$ High Deductable Health Plan-BCBS $111.76$363.00$160.94$388.92
Dental Insurance Two Options (Basic or Enhanced) ServiceBasic PlanEnhanced Plan Type 1 Procedures Preventative 100% of Usual and Customary Deductible $100 Lifetime (excludes preventative services/Type 1) None Type 2 Procedures Basic Filings, Oral Surgery (extractions & impacted teeth), Root Canal, Dentures and Crown Repair Fee Schedule 80% of Allowable Expense Type 3 Procedures Inlays and Crowns, Dentures and Bridges, Periodontal Surgery Fee Schedule 50% of Allowable Expense OrthodonticNot Covered$1,500 Lifetime ImplantsNot Covered$2,000 Lifetime Maximum Plan Year Benefits$1,250$1,
Vision Insurance ServiceLSU First MembersNon-LSU First Members Eye Exams (once per year)$0$10 Lenses (once per year) Single/Bi-focal/Tri-focal$0 Lenticular$0 Frames (once per year) Choose from Davis Vision Designer Frames, or receive 20% discount after $130 Choose from Davis Vision Designer Frames, or receive 20% discount after $100 Contact Lenses (once per year) Elective, formularyUp to 4 boxes of disposables Elective, non-formularyUp to $130, +15% discount Medically necessaryPaid in full with prior approval * if LSU 1 st member, receive UV coating, scratch protection & progressive lenses at no additional cost (LSU 1 st Client Control 4884) (Non LSU 1 st Client Control 4885)
Employees are guaranteed coverage within 30- days of hire State pays half the premiums for employee life Dependent premiums are 100% employee paid Includes AD&D on employee Children covered until age 26 25% reduction in coverage amount and premiums at age 65 and 70 Prudential Life Insurance (OGB)
Basic Life Insurance Option 1 Option 2 Employee$5,000 Monthly rate:$2.70, plus employer pays $2.70 Spouse$1,000$2,000 Each child$500$1,000 Monthly Rate:.98¢$1.96 Basic Plus Supplemental Life Insurance Option 1 Option 2 EmployeeSalary based, up to $50,000 Monthly rate:Salary based, employer pays 50% Spouse$2,000$4,000 Each child$1,000$2,000 Monthly Rate:$1.96$3.92
The Hartford Life Insurance (LSU) Guaranteed issue when enrolling during the first 30 days Guarantee issue amount for employee coverage is five (5) times annual base salary up to $500,000 Spouse coverage is guaranteed up to $100,000. Spouse is eligible for up to 50% of employee coverage; amounts over $100,000 require approval Accidental death and dismemberment coverage for employee/spouse available Child(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
The Hartford Life Insurance (LSU) Employee Coverage Age Employee Rate/$10,000 Spouse Rate/$5,000 <25$0.55$ $0.65$ $0.75$ $0.95$ $1.19$ $1.68$ $2.85$ $4.35$ $6.60$ $10.90$ $20.50$ $34.30$ $60.90$ $115.10$57.55 AD&D Coverage Employee$0.31 per $10,000 Spouse$0.16 per $5,000 Child(ren) Coverage Coverage AmountMonthly Rate $5,000$0.75 $10,000$1.49 $20,000$2.98
Accidental Death and Dismemberment Covered AmountEmployee Only*Employee & Family* $27,500 $1.00 $1.50 $55,000 $2.00 $3.00 $82,500 $3.00 $4.50 $110,000 $4.00 $6.00 $165,000 $6.00 $9.00 $220,000 $8.00$12.00 $275,000$10.00$15.00 $300,000$10.90$16.36 –Benefits are paid for loss of life, disability or dismemberment resulting from a covered accident. –Coverage is effective 1 st 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 children Children coverage = 15% of principal sum or 10% if your spouse is eligible for coverage * Monthly Rate
Tax Saver Flexible Benefit Plan Cafeteria Plan –Premiums 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 period –No cost to participate –You 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 status –Birth/Adoption –Change in employment status of spouse –Change in eligibility of a dependent
Flexible Spending Account You can set aside a portion of your earnings, tax-free, for everyday expenses you may have: –Dependent day care expenses –Out-of-pocket medical expenses including medical, dental, vision, over- the-counter medications or prescription drugs How it works –The amounts you elect are automatically deducted from your paycheck on a pre-tax basis. –The money is held until you have a qualified expense –You will receive a credit card to pay for qualifying expenses or you can your claims and receipts to –If 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!!
Flexible Spending Account Dependent Care FSA –Who is eligible? Child under 13 (over 13 if physically incapable of self care) Spouse or parent who resides with you and incapable of self care –Eligible Expenses Day care facility Before/After School Care Summer Day Camp Nursery 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
Flexible Spending Account Health Care FSA –Eligible Expenses Co-payments Deductibles Prescription Drugs Dental Services Braces Eye examinations Contacts/Eyeglasses Healthcare FSADependent Care FSA Maximum Contribution $2,500.00/year$5,000.00/year Minimum Contribution $100.00/year Administrative Fee $5.10/month Hospitalizations Surgery Expenses Chiropractors Podiatrists Hearing Aids Laboratory Fees Acupuncture
Flexible Spending Account Example: Assuming an employee has an Annual Gross Income of $30,000 and is in the15% tax bracket: With FSAWithout FSA Gross Monthly Pay$2, Minus FSA Contribution-$360.00N/A Taxable Income$2,140.00$2, Minus Taxes-$ $ Net Income$1,819.00$2, Plus FSA Reimbursement+$360.00N/A Total Monthly Pay$2,179.00$2, Monthly tax saving = $54.00; Annual tax savings = $ Note: Savings are greater for persons in higher tax brackets
Long-Term Disability –Affordable financial protection against a disabling illness or injury –60% of salary is insured –Payable once 90 consecutive days of work are missed & sick leave is exhausted –Employee 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. Annual Salary Monthly Salary Monthly Amount Bi-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 $13.83 $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 $21.27
Long-Term Care Guaranteed issue for employee and spouse if elected within first 30 days of employment Choose 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 years May elect coverage for parents and grandparents after medical underwriting Benefits 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
Classified Leave –All 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 System Years of Service Sick and Annual Hours Earned Per Pay Period Approximate Days Earned Per Year days annual/12 days sick days annual/15 days sick days annual/18 days sick days annual/21 days sick days annual/24 days sick
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.
Savings Plans Companies CompanyWeb-SiteCustomer Service Plan Representative ING Daniel Misse (cell) Great West louisianadcpretire.gwrs.com David Arriaza (cell) TIAA-CREF Mark DiGiovanni VALIC Mitch Tabor (cell) Met Life Cliff Lloyd (cell)
Credit Unions AddressPhone/Web-Site Campus Federal Credit Union 433 Bolivar St. New Orleans, LA Fleur De Lis Federal Credit Union 1450 Poydras St. 6th Floor, Room 628 New Orleans, LA Metairie Rd. Suite 114 Metairie, LA LA Capitol Federal Credit Union 3197 Richland Ave. Metairie, LA
Additional Benefits LA Start Saving Program –Saving money for college expenses for your children’s or grandchildren’s college or vocational education –Earnings 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 return –Earnings are tax deferred while in the account and are exempt from state and federal taxes when used to pay qualified higher education expenses –http://www.startsaving.la.govhttp://www.startsaving.la.gov
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.
LUNCH The afternoon session begins at 12:00 pm. Please return by 11:55 am so you will be seated and ready to start on time.