Presentation on theme: "Human Resources Office of Job Changes and Your Benefits IT Job Family Study Employee Information Session May 2013."— Presentation transcript:
Human Resources Office of Job Changes and Your Benefits IT Job Family Study Employee Information Session May 2013
Human Resources Office of Agenda Welcome Health Benefits Disability and Sick Leave Life Insurance Vacation Retirement Programs Q&A
Human Resources Office of Impacts on Employee Benefits
Human Resources Office of Health Insurance All employees have the same medical and dental insurance options, regardless of Employee Group Health insurance options will not be affected and will not change due to this project
Human Resources Office of Disability and Sick Leave Programs Civil Service & Labor Represented employees are covered by the optional employee-paid, short- and long-term disability program through Cigna Insurance Company – Sick Leave is accumulated at rate of 3 minutes per basic straight time hours worked Academic Professional and Administrative (P&A) employees are covered by the Academic Disability Program – Paid medical leave is combined with Disability coverage for employees who are not able to work following three months of medical leave
Human Resources Office of Life Insurance The University provides one times your base salary, rounded up to the next $5,000, if not already a multiple thereof, with no maximum P&A employees with salaries of $95,000 or less have an additional life benefit under the basic employee life insurance: – If salary is $75,000 or less, employees receive $25,000 additional life insurance. – The amount is prorated from $75,000 to $95,000, so the total amount of insurance does not exceed $100,00
Human Resources Office of Vacation Civil Service and Labor Represented employees earn a varying number of minutes for each straight-time paid work hour based on designated percentage of appointment and years of service. Civil Service employees moving to a P&A classification will have 80 hours of vacation transferred to the academic vacation balance. The remaining hours will be paid out at the Civil Service staff position pay rate. P&A employees earn 22 days annually, prorated for appointments of 67-99%. Maximum accrual permitted at any time is 22 days.
Human Resources Office of Retirement Plan Choices Remain in Civil Service Classification and retain Minnesota State Retirement (MSRS) as retirement plan. Move to P&A Classification and elect the Faculty Retirement Plan as retirement plan. Move to P&A Classification and elect to remain in MSRS. This is your one-time irrevocable election.
Human Resources Office of Minnesota State Retirement System (MSRS) MSRS is a defined benefit plan, which means that a participant’s benefit at retirement is “defined” and based on a formula. The monthly benefit is calculated using the participant’s High-5 average salary, years of service, and age at retirement. Years of service, or service credit, is earned for each month that retirement deductions are withheld from your salary. Retirement benefits are based on the total number of years and months of service.
Human Resources Office of Minnesota State Retirement System (MSRS) Civil Service and Labor Represented employees are covered by the Minnesota State Retirement System (MSRS) Contributions: – University: 5% – Employee: 5% Vesting: You are vested after three years of service with MSRS if you were hired prior to July 1, 2010. You are vested after five years of service with MSRS if you were hired after June 30, 2010. – Vesting entitles you to a lifetime annuity as early as age 55 or at retirement.
Human Resources Office of Faculty Retirement Plan P&A employees participate in the Faculty Retirement Plan: – The Faculty Retirement Plan (FRP) is a 401(a) retirement plan in which you accumulate tax-deferred contributions. – Employees contribute 5.5% of covered salary and the University contributes 10%. – These are required contributions and participation in the Plan is mandatory. If you are a new participant in the University's Retirement Savings Plan: – Your current contributions will be directed 100% to Securian Retirement Services – Securian also offers the Vanguard and Fidelity investment alternatives, as well as a broad range of investment options that permit appropriate diversification.
Human Resources Office of Faculty Retirement Plan FRP Waiting Period: Service in a Civil Service position will count toward the waiting period. Vesting: All accumulated values in the Plan are fully vested. This means that University contributions, your contributions, and any investment earnings belong to you. You have full ownership and the values cannot be taken away; however, you may not assign the benefits or borrow against them.
Human Resources Office of Additional Benefits Resources Employee Benefits: www.umn.edu/ohr/benefits www.umn.edu/ohr/benefits Academic Disability Program: www.umn.edu/ohr/benefits/disability/academic/index.html www.umn.edu/ohr/benefits/disability/academic/index.html Vacation and Leave: www.umn.edu/ohr/benefits/leaves/vacation/index.html www.umn.edu/ohr/benefits/leaves/vacation/index.html Minnesota State Retirement Plan : www.msrs.state.mn.us or www.umn.edu/ohr/benefits/events/index.html#msrswww.msrs.state.mn.uswww.umn.edu/ohr/benefits/events/index.html#msrs Faculty Retirement Plan (P&A): www.umn.edu/ohr/benefits/retiresave/frp/index.html www.umn.edu/ohr/benefits/retiresave/frp/index.html Questions? Contact Employee Benefits at 4-UOHR (612-624-8647) or firstname.lastname@example.org@umn.edu
Human Resources Office of Thank you! Questions? Ask them now or email email@example.com@umn.edu