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2012 Employee Benefits Changes

2012 Employee Benefits Changes. Health & Welfare Benefits Changes. New Health Insurance Coverage Tiers Employee + Spouse, Employee + Child( ren ) New Health Insurance Salary Brackets Level 1: < 26,700.00 Level 2: 26,700.00 – 39,999,99 Level 3: > 40,000.00

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2012 Employee Benefits Changes

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  1. 2012 Employee Benefits Changes

  2. Health & Welfare Benefits Changes • New Health Insurance Coverage Tiers • Employee + Spouse, Employee + Child(ren) • New Health Insurance Salary Brackets • Level 1: <26,700.00 • Level 2: 26,700.00 – 39,999,99 • Level 3: >40,000.00 • Passive Enrollment (except FSA/Cancer)

  3. Cancer Insurance • New Colonial Group Insurance Plan • 2 Levels • Guaranteed Issue • 12/12 Lookback Clause • Initial Diagnosis Benefit • Wellness Benefit • Can Keep Existing Aflac and Colonial Products • To Enroll – Johnson Sterling (334) 887-5533

  4. Flexible Spending Accounts (FSA) • Combined with Health/Welfare Open Enrollment • Must Re-enroll Annually – Online or Paper • Use It or Lose It • Grace Period – January 1 – March 15 • Can Use Debit Card

  5. Healthy Tigers • Must Be Screened Annually to get $25/mo. Benefit • For 2012, Spouses (if applicable) Must Also Be Screened • Saturday and After Hours Screenings • Benefits Fair Screenings (Pre-Register) • Can Submit Physician Screening Form • No Pharmacy Screenings in December

  6. Voluntary Retirement Plan Changes 403(b) and 457(b) • New Compensation Sources (Summer Pay, Second Jobs, Supplemental Pay) • Whole Percentages • Matching – No Pay-period Cap • 2012 Contribution Limit – Goes Up to $17,000 (Catch-Up Still $5,500)

  7. Voluntary Retirement Plan Changes 403(b) and 457(b) • One Vendor at a Time Per Plan • Once Vested, Always Vested • Limited to One Loan at a Time • Doesn’t Affect Investments or Teachers’ Retirement

  8. What Must I Do Now? • New Salary Deferral Agreements by November 30 • Use the Calculator! • If You Miss Deadline – Can Start 1st Day of Next Month in 2012 • New Enrollment Application if you are a New Participant

  9. “Getting Ready for 2012” Employee Benefits Fair • November 7 & 8, 8:30 – 4:00 • OIT Building – 300 Lem Morrison Drive • Vendors (TDA Providers, Colonial Cancer) • Healthy Tigers Screenings (Pre-Register) • Flu Shots • Door Prizes • One Stop Shop

  10. Open Enrollment • November 1 – 30, Effective January 1, 2012 • All Insurances – Passive, If No Changes • FSA – Must Re-enroll • Healthy Tigers Screenings • Voluntary Retirement – Complete New Salary Deferral Agreement

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