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Arizona State University. Benefits Orientation Benefits Design & Management. WHO IS ELIGIBLE?. Employee: Working at least 20 hours per week For an anticipated minimum of six months. WHO IS ELIGIBLE?. Your legal spouse Domestic partner – see criteria on HR Benefits website

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slide1

Arizona State University

Benefits Orientation

Benefits Design & Management

who is eligible
WHO IS ELIGIBLE?

Employee:

  • Working at least 20 hours per week
  • For an anticipated minimum of six months
who is eligible3
WHO IS ELIGIBLE?
  • Your legal spouse
  • Domestic partner – see criteria on HR Benefits website
  • Children: unmarried, under age 19
  • Children: age 19 thru 24, unmarried and a full-time student
    • Undergraduate student = 12 credit hours
    • Graduate student = 9 credit hours
    • Vocational school = full-time classification
    • “Older Child” – see qualifying criteria on HR Benefits website
      • Not full-time student
      • Covered under State of AZ Plan – age 18
      • Unmarried resides within AZ
mandatory documentation needed
MANDATORYDOCUMENTATION NEEDED
  • Spouse with different last name:

Copy of marriage license

  • Child with different last name:

Copy of birth certificate or court order

  • Stepchild:

Copy of birth certificate & marriage license

  • Disabled person:

Copy of Social Security Letter of Determination

or letter from physician

mandatory documentation needed5
MANDATORY DOCUMENTATION NEEDED

DOMESTIC PARTNER

  • Submit Qualified Domestic Partner Affidavit
  • Submit Declaration of Tax Status
  • Submit at least three documents supporting (See HR website for examples of supporting documentation)
  • Domestic Partner Child
  • Meets the same criteria as child or older child
mandatory documentation needed6
MANDATORY DOCUMENTATION NEEDED
  • OLDER CHILD
  • Older child covered by a health insurance plan made available by the state during the year the individual was 18
  • Resides in Arizona
  • Younger than 25 years of age
  • Is unmarried
new hire effective date
NEW HIRE EFFECTIVE DATE

1st of the Month

following

your date of hire and receipt of completed enrollment form

Transfers & rehires within 31 days have no loss of coverage

enrollment deadline
ENROLLMENT DEADLINE

You must enroll

within 31 days

of your eligibility date (hire date)

how to enroll
HOW TO ENROLL
  • Complete Paper – Benefit Enrollment Form
  • http://www.asu.edu/hr/benefits/enrollmentforms.html
plan year
PLAN YEAR

October 1 through September 30

Elections are in effect for the entire plan year unless you experiencea

Qualifying Life Event (QLE)

qualifying life event qle common examples
QUALIFYING LIFE EVENT (QLE)COMMON EXAMPLES
  • Marital status changes
  • Dependent status changes
  • Spouse’s employment status changes

Benefits Declaration For Change form

must be submitted to HR within

31 days of the QLE

(Documentation must be provided)

slide14

OUT-OF-AREA COVERAGE

  • All employees have Emergency and Urgent Care services anywhere in the world
  • Employees with an EPO plan have routine services available nationally, through either Beech Street or UHC national EPO (i.e. dependents attending school out of state)
  • Employees with a PPO plan have routine services available worldwide on an Out-of-Network basis
  • Refer to Benefits Guide page 25
slide15
WALGREENS HEALTH INITIATIVES

PRESCRIPTION PLAN

  • If you choose brand name rather than generic, you pay the cost differential

Refer to Benefits Guide pages 16 - 19

slide19

SHORT TERM DISABILITY

  • Covers non-job related accident or illness
  • After-tax deduction – benefit not taxed
  • Select one of two available plans
    • Standard Insurance Company
    • Unum

Refer to Benefits Guide pages 31 & 32

slide20
BASIC LIFE INSURANCE

$15,000 term insurance

Go online to name beneficiaries

SUPPLEMENTAL LIFE

For employee, spouse, dependents

  • Standard
  • Aetna
  • ReliaStar

Refer to Benefits Guide pages 28 - 30

slide21

FLEXIBLE SPENDING ACCOUNTS

  • IRS regulated plans
  • Helps reduce your taxable income
  • Pre-tax contributions
  • Monies are sent to the Plan Administrator, ASI, and placed in one or both accounts:
      • Health Care Account
      • Dependent Care Account
  • Estimate carefully – “Use it or Lose it”

Refer to Benefits Guide pages 34 - 36

flexible spending accounts
FLEXIBLE SPENDING ACCOUNTS
  • January 1 – December 31 plan year
  • Reimbursements can be direct deposited to your account – form online
  • Claims for plan year must be submitted by March 31 of the following calendar year
  • You must re-enroll during FSA Open Enrollment every November to continue plan participation
slide23

VOLUNTARY BENEFITS

  • Savings Bonds
  • Auto, homeowners, liability insurance

MetLife® Auto & Home

  • Long-Term Care Insurance

Unum

slide24
Voluntary 403(b) Plan

Deferred Compensation Plan 457

  • May enroll in either or both plans, in addition to primary retirement plan
  • May enroll or make changes at any time
  • Pre-tax contributions
  • No matching contributions
  • Maximum 2008 calendar year contributions
  • $16,500 age 49 & younger
  • $22,000 age 50 & over
slide25

REDUCED IN-STATE TUITION

Credit classes taken at ASU, NAU & UA

  • Active benefit-eligible employees
  • Retirees
  • Disabled employees
  • Spouse and dependents

Refer to SPP 505

sick accrual
SICK ACCRUAL

All employees accrue sick leave

at 3.69 hours per pay period

(12 days per year)

Policies SPP 701-01 and ACD 702-02

retirement
RETIREMENT

Participation in a retirement plan is MANDATORY

for employees working

  • 20 or more hours per week
  • For an anticipated 20 weeks

Employees with F1 or J1 Visa may not be eligible to participate

Postdoctoral scholars are not eligible to participate

slide31
ARIZONA STATE

RETIREMENT SYSTEM

(ASRS)

http://www.asu.edu/hr/benefits/retirement_programs.html

asrs defined benefit plan
ASRS = Defined Benefit Plan

Benefit is determined by calculation:

Years of Service x Average Salary x % Multiplier

Years of Service with any ASRS employer

Average Salary = highest 36 consecutive months in last 10 years

% multiplier = 2.10% - 2.30%, determined by number of years of service

asrs retirement
ASRS RETIREMENT
  • Normal Retirement
    • Age 65 with any ASRS service
    • Age 62 with 10 years of ASRS service
    • 80 Points (your age + years of ASRS service)
  • Early Retirement
    • Age 50 with 5 years of ASRS service
slide34

ASRS CONTRIBUTIONS

  • You & ASU contribute equally

per pay period

  • 8.95% salary toward retirement
  • 0.50% salary toward Long-Term Disability
  • Pre-tax contributions
asrs vesting
ASRS VESTING
  • Always 100% in your own contributions
  • In employer contributions

25% after 5 ASRS years

40% after 6 ASRS years

55% after 7 ASRS years

70% after 8 ASRS years

85% after 9 ASRS years

100% after 10 ASRS years

slide36
OPTIONAL

RETIREMENT PLAN

(ORP)

Optional Retirement Plan Guideand

http://www.asu.edu/hr/benefits/retirement_programs_faculty.html

orp defined contribution plan
ORP = Defined Contribution Plan
  • Your retirement income depends upon the performance of your investments
  • You choose the investment company and allocate the funds
orp contributions
ORP CONTRIBUTIONS
  • You & ASU contribute equally
  • 7% per pay period
  • Pre-tax contributions
  • Automatic enrollment in

Long-Term Disability; ASU pays 100% premium

orp investment companies
ORP INVESTMENT COMPANIES
          • AIG Retirement (VALIC)
          • Fidelity
          • TIAA-CREF
  • You can change companies once per fiscal year July 1st – June 30th
  • You can change investment vehicles anytime
orp vesting
ORP VESTING
  • Always 100% in your own contributions
  • In employer contributions:
    • 100% after 5 years of participation

or

    • Immediately with proof of an active retirement plan at another institute of higher education