Open enrollment for the health and dental insurance plans, AFLAC Plans, Flexible Spending Accounts (FSAs) and supplemental life insurance will run from February 11, 2008 to February 22, 2008 with an effective date of March 1, 2008.
The deadline for enrollment is March 30, 2008. This may be your only opportunity to make changes in your participation in these plans. Once you elect to continue, change or cancel participation in a health or dental plan you may not change your election until March 2009, unless there is a change in your status, such as marriage, divorce, the birth or adoption of a child, or you or your spouse's change in employment.
Health and Dental Plans: If you wish to continue your present health and dental coverage, you do not need to do anything. If you are not presently enrolled in a plan and wish to enroll, complete the enrollment form. If you are dropping a plan, notify Human Resources in writing or by e-mail. Under the new state insurance law, you must also complete a waiver form before you can drop your health insurance. Remember: if you drop (or have dropped) dental insurance, you may not re-enroll for two years.
Flexible Reimbursement Accounts (FRA) or Flexible Spending Accounts (FSA): You must re-enroll in these accounts each year to continue participation. With an FRA, you set aside pre-tax dollars to pay for qualified medical expenses not covered by your benefit plans or to pay for dependent/child care expenses you incur while working.
Supplemental Life Insurance: The College currently provides life insurance equal to two times an employee's annual salary. All regular full-time employees are insured under the College's group plan. All Regular full time employees and faculty are eligible to purchase supplemental life insurance of 1x, 2x, or 3x, their base annual salary up to $300,000.
AFLAC Plans: AFLAC offers accident, hospital, cancer and supplemental dental insurance programs that may supplement your current coverage. AFLAC insurance policies pay cash benefits. Participation in these programs is strictly voluntary. (Deductions are pre-tax). All programs offer single, couple and family coverage options.
TIAA-CREF - retirement savings plan (403b): The College offers two plan options. Eligible employees who have completed one year of service may participate in the contributory matching plan. The employee contributes 5% of his or her gross pay and the College provides a 5% MATCH. Contributions are made on a pre-tax basis.
Employees not eligible for the matching plan may participate in the supplemental plan. This plan is not a matching plan. There is no waiting period, and no minimum contribution. All contributions are made on a pre-tax basis.
Information on the rates and enrollment forms are available in the Human Resources office.