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Quarterly Benefit News Returns In the ever
changing world of insurance benefits, we realize how important it is to stay
informed. Benefit News will strive
to bring you timely information every few months to keep you well informed
about your Marquette benefit offerings. Retirewise
Returns to Campus Whether
your retirement is a number of years away, or right around the corner, it is
important to be informed about your options.
Marquette University Human Resources is pleased to offer, for the
fourth year in a row, the retirewise
program.
The retirewise series is free to employees and a guest. Session B-Sophomore Series This
March and April, Marquette will offer a “Sophomore” series designed for the employee who has an average to advanced
understanding of the financial aspects of retirement planning, and for those
employees who are 55 and older. During this
highly informative program, MetLife financial planning expert Paul Tourville
will discuss key issues regarding the retirement process. Each module will be offered twice per week,
on Tuesday or Wednesday, over the span of four weeks. The following topics will be covered: ·
Module 1:
Building the Foundation 3/19/2013
11:30 AM - 1:00 PM AMU 252 OR 3/20/2013 11:30 AM - 1:00 PM AMU 254 ·
Module 2:
Creating and Protecting Wealth 3/26/2013
11:30 AM - 1:00 PM AMU 252 OR 3/27/2013 11:30 AM - 1:00 PM AMU 254 ·
Module 3:
Establishing Your Retirement Income Stream 4/02/2013
11:30 AM - 1:00 PM AMU 227 OR 4/03/2013 11:30 AM - 1:00 PM AMU 254 ·
Module 4:
Making the Most of What You Have 4/09/2013
11:30 AM - 1:00 PM AMU 252 OR 4/10/2013 11:30 AM - 1:00 PM AMU 254 Please
click here for
specific information on dates and registration. Are you on a less than 12 month
pay cycle? When
a benefit eligible employee is paid on a less than 12 month pay cycle,
insurance premiums must be deducted over 10 months. During the months of January – May,
premiums are prorated by 1.4 times the monthly rate in order to carry the
employee’s coverage(s) for the months of June and July. During the months of June and July, there
are no deductions. August – December
premiums are deducted at the regular monthly rate. This applies to Health, Dental, Vision,
Long-Term Disability, MetLaw and Optional Life Insurance premiums. For
those employees who leave the university and have paid pro-rated premiums,
coverage will be suspended at the end of the month in which employment is
terminated. Depending on the month of termination, there may be a refund due
to the employee. For
additional information, contact Benefits at 8-7305 Flexible Spending Account &
Your Benny Card For those employees who are newly
enrolled in the Health Flexible Spending Account, you should have received a
“Benny Card” in the mail. This card offers the added convenience of deducting
eligible expenses at the point of purchase. Per IRS regulations, you must
keep receipts for any purchases made with the Benny card for up to one year
after the plan year ends. Please refer
to the Benny™
Benefits Card brochure
for details. Your card will
have both the applicable 2012 balance, and your elected 2013 balance. A
new card is automatically issued every five years. If you lose or throw away your card, it will cost you $10
per card to replace. 2-1/2
Month Grace Period The grace period enables you to
continue to incur expenses against your Health Care FSA beyond the 2012 plan
year, helping you make full use of your annual election(s).
Eligible medical services such as copays, deductibles and coinsurance can
still be incurred January 1st – March 15th and
submitted for reimbursement by March 31, 2013, for employees with a 2012 FSA
balance. The “use-it-or-lose it” rule still applies, but not
until the end of the grace period. This gives you a total of 14-1/2 months
(the 12-month plan year plus the 2-1/2 month grace period) to use the amount
in your FSAs. Submitting claims
during the grace period When you submit a claim for an
expense you incurred during the 2 ½ month grace period, you will first be
reimbursed using funds from your previous plan year. Once this money has been
used, claims will be paid using funds from the current plan year. The last
day to submit claims for your 2012 FSA accounts is March 31st,
2013. NO new expenses can be incurred after March 15th, 2013. Reimbursement forms are
available on the benefits website and should be submitted directly to Employee Benefits Corporation.
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