Tag Archives: Benefits

Benefit Refresher Meetings

3 Sessions remaining for this round of benefit refresher meetings.  More Benefit Refresher meetings will be scheduled in 2016 to review other benefit topics.

Do you have questions about your Middlebury College employee benefits?  Has it been a while since your Benefit Orientation? Unsure if Flexible Spending is right for you? Come join your Faculty and Staff colleagues at a Benefits Refresher Open Meeting where we will review highlights of the Medical, Dental & Vision plans, Flexible Spending Accounts and Voluntary Life and AD&D.  We will also leave time for your questions.

Refresher courses will be held on:

  • Monday, November 9th, 1:30-2:30, on-line*
  • Tuesday, November 10th, 4:00-5:00, on-line*  – New session added
  • Wednesday, November 11th, 3:00-4:00, Crest Room, Middlebury Campus

Please register for the course by clicking here so we know how many snacks to bring.  We’re looking forward to seeing you there.

* On-line refresher meetings will be conducted using Adobe Connect.  A link to the meeting will be sent out to enrollees on morning of the session.

Open Enrollment

Open Enrollment for Middlebury’s 2016 Health & Welfare Benefit Plan is being held from November 1 – 14, 2015.  All benefits-eligible employees are required to complete the open enrollment process within this time period even if they do not intend to make benefit changes for 2016.

Open enrollment is your opportunity to:

• Continue your current medical, dental, or vision elections into the new year OR add coverage for yourself and/or dependents OR terminate your own or your dependents’ coverage.
• Continue your current voluntary life and/or accidental death and dismemberment coverage for the new year OR increase OR decrease the amount of existing coverage in these plans.
• Enroll in the health care and/or the dependent care flexible spending account(s) for next year. If you do not make an FSA election, you will not be contributing for 2016 even if you participated in 2015.  For Q&A’s on the Health Care FSA rollover click here.

Open Enrollment must be completed, using Banner Web, between November 1 – 14, 2015.  Benefits eligible employees will be able to access the open enrollment module from any computer with internet access.

Getting Started
1. Access the Open Enrollment System:

• Click this link: http://go.middlebury.edu/bannerweb OR
• On the bottom right-hand corner of the Middlebury homepage http://www.middlebury.edu/  click “Quick Links” and then “Banner Web”

2. Enter your Banner Web User ID (your Midd ID number) and your PIN and click “Login”.
3. Click “Employee”, then “Benefits and Deductions”, and then “Open Enrollment”.

2016 Premium Rate Chart

Benefit Refresher Open Meetings

Do you have questions about your Middlebury College employee benefits?  Has it been a while since your Benefit Orientation? Unsure if Flexible Spending is right for you? Come join your Faculty and Staff colleagues at a Benefits Refresher Open Meeting where we will review highlights of the Medical, Dental & Vision plans, Flexible Spending Accounts and Voluntary Life and AD&D.  We will also leave time for your questions.

Refresher courses will be held on:

  • Wednesday, November 4th, 12:30-1:30, Crest Room
  • Friday, November 6th, 8:30-9:30, Crest Room
  • Monday, November 9th, 1:30-2:30, on-line*
  • Wednesday, November 11th, 3:00-4:00, Crest Room

Please register for the course by clicking here so we know how many snacks to bring.  We’re looking forward to seeing you there.

* On-line refresher meeting will be conducted using Adobe Connect.  A link to the meeting will be sent out to enrollees on Monday (11/9) morning.

Save the Date – Open Enrollment November 1st-14th

Benefits Open Enrollment is being conducted electronically again this year.  You will be receiving an e-mail (ooa Oct 30th) detailing our 2016 benefits as well as step-by-step instructions on how to enroll using BannerWeb.  Human Resources will gladly help you through the process; if you have questions please call x2320.

All benefits eligible Faculty and Staff are required to complete Open Enrollment between November 1st & 14th.

Flexible Spending Accounts – it’s not too early to start calculating your 2016 annual election.  Per federal law, this year’s annual limit is $2,550 (plus you may roll up to $500 of unused 2015 Health Care FSA funds into your 2016 account).  If you will have large medical expenses next year (orthodontist work, laser eye surgery, etc.) you should make sure you know how much your out of pocket cost will be for these services before Open Enrollment starts.

For additional information on Flexible Spending Accounts, including a Planning Worksheet visit the Flex Spending webpage.

For Questions and Answers regarding the Health Care FSA rollover click here

IRS Announces 2016 Plan Contribution and Benefit Limits

On October 21, 2015, the Internal Revenue Service announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items beginning January 1, 2016. See the chart below for further details.

2015 2016
RETIREMENT PLANS
Annual Compensation Limits For Retirement Program Purposes 265,000 265,000
Elective Deferrals 403(b) – (for under age 50) 18,000 18,000
Catch-up Contributions For 403(b) Plan Participants age 50 and over 6,000 6,000
457 (b) Elective Deferrals 18,000 18,000
457(b) Catch Up Contribution (Subject To Age And Other Restrictions) 18,000 18,000
Defined Contribution Limits On Maximum Combined Employee/Employer Contributions To Defined Contributions Plans 53,000 53,000
OTHER
Social Security Taxable Wage Base 118,500 118,500
Medicare Wage Base No Limit No Limit

All figures in US dollars.

Sources: www.tiaa-cref.orgwww.irs.gov

Follow @franklindaniel_ on Twitter for up to date information on retirement benefits.

Are You Exploring the Idea of Retiring Within the Next Couple of Years?

If you are considering whether (or when) to move on to the post-work phase of your life it is very likely that you have many questions. For example, you may be wondering:

  • What will happen with my retirement account when I retire? Can someone explain the options I will have for retirement plan distributions? Could I get an estimate of how much income I might expect to receive from my retirement account, post-retirement? How long after retirement will I have to wait before I begin receiving my retirement benefits?
  • Will I be able to remain on Middlebury’s medical/dental/vision plans post-retirement? Will I be able to cover my dependents? How much will it cost? Are there other health coverage options I should consider?
  • Do I have to apply for Medicare A? Medicare B? Medicare D? If so, when?
  • How far in advance of retirement should I contact the Social Security Administration?
  • What will happen with my CTO and SLR balances when I retire? Can I use my accumulated CTO balance to extend my retirement date past the date I will actually stop working?
  • I still have a child in college; if I retire will he still be eligible for the dependent tuition benefit?
  • How much notice should I give my manager? What is the process to formally initiate a retirement?
  • Could phased retirement or a transitional retirement plan be right for me? What is involved in pursuing such an option?
  • Would I be eligible to work at Middlebury part-time after I retire? Would doing so have any implications for my ability to draw funds from my retirement plan?
  • Will I still be eligible for Middlebury’s recreational discounts such as Snowbowl, Rikert and the golf course? Are there other perks that come with retirement?
  • Work has been a huge part of my life for decades and I’m concerned about the social and emotional aspects of retiring. Are resources available to help me?

My name is Franklin Daniel and I am Middlebury’s Retirement Plan Specialist. Whether you have definite plans to retire in the near future or are just starting to consider the possibility of retiring down-the-road I would welcome the opportunity to meet with you (and your spouse/partner, if you so choose). We can discuss the topics above as well as any other retirement questions/concerns you may have, and I can help connect you with other resources who will be able to assist you with your pre-retirement planning. If the time is right for you to begin gathering information about retiring from Middlebury please make an appointment by calling me at extension 5755 or emailing me at fdaniel@middlebury.edu. I look forward to meeting you!

 

– Franklin Daniel

Flu Vaccines

We are pleased to announce that our prescription plan has elected to cover flu vaccines at a $0 copay for employees enrolled in Middlebury College’s health insurance plan.  To take advantage of this $0 copay program, employees can choose from any of the following options:

  1. Visit any of the Magellan Rx participating pharmacies and present your CBA Blue ID Card to receive the vaccine for a $0 co-pay.
  2. If you choose to visit a non-participating pharmacy, you can still receive the vaccine. You will be required to pay full cost at the time of administration; however, request an itemized receipt to submit the claim directly to CBA Blue for 100% reimbursement from the medical plan.
  3. Visit a Blue Cross/Blue Shield doctor. The doctor’s office will submit the claim directly to CBA Blue, and the claim will be paid 100% from the medical plan.
  4. If you choose to visit an out-of-network doctor, you can still receive the vaccine. You will be required to pay full cost at the time of administration; however, request an itemized receipt to submit the claim directly to CBA Blue for 100% reimbursement from the medical plan.

Due to the convenience and increased cost-effectiveness of the Magellan Rx plan, Middlebury College will not be hosting an on-site clinic for employees this year.  We encourage you to take advantage of the $0 copay program today.

Please feel free to contact Lisa Hoff, Benefits Specialist, at lmhoff@middlebury.edu or x3372 with any questions.