Benefits Roundtable

Home | Benefits Roundtable | Employee Benefits | Leaves

Discussion Points

2013 SPECIAL DEDUCTIONS FOR SUMMER COVERAGE

FLEX SPENDING ACCOUNT (FSA); REIMBURSEMENT DEADLINE - FOR 2012 PLAN YEAR

ENHANCED FLU VACCINE BENEFIT - EMPIRE PLAN ONLY

HEALTH INSURANCE OPTION TRANSFER PERIOD FOR PLAN YEAR 2013

OPT OUT PROGRAM (APSU/PBANYS, CSEA, M/C, NYSCOPBA, PEF)

2013 TAX-DEFERRED CONTRIBUTIONS - SUNY VOLUNTARY SAVINGS PLAN UNIVERSAL AVAILABILITY NOTICE

2013 NYS FLEX SPENDING ACCOUNT OPEN ENROLLMENT CAMPAIGN

NEW CAMPUS REPRESENTATIVE FOR TIAA-CREF

NYSHIP RATES -- EFFECTIVE JULY 1, 2012

NYSCOPBA -  SPECIAL OPTION TRANSFER PERIOD 2012

APSU/PBANYS - SPECIAL OPTION TRANSFER PERIOD 2012

HEALTH INSURANCE OPTION TRANSFER PERIOD FOR PLAN YEAR 2012 

TAX-DEFERRED CONTRIBUTIONS FOR 2012

COVERING YOUR YOUNG ADULT DEPENDENT

YOUNG ADULT OPTION 

2013 SPECIAL DEDUCTIONS FOR SUMMER COVERAGE

Employees who receive their salary in less than 26 paychecks must have extra health insurance deductions taken prior to their removal from the payroll to pay for coverage during the summer months.  All extra deductions will be taken before the employee goes off the payroll for the summer.

Extra deductions, in addition to your regular health insurance deduction will be taken.  The paychecks impacted by the special deductions will be as follows:

Part-time Employees that receive 20 paychecks

Check Date                Deductions

5/08/2013                    2 extra deductions for 6/19 & 7/3

5/22/2013                    2 extra deductions for 7/17 & 7/31

6/05/2013                    2 extra deductions for 8/14 & 8/28

Full-time Employees that receive 21 paychecks

Check Date                Deductions

5/22/2013                    2 extra deductions for 7/3 & 7/17

6/05/2013                    2 extra deductions for 7/31 & 8/14

6/19/2013                    1 extra deduction for 8/28

FLEX SPENDING ACCOUNT (FSA); REIMBURSEMENT DEADLINE - FOR 2012 PLAN YEAR

Employees enrolled in the Flex Spending Account (FSA) for the 2012 plan year have until March 31, 2013 to send in reimbursement requests for eligible 2012 expenses incurred under the Health Care Spending Account and the Dependent Care Advantage Account. 

The 4^th quarter statement you recently received for your Flex Spending Account (FSA) included the incorrect deadline for any outstanding 2012 FSA claims.  All 2012 FSA claims MUST be submitted by MARCH 31, 2013.  All 2012 claims submitted after March 31, 2013 will not be reimbursed.

There are no exceptions to this deadline.

All 2013 plan year expenses may only be reimbursed with 2013 funds.  Only 2012 expenses will be reimbursed with 2012 funds.

FSA reimbursement requests may be mailed, faxed, or submitted online through www.myFBMC.com. For more information, log on to www.flexspend.ny.gov or call 1-800-358-7202. 

ENHANCED FLU VACCINE BENEFIT - EMPIRE PLAN ONLY

On January 12, 2013, Governor Andrew Cuomo declared a Public Health Emergency in response to this year's severe flu season. In an effort to mitigate the effects of this severe flu season, and in support of Governor Cuomo's initiative, The Empire Plan will cover influenza vaccines received from a licensed pharmacist or from a participating provider in The Empire Plan. This enhanced benefit is effective February 1, 2013 through May 31, 2013.

At pharmacies in the UnitedHealthcare (UHC) national vaccination program network, vaccinations will be provided at no out-of pocket cost to the enrollee or covered dependents. Chain pharmacies included in UHC's national vaccination program are:  CVS, Rite Aid, Safeway, Target, Walgreens

Basic Medical coverage, not subject to deductible or coinsurance, is also available for vaccines received from other pharmacies and from non-participating physicians. Enrollees who choose to be vaccinated at a nonparticipating pharmacy or by a nonparticipating physician will need to submit a claim for reimbursement. These charges are subject to reasonable and customary charges but not deductible or coinsurance.

Empire Plan enrollees with questions about this benefit should call The Empire Plan at 1-877-7-NYSHIP (1-877-769-7447) and press 1 for the Medical Program.

HMO enrollees with questions about their benefits should be directed to contact the HMO.

health insurance option transfer period for plan year 2013

The New York State Health Insurance Choices Booklet and Plan Rates have been released for Plan Year 2013.  Here is all the relevant information:

 

• The NYSHIP Option Transfer Period 2013  ends December 31, 2012.
• To make changes to your health insurance plan, complete the  PS 404 - NYS Health Insurance Transaction Form.
• Forms must be submitted to Human Resources by December 31, 2012. (close of business).
• Health Coverage for Plan Year 2013 will be effective January 3, 2013.
• The earliest paycheck in which a deduction change will be made is the check of January 2,  2013. (If you change plans, because of processing time, most paycheck changes will be made later in January and will include retroactive adjustments for coverage beginning January 3, 2013.)
• No action is required if you wish to keep your current health insurance option and you still qualify for your current plan.

I encourage you to complete the option transfer forms as soon as possible. This will help to avoid retroactive premium adjustments and should allow you to receive new health plan identification cards timely. Choices 2013, a summary of health insurance plans, and Rates and Deadlines are available at:   Health Insurance.

Links to this booklet and other resources are listed below. I encourage you to review these resources before you decide to change insurance carriers for plan year 2013.

Useful Links and Information

Choices Book 2013:

• Choices 2013 Settled (CSEA, M/C, PEF, APSU/PBANYS, NYSCOPBA)
• Choices 2013 Unsettled (UUP)

Local Plan Rates 2013:

• Local Plan Rate Chart 2013
  

Comparing Your NYSHIP Options

MyNYSHIP -- (Side-by-Side Comparison Chart tool)

Choosing the health insurance plan to cover your needs and the needs of your family requires careful research. As with most important purchases, there is more to consider than cost. The first step in making a good choice is understanding the similarities and the differences between your NYSHIP options. There are two types of health insurance plans available to you under NYSHIP: The Empire Plan and NYSHIP Health Maintenance Organizations (HMOs). The Empire Plan is available to all employees. Specific NYSHIP HMOs are available in the various geographic areas of New York State. Depending on where you live or work, one or several NYSHIP HMOs will be available to you. The Empire Plan and NYSHIP HMOs are similar in many ways, but also have important differences. In addition to reviewing the Choices 2013 booklet for co-pay costs, read through the booklet for helpful information that highlight differences in your available health plan choices.

2013 HEALTH INSURANCE OPT OUT PROGRAM (APSU/PBANYS, CSEA, M/c, NYSCOPBA, PEF)

OVERVIEW

Effective January 1, 2013, the New York State Health Insurance Program (NYSHIP) will again offer the Opt-out Program.  This program allows eligible employees, who have other employer sponsored group health insurance, to opt-out of their NYSHIP coverage in exchange for an incentive payment. 

For the purpose of the Opt-out Program, other employer sponsored group health insurance coverage means coverage through employment other than employment with the Executive, Legislative or Judicial branch of NYS government, including the State University of New York.  If the other coverage is through a NYS retiree, the employee is not eligible for the Opt-out program.

ELIGIBILITY

• At this time, to be eligible, an employee must be M/C or be an employee represented by APSU/PBANYS, CSEA, NYSCOPBA or PEF.
  Please Note:  This program may become available to other represented groups if union contracts are ratified at a later date.
• You must be currently participating in the Opt-out Program or be enrolled in NYSHIP since 04/01/2012 or date of hire.
• You must remain enrolled in NYSHIP through the end of this plan year.
• The employee must provide information and attest to having other employer sponsored group health insurance coverage in effect as of the Opt-out effective date.

ADDITIONAL ELIGIBILITY RULES FOR EMPLOYEES REPRESENTED BY CSEA

• A CSEA represented employee who has a spouse or domestic partner who is a State employee, whether that spouse or domestic partner is a CSEA represented employee, represented by another state employee union, an M/C employee, or an employee of the Legislature of the Unified Courts System, and are both covered by NYSHIP (dual enrollment), may elect to opt out and receive $1000 for calendar year 2013 whether the CSEA represented employee is opting out of individiual or family coverage; and
• Both employees must have been enrolled in a State plan by April 1, 2012 to elect the Opt-out Program for calendar year 2013.

INCENTIVE PAYMENTS

The annual incentive amount for opting out of NYSHIP coverage is $1000 ($38.47 per paycheck) for Individual coverage or $3000 ($115.39) for Family coverage (unless otherwise explained in additional eligibility rules). The incentive payments will be prorated and reimbursed through the employee's biweekly paychecks throughout the year (payable only when an employee is on the payroll and meets the requirements to be eligible for the State to contribute to the cost of NYSHIP coverage). Incentive paytments to employees participating in Opt-out 2013 will begin coincident with the plan year's 2013 rate change.

WHAT DO I NEED TO DO?

Employees Currently Participating in the Opt-out Program:  Employees currently participating in the Opt-out Program will receive a notice from the NYS Employee Benefits Division regarding Opt-out for Plan Year 2013.  Current participating employees will need to submit form PS-404 - Health Insurance Transaction Form to Human Resources, Erwin 219, electing the Opt-out Program and the PS-409 - the Opt-out Attestation Form.  These forms will need to be submitted during the Annual Option Transfer Period which ends December 31st, 2012; if the forms are not received timely, employee's payment will end with the last bi-weekly payroll check for plan year 2012.

Opting-out for Employees Currently Enrolled in NYSHIP in a Health Insurance Option:   Employees who are currently enrolled in NYSHIP and wish to participate in the Opt-out Program must elect to opt out during the Annual Option Transfer Period and must complete a PS-409 - Opt-out Attestation Form and a PS-404 - Health Insurance Transaction Form. The actual effective date of the Opt-out (i.e., the date NYSHIP coverage will no longer be in effect) will be January 3, 2013.

TAX-DEFERRED CONTRIBUTIONS - 2013/
SUNY VOLUNTARY SAVINGS PLAN UNIVERSAL AVAILABILITY NOTICE

OVERVIEW

Participation in the SUNY Voluntary Savings Plan is a great way to build your retirement savings and reduce current taxes. The Tax-Deferred Plans available to enrollees provide a way for you to contribute to a retirement account on a pre-tax basis through payroll deduction. Your contributions, plus earnings are not taxed until you withdraw the funds.  Usually this will be during your retirement, when your income may fall within a lower tax bracket. Based on the IRS 403(b) regulations, an annual notice is required to be provided to all current employees eligible to participate in the SUNY tax-deferred voluntary retirement savings plan to satisfy the "Universal Availability" rule. This notice can be viewed HERE.

The following information will inform and/or assist you with:

• how to cancel or change your current contribution,
• continue to participate at your current contribution amount, or
• enroll into a SUNY Voluntary Savings Program (supplemental tax-deferred annuity 403(b) or 457 plan)
• 2012 Retirement Plan Limits

ELIGIBILITY

All employees who receive compensation reportable on an IRS Form W-2 are eligible to participate in the plan. Employees who are not currently enrolled in a Voluntary Savings Plan should review plan materials before enrolling.  Once you are enrolled, you can review and change the amount of your contributions as often as once per pay period by submitting a new Salary Reduction Agreement form. The exact date your investment allocations will take effect may vary depending upon the policies of the Investment Provider managing the investment options you chose for Plan contributions.

HOW MUCH CAN I CONTRIBUTE - 2013 RETIREMENT PLAN LIMITS

• Employees may contribute up to $17,500 tax-deferred in 2013
• Employees who are age 50 and older may contribute an additional "catch-up" contribution of $5500, up to $23,000
• Employees who have at least 15 years of full-time service may also contribute an additional $3000 per year ($15,000 lifetime), up to $20,500

Please be advised that all state employees are eligible to enroll in both a tax-deferred annuity and the New York State Deferred Compensation (NYSDCP) and contribute up to the limits outlined above.  You can contribute to both plans 4039b) and 457 in calendar year 2013 concurrently.

WHAT DO I NEED TO DO?

CANCEL OR CHANGE YOUR CONTRIBUTION

• Complete and sign the Salary Reduction Agreement form and return this form to the Payroll Services office.

• If you are eligible for catch up provisions mentioned above and wish to contribute more than $17,500 for the 2013 year, you MUST complete a new Salary Reduction Agreement. Employees who wish to make this change for the first check in 2013 must have the Salary Reduction Agreement to the Payroll Services office by Friday, December 8, 2012. If we do not receive this form increasing your contributions, the Office of the State Comptroller will set your  limits back to the IRS 2013 Plan limit of $17,500. 
  
  If you have contributed more than the IRS limits in the past, you still MUST submit a new Salary Reduction Agreement form increasing your contributions higher than the $17,500 2013 plan year limits.

2013 NYS FLEX SPENDING ACCOUNT OPEN ENROLLMENT CAMPAIGN

2013 PLAN YEAR RESOURCES
Enrollment At A Glance – Click Here 
Printable NYS Flex Spending Account Brochure - Click Here 
Printable NYS Flex Spending Account Enrollment Book - Plan Year 2013 - Click Here
2013 Flex Spending Account Enrollment Information - Click Here 
2013 Health Care Spending Account Information - Click Here
2013 Dependent Care Account Information - Click Here
FAQs - Click Here

IMPORTANT CHANGES FOR 2013

• For the 2013 plan year, the Affordable Care Act reduces the annual contribution that an employee may make to the HCSAccount to $2,500.

ENROLLMENT PERIOD

The Governor's Office of Employee Relations is extending the 2013 open enrollment application deadline for the Flex Spending Account (FSA).  The enrollment period will be extended through 10:00pm on November 30, 2012.
The application system will be suspended at midnight on November 9th, 2012, however will re-open on Friday November 16th, and continue through November 30, 2012 at 10:00pm.

PAPERLESS ENROLLMENT

Paperless enrollment is quick, easy, and secure, and is available online at www.flexspend.ny.gov or by calling the toll-free hotline at (800) 358-7202, option 1.

PLEASE NOTE: 
If you are currently enrolled in a Flex Spending Account for plan year 2012, you must re-enroll to continue participation for plan year 2013.

BENEFIT OVERVIEW

The Flex Spending Account (FSA) is a state employee benefit that saves you money by allowing you to pay for certain expenses with pre-tax dollars. Under this program you can choose to enroll in the Health Care Spending Account (HCSAccount) and/or the Dependent Care Advantage Account (DCAAcount). The HCSAccount lets you set aside any amount from $100 to $2500 as pre-tax salary annually to pay for health care expenses that are not reimbursed by your health insurance or other benefit plan. The DCAAcount allows your family to set aside up to $5000 in pre-tax salary for eligible child care, elder care, or disabled dependent care expenses. Both benefits are open to New York State employees. Employees who wish to enroll in the HCSAccount also must:

• be permanently employed or expect to be employed for the entire calendar year in which they plan to enroll, (Employees who work on a semester basis are also eligible),
• be annual-salaried,
• work at least half time,
• meet the eligibility criteria for enrollment in the New York State Health Insurance Program (NYSHIP), and
• be either M/C, CSEA, PEF, UUP, NYSCOPBA, or PBA.

 PAYROLL DEDUCTIONS

There will be 24 payroll deductions for employees who receive 26 paychecks. For employees who receive 21 paychecks, there will be 19 deductions.

USE IT OR LOSE IT

Due to the tax advantages of participating in the FSA, the IRS has strict guidelines regarding contributions. Any money that remains unclaimed in your account after the runout period (90 days after the 2013 plan year or March 31, 2014) is forfeited. Employees should carefully estimate expenses accordingly.

NEW CAMPUS REPRESENTATIVE FOR TIAA-CREF

We would like to welcome Richard Brewer as our new campus representative for TIAA-CREF.  Richard will continue to serve our SUNY Optional Retirement Program and TIAA-CREF participants with their retirement enrollments, voluntary savings plans and portfolios. Richard's contact information is as follows:

Richard L. Brewer
Financial Consultant
TIAA-CREF

rbrewer@tiaa-cref.org
716-220-6711 m
716-862-5907 o

nYSHIP rates -- effective july 1, 2012

Provisions of the 2012-2013 Executive Budget change the way the cost of reimbursing the Medicare Part B premium is shared among NYSHIP participants. This will result in a minor rate change effective July 1, 2012.  You may see a change in the amount deducted from your paycheck for NYSHIP coverage. This modification will NOT result in a special option transfer period.

The earliest paycheck that will be affected by this change is July 3, 2012.

To view the NYSHIP Rates and Local Rate charts, visit: http://www.geneseo.edu/hr/nyship#rates

NYSCOPBA -  SPECIAL OPTION TRANSFER PERIOD (May 4, 2012 - June 4, 2012)

As a result of the recently ratified collective bargaining agreement, the New York State Health Insurance Program (NYSHIP) premium contribution sharing arrangement is changing for Enrollees in Law Enforcement positions represented by NYSCOPBA with a retroactive effective date of October 1, 2011.  A Special Option Transfer Period is being made available to these employees as a result of premium contribution changes. 

For employees in positions SG-09 or lower, the State's contribution rate is 88% of the cost of the enrollee's coverage and 73% of the cost for dependent coverage. For employees in poisitions SG-10 or higher, the State's contriubtion is 84% of the cost of the enrollee's coverage and 69% of the cost for dependent coverage.

Since premium deductions for coverage beginning with the period including October 1, 2011 have already been taken, the increase in the cost of NYSHIP coverage will be calculated, and this differential will be applied to the paychecks dated June 20, 2012.   This retroactive health insurance special adjustment for NYSHIP premiums will be coordinated to impact the same paycheck in which retroactive payments will be disbursed in accordance with the 2009- 2016 agreement between the State and NYSCOPBA. 

In addition to this special adjustment, the health insurance regular premium deductions will reflect the benefit changes effective July 1, 2012. 

PLEASE NOTE:

• If you wish to change your health insurance plan, you must complete the Health Insurance Transaction Form PS-404.  The completed form will need to be returned to Human Resources, Erwin 219, by June 4, 2012, close of business.
• No action is required if you wish to keep your current health insurance option.
• The regular Annual Option Transfer Period, usually held at the end of the calendar year, will be available and you will have the opprotunity to review health insurance plan options and rates for 2013 as you normally do.

APSU/PBANYS - Special Option Transfer Period (march 1, 2012 - march 31, 2012)

The collective bargaining agreement ratified on January 31, 2012 will result in NYSHIP rate and premium contribution changes. The new rates will be in effect through the end of 2012. As a result of these changes, there will be a Special Option Transfer Period during the month of March. 

Effective October 1, 2011,  the State will contribute 84% of the cost of the enrollee's coverage and 69% of the cost for dependent coverage.  Since premium deductions for coverage beginning with the pay period including October 1, 2011 have already been taken, the increase in the cost of NYSHIP coverage will be calculated, and this differential will be applied to the paycheck dated March 28, 2012. This retroactive health insurance special adjustment for NYSHIP premiums will be coordinated to impact the same paycheck in which retroactive payments will be disbursed in accordance with the 2011-2016  agreement between the State and PBANYS for APSU employees. 

In addition to this special adjustment, the health insurance regular premium deduction amount taken from this check will reflect the 2012 NYSHIP premium in effect beginning April 1, 2012. 

PLEASE NOTE:

• If you wish to change your health insurance plan, you must complete the Health Insurance Transaction Form PS-404.  The completed form will need to be returned to Human Resources, Erwin 219, by March 30, 2012, close of business.
• No action is required if you wish to keep your current health insurance option.
• The regular Annual Option Transfer Period, usually held at the end of the calendar year, will be available and you will have the opprotunity to review health insurance plan options and rates for 2013 as you normally do.

HEALTH INSURANCE OPTION TRANSFER 2012

The New York State Health Insurance Rates have been released for Plan Year 2012.  NYSHIP Choices and Rates publications are broken down a bit differently this year depennding on an employee's negotiating unit status.  Here is all the relevant information:

 

• The NYSHIP Option Transfer Period 2012  ends December 30, 2011.
• To make changes to your health insurance plan, complete the NYS Health Insurance Transaction Form (PS-404) found in the General Forms at:  HR Forms.
• Forms must be submitted to Human Resources by December 30, 2011 (close of business).
• Health Coverage for Plan Year 2012 will be effective January 5, 2012.
• The earliest paycheck in which a deduction change will be made is the check of January 4,  2012. (If you change plans, because of processing time, most paycheck changes will be made later in January and will include retroactive adjustments for coverage beginning January 5, 2012.)
• No action is required if you wish to keep your current health insurance option and you still qualify for your current plan.

I encourage you to complete the option transfer forms as soon as possible. This will help to avoid retroactive premium adjustments and should allow you to receive new health plan identification cards. Choices 2012, a summary of health insurance plans, and Rates and Deadlines are available at:   Health Insurance.

A link to this booklet and other resources are listed below. I encourage you to review these resources before you decide to change insurance carriers for plan year 2012.

Useful Links and Information

Choices Book 2012:

• Choices 2012 Settled (CSEA, M/C, & PEF)
• Choices 2012 Unsettled (UUP, NYSCOPBA, ALES/PBANYS)

Local Plan Rates:

• PEF
• CSEA & M/C
• UUP, NYSCOPBA & ALES/PBANYS

Comparing Your NYSHIP Options

MyNYSHIP -- (Side-by-Side Comparison Chart tool)

Choosing the health insurance plan to cover your needs and the needs of your family requires careful research. As with most important purchases, there is more to consider than cost. The first step in making a good choice is understanding the similarities and the differences between your NYSHIP options. There are two types of health insurance plans available to you under NYSHIP: The Empire Plan and NYSHIP Health Maintenance Organizations (HMOs). The Empire Plan is available to all employees. Specific NYSHIP HMOs are available in the various geographic areas of New York State. Depending on where you live or work, one or several NYSHIP HMOs will be available to you. The Empire Plan and NYSHIP HMOs are similar in many ways, but also have important differences. In addition to reviewing the Choices 2012 booklet for co-pay costs, read through the booklet for helpful information that highlight differences in your available health plan choices.

NEW for Plan Year 2012:  The Opt-Out Program for CSEA, M/C & PEF NYSHIP Enrollees

Effective January 1, 2012, NYSHIP will offer the Opt-Out Program which will allow eligible employees of New York State who have other employer-sponsored group health insurance to opt out of their NYSHIP coverage in exchange for an incentive payment. The incentive payment is $1000 for waiving individual coverage or $3000 for waiving family coverage on an annual basis.  The incentive payments will be prorated and reimbursed through your biweekly paycheck throughout the year (payable only when an employee is on the payroll). The incentive amount will be credited to the employee's biweekly pay check and will be treated as taxable income. The biweekly incentive amounts will be $38.46 for opting out of Individual coverage ($1000/26 paychecks) or $115.38 for opting out of Family coverage ($3000/26 paychecks).  Incentive payments to employee participating in the Opt-Out Program for 2012 will begin as soon as practicable after January 1 when necessary program changes are in place. 

Eligibility

To be eligible for the Opt-out Program, the eligible employee must meet two eligibility criteria to receive the incentive payment:

Eligible employees who are currently enrolled in NYSHIP and wish to participate in the Opt-out Program, must elect to opt out during the annual Option Transfer Period and attest to having other employer-sponsored group health insurance each year. If you elect to Opt-out you will need to complete the:

• NYS Health Insurance Transaction form (PS-404), and 
• the 2012 Opt-out Attestation Form (PS-409)

Opt-Out Program FAQs - Click Here

**NEW** New York State Health Insurance Program Opt Out Program for 2012 -
Additional Eligibility Rules for NYS Employees Represented by CSEA

TAX-DEFERRED CONTRIBUTIONS FOR 2012

The State University of New York Voluntary Savings Plan - 2012 Universal Availability Notice

The 2012 IRS maximum limits for tax-deferred contributions have been announced. The following information will inform and/or assist you with:

• how to cancel or change your current contribution,
• continue to participate at your current contribution amount, or
• enroll into a SUNY Voluntary Savings Program (supplemental tax-deferred annuity 403(b) or 457 plan)
• 2012 Retirement Plan Limits

Please be advised that all state employees are eligible to enroll in both a tax-deferred annuity and the New York State Deferred Compensation (NYSDCP) and contribute up to the limits outlined below. You can contribute to both plans (403(b) and 457) in calendar year 2012 and contribute up to $34,000.00

SUNY Voluntary 403(b) Savings Plans

Cancel or Change Your Contribution:

• Complete and sign the Salary Reduction Agreement form and return this form to the Payroll Office, Erwin 220.

 Continue to Participate:

• No action is necessary if you are contributing up to or at $17,000.00.
• Due to IRS regulations, the Office of the State Comptroller (OSC) will set all employee limits to $17,000 for the 2012 calendar year. Therefore, if you are eligible (50 years of age and over and/or meet the 15 years of full-time service) and you wish to exceed the $17,000 limit you MUST complete a new Salary Reduction Agreement.  Employees who wish to make this change for the first check in 2012 must have the Salary Reduction Agreement to the Payroll Office by Wednesday, December 07, 2011.
  

 Enroll:

• Open a new account with a provider selected from the Investment Provider List.  Complete necessary forms with the provider.
• Complete and sign a new Salary Reduction Agreement form
• Return the Salary Reduction Agreement form to the Payroll Office, Erwin 220

New York State Deferred Compensation Plan (NYSDCP)

• For enrollment information or to make changes to your existing contract, please contact NYSDCP directly at 1.800.422.8463 or www.nysdcp.com

 2012 Retirement Plan Limits

• Employees may contribute up to $17,000 tax deferred in 2012
• Employees who are age 50 and older may contribute an additional $5500, up to $22,500
• Employees who have at least 15 years of full-time service may also contribute an additional $3,000 per year ($15,000 lifetime), up to $20,000
• Please Note:  If you have 15 years of service or more and your normal contributions will exceed $17,000 (or $22,500 if you will be age 50 or more in 2012), contact TIAA-CREF at 1.800.842.2776 to verify your allowable contribution and have a maximum deferral calculation prepared for you.  You are responsible for ensuring that the amount of your contributions will not exceed your maximum allowance for the calendar year.

SUNY Resources

SUNY Universal Availability Notice

SUNY Voluntary Savings Program

SUNY Tax-Deferred Savings Brochure

403(b) & 457(b) Comparison

Covering your young adult children

NYSHIP RESOURCES

Covering Your Young Adult Children

Young Adult Q & A

PATIENT PROTECTION AND AFFORDABLE CARE ACT
Under the Patient Protection and Affordable Care Act (PPACA), your young adult children can be covered on your health insurance plan up to age 26. Financial dependency, student status, marital status, employment and residency can no longer be used to determine eligibility. Although the new law extends coverage to married children, it does not apply to their spouse or children.

NYSHIP COVERAGE OF CHILDREN TO AGE 26
Effective January 1, 2011, the eligibility rules for covering dependents under the New York State Health Insurance Program (NYSHIP) will change to allow an enrollee's child to continue coverage as an eligible dependent up to age 26.

Please Note: 

• The extension of coverage to age 26 under the Patient Protection and Affordable Care Act (PPACA) does not apply to dental and vision coverage. The same eligiblity rules and required proof of full-time student status is still required for dental and vision benefits.
• Also, beginning January 1, 2011, dependent children will be eligible for coverage under NYSHIP through the end of the month in which they reach age 26.

SPECIAL ENROLLMENT PERIOD
Beginning November 1, 2011 and continuing through the end of the option transfer period, enrollees can add their young adult children who are under the age of 26 as dependents to their NYSHIP coverage. Coverage will be effective on January 1, 2011.

To add a young adult child as a dependent:

1. Complete and sign the Young Adult Dependent Form found on page 6 of the Covering Your Young Adult Children flier,
2. attach proper documentation for your young adult dependent (birth certificate, Social Security card, PS 457 if required),
3. and return your completed form and documentation to Human Resources, Erwin 219. 

Please Note:

• An adult child under the age of 26 who is currently enrolled as a dependent under their parent's family coverage on January 1, 2011 will continue to be covered to age 26; no action is required by the enrollee.
• For enrollees requesting to add young adult dependents after the special enrollment period has ended, normal waiting periods apply and the effective date of coverage will be based upon the date of first eligiblity and date of request.
• Adult children who are currently enrolled in either COBRA continuation coverage or the Young Adult Option through NYSHIP will be required to indicate on the enrollment form if they wish to cancel the current coverage.
  ***Cancellation of coverage is not automatic.****

HEALTH PLAN RATES
When you add your young adult dependent to your family coverage, there is no additional premium cost to you. If you currently have individual coverage, you will need to change to family coverage which does cost more than individual coverage. View the current rates at: 2010 Health Plan Rates. Health Plan Rates for Option Transfer Period 2011 have not yet been issued; this information is usually available in late November.

Young Adult Option - Effective January 1, 2010

A new state law (Chapter 240 of the Laws of 2009) allows young adults through age 29 to be covered through a parent's group health insurance policy under a new "Young Adult Option". .  For informative details, please see the following resources:

• Young Adult Option Information Notice
• NYSHIP website for Young Adult Option Coverage, click HERE
• Request for Coverage under the Young Adult Option (YAD-NYPE 01/10 APPL), see HR Forms
• Health Plan Choices
• Rates