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New Hire Benefits Orientation

New Hire Benefits Orientation. OFFICERS. Agenda. Health and Welfare Medical, Prescription Drug, Dental Enrollment Eligible Dependents Flexible Spending Accounts Life Insurance Long-Term Disability Long-Term Care Transit/Parking Retirement University Retirement Plan

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New Hire Benefits Orientation

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  1. New Hire Benefits Orientation OFFICERS

  2. Agenda Health and Welfare • Medical, Prescription Drug, Dental • Enrollment • Eligible Dependents • Flexible Spending Accounts • Life Insurance • Long-Term Disability • Long-Term Care • Transit/Parking Retirement • University Retirement Plan • Voluntary Retirement Savings Plan Other Benefits • Adoption Assistance Program • Back-Up Care • Transit/Parking Reimbursement Accounts • Tuition Next Steps Deadlines How to Contact Us BENEFITS 2009

  3. Eligibility Eligibility for Coverage • Full-time Officers If you enroll for Columbia University benefits, you may also enroll: • Your legal spouse or same-sex domestic partner • Your unmarried children: • Up to the end of the calendar year in which they turn 19, OR • Full-time students: up to the end of the calendar year in which they turn 26 or the end of month in which they stop being full-time students. BENEFITS 2009

  4. Medical Insurance For medical coverage, you have six choices • You may choose among: • Aetna Choice POS II (Open Access) • United Healthcare Choice Plus (POS) • CIGNA POS Plan • Aetna HMO • HIP HMO • CIGNA Modified Indemnity Plan • If you have other medical coverage, you may opt out of coverage from Columbia University. BENEFITS 2009

  5. Medical Insurance (con’t) • Aetna Choice POS II and United Healthcare Choice Plus • National network of physicians and hospitals • $15 co-pay for routine office visits when you use a network doctor • You do not need authorization from your Primary Care Physician (PCP) to see a Specialist • Out-of-network coverage is available BENEFITS 2009

  6. Medical Insurance(con’t) • CIGNA: Tri-State Plan • Network of physicians and hospitals in NY, NJ and CT • $15 co-pay for routine office visits when you use a network doctor • You must select a Primary Care Physician (PCP) for each family member • All network services are coordinated by your Primary Care Physician (PCP) • You must see your PCP first to obtain a referral to a Specialist for maximum reimbursement • Out-of-network coverage is available BENEFITS 2009

  7. Medical Insurance (con’t) • Aetna and HIP Health Maintenance Organizations (HMOs) • Local network of physicians and hospitals • $15 co-pay for routine office visits when you use a network doctor • You must select a Primary Care Physician (PCP) for each family member • All network services are coordinated by your Primary Care Physician (PCP) • You must see your PCP first to obtain a referral to a Specialist for maximum reimbursement • NO COVERAGE or reimbursement for any medical services received outside of the network BENEFITS 2009

  8. Medical Insurance (con’t) • CIGNA Modified Indemnity Plan • You seek treatment from the provider of your choice. • You must meet a deductible ($3,000 individual/$6,000 family) before you receive reimbursement • After you meet the deductible, you receive reimbursement of 100% up to reasonable and customary (R&C) limits BENEFITS 2009

  9. Prescription Drugs • If you enroll in a University medical plan, prescription drug coverage is automatically included. • Medco administers the Prescription drug program • For covered prescriptions, you pay: • Retail (up to a 30-day supply): $10 generic, $20 brand • Home Delivery (up to a 90-day supply): $15 generic, $40 brand BENEFITS 2009

  10. CIGNA & UHC POS Aetna POS • Columbia University Physicians participate in all 3 plans: • 900 in CIGNA, 900 in UHC, 1,100 in Aetna BENEFITS 2009

  11. Aetna Columbia Dental Plan BENEFITS 2009

  12. Flexible Spending Accounts (FSAs) Flexible Spending Accounts (FSAs) • FSAs help you pay for eligible healthcare and/or dependent care expenses with tax-free dollars. • IRS rules apply: • “Use it or lose it”— All eligible expenses must be incurred by December 31 of the current plan year, otherwise you forfeit any unused balance. • Claims filing deadline: March 31 of the following year. • FSA Plan Administrator is Employee Benefit Plan Administration (EBPA) BENEFITS 2009

  13. Flexible Spending Accounts (FSAs) Healthcare FSA • Maximum annual contribution: $5,000 • Examples of eligible expenses: • Medical and prescription deductibles, coinsurance and co-pays • Dental services that are not covered by insurance • Eyeglasses and contacts lenses • Hearing aids • Over-the-counter medications (pain relievers, cold and allergy medications, antihistamines and antacids) BENEFITS 2009

  14. Flexible Spending Accounts (FSAs) Dependent Care FSA • Maximum annual contribution: $2,500 • Eligible dependents include: • Your children under age 13 • Parent, spouse or elderly relative if physically or mentally unable to care for themselves and dependent on you for support • Examples of eligible expenses: • Care in your home or care-givers home • Adult and Child daycare centers • After-school programs or summer day camps IMPORTANT:If your spouse has elected a Dependent Care FSA, your combined annual contributions may not exceed $5,000. BENEFITS 2009

  15. Basic Long-Term Disability • Basic Long-Term Disability (LTD) • Coverage paid by the University • Benefits payable after 6 months of Short-Term Disability • For qualified LTD: • First 6 months: 66 2/3 % of your base salary, up to $2,500 per month • Thereafter: 60% of your base salary, up to $2,500 per month • Up to age 65 • Coverage is provided through CIGNA BENEFITS 2009

  16. Optional Long-Term Disability • Greater coverage for disability • Additional benefits of this plan include: • Monthly maximum benefit $15,000 • University contributions to the Retirement Plan continue • 3% cost-of-living increases after 12 months of payments • You pay group discounted rate of $ 0.196 per $100 of your monthly salary • To determine your monthly cost: • Take your annual salary (Example: $50,000) • Divide by 100 ($50,000/100 = 500) • Divide by 12 (months) (500/12 = 41.67) • Multiply by $0.196 (41.67 x 0.196 = 8.17) • Your monthly cost ($8.17) IMPORTANT:If you don’t elect Optional LTD coverage as a New Hire, election at a later date will require completion of “Evidence of Insurability” form. BENEFITS 2009

  17. Life Insurance • Basic Life Insurance Coverage: 1x your annual base salary • Maximum of $50,000 • Enrollment is automatic • No cost to you • Optional Life Insurance: 1 to 6 X your annual base salary, $1 million maximum • You pay group discounted rate • Coverage in excess of 3X salary or $500,000 requires completion of Medical History Statement (or “Evidence of Insurability”) IMPORTANT: To increase or enroll in any level of Optional Life Insurance at a later date requires completion of Medical History Statement (or “Evidence of Insurability”) BENEFITS 2009

  18. Life Insurance • Dependent Life Insurance • Benefit to you in case of death of spouse, same-sex domestic partner or dependent child(ren) • You pay group discounted rate • Coverage Options: • Spouse/same-sex Domestic Partner - $10,000, $30,000 or $50,000 • Child - $10,000 for each dependent child IMPORTANT: Medical History Statement (or “Evidence of Insurability”) required for dependent coverage of $30,000 and $50,000 BENEFITS 2009

  19. Transit/Parking Reimbursement Accounts • Set aside tax-free dollars to cover commuting costs and parking • Two accounts; contribute to one or both: • Transit Account • Parking Account • EBPA is the administrator for these accounts • Transit Account: • Contribute from $10 up to $115 per month, tax-free • “Metavante” Credit Card to pay for transit expenses (train, bus, subway, ferry and van pool), or • Submit claim for reimbursement from your account, no receipts required • Direct deposit available • Unused balance carried over into the next year BENEFITS 2009

  20. Transit/Parking Reimbursement Accounts • Parking Account: • Contribute from $10 up to $220 per month, tax-free • Covers cost of parking near your work location or the location where you board mass transit. • Submit a claim along with parking receipts (direct deposit available) • Unused balance carried over to the next year IMPORTANT:If you park in a University-owned parking lot, DO NOT sign up for the Transit/Parking Account. Money is automatically deducted from your paycheck and paid to the lot. BENEFITS 2009

  21. University Retirement Plan Eligibility: • First day of the month following your date of hire if you are: • Officer grade 14 and above • CUMC: Officer grade 106 and above • Officer of the Libraries, rank II and above • Professor, associate professor and assistant professor (modified and unmodified) • Research scientist and scholar (includes senior and associate) • Senior staff associate BENEFITS 2009

  22. University Retirement Plan Eligibility (cont’d): • First day of the month following the date you complete two years of service if you are: • Officer grade 10–13 • CUMC: Officer grade 105 and below • Lecturer (includes senior, assistant, and associate) • Instructor • Postdoctoral research scientist and scholar • Staff associate BENEFITS 2009

  23. University Retirement Plan Contributions: • Upon your eligibility, Columbia University contributes to your Retirement Plan account each pay period • Contribution depends on • your age • salary • years of eligible or tenured service • You do not contribute BENEFITS 2009

  24. University Retirement Plan Investments: • Choose to invest your retirement plan account with one of three carriers: • TIAA/CREF (10 funds available), or • Vanguard (60 funds available), or • Calvert (14 funds available) • Select your investment carrier within 31 days of your eligibility date • otherwise your funds will be defaulted into one of Vanguard Life Cycle Funds • Choose from the various investment funds available with your carrier • Change your investment carrier online at any time • Change your investment (fund) election at any time directly with your selected carrier BENEFITS 2009

  25. University Retirement Plan Distributions • No access to these funds while you are employed • Receive fund distribution when your employment ends, provided you meet the retirement age requirements BENEFITS 2009

  26. Voluntary Retirement Savings Plan (VRSP) Highlights: • Eligibility: Begin participation at any time • Contributions: • Contribute a percentage of your pay (or a dollar amount), • pre-tax, up to IRS limits each year ($16,500 in 2009) • if you are or become age 50 during the year, you may contribute up to an additional $5,500 (2009) • Vesting: You are always 100% vested in your VRSP account BENEFITS 2009

  27. Voluntary Retirement Savings Plan (VRSP) Highlights: (cont’d) Investments: • Choose to invest your retirement plan account with one of three carriers: • TIAA/CREF (10 funds available), or • Vanguard (60 funds available), or • Calvert (14 funds available) • Select your investment carrier within 31 days of your eligibility date • otherwise your funds will be defaulted into one of Vanguard Life Cycle Funds • Choose from the various investment funds available with your carrier • Change your investment carrier online at any time • Change your investment (fund) election at any time directly with your selected carrier • Distributions: • While employed, there are IRS penalties for taking money before age 59 ½, or your termination of employment except for: • Hardship withdrawals (restrictions apply) • Loans (allowed from TIAA/CREF Supplemental Retirement Annuity only) BENEFITS 2009

  28. Work/Life Benefits • Adoption Assistance Program • Long-Term Care (LTC) • Backup Care Program • Tuition Benefits • Vacation & Holidays BENEFITS 2009

  29. Adoption Assistance • Up to $5,000 as reimbursement for eligible expenses related to the adoption of a child under the age of 18 • Eligible expenses include: • Agency fees • Legal and court fees • Fees for medical and hospital services (not covered by insurance) • Traveling expenses (transportation, meals, lodging) • Temporary foster care BENEFITS 2009

  30. Long-Term Care (LTC) • Financial security if • unable to care for yourself • need personal care for an extended period of time due to accident, illness or the effects of aging. • John Hancock administers this benefit program • Covered services include: • Nursing home • Alternate care facility • Home healthcare or adult day care • Informal care (i.e., light housekeeping, shopping) • Spouse, same-sex Domestic Partner, parents and parents-in-law may also apply for coverage • Choice of different daily benefit maximums BENEFITS 2009

  31. Long-Term Care (LTC) • Must work full-time and be actively at work if applying • All eligible applicants must provide proof of good health if application for coverage not received within 60 days of your eligibility date. Contact John Hancock for an application packet: 1-800-964-3039 www.columbia.jhancock.com BENEFITS 2009

  32. Back-Up Care Program • Backup Care • Provides temporary options when regular care arrangements break down (school closing, regular caregiver is ill or on vacation, child or loved one is ill and requires care at home, etc.) • Affordable Care • Columbia University covers majority of cost • $2 co-pay/hour per child for center-based care • $4 co-pay/hour for home care • 100 hours of care/employee per year (June 1, 2008– June 30, 2009) • To register visit www.workoptionsgroup.com or call 1-800-557-0847 (no cost to register) • This information is available on www.hr.columbia.edu BENEFITS 2009

  33. Tuition Programs • Tuition Exemption • Other programs include: • College Tuition Scholarship Program (CTS) pays a portion of tuition for your children (or the children of your spouse or same-sex domestic partner) who attend another college • Primary Tuition Scholarship Program (PTS) pays a portion of tuition for your children (or the children of your spouse or same-sex domestic partner) who attend private school within the five boroughs BENEFITS 2009

  34. Next Steps • Read through Benefits in Brief • Get a UNI (University Network ID) • Your UNI gives you access to your benefits information • If you do not have a UNI on your first day of work contact the person who hired you • Create a password by going to http://uni.columbia.edu • Go to www.hr.columbia.edu. Click on the Columbia UniversityBenefits Enrollment System, log in with your UNI and password, and enroll in your healthcare, life insurance, long-term disability and retirement savings contributions BENEFITS 2009

  35. BENEFITS 2009

  36. Next Steps Next Steps (Cont’d) • To direct the investment of your retirement contributions, complete the retirement investment directions forms in your New Hire Packet, and follow the instructions in the Retirement Packet (enclosed in the New Hire Packet) • Questions?Please contact the Columbia University HR Benefits Service Center at 212-851-7000, Monday – Friday 9 a.m. to 4 p.m. BENEFITS 2009

  37. Important “Deadlines” • 31 days from your first day of employment to enroll for University benefits: • Medical and Dental Insurance, Life Insurance, Optional Long Term Disability Insurance, Flexible Spending Accounts (FSAs), Transit and Parking Accounts • Otherwise, you will have to wait until the next annual Open Enrollment period, unless you have a qualifying life status change • Enroll in Long-Term Care insurance anytime BENEFITS 2009

  38. Other Information Benefit Changes during the year • “Qualified Life Status Change”: • Changes to health & insurance elections during the year only for qualifying Life Status Changes (e.g. marriage, birth, divorce or change in employment status). • You make the change online on the Columbia University Benefits Enrollment System • Any change must be made within 31 days of the event BENEFITS 2009

  39. Other Information (cont’d) Benefit Changes during the year • Open Enrollment • Annually October/November • You will be able to make changes for the next calendar year. BENEFITS 2009

  40. How To Contact Us HR Benefits Service Center Phone: 212-851-7000 Hours: Weekdays 9:00 am to 4:00 pm E-mail:hrbenefits@columbia.edu Web:www.hr.Columbia.edu/hr BENEFITS 2009

  41. Questions?? BENEFITS 2009

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