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Employee Benefits

Employee Benefits

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Employee Benefits

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  1. Employee Benefits • Long Term Care • Leave • Holiday • Savings • Credit Union • Additional Benefits • Retirement • Health • Dental • Vision • Life/AD&D • Cafeteria • Flexible Spending • Long Term Disability

  2. Classified Retirement Louisiana State Employees Retirement System (LASERS) • Participant criteria: • Full-time classified employee • Part-time classified employee, working 21 or more hours per week • Participation is mandatory • Employees age 55 or older when hired contribute to one of the following: • LASERS • Social Security (if you are under age 60, you must have already contributed to Social Security for at least 40 quarters) • Deferred Compensation Plan

  3. Classified Retirement

  4. Classified Retirement

  5. Classified Retirement • Options at Separation of Employment • Keep your money in the plan and notify us when you are ready to retire • Roll your contributions into an IRA or another compatible plan • Withdraw your contributions • 20% taxes and 10% penalty will be imposed

  6. Pool Employee Retirement Options • Social Security • employee may contribute to Social Security at a rate determined by the Federal Government. The Agency will also contribute to Social Security at the Federal Govt. rate. • Deferred Compensation • in lieu of contributing to Social Security you can opt to contribute to this investment plan. Contributions by both the employee and agency are at the normal Social Security rate.

  7. Write your name here Write your SSN here Sign here Write the date here

  8. Write your name here Write your SSN here Sign here Write the date here

  9. Benefits Department • Staff • Alisha Crowell 903-0113 Benefits Supervisor • Tonya Jackson 903-0141 Benefits Analyst • Kim Myers 903-0709 Benefits Analyst • Dolores Nehlig 903-1604 Benefits Specialist • Office Information • Butterworth Building, Rooms 204-207 • 7:30 a.m. – 4:00 p.m. • Fax: 680-0221

  10. Important Information • Dates to Remember: • Date of Hire _____________________________ • Enrollment forms due in HR _________________ • Coverage effective date ____________________ *Up to 30 days from date of hire to sign up for benefits • Documents • Retirement: Social Security Card and Birth Certificate • Benefits: Original Birth Certificate(s), and Marriage License Page 1

  11. Health Insurance • Enroll within first 30 days of employment or at any time during the year • Premiums deducted one month in advance • Pre-existing conditions apply • Four plans:

  12. Health Insurance Comparison

  13. LSU First Option 1 Pro-rated Deductable

  14. LSU First Option 2 Pro-rated Deductable

  15. Health Insurance Comparison

  16. Health Insurance Comparison

  17. Health Insurance Comparison

  18. Health Insurance Comparison

  19. Health Insurance Comparison

  20. Health Insurance Rates 2013 monthly deductions

  21. Dental Insurance • Two Options (Basic or Enhanced) www.dearbornnational.com 1-888-758-6979

  22. Dental Insurance

  23. Dental Insurance

  24. Vision Insurance *if LSU 1st member, receive UV coating, scratch protection & progressive lenses at no additional cost 1-877-923-2847 www.davisvision.com (LSU 1st Client Control 4884) (Non LSU 1st Client Control 4885)

  25. Vision Insurance

  26. Prudential Life Insurance (OGB) • Employees are guaranteed coverage within 30-days of hire • State pays half the premiums for employee life • Dependent premiums are 100% employee paid • Includes AD&D on employee • Children covered until age 26 • 25% reduction in coverage amount and premiums at age 65 and 70

  27. Prudential Life Insurance (OGB)

  28. Prudential Life Insurance (OGB)

  29. The Hartford Life Insurance (LSU) • Guaranteed issue when enrolling during the first 30 days • Guarantee issue amount for employee coverage is five (5) times annual base salary up to $500,000 • Spouse coverage is guaranteed up to $100,000.  Spouse is eligible for up to 50% of employee coverage; amounts over $100,000 require approval • Accidental death and dismemberment coverage for employee/spouse available • Child(ren) are eligible for $5,000, $10,000 or $20,000 of life up to age 26 (AD&D not available) • Spouse and children are not eligible for coverage if they are an active member of the armed forces. • May apply for coverage at any time, yet coverage is subject to underwriting approval

  30. The Hartford Life Insurance (LSU)

  31. Accidental Death and Dismemberment • Benefits are paid for loss of life, disability or dismemberment resulting from a covered accident. • Coverage is effective 1st of month following enrollment. • Employee's spouse and unmarried eligible dependents (14 days up to age 21, up to age 24 if a full-time student) are also eligible for coverage: • Spouse coverage = 50% of principal sum or 40% if you have eligible children • Children coverage = 15% of principal sum or 10% if your spouse is eligible for coverage • * Monthly Rate

  32. Tax Saver Flexible Benefit Plan • Cafeteria Plan • Premiums for medical, dental, vision and Group Benefits life insurance are deducted from your check pre-tax. • Must enroll within 30 days of appointment date; otherwise, must wait until October Annual Enrollment period • No cost to participate • You can only cancel or lower coverage during Annual Enrollment unless you have a qualifying event. Change must be made within 30 days of event. • Qualifying events include: • Change in marital status • Birth/Adoption • Change in employment status of spouse • Change in eligibility of a dependent

  33. Flexible Spending Account • You can set aside a portion of your earnings, tax-free, for everyday expenses you may have: • Dependent day care expenses • Out-of-pocket medical expenses including medical, dental, vision, over-the-counter medications or prescription drugs • How it works • The amounts you elect are automatically deducted from your paycheck on a pre-tax basis. • The money is held until you have a qualified expense • You will receive a credit card to pay for qualifying expenses or you can email your claims and receipts to flex@boonchapman.com • If emailed, the claim is reviewed and tax-free reimbursements are made to you by direct deposit. *IF YOU DON’T USE THE MONEY, YOU LOOSE IT!!

  34. Flexible Spending Account • Dependent Care FSA • Who is eligible? • Child under 13 (over 13 if physically incapable of self care) • Spouse or parent who resides with you and incapable of self care • Eligible Expenses • Day care facility • Before/After School Care • Summer Day Camp • Nursery school or preschool, if child is too young for Kindergarten (Private school tuition K4 and above is not eligible.) • In home babysitting fees, if claimed as income by care provider and not provided by dependent

  35. Flexible Spending Account • Health Care FSA • Eligible Expenses • Co-payments • Deductibles • Prescription Drugs • Dental Services • Braces • Eye examinations • Contacts/Eyeglasses • Hospitalizations • Surgery Expenses • Chiropractors • Podiatrists • Hearing Aids • Laboratory Fees • Acupuncture

  36. Flexible Spending Account Example:

  37. Long-Term Disability • Affordable financial protection against a disabling illness or injury • 60% of salary is insured • Payable once 90 consecutive days of work are missed & sick leave is exhausted • Employee is guaranteed coverage if enrolled within the first 30 days of employment. • Monthly salary X .00553 = monthly premium (see right) • Deductions are immediate and are taken from all 26 checks.

  38. Long-Term Care • Guaranteed issue for employee and spouse if elected within first 30 days of employment • Choose a benefit amount of $1,000 to $4,000 per month, in increments of $1,000, with a benefit duration of either three or six years • May elect coverage for parents and grandparents after medical underwriting • Benefits paid for a cognitive loss or when person can no longer perform 2 of the 6 “Activities of Daily Living” • Before benefits are payable, a 60-day waiting period requirement must be met. • Benefit payments are made directly to you, to be used at your discretion

  39. Classified Leave • All job appointment, probationary and permanent classified Civil Service employees earn sick and annual leave. • Part-time Civil Service employees earn a pro-rated amount based on their hours worked. • There is no maximum amount of leave an employee may accumulate. • When leaving state service, up to 300 hours of annual leave will be paid out; sick leave will not be paid out. • If you return to state service within 5 years, unpaid annual and sick time will be restored. • At retirement, leave can be converted to service credit or paid out.

  40. Savings Plans • LA Deferred Compensation(457b) & 403b • Both are defined by the IRS as retirement savings accounts. • Your contributions are made pre-tax. • You pay taxes on the money when you make a distribution after retirement. • IRS limits: $17,500/year and an additional $5,500/year if 50+ • You decide how the money is invested. • You can roll money into account from other retirement plans, • To sign up for 403(b) you must contact the individual vendor.

  41. Savings Plans Companies

  42. Credit Unions

  43. Additional Benefits • LA Start Saving Program • Saving money for college expenses for your children’s or grandchildren’s college or vocational education • Earnings enhancements between 2% and 14% • Up to $2,400 per year may be excluded from taxable income reported on the account owner’s Louisiana tax return • Earnings are tax deferred while in the account and are exempt from state and federal taxes when used to pay qualified higher education expenses • http://www.startsaving.la.gov

  44. BEFORE LEAVING FOR LUNCH All Employees must : Turn in your completed Benefits forms in the back of the room. If not electing to take benefits you need to turn in the forms declining them. Pool Employees may leave for lunch if they turned in their forms after the pool benefits presentation. All employees may go to lunch when finished with your Benefits paperwork. If you have not already done so, contact your manager to find out what time to report to work after orientation. The afternoon session begins promptly at 12:00 pm. Kindly return by 11:50 am so you can be settled and ready to begin the first afternoon presentation. The lecture on Prisoner Safety is from 12:05pm – 12:10. If you are late you will miss it. Thank you and enjoy your lunch.

  45. LUNCH The afternoon session begins at 12:00 pm. Please return by 11:55 am so you will be seated and ready to start on time.