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KCOE Business Department Highlights: Key Updates on Insurance, Paychecks, and Retirement

Welcome to the latest updates from the KCOE Business Department! This month, we cover essential information regarding health insurance options, paycheck updates, and retirement savings plans. Don't forget that health insurance plan selections are due by September 10th, and increased rates will affect employee costs. We also highlight the Summer Pay Program, updates on beneficiaries for life insurance, and details about the state budget's impact on K-12 funding. Visit the Employee Web for resources and forms to stay informed.

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KCOE Business Department Highlights: Key Updates on Insurance, Paychecks, and Retirement

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Presentation Transcript

  1. Welcome Back! Stephen Corl Business Department

  2. Highlights • Health Insurance • Your Paycheck • Retirement Savings • Employee Web • State Budget • Facilities Update • Disclaimer: KCOE does not provide tax advise. Tax information is provided as a service and should not be construed as providing tax advise. See your tax advisor for specific advise.

  3. Health Insurance • Health Insurance packet • Plan selection due by September 10th • If no selection, then prior year plan • Health Insurance Rates • Rates continue to increase • KCOE increased contribution last year • Rate increase will increase employee cost • Dental Plan • DPO also known as PPO • Incentive Plan AKA Traditional Plan

  4. Health Insurance Medicaid And The Children’s Health Insurance Program (CHIP)Offer Free Or Low-Cost Health Coverage To Children And Families Notices were mailed to all employees Copy of notice on Employee Web under documents For more information, go to www.healthyfamilies.ca.gov

  5. Your PaycheckUpdate Beneficiaries • Remember-If you have life changes, beneficiary information may need to be updated • Some of products that may needed updating • Employer paid life insurance • Keenan Voluntary AD&D employee paid insurance • American Fidelity life insurance

  6. Your PaycheckKeenan Voluntary AD&D Insurance • Updated insurance with reduced rates • All existing customers will need to re-enroll • Offering increased no-cost AD&D of $2,000 • Open enrollment ends October 1st • Enrollment forms will be sent out soon • All rates will be over 10 months

  7. Your Paycheck • Summer Pay Program • Purpose: Provide savings for non-work months • If pleased with summer pay, then no change needed • If you would like to make a change, call the payroll department for an appointment • Social Security Numbers (SSN) • Do not put your SSN on any form • Use employee ID on all forms • Your number is on your pay stub

  8. Your Paycheck • Always review your STRS/PERS Annual Statements • Both systems have great on-line resources • Each allow member account access • Direct Deposit Reminder • Form available on KCOE Website • Found under Business Department Forms • Direct Deposit does not apply to manual checks

  9. Your Paycheck • Section 125 (See handout in packet) • Reduces taxable income • Used for • Health insurance premiums & medical reimbursement • Child care • Disability Insurance & Cancer Insurance • Health Care Reform Changes • January 1, 2011-excludes over-the-counter meds • January 1, 2011-employer cost of health insurance reported on W-2 • January 1, 2013-FSA limited to $2,500

  10. Your Paycheck • Appointments will be September 7,8,9,10,13 • Chris Cuevas, American Fidelity representative • Reasons to meet • New hires • Employees wanting changes • Medical reimbursement • Medical reimbursement drops off every year • Plan for reduction in FSA • Call Jeani Brown for appointment at ext 7021

  11. Retirement Savings • Supplement your retirement allowance • Deferred Compensation-457 • Tax Sheltered Annuity-403(b) • 403(b) 3rd Party Administer • Central Valley Support Services • www.cvsupportservices.org • Roth available • Both provide current tax advantages

  12. Employee Web • Link from the KCOE Intranet • Use Employee ID/password • Look-up pay stubs • You may have to temporarily allow pop-ups • Shows tax allowances • Submit address changes • Work Calendars

  13. State Budget Update • Where’s the Budget? • Projected $20 Billion deficit in 2010-2011 • Requires severe cuts or increased revenues • Some believe it could be November • K-12 is dependent on state funding • State cuts will impact COE and Districts • Districts are asking hard questions • Fiscal & Program necessity

  14. Summary of Facilities Moves • Information Systems moved to Boogaard Education Center • Rearranged the Round Building • Non-severe preschool from Richmond to Pioneer Elementary

  15. Facility Changes for 2010-2011 • Communication tower at Lemoore Center • Portable Classroom at Pioneer Elementary • Site planning for Kit Carson state preschool

  16. We are here to serve and have fun doing it Have a Yabba Dabba Do! Year!

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