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Faculty Benefits Overview

Faculty Benefits Overview. Here’s what we will cover:. UVA Health Plan (includes medical, pharmacy and dental benefits, as well as a vision discount program) Davis Vision Retirement System Life Insurance Disability Program Tax –Deferred Savings Plan Flexible Spending Accounts.

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Faculty Benefits Overview

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  1. Faculty Benefits Overview

  2. Here’s what we will cover: • UVA Health Plan (includes medical, pharmacy and dental benefits, as well as a vision discount program) • Davis Vision • Retirement System • Life Insurance • Disability Program • Tax –Deferred Savings Plan • Flexible Spending Accounts

  3. The UVa Health Plan: Overview • The UVA Health Plan is a self-funded plan • Medical, Prescription, Dental and Vision discount are bundled • Full-time employees: UVa pays a portion of the cost • Part-time employees: May join plan at their cost • Effective 1/1/2011, all new employees that do not elect or waive coverage within 60 days of hire are automatically enrolled in the low premium plan, employee only.

  4. UVa Health Plan: Premiums 2011 Cost (per month): NO CHANGES FOR 2012 * Double State coverage is discounted family coverage offered when an employee’s spouse is also a state employee.

  5. Medical Coverage • There are 2 programs offered; High Premium and Low Premium • See the Medical Schedule of Benefits for a comparison between the High Premium and Low Premium • Medical Claims Administrator: Aetna, 888-872-3862, www.aetna.com or to find an Aetna provider: www.aetna.com/DocFind/Custom/uva • Each employee/family will receive 2 cards (5 enrollees per card)

  6. Medical Coverage

  7. Quick Comparison- In Network

  8. Prescription Drug Coverage • Prescription drugs are the same for the High Premium and Low Premium programs • Claims Administrator: CatalystRx, (877) 629-3123, www. Catalystrx.com • Employee ID card is valid for all eligible dependents.

  9. Drugs can be filled at retail pharmacies (30-day supply) or through mail order program (90-day supply)Sample network pharmacies include: CVS, Wal-Mart, Giant, Kroger, Eckerd, and most local independent storesSee the Medical Schedule of Benefits for detailed information on prescription drugs

  10. There is a 5th tier of prescription drugs which may provide discounts on otherwise uncovered medications • These may include: • Non-sedating antihistamines • Vitamins • Diet pills • Nicotine gum • Travel-related drugs • Cosmetic drugs • Infertility medication

  11. Dental Coverage • Dental insurance is the same for the High Premium and Low Premium health insurance programs • Claims Administrator: United Concordia, (866) 215-2354, http://www.ucci.com/tuctcc/clients.jsp?id=13 • Dental ID cards will be mailed to the employee for each covered life

  12. Dental Coverage • Maximum annual benefit: $1,500 per covered life • Type A, Preventative: 100% • Type B, Restorative: 80% • Type C, Complex Restorative: 50% • Orthodontia: $1000 lifetime • $50 annual deductible • See the Dental Schedule of Benefits for detailed information

  13. Discount Vision Program • Discount vision program is the same for the High Premium and Low Premium programs • Program Administrator: EyeBenefits, (800) 621-7900, www.eyebenefits.com • 2 ID cards will be mailed to the employee household • All family members living in your household are eligible for membership benefits

  14. Discount Vision Program • No claims to file: Present your vision card at the time of service and receive a discount for the service provided • Exams 5% to 20% off • Frames 20% to 50% off • Lenses 20% to 25% off • CRT 15% to 25% off • LASIK 15% to 25% off • Online Contact Lenses: Close to Wholesale Pricing

  15. Davis Vision Insurance • Fully-insured, employee paid vision insurance program includes: • Eye examination • Spectacle lenses and frames • Contact lenses • Monthly Premiums for Services • Employee $5.66 • Employee plus child $9.91 • Employee plus spouse $10.20 • Family $15.86

  16. Davis Vision Insurance • Davis Vision is actively recruiting vision providers in the Charlottesville/Albemarle area. Check their website at www.davisvision.com for the most current provider information (UVA ‘Control Code’ 4680). • Enrollment in the Davis Vision plan is separate from the UVA Health Plan.

  17. Virginia Retirement System • Defined Benefit plan • Monthly benefit at retirement based on years of service, age, and highest average annual salary paid during 60 consecutive months • Plan Administrator: Virginia Retirement System, (888) 827-3847, www.varetire.org • Employees contribute the 5 percent member contribution on a pre-tax salary reduction basis.

  18. Virginia Retirement System: Features • Provides retirement benefits as early as age 60 with at least 5 years of service • Full, unreduced benefit available at normal Social Security retirement age with at least 5 years of service credit or when age and service equal 90 (e.g. age 60 with 30 years of service credit). Plan 2 • Fully vested in the Plan after 5 years of service • See the Virginia Retirement System Member Handbook for detailed information at www.varetire.org

  19. VRS Life Insurance • Coverage level: 2 times your annual salary • Employer paid, no employee cost • Policy underwritten by: Minnesota Life, (800) 441-2258, www.varetire.org

  20. VRS Life Insurance: Optional Coverage See the Optional Group Life booklet for detailed information

  21. VSDP – Overview • Sick Leave • Family and Personal Leave • Short Term Disability • Long Term Disability • Long Term Care Insurance • See the VSDP handbook for detailed information at www.varetire.org

  22. VSDP – Sick Leave • First year of employment: Based on status and first date of employment • Subsequent years: 32-80 hours of sick leave credited each January 10 based on your service and employment status • Unused sick leave may not be carried forward from one calendar year to the next, nor will you be paid for any unused sick leave when you terminate

  23. VSDP – Family and Personal Leave • First year of employment: Based on first date of employment • Subsequent years: 32 hours of family leave credited each January 10 • Unused family and personal leave may not be carried forward from one calendar year to the next, nor will you be paid for any unused family and personal leave when you terminate

  24. VSDP – Short Term Disability (STD) • Eligible after one year of continuous employment • Income replacement benefit for the first 5 years is 60% of pre-disability income • Plan Administrator: Unum, (800) 652-5602 • Authorizations must be obtained from Unum in order to get income replaced

  25. VSDP – Long Term Disability (LTD) • Provides income replacement if you are unable to return to work after 180 calendar days of STD • 60% of your pre-disability income • 80% of your pre-disability income for catastrophic conditions • Return to your pre-disability position is not guaranteed after you begin LTD

  26. VSDP – Long Term Care Insurance (LTC) • Long term care (LTC) provides a $96 basic daily benefit • Plan Administrator: VRS, (888) 827-3847 www.varetire.org • Additional coverage, including coverage for spouse, parents and in-laws, is available by contacting Genworth, (866) 859-6060 http://www.genworth.com/cov

  27. Optional Retirement Plan (ORP) • Defined Contribution plan • Employees hired 7/1/10 or after contribute the 5 percent member contribution on a pre-tax salary basis. • These employees also receive a fixed employer-paid contribution at a rate currently set at 8.9 per cent; grandfathered employees receive an employer contribution of 10.4% • You direct the investment of your account and retirement benefits are based on market value of your account at the time of your retirement. • Immediately 100% vested. Investment options are available through Fidelity Investments, or TIAA-CREF • Enrollment in ORP also means participation in the Standard Group Term Life Insurance, Long-Term Disability Insurance, and optional Personal Accident Insurance.

  28. Life Insurance – ORP • The Standard Group Term Life Insurance • Coverage level: $75,000 of coverage for each participant until age 65 when coverage reduces by 35 % and at age 70 reduces by 50%. • Participants may purchase supplemental insurance based on a multiple of salary (1 to 4 times salary) up to the maximum benefit of $1,000,000. • Additional coverage is also available for spouse (maximum benefit of $100,000) and/or dependents (maximum benefit of $10,000). • Upon retirement, ORP members receive $10,000 of life insurance.

  29. ORP Personal Accident Insurance • If you elect the ORP, optional Personal Accident Insurance is available • Additional coverage is available for employee or employee plus family Long Term Care Insurance (LTC) • Coverage, including coverage for spouse, parents and in-laws, is available by contacting Genworth, (866) 859-6060 http://www.genworth.com/cov

  30. ORP – Short-Term Disability Leave • Short-term disability is generally described as a type of "sick" leave for absences of more than five days, including maternity leave. • Faculty employees will retain the 100% salary continuation for the approved leave period with no waiting period. • Eligible for 6 months • To initiate a claim call The Standard’s Disability Claim Reporting Service at 800-378-2395

  31. ORP - Long-Term Disability • The Standard Group Long-Term Disability Program • 66 2/3% income replacement when unable to perform own occupation (2 years) or any occupation (until Normal Social Security Retirement Age (1/1/12) after a six-month waiting period. • During the waiting period, members will continue to receive 100% of income. • During disability, Standard will provide contributions to your retirement account on your behalf.

  32. 403(b): Features • You choose: • How much money to invest • A vendor: • Fidelity, (800) 343-0860, www.fidelity.com • TIAA-CREF (800) 842-2776, www.tiaa-cref.org • Contributions can be made to both vendors • Funds • Fund information can be obtained from the Benefits Office, the vendor website or by calling the vendor directly

  33. 457 Plan: Features • Investment vendor: ING, (877) 327-5261, www.varetire.org • You choose: • How much money to invest • Funds • Fund information can be obtained by calling ING or visiting the website: www.varetire.org

  34. Flexible Spending Accounts - (FSA) • Pre-tax deductions, up to $5,000 per calendar year for each plan, can be used to reimburse you for healthcare and dependent care expenses • Each pay period, money will be deducted in a pre-tax basis in equal increments and contributed to your health and/or dependent care spending account • All monies in your account at the end of the plan year’s grace period will be forfeited • Plan Administrator: Chard Snyder, (800) 982-7715, www.chard-snyder.com

  35. Flexible Spending Accounts - (FSA) • All members will receive a pre-paid benefits debit card that will provide an automatic way to pay for qualified expenses. It is still important to keep ALL receipts. • Claim forms (if needed) as well as account balance, reimbursement and plan information are available on Chard Snyder’s website • There is a $2.75 per month administration fee deducted from your paycheck • Paper claims must be direct deposited into your bank account • Each year you must re-enroll during Open Enrollment

  36. Flexible Spending Accounts – Dependent Care FSA • Minimum: $240, Maximum: Depends on tax status • Used for children under 13 who qualify as dependents on your federal tax return • Can be used for: • Before & after school programs • Nursery school, preschool, in-home care • Summer camp (not overnight) • Adult daycare

  37. Flexible Spending Accounts – Dependent Care FSA • Can not be used for: • Child support payments • Educational supplies or activity fees • Private school tuition (after preschool) • Overnight camps • Funds for dependent care are available only after the money has been deducted from your paycheck and you have incurred the dependent care expense

  38. Flexible Spending Accounts – Health Care FSA • Minimum: $240, Maximum:$5000 • Will reimburse you for a variety of healthcare expenses not reimbursed by the healthcare plan • See Chard-Snyder website for eligible and ineligible expenses • All funds for healthcare expenses are available after your first payroll deduction

  39. Backup Care Options • All employees eligible for 10 days of care per calendar year for self, children or family members • Co-pay applies when care is used: • Center based care: $15/day per child • In-Home care: $30/day – up to 3 dependents • You can pre-register at http://backup.brighthorizons.com • Bright Horizons– 877-242-2737

  40. Education Benefits • Full and Part-time employees with one year of benefits-eligible service are eligible for centrally-funded benefit up to $2,000 per year • Education benefits may be used for academic degrees or courses at UVA and other accredited institutions, and non-credit courses, certificates and licenses at UVA and other education providers

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