Assistant Director of Human Resources Marty Mastascusa recently provided an update on several benefit issues, including medical ID cards, flexible-spending account open enrollment, and the 2010 pension salary reduction limits. The information follows.
New Medical ID Cards
All enrollees in Personal Choice, Keystone POS, and Keystone HMO were mailed new ID cards reflecting Nov. 1 benefit changes. You should use the new card once you receive it. Please let Marty Mastascusa know if you have not received a new card or if you think that you received the wrong card.
There was an activation number included on the plastic sheet that came with the ID card. In case you threw that out without noticing the activation number, it is 1-888-567-0314. No one will be denied services if the activation number is not called. It is being used to collect information on other insurance, so calling the activation number could lessen any claim processing delays associated with determining whether the College insurance is your primary coverage.
Open Enrollment for the Flexible Spending Account
2010 open enrollment for the flexible spending account, which includes the medical-care and dependent-care spending accounts, will occur from Nov. 16 through Dec. 18. Information will be sent next week in campus mail. Please remember that you must re-enroll in the flexible spending account each year, as past elections are not carried forward into a new calendar year.
Pension Salary Reduction
The IRS is not changing the pension salary-reduction maximums in 2010; they will remain unchanged from the 2009 levels:
|Year||402(g) limit||414(v) Age 50 and over “catch-up” limit||Total|
|2009 & 2010||$16,500||$5,500||$22,000|
If it is your intent to reach the 2009 maximum and are not already set up to do so, please download and complete a Salary Reduction Agreement and return it to Human Resources by Dec. 1, 2009. If you are changing your reduction in January, please complete and return the Salary Reduction Agreement by Dec. 23, 2009.
The 2010 maximums for 12 monthly and 26 bi-weekly pay periods are:
|Under 50||50 and Over (age as of 12/31/10)|
If your 2009 pay already reflects these reduction levels, you will be on target to reach your 2010 maximum and do not need to complete a new Salary Reduction Agreement. The only exception is for employees who turn 50 in 2010, as the adjustment to the higher maximum is not automatic.
Employees with over 15 years of service may contribute additional amounts under the 15-Year Rule. If you have been advised that you cannot use the 15-Year Rule due to high historic contributions, that restriction still applies.