Welcome to Florida State University

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Welcome to Florida State University

• Benefits Overview

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Pre-tax Program

• Offered through the State of Florida
• Administered through People First
• Can waive pre-tax on health and life insurance
• Supplemental plans and flexible spending accounts
  are available only on a pre-tax basis
• Pre-tax status of deductions begin 60 to 90 days
  after enrollment

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Insurance Programs

• Who is People First?
• Benefits Services Provider for the State
  of Florida
• Responsibilities include, but are not limited to
• Processing Enrollments of Pre-tax Insurance
• Processing Qualifying Status Changes (QSC)
• Verification of dependent eligibility
• Administering COBRA benefits
• Annual Open Enrollment

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How Do I Use People First?

• User ID and password required
• People First Website
• People First Service Center
• Paper Enrollment Forms (if applicable)
• User ID and password can be obtained by calling
  People First at 1-866-663-4735 or contacting
  benefits at 644-4015

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Where Do I Go If I Have Questions?

• People First Website-
• https//peoplefirst.myflorida.com
• Available 24 hours a day, 7 days a week
• People First Service Center
• 1-866-663-4735
• Available Mon Fri, 830 am to 530 pm
• FSU HR Benefits Section 850-644-4015

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Health Insurance Plans

• PPO Blue Cross/Blue Shield
• HMOs Companies vary by county
• HIHP Companies vary by county
• Enrollment in a health plan must take place
  within the first 60 days of employment.
• All forms can be found on People First website at
  https//peoplefirst.myflorida.com

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Health Insurance Premiums

• Premiums for full time employees
• Individual Coverage (Employee only)
• 25.00 bi-weekly
• Family Coverage (Employee 1 or more)
• 90.00 bi-weekly
• Spouse Program Free insurance to full-time
  employees if both work for the State
• Premiums for part-time employees are proportional
  to FTE percentage

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HMO Insurance Plan

• Emphasizes wellness and preventative care
• Select a primary care provider from the plan list
  to coordinate all medical care
• Obtain a referral if a specialist is needed
• Only urgent/emergency services are paid outside
  the service area
• Notify the HMO within 48 hours of an accident or
  ANY emergency

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HMO Summary of Benefits

• No claims to file
• No pre-existing condition
• No deductibles, No Coinsurance
• Selected co-pays
• Office visits -15 primary care, 25 specialty
• Emergency services - 50
• Hospital admission - 250
• Prescription drugs (30 day supply)
• 10 for generic drugs
• 25 for preferred drugs (contact provider for
  list)
• 40 for non-preferred drugs

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Blue Cross/Blue Shield

• Offers world wide coverage and no restrictions on
  providers
• Co-pays, Coinsurance and Deductibles
• Cost vary based on network or non-network coverage

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BC/BS Summary of Benefits

• Network
• Office visits are 15 primary care, 25 specialty
• Calendar year deductible
• -250 individual
• -500 family
• Non-network
• Office visits are 40 of allowance plus
  difference between charge and allowance
• Calendar year deductible
• -750 individual
• -1500 family
• Employee must file the claims

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BC/BS Summary of Benefits

• Prescription drugs (30 day supply)
• -10 for generic
• -25 for preferred drugs (contact provider for
  list)
• -40 for non-preferred
• 90 day mail order supply
• -20 for generic
• -50 for preferred (contact provider for list)
• -80 for non-preferred
• 100 Health Screening Allowance (not applicable
  to dependents

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BC/BS Pre-existing Condition Exclusion

• Any medical services received within 6 months
  prior to the coverage effective date are excluded
  for the first 12 months of coverage
• Request for waiver of pre-existing conditions
  may be submitted to People First if you have
  satisfied the pre-existing condition exclusion
  under prior health insurance coverage and have
  not had a loss of coverage that exceeds 63 days

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Health Investor HMO and PPO

• Higher deductible and increased coinsurance
  lower employee premium
• Bi-weekly Premium
• Individual 7.50
• Family 32.15
• Annual Deductible
• Individual 1,250
• Family 2,500

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Health Investor HMO or PPOHealth Savings Account

• Health Savings Account is regulated under IRS
  Publication 502
• Pre-tax savings account for medical purposes
• Account accumulates interest on balances and can
  roll over to be saved for future use
• Yearly Contribution
• Individual Family
• Employee 2,400 4,800
• Employer 500 1,000
• Participants 55 and older can contribute an
  extra 700/year

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State Term Life Insurance

• Underwritten by Minnesota Life
• Low cost to the subscriber since State pays 80
  of the premium for Basic Term Life
• Accidental Death and Dismemberment coverage equal
  to Basic Term coverage
• Coverage provided for employee only
• Life Insurance Premium based on employees salary
  and FTE percentage

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State Term Life Insurance

• Optional coverage available 1 5 times base
  annual earnings, up to a maximum of 500,000
• Optional Term Life includes Accidental Death and
  Dismemberment coverage
• Coverage provided for employee only

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State Term Life Insurance

• IRS Tax Treatment (IRS Code Section 79)-
  Employees enrolled in State Life Insurance must
  include as taxable income the employer and
  employee cost of life insurance coverage in
  excess of 50,000

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Flexible Spending Accounts

• Medical Reimbursement
• -Minimum annual election 60 maximum 5000
• -For tax deductible medical expenses
• Dependent Care Reimbursement
• -Minimum annual election 60 maximum 5000
• -For expenses that are required to allow you and
  your spouse to be gainfully employed
• For both accounts Use it or lose it and file
  claims directly with People First

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Dental Insurance Providers

• American Dental Plan (HMO and Indemnity)
• Ameritas (Indemnity)
• Assurant (HMO and Indemnity)
• Cigna (HMO)
• Comp Benefits (HMO and PPO)
• United Dental (HMO)

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Dental Insurance Plans

• Pre-paid plans
• -Must select a dentist from participating
  provider list
• -Two routine cleanings per year provided with
  coverage or office visit co-pay
• -Routine x-rays
• -Orthodontia benefits
• -Expenses for preventative and restorative care
  vary by company
• -No deductibles
• -No claims to file

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Dental Insurance Plans

• Indemnity, Insured or DPPO Plans
• -May choose any dentist you want
• -More out of pocket expense
• -Coinsurance, deductibles and maximum annual
  benefits
• -DPPO plan provides two routine cleanings per
  year provided with coverage or office visit
  co-pay
• -Coverage and cost vary by company

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Pre-tax Benefits (Continued)

• Hospital/Cancer Insurance
• Supplemental income for out of pocket expenses
• Paid directly to you or hospital
• Companies Gabor, AFLAC, Alta and Colonial
• Short Term Disability
• Supplemental income for illness or accident
• Benefit Plans 6,12 or 24 months
• 0-180 day elimination period

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Dates To Remember

• For a health insurance effective date of
  September 1, 2008
• Turn in enrollment forms to Benefits today.
• Employees who submit paperwork after 8/21/08 and
  are requesting a 9/1/08 effective date will be
  required to submit a personal check for the first
  months premium.

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Qualifying Status Change

• Participants have 31 calendar days following a
  qualifying event (e.g. marriage, divorce, birth
  or adoption, death of spouse or dependent, loss
  of coverage, etc. ) to make a change to their
  coverage
• Pre-tax participants may make changes only if a
  qualifying status change occurs or during the
  annual open enrollment

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Open Enrollment

• Every year around September/October
• For pre-tax insurance programs only
• Employee can choose to make any changes,
  additions, or deletions during this time
• All changes made during the open enrollment
  period are effective January 1st of the following
  year

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COBRA

• Under the federal COBRA law, employees who
  terminate State employment are eligible to
  continue their Group Health coverage and their
  dental and vision insurance coverage for up to
  eighteen months (or longer under certain
  circumstances).

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Post-tax Programs

• Life Insurance
• ADD Insurance
• Long Term Disability
• Long Term Care
• Offered through the Gabor Agency
• [phone] or [phone]

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Personal Insurance

• Offered by Wachovia Insurance Services
• [phone]
• Automobile, Homeowners, Renters, Condominium
  and Umbrella Liability Insurance
• Enroll at any time
• Payroll deduction
• For more information, visit http//www.wachoviains
  urance.com/select/fsu or contact company for rate
  quote or to enroll

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Miscellaneous Benefits

• Florida Prepaid College Program
• FSU Employee Tuition Scholarship Fund
• Bobby E. Leach Recreation Center
• Child Care Services
• FREE use of StarMetro bus service (citywide)
• For additional information contact Benefits at
• 644-4015.

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Three Retirement Plans

• Florida Retirement System (FRS) Pension Plan
• Florida Retirement System (FRS) Investment Plan
• Optional Retirement Program (ORP)

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FRS Pension Plan

• Defined benefit plan
• No cost to you - University pays all
• Requires 6 years of service to be vested does
  not have to be continuous service

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Pension Plan Continued

• Normal retirement age is 62 and vested or with 30
  years of service at any age
• If you retire early 5 reduction per year under
  age 62 (if you do not have 30 years)
• Salaried, part-time employees (not OPS) receive
  full retirement service credit

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Pension Plan Continued

• Annual retirement benefit is based on
• Average Final Compensation (AFC) (five highest
  fiscal years earnings during career)
• Years of creditable service (not OPS)
• Percentage value per year (1.6 if in Regular
  Class)
• Benefit Formula
• AFC X Service X Percentage
• Disability retirement benefits (regular and
  in-line-of-duty)
• Survivor benefits
• Health Insurance Subsidy (5 per year of service
  max 150)
• 3 Cost of Living Increase for retirees
• Continued insurance coverage

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Pension Plan ContinuedDeferred Retirement Option
Program (DROP)

• Allows you to retire and begin accumulating your
  retirement benefits, without terminating
  employment, for up to 60 months from the date you
  first reach normal retirement (30 years of
  service at any age, or vested and age 62.)
• While participating in the DROP, your monthly
  retirement benefits remain in the FRS Trust Fund,
  earning tax-deferred interest, compounded
  monthly, at an effective annual rate of 6.5. The
  monthly benefit also receives 3 cost of living
  increase every July 1 during this period.
• At the end of the DROP period, your retirement
  accumulation may be taken in a lump sum cash
  payout, invested or a combination of both.
• For more information, refer to http//www.myfrs.co
  m

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FRS Investment Plan

• Defined Contribution Plan
• No cost to you - University contributes 9 of
  salary for investment.
• Employee contributions are not allowed through
  the investment plan.

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FRS Investment Plan Cont.

• 1-year vesting requirement (FRS Pension Plan
  service credit counts towards vesting)
• Enrollment deadline is the end of the fifth month
  following the month of hire
• Not eligible for DROP
• Health Insurance Subsidy (5 per year of
  service-max 150)

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FRS Investment Plan Cont.

• Informational packets are sent to all Faculty who
  do not select ORP and default to the FRS Pension
  Plan
• For more information call Ernst Young Financial
  Advisors at 1-866-446-9377 or log on to
  http//www.myfrs.com

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Optional Retirement Program (ORP)

• Defined contribution plan
• No cost to you - University contributes 10.43 of
  your gross salary 10.42 goes to company of your
  choice to be invested by you (admin. Fee is .01)
• Percentage is based on State law
• 90-Day Deadline to enroll from the date of hire
• Minimum age to withdraw funds without penalty is
  59-1/2
• No Health Insurance Subsidy however you do have
  the option of continuing health insurance
  coverage at retirement
• No Cost of Living Increase

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Optional Retirement Program

• Choose from five companies
• AIG Retirement [phone] or [phone]
  www.aigretirement.com
• Jefferson National Life Insurance Co. (850)
  894-9611 or [phone] www.jeffnat.com/
• ING [phone] or [phone]
  www.ingretirementplans.com
• MetLife Investors [phone] or (800)
  763-2838 www.metlife.com
• TIAA-CREF (Teachers Insurance and Annuity
  Assoc/College Retirement Equities Fund) (800)
  842-2776 or [phone] www.tiaa-cref.org

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Optional Retirement Plan

• Employee Contributions
• May start or stop contributions at any time
• First 10.42 must be contributed through an ORP
  provider
• Maximum calendar year contributions subject to
  IRS limits
• Under age 50 Age 50
• 2008 limit 15,500 20,500
• (See your annuity company representative for
  additional information on the new tax laws.)

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Enrolling in a Retirement Plan

• Choose FRS Pension Plan, FRS Investment Plan or
  ORP by completing form ORP-16
• For the ORP-16 form, go to http//www.myfrs.com/pd
  f/forms/orp-16.pdf
• If choosing ORP, a signed contract with an ORP
  provider is also required

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• Failure to select the ORP during the first 90
  days of employment will result in automatic and
  irrevocable enrollment in the FRS Pension Plan

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Would you like to reduce your taxable income and
save for retirement too??

• As an FSU employee, you are ELIGIBLE TO
  PARTICIPATE in the TAX-SHELTERED ANNUITY programs
  offered at Florida State University!
• EASY
• AFFORDABLE

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Tax Sheltered Annuities (403b) Deferred
Compensation (457)

• Payroll Deduction
• All employees are eligible
• May enroll at any time
• Maximum calendar year contributions subject to
  IRS limits
• Under age 50 Age 50
• 2008 15,500 20,500
• (See your annuity company representative for
  additional information on the new tax laws.)
• Contact company to enroll

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Tax Sheltered Annuities (403b)

• AIG Retirement [phone] or [phone]
  www.aigretirement.com
• The Gabor Agency [phone] or [phone]
  www.gaboragency.com (Jefferson National Life Ins.
  Co., ING, MFS, Symetra)
• Lincoln Financial Group [phone]
  www.lfg.com
• MetLife Investors [phone] or (800)
  763-2838 www.metlife.com
• TIAA-CREF (Teachers Insurance and Annuity
  Assoc./College Retirement Equities Fund) (800)
  842-2776 or [phone] www.tiaa-cref.org

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Deferred Compensation (457)

• For a list of companies, or to enroll, contact
• State of Florida - Office of Deferred
  Compensation
• [phone] or [phone]
• http//www.myfloridadeferredcomp.com

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Welcome to Florida State University