There will be an open enrollment period for optional term life insurance from April 17-May 5.
During this period, if an employee is currently enrolled and not maxed (four times base salary) in the optional term life plan, he or she may purchase one additional times base annual salary without completing a health questionnaire, or purchase two or more additional times base annual salary by completing five medical questions on an enrollment form.
As long as an employee doesn’t answer “yes” to any of the questions, he or she will not be required to submit any additional medical information.
Employees enrolled in the optional term life insurance plan will receive a special bonus — a will-preparation service at no additional cost. Through a special Met Life service, employees can consult with an experienced attorney who will complete a will for them and for their spouse at no charge.
Enrollment kits will be sent to the homes of benefits-eligible faculty and staff during the week of April 10. Additional information will be provided at the “Benefits Plan for the Future” employee meetings from April 18-27.
Roth option
The Roth option will be added to the retirement savings plan effective July 1. This provision will allow faculty and staff to make any combination of employee pre-tax deferrals and after-tax contributions from the minimum required plan contribution up to the maximum IRS contribution.
Regardless of whether employees make pre-tax or after-tax contributions, they will receive the same University contribution based on their age and satisfying the two-year service requirement.
Additional information will be provided at the “Benefits Plan for the Future” employee meetings from April 18-27, and an announcement letter and enrollment form will be sent to the campus boxes of all benefits-eligible faculty and staff during the week of May 1.
There is no deadline like other plan enrollments like health insurance and flex spending, but if employees wish to begin the after-tax contribution by July 1, they will need to send their enrollment forms to the benefits office by June 15.
(Special note: Vanguard will be able to accept employee Roth contributions on July 1, but TIAA-CREF will not be able to accept employee Roth contributions until this fall.)
Investment seminars
A retirement investment-education seminar conducted by consultants from TIAA-CREF and Vanguard is being offered to University faculty and staff. At each session, there will be a discussion of basic investment choices and a review of simple strategies and concepts needed to make sound investment decisions.
Topics will include:
• Assessing your current financial situation;
• Forming a financial plan;
• Understanding basic types of investments; and
• Asset allocation and maintaining diversification.
The seminars are scheduled as follows:
• April 18 — Hilltop Campus, Simon Hall, Room 109, 1:30-3 p.m.;
• April 19 — Medical Campus, McDonnell Science Building, Cori Auditorium, 1-2:30 p.m.; and
• April 20 — West Campus, Library Conference Center, Room A/B, 9-10:30 a.m.
Reservations are not required to attend a seminar.
For more information, contact your benefits department.