MEMORANDUM
To:All Pratt Staff and Faculty
From:Kisha Henry, Benefits Manager
Re: Open Enrollment for 2009!
Date:November 2, 2018
This year’s Open Enrollment will be held from November 2, 2009 through November 13, 2009. Open Enrollment is a period during which eligible employees may enroll in (or in some cases, transfer between) various benefit programs provided by Pratt Institute. It’s also an opportunity for employees to gain more information about benefits and ask our Benefits staff any questions.
What’s new for this Open Enrollment?
We are excited to announce the addition of three (3) new voluntary benefit offerings effective in 2010:
- Medical Flexible Spending Account
- Supplemental Life Insurance
- Supplemental Short-Term Disability
Employees may elect to participate in any or all of these benefits described in more detail below.
Medical Coverage
Open Enrollment is an opportunity to enroll or make changes to your medical coverage, including changing plans or adding dependents. Currently the Institute is considering options with regard to the Aetna plan designs and the 2010 rates will be finalized by the Open Enrollment period. Separate notification will be mailed regarding the rates and any plan changes. If you do not elect any change to your medical coverage during Open Enrollment, your existing plan selections will continue for 2010.
Retirement Plans
If you are eligible for the Institute’s Retirement Plan (5% payroll deduction with matching employer contribution), your benefit and deduction will continue into 2010 automatically. If you currently participate in the Supplemental Retirement Plan (no matchingcontribution) in addition to or in lieu of the Retirement Plan or if you would like to, you must re-enroll during Open Enrollment to continue your participation into 2010.
Dependent Care Flexible Spending Account
The Dependent Care FSA allows employees to save by paying for dependent care expenses with pre-tax dollars. You must enroll in this benefit for 2010 during Open Enrollment if you are interested, even if you were previously enrolled. Effective January 1, 2010, the Dependent Care FSA will be administered through Ameriflex. Ameriflex provides a Smartcard that allows you to more conveniently pay for qualified dependent care expenses. If necessary, receipts can also be submitted to Ameriflex for reimbursement. You will still have until February 28, 2010 to submit your dependent care claims to ADP for 2009.
Transportation
This benefit allows employees to save by paying for commuting expenses with pre-tax dollars. Effective January 1, 2010 the transportation benefit will be administered through Ameriflex. Ameriflex provides aSmartcard that allows you to more conveniently purchase transit cards, train & bus tickets or other transportation. If necessary, receipts can also be submitted to Ameriflex for reimbursement. You must enroll in this benefit for 2010 during Open Enrollment if you are interested, even if you were previously enrolled in the Transportation Reimbursement Incentive Plan (TRIP). TRIP will be discontinued after December 31, 2009. You will still have until February 28, 2010 to submit your dependent care claims to ADP for 2009.
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New Voluntary Benefits
- Medical Flexible Spending Account (MFSA)- A medical flexible spending account is abenefit that allows you to contribute a set amount from your paycheck in order to cover out-of-pocket medical, dental, and vision expenses such as health insurance co-pays, uninsured treatments, or even over-the-counter drug purchases with pre-tax dollars. The funds are deducted through regular, equal pre-tax payroll deductions.Employees may elect to contribute up to $5,000 annually to the account. This benefit will be effective January 1, 2010 and will be provided by through an Ameriflex Smartcard that allows you to more conveniently pay for eligible medical expenses.
- Supplemental Life Insurance- Employees who want or need more financial protection will be able to purchase additional Voluntary Life Insurance coverage from Unum. This option allows you to purchase up $200,000 in life insurance. Life insurance for spouses/domestic partners and children are also available. All eligible employees currently receive Basic Life Insurance coverage of either a flat dollar amount or up to one times their base salary as part of their benefits package provided by the Institute at no cost to the employee. This benefit will be effective February 1, 2010
- Supplemental Short-Term Disability Insurance – Currently, the benefit available to most employees through the statutory short-term disability coverage is limited to $170.00 per week for employees unable to work due to illness or injury for any period up to 6 months (benefits may vary for employees covered by a union contract). Voluntary supplemental disability insurance allows employees to purchase additional income protection in the form of benefits that partially replace lost income if they are unable to work due to illness or injury. This benefit will beeffectiveFebruary 1, 2010.
What do I have to do?
The best way to decide your next steps is by completing the attached worksheet. This worksheet was developed to assist you in making decisions about your benefits.If you answer ‘yes’ to any of the questions, you should stop by the Department of Human Resources.
What happens if I don’t sign up?
As explained above, some benefits will continue into 2010 while others will lapse and you may not be able to enroll until next year’s open enrollment season. There may be exceptions during the plan year (Jan.1-Dec. 31) if there is a change in family status (e.g. loss of other medical coverage, divorce, birth of a child, etc.) Please contact our Benefits staff if you are uncertain what you need to do.
How do I get more information?
Information will be made available upon request. You may make your request for open enrollment materials by email to or via phone at (718)-636-3787. Of course, walk-ins are always welcome.
Who will be available to help me?
The Benefits staff of Pratt Institute will be available to assist you in Human Resources during this time. Staff members will be at the Pratt Manhattan location on the following dates and times:
November 4th from 9am-1pm in the SILS conference room (room 610)
November 10th from 1pm-6pm in the SILS conference room (room 610)