Home > Administrative Offices > Finance and Administration > Human Resources & Employee Development > Open Enrollment 2008

Human Resources & Employee Development

OPEN ENROLLMENT 2009 IS COMING OCTOBER 6- NOVEMBER 7

INFORMATION WILL BE FORTHCOMING AS IT IS RECIEVED FROM THE BOARD OF REGENTS

 

 

Open Enrollment 2008

October 1, 2007

Dear Valdosta State University Employee/Retiree,

The University System of Georgia Open Enrollment Period is scheduled for October 8, 2007, through November 2, 2007. During open enrollment you may add or make changes to your plan type or your level of coverage. Please see the enclosed booklets and the UGS website for additional information. For your convenience, also enclosed in this packet is a letter detailing your current benefit coverage.

You may also check the Employee Self Service webpage for your personal benefit information. If you do not have a password and are unfamiliar with this site, please go to www.valdosta.edu/finadmin/human_resources/SelfService.shtml

Major Items of Interest for the 2008 plan year include:

  • The Board of Regents is offering a new High Deductible Healthcare Plan (HDHP) option. The new HDHP offers significantly lower premiums and meets IRS requirements for the establishment of a personal Health Saving account (HSA). An HSA is similar to an individual retirement account (IRA) but, unlike an IRA, distributions used for qualified medical expenses are tax-free. Unlike a medical flexible spending account, unused contributions are not lost at the end of the plan year
  • The Board of Regents Dental plan is available during this year’s open enrollment. Since the plan is generally only available to new employees and newly acquired dependents be sure to carefully consider this enrollment opportunity.
  • The Board of Regents Indemnity plan will have a 10% premium increase, and the PPO plan will have a 14.5% premium increase. These increases will be effective January 1, 2008. See the enclosed comparison booklet for new rates.
  • Effective January 1, 2008 ORP retirement plan participants will be able to change investment vendors on a quarterly basis. (January 1st, April 1st, July 1st or October 1st of a given year)
  • At the time of retirement, a retiree of the University System of Georgia will have the option to opt out of the Board of Regents healthcare plan. If the retiree at a later date experiences a qualifying event (as defined by the plan), the retiree may elect to opt back into the Board of Regents healthcare plan. The retiree can only opt into the High Deductible Health Plan (HDHP/HSA). The retiree must show that he/she was enrolled in continuous and credible coverage during the opt-out period.

LONG TERM DISABILITY INSURANCE PLAN

Premiums for the long term disability plan have been changed effective 1/1/08:

TRS 90 Day Elimination Period $0.52 per $100 covered payroll
TRS 150 Day Elimination Period $0.24 per $100 covered payroll
ORP 90 Day Elimination Period $0.30 per $100 covered payroll
ORP 150 Day Elimination Period $0.22 per $100 covered payroll

The maximum monthly benefit increases from $7,500 to $10,000 ($150,000 annual salary to $200,000).

USG OPEN ENROLLMENT WEB PAGE

The Plan Year 2008 Open Enrollment web page is operational and will include the Health Plan Update Newsletter scheduled for publication in November. The USG website is: http://www.usg.edu/employment/benefits/

FLEX SPENDING ACCOUNTS

Salary reduction elections will cease on December 31, 2007. All claims documentation for 2007 must be submitted and all outstanding claims issues resolved prior to March 31, 2007. To participate for the plan year beginning January 1, 2008 you must submit a new election form during this open enrollment period.

TAX DEFERRED ANNUITIES

Valdosta State University permits deductions for an individual's tax deferred annuity plan. The money deducted is not immediately subject to Federal or State income taxes, but it will be taxed at the time you receive it. Information regarding the vendors available at Valdosta State University may be obtained by contacting Human Resources and Employee Development.

SHARED SICK LEAVE POOL PROGRAM

The purpose of the Shared Sick Leave Pool is to provide a means for employees to donate paid sick leave to a leave pool to be used by fellow employees who are eligible for and require leave while experiencing a life-threatening or emergency medical condition, and which has caused, or is likely to cause, the employee to take leave without pay. Membership is available during this open enrollment period. See brochure for additional information.

SECTION 529 GEORGIA HIGHER EDUCATION SAVINGS PLAN

To open a Georgia Higher Education Savings Plan college savings account, you may call us to obtain an enrollment packet or contact Tuition Financing Inc (TFI) directly at 1-877-424-4377 to enroll. If you wish to use payroll deduction, you must contact Human Resources and Employee Development.

Enrollment is available year- round.

Sincerely,

Benefits Staff, Human Resources and Employee Development