Meet with a TIAA Financial Consultant 

No matter where you are in life – just getting started or planning for retirement – a one on one session with a TIAA Financial Consultant can help you create a unique plan for your goals. And, it’s at no additional cost as a part of your retirement plan!!

Where: Building III-5124

When:  April 06, 2018 (9:00am – 3:15pm)

              June 19, 2018 (9:00am – 3:15pm)

Remember, space is limited! Register today by visiting www.TIAA.org/schedulenow or call 1800-732-8353.

You’ll get answers to these questions and more:

• Am I invested in the right mix of investments to help meet my goals?
• Am I saving enough to create the retirement income I need?
• How do I take income from my retirement account once I stop working?

One Last Chance…!

Still have money left over from 2017 in your P&A Group flexible spending account? Remember – it’s the use it or lose it rule. If you don’t use the money remaining in your account by the deadline date, you will forfeit the money. You have until March 15, 2018, to incur eligible expenses for your Health Care FSA. You had until December 31, 2017, to incur eligible expenses for your Dependent Day Care FSA. You have until April 15, 2018 to submit the bills.

Here are some ways to use your Health Care FSA before the end of the year:

1. Acupuncture
2. Contact Solution (You will have to pay out-of-pocket and submit the receipts for reimbursement)
3. Dental treatment
4. Doctor’s office co-pays
5. Eye exams
6. Hearing Aids
7. Lasik Surgery
8. Prescription glasses
9. Transportation (mileage) to and from the doctor’s appointments

Extra Premium Holidays in March

The Governor has approved extra premium holidays in March for all employees and retirees.  This includes contractual participants and other direct pay participants, but excludes COBRA participants.  No medical, dental or prescription premiums will be deducted from paychecks issued on March 9, 2018 and March 23, 2018. Flexible Spending Account (FSA), term life and AD&D will still be deducted.

Regular Premium Holiday in April

The paycheck issued on April 6, 2018 will also be a premium holiday.  No medical, dental, prescription, term life, AD&D, or FSA deductions will occur on April 6, 2018.

Upcoming Benefit Changes Effective 2018

CVS Caremark – New Prescription Drug Carrier 1/1/18 – In case you missed it, we have new prescription drug carrier effective January 1, 2018. Express Scripts will no longer provide this coverage after December 31, 2017. Everyone enrolled in the prescription drug plan will receive new ID cards in late December. Cut up the Express Scripts cards on January 1 and present the new CVS Caremark to your pharmacy for any prescriptions filled on or after January 1.

CareFirst Vision – CareFirst is expanding their vision network to include all national providers in the Davis Vision group effective January 1, 2018. This will significantly improve participant access to in-network care. As a result, everyone enrolled in CareFirst will receive new ID cards in December. Please be on the lookout for mailings from CareFirst around the end of December.

For questions, please contact a member of your HR Team.

Apply for Winter and Spring 2018 Tuition Remission 

The Department of University Human Resources (UHR) Office of Employee Benefits is now accepting tuition remission forms for the Winter term and Spring semester 2018. Employees must have an active, approved appointment with a start date no later than January 2, 2018 for Winter term and January 22, 2018 for Spring semester in order to be eligible for tuition remission.

UMCP CAMPUS REQUESTS:

Application for tuition remission is completed online. An electronic “Tuition Request” form is available on the ARES website, by selecting “Access my Forms”

OTHER USM INSTITUTIONS:

The paper Tuition Remission Form must be completed for tuition remission requests for other USM institutions.

Please review the following guidelines for detailed tuition remission information and deadlines. We strongly encourage you to submit your form early.

Tuition Remission Guidelines

Tuition Remission Deadlines and Restrictions

Please note, all forms must be submitted by January 8, 2018, or Winter and February 19, 2018 for Spring.  Forms received after the deadline will not be processed. We strongly encourage you to submit your form early.

Tuition remission policy and guidelines for all employees, spouse/dependents and retirees can be found at http://uhr.umd.edu/benefits/tuition-remission/

Open Enrollment Reminder

November 15, 2017, is the last day for Open Enrollment. The Plan Year begins January 1, 2018.

• If you want a flexible spending account in 2018 and are currently enrolled in the health benefits plans, you must enroll or re-enroll (if you were enrolled in the FSA in 2017) in a flexible spending plan through the IVR during open enrollment. Instructions to use the IVR may be found online.

New Limit for the Health Care Flexible Spending Account

The IRS issued notice on October 19, 2017, that the maximum annual election for the healthcare FSA will increase to $2,650 (from $2,600) effective January 1, 2018. This is an increase of $50 over what was in your Open Enrollment Materials.

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Supplemental Retirement Annuity (SRA)

The Supplemental Retirement Annuity (SRA) deferral limits have increased for the calendar year 2018. Therefore, if you are under the age of 50, you may contribute up to $18, 500 in 2018. The age 50 and over catch up limit is $6,000. If you are over age 50 you may contribute $18,500, plus an additional $6,000 for a total of $24,500 in 2018. The following information is provided to assist you as you consider starting, maintaining or increasing your contributions.

Employees may begin or continue current deductions to either a 401(k) or a 403(b) plan and, in addition, open a 457(b) plan to defer income beyond the maximum permitted with either the existing 401(k) or 403(b) plans. Contributions up to the maximum can be made to both plans [i.e., $18,500 plus $6,000 ($24,500), if over age 50, to the 401(k) or the 403(b), and an additional $18,500 plus $6,000 ($24,500), if over age 50, to a 457(b)]. You may maximise your deferral amount by using the following chart:

This chart assumes that the deferral election is effective the first pay period in 2018 (pay period ending January 6, 2018).

Open Enrollment for 2018 

Open Enrollment for the State Employee and Retiree Health Benefits and Wellness Program (the health benefits plan) will take place from October 12 through November 15, 2017, for the new plan year that begins on January 1, 2018. Open Enrollment material is in the process of being distributed. Kindly review the 2018 Benefits guide and instructions for using the Interactive Voice Response System (IVR). Please note, if you are not making changes to your coverage and you do not intend to participate in a flexible spending account (FSA), you do not need to do anything during the open enrollment period. Your current coverage will roll over to the new plan year. Open Enrollment is your opportunity to enroll in the benefit plans offered by the State of Maryland to make changes to your current benefit elections or to enroll in a Flexible Spending Account (FSA). Remember, if you currently have an FSA and would like to have one in 2018, you must re-enroll. 

What’s New for 2018?

New Pharmacy Vendor CVS Caremark takes over for Express Scripts effective January 1, 2018. Everyone enrolled in the prescription drug will receive new ID cards in late December. You may use the prescription service at any participating pharmacy, not just CVS. 

CareFirst is expanding their vision network to include all national providers in the Davis Vision group effective January 1, 2018. As a result, everyone enrolled in CareFirst will receive new ID cards in December.

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