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UCF Human Resources Benefits Section 407.823.2771 [email protected] UCF Employee Benefits Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . [email protected]. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

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Page 1: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

UCF Human Resources Benefits Section

407.823.2771

[email protected]

UCF Employee Benefits

Open Enrollment (for 2017 Plan Year)&

Upcoming 403(b) Plan Changes

Page 2: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes
Page 3: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Monday, October 17Open Enrollment

Begins

Friday, November 46:00 p.m. EST

Open Enrollment Ends

January 1, 2017Coverage Effective

Date

Monday, October 3through

Friday, October 14Open Enrollment

Packages Mailed by People First to Eligible

Employees

Important Dates

Page 4: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

2017 Plan Year Updates

• Minnesota Life is now Securian

• CIGNA Dental Rate Changes

• CIGNA Hospitalization Rate Changes– Premium determined by single vs. family coverage and age

Coverage Level Old Premium New PremiumEmployee Only $29.43 $24.01Employee + Spouse $52.91 $47.31Employee + Child(ren) $62.26 $56.41Family $75.53 $72.06

Page 5: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Onlinehttps://peoplefirst.myflorida.comUser ID and Password Required

-Or-

Service Center1-866-663-4735

Available Monday-Friday 8:00am to 6:00pm ET

Using People First to Enroll

Page 6: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Additional Open Enrollment Reminders

• If your address is not correct in the People First website, you will not receive your Open Enrollment packet in the mail from People First.

• You will need your People First ID to enroll online. If you do not have your People First ID, contact the People First Service Center.

• If you already have Optional Group Term Life coverage through Minnesota Life, you may increase your existing coverage by one level of annual earnings during Open Enrollment, or following a qualified status change, up to the lesser of five times annual salary or $500,000 on a guaranteed issue basis.

Page 7: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

2016 UCF Benefits FairFriday, October 28th

9:00 a.m. to 2:00 p.m.Student Union Pegasus Ballroom

• Insurance, Retirement and other vendors will be available• Learn about the many insurance options available to eligible employees to make

the best choices during Open Enrollment• Flu Shots, Massage Therapy, CPR Instruction, Cooking Demos & Blood Drive• Prize Raffles

Page 8: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Upcoming UCF 403(b) Plan Changes

Page 9: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Recap: UCF Retirement PlansMandatory Retirement Plans FRS Pension Plan

Eligible: A&P, Faculty & USPS

FRS Investment PlanEligible: A&P, Faculty & USPS

State University System Optional Retirement Program (ORP)Eligible: A&P and Faculty

FICA Alternative Plan (FAPLAN)Mandatory: Post-Doctoral Associates, OPS Non-Students, Adjunct Faculty and Medical Residents

Voluntary Retirement Plans 457 Plan (through Bureau of Deferred Compensation)

Eligible: All Employees

403(b) Plan (Pre & Post Tax)Eligible: All Employees

CHANGES ARE COMING!

Page 10: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

UCF 403(b) Plan Changes

Vendor Consolidation• Fidelity, TIAA and VALIC will become the only three vendors for

future contributions, effective April 21st 2017

A reduction in the number of investment funds• 22 fund options effective April 21st 2017

Reduction in investment fees for Fidelity, TIAA and VALIC, effective April 21st 2017

Page 11: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Benefits of UCF 403(b) Plan Changes

Simplified Options

Reduction of fees will improve rate of return

Services available through

Page 12: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Benefits Fair: Friday, October 28th

• CAPTRUST, Retirement Vendors, and Benefits Staff available for questions regarding transition

Transition Guides: Mailed January-March 2017• Will have detailed information about managing the changes,

how to open and transfer accounts, etc.

UCF 403(b) Plan Transition Assistance

Page 13: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

Open Enrollment Website https://hr.ucf.edu/current-employees/benefits/open-enrollment/

Detailed Benefits Orientation Presentationhttps://hr.ucf.edu/files/NEOBenefitsSection.pptx

How to Enroll in People First Websitehttp://hr.ucf.edu/files/PeopleFirstOnlineReview.pdf

UCF 403(b) Plan Changes Websitehttps://hr.ucf.edu/ucf-403b-plan-changes/

Page 14: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

The UCF Human Resources Benefits department offers an insurance and retirement enrollment lab to assist employees in completing their insurance and retirement enrollments.

During these one-on-one sessions, key features of the benefits plans can be compared and issues can be addressed, which need to be considered when making election decisions.

The sessions are available by appointment only. To make an appointment, please call or email the UCF Benefits department: Call: (407) 823-2771 Email: [email protected]

Page 15: UCF Employee BenefitsUCF Human Resources Benefits Section . 407.823.2771 . Benefits@ucf.edu. UCF Employee Benefits. Open Enrollment (for 2017 Plan Year) & Upcoming 403(b) Plan Changes

UCF Human Resources Benefits Section (407) 823-2771

[email protected]