Embed Size (px)
Citation preview
PLAN YEAR:
January 1, 2019 – December 31, 2019
Ferris isd
What’s inside? EMPLOYEE BENEFITS CENTER
HOW TO ENROLL
S125 PLAN INFORMATION
FLEXIBLE SPENDING ACCOUNTS
AVAILABLE RESOURCES
BENEFITS AT A GLANCE
CONTACT INFORMATION
EMPLOYEE BENEFITs CENTER HTTP://BENEFITS.FFGA.COM/FERRISISD
Ryan Hancock, ACCOUNT MANAGER 1200 W. WALNUT HILL LN., STE #3400, IRVING, TX 75038
OFFICE: 800‐883‐0007
EMAIL: [email protected]
This guide contains a summary of the benefits offered by your employer. If there is a conflict between the terms of this outline of benefits and the actual contracts, the terms of the contracts will prevail. For a more detailed explanation of benefits you may contact
your Account Manager or First Financial Administrators at 1‐800‐523‐8422 or visit http://benefits.ffga.com.
Employee benefits center NEW employee benefits center - your guide to your benefits! We’ve created a custom site just for you! Find detailed information about current and upcoming benefits,
voluntary product offerings and employer programs, Section 125 & Flex Information, important contact
numbers and links, and downloadable forms and brochures.
http://benefits.ffga.com/ferrisisd
How to Enroll Your First Financial Account Manager will be on site to assist you in enrolling in your benefits on October 22nd. You also have the option to enroll online 24/7 through FFenroll from October 22nd ‐ October 29th. To prepare for your enrollment, visit your Employee Benefits Center at http://benefits.ffga.com. Once you have reviewed available benefits for the upcoming plan year, visit FFenroll, https://ffga.benselect.com/enroll, to review currently enrolled benefits and dependent information.
ON SITE ENROLLMENT What to have ready for your enrollment:
Social Security Numbers for all dependents
Any Status/Life Event or address changes
Questions about available benefits
ONLINE ENROLLMENT To enroll online, log in to FFenroll (https://ffga.benselect.com/enroll). For detailed information on how to enroll, visit the how to enroll tab on your Employee Benefits Center
Login and PIN Your login is your social security number (no dashes) and your PIN is the last four digits of your social security number and the last two digits of your birth year (678977) Once you login you will arrive at the Welcome Screen. Click “Next”, then: Verify your personal information Verify all dependent information (ssn/date of birth) **Very Important** View employment information
USEFUL INFORMATION TO KNOW
Write your PIN number down
Contact First Financial at 855‐523‐8422 with any technical questions
No changes will be permitted until annual enrollment, unless you have an IRS S125 qualified event
Section 125 Plan Information and rules
A Section 125 Plan provides a tax‐saving way to pay for eligible medical or dependent care expenses. The
funds are automatically deducted from your paycheck on a pre‐tax basis.
Here’s How It Works A Section 125 Plan reduces your taxes and increases your spendable income by allowing you to deduct the
cost of eligible benefits from your earnings before tax. Plus, the plan is available to you at no cost, and you’re
already eligible. All you have to do is enroll.
Is It Right for Me? The savings you may experience with a Section 125 Plan are outlined below. By utilizing the Section 125
Plan, you would have $70 more every month to apply toward insurance benefits or other needs. That’s a
savings of $840 a year!
Flexible Spending Accounts
Medical FSA Medical Flexible Spending Accounts (FSA) allow you to set aside pre‐tax payroll deductions each paycheck to pay for out of pocket medical, dental and vision expenses for you and your family. During open enrollment you will estimate the amount you think you will need during the year. This amount will be taken out of each paycheck. Your full annual election will be available to you at the beginning of the plan year. Your employer has chosen the 2.5 month grace period for your plan. This option gives you the opportunity to continue to incur eligible expenses if you have unused funds in your account on the plan year end date for an additional 2.5 months. If the money is not used during the 2.5 months it will be forfeited.
FSA Plan Year is: January 1, 2019 – December 31, 2019 FSA MAX: The maximum you can set aside each year is $2,650.
DEPENDENT CARE FSA With a Dependent Care Flexible Spending Account (FSA), you can set aside part of your pay on a pre‐tax basis to pay for eligible dependent care expenses, such as:
Day Care Centers
Before/After School Care
Mothers‐Day‐Out Program
Nursery Schools
Babysitters
Nanny
Au Pair
Day Camps
This account allows you to pay for day care expenses for your qualifying dependent/child with pre‐tax dollars while you (and your spouse) are working, seeking employment, and/or attending school as a full time student (for at least five months of the year). Eligible dependents must be children under the age of 13 when care is provided or be an adult dependent incapable of self‐care and be claimed as an exemption on your tax return. For full plan details, view the FSA Booklet available on the Employee Benefit Center.
Health Savings Account
Health Savings Account (HSA) through First Financial in conjunction with UMB HSAs were created to help control healthcare costs. They provide a savings vehicle that allows you to set aside money to pay for higher deductibles associated with lower monthly premium High Deductible Health Plans (HDHP). The money you save in monthly insurance premiums may be set aside for eligible medical expenses you incur in the future.
How it works: You choose the payroll deduction contributions up to the maximum allowed by the IRS. Your HSA balance rolls over from year‐to‐year earning interest along the way. The account is portable. Upon retirement or separation of service, you take the HSA with you because it’s your money and your account. When you want to access the funds, use your benefits card to pay your provider directly or simply request reimbursement or distribution on our online portal or mobile app. Be sure to keep receipts for all of your medical expenses, for which you received a reimbursement, for at least three years for tax‐reporting purposes.
HSAs Offer a Triple Tax Advantage The money you put in to the account is deducted from your paycheck before tax The interest and earnings you make on the account grow tax free Distributions for eligible medical expenses are tax free
What are the key advantages of an HSA? No end‐of‐year forfeiture of funds Portable account Provides an excellent savings vehicle for healthcare expenses No monthly account fees. Free eStatements when you opt in for electronic delivery
Minimum Health Insurance Plan Deductible
Amounts for the Qualifying HDHP 2018 Individual Coverage $1,350
Family Coverage $2,700
Annual Maximum Contribution Levels 2018 Individual Coverage $3,450
Family Coverage $6,900
Maximums for HDHP Out-of-Pocket Expenses 2018 Individual Coverage $6,650
Family Coverage $13,300
BENEFITS CARD The Benefits Card is available to all employees that participate in Medical FSA, HSA and/or a Dependent Care FSA. The Benefits Card gives you immediate access to your money at the point of purchase. Cards are available for participating employees, their spouse and eligible dependents that are at least 18 years old. To request a card for your spouse or dependent, login to our secure portal at www.ffga.com. The IRS requires validation of most transactions. You must submit receipts for validation of expenses when requested. If you fail to substantiate by providing a receipt to First Financial within 60 days of the purchase or date of service your card will be suspended until the necessary receipt or explanation of benefits from your insurance provider is received.
Online Portal Get account information from our easy‐to‐use online portal. View your Flex Account balance, find claim forms and view claim status and history. See your HSA account and investment balances in real time and request distributions. Visit www.ffga.com to set up your online account.
FF FLEX MOBILE APP With the FF Flex Mobile App you can submit claims, view account balance & history, see claim status, view alerts, upload receipts and documentation and more! The FF Flex Mobile App is available for Apple® or AndroidTM devices on the App StoreSM or the Google Play StoreTM.
Your Employer ID Number is FFA701. You must have this number or your Flex Benefits Card number to register your account on the FF Flex Mobile App.
FSa and hsa STORE First Financial has partnered with the FSA & HSA Store to bring you an easy to use online store to better understand and manage your FSA. For Flex, visit http://www.ffga.com/fsaextras and for HSA visit www.ffga.com/hsaextras for more details & special deals!
Shop at FSA Store for eligible items from bandages to wheel chairs and thousands of products in between
Browse or search for eligible products and services using the FSA Eligibility List
Visit the FSA Learning Center to help find answers to questions you may have about your FSA
FSA and hsa RESOURCES
Visit http://benefits.ffga.com for rates and benefit information.
Medical- TRS ActiveCare Aetna is the plan administrator for the TRS‐ActiveCare plans.
First Financial Group of America enrolls this product for your district however any product questions or
concerns need to be directed to Aetna or your district benefit administrator.
Aetna offers:
A variety of plan and network options to suit your individual needs
A Health Concierge available by phone for answers and guidance on care and benefits
Online services and mobile apps for easy access to health information and tools, wherever you travel.
To get the best view of Aetna resources and plan information, visit www.trsactivecareaetna.com. Please learn
about your Aetna medical plan and take advantage of all it offers for your health and well‐being.
Dental - Ameritas Oral care can be a significant financial expense.
Having dental insurance can help cover the costs.
Help keep your family's smiles healthy with dental
insurance.
Vision - Superior Vision insurance is a way to help cover expenses incurred for eye care
services from eye care professionals such as optometrists and
ophthalmologists. Regular eye exams can offer more than just
measuring your eye sight! They can identify serious eye diseases
early, allowing time for treatment. Most people don't realize that eye
exams can also reveal the early signs of serious illnesses like diabetes, heart disease and high blood pressure.
Dental Plan Tier
Employer Contribution
Employee
Rates
Employee Only $31.80 $0.00
Employee &
Family
$31.80 $65.04
Dual 2 $63.60 $33.24
Vision Plan Monthly Rates Employee Only $7.21
Employee & Children $16.41
Employee & Spouse $14.42
Employee & Family $25.34
Benefits at a Glance
Disability – Hartford Disability insurance pays a cash benefit and is designed to help protect you if you can’t work due to a covered
injury or sickness. It pays a monthly benefit amount based on a percentage of your gross income, so you may
continue to pay for everyday living expenses.
Critical Illness Insurance - aFLAC If you experience an event such as a heart attack or stroke, Critical Illness Insurance may help. It pays a lump
sum amount to help with expenses that may not be covered by major medical insurance – house payments,
everyday expenses, lost income, and more.
Accident Insurance – Allstate Accidents are inevitable. Even though you can’t always prepare for unforeseen events, you can plan ahead.
Accident Insurance is designed to help cover some of the expenses that can result from a covered accident, and
benefit payments are made directly to you.
Hospital Indemnity - AFLAC Even a small trip to the hospital can have a major impact on your finances. Hospital Indemnity Insurance
provides financial assistance to help with out‐of‐pocket expenses that major medical insurance doesn’t cover.
Legal – Legal Shield Pre‐paid legal provides access to a variety of legal services for you and your family at an affordable monthly
cost. These services include, but are not limited to, advice on unlimited issues, attorney letters or calls made on
your behalf, and contract and document review. Simply call an 800 number to access legal counsel and advice
from qualified lawyers. This product provides peace of mind in today’s litigious environment.
Permanent, Portable Life Insurance - TEXAS LIFE Ensuring your family is financially covered in the event of a loss is an important way of showing them you care
about their needs. Life Insurance can help. Portable, Individual Life Insurance policies may help your family in
the event of your death. The application process is simple. You only have to answer three health questions, and
there are no medical exams required.
GROUP LIFE – Dearborn National Group life insurance allows you to purchase affordable life insurance on yourself, spouse and dependent
children. This is term insurance, available as long as you are employed by district. Employees enrolling in the
coverage after the first 31 days of their employment will be subject to insurability and must complete a health
questionnaire prior to coverage being issued.
RETIREMENT OPTIONS First Financial offers a variety of options to help supplement your future income and help achieve your financial
goals
Which One Is Right for Me? 403(b) A 403(b) plan is a retirement plan for specific employees of public schools & tax‐exempt organizations.
These plans allow you to invest in either annuities or mutual funds. A 403(b) Plan allows you to reduce
your federal taxable income by the amount you choose to contribute. 403(b) contributions can be pre‐
tax or after‐tax (Roth), based on the plan document and investment provider options.
457(b) The 457 Plan is your employer‐sponsored group retirement plan, allowing you to save for retirement in
a fixed annuity and/or mutual fund options. It is a deferred compensation plan established by state and
local governments and tax‐exempt employers. Eligible employees are allowed to make salary deferral
contributions to the 457 plan. Deductions can be pre‐tax or after‐tax (Roth), based on the plan
document and investment provider options.
Traditional IRA With a Traditional IRA, contributions may be tax deductible, and earnings grow tax‐deferred.
Roth IRA With a Roth IRA, contributions are made with after‐tax dollars, and it offers the possibility of
withdrawing account earnings on a tax‐free basis.
“All securities are offered for sale or purchase by First Financial Securities of America, Inc.”
Dear Ferris ISD Employee,
Right now, you have an opportunity to make a real difference in the future of your retirement.
How? By joining the FFInvest 457(b) Plan!
The Plan we offer is a valuable benefit to help you save for the future. Saving now can help
you have the income you’ll need at retirement. Participating in the Plan is easy. You contribute
a portion of your pay to your Plan account each payday through convenient payroll deduction.
Contributions are then allocated to the Plan’s investment options you select.
There are significant tax advantages, too. For example, if you elect pre-tax deductions, your
qualifying contributions and all earnings on your account are not subject to current federal
income tax (or, where applicable, state or local taxes) until you take them out of the Plan. This
tax deferral gives your retirement savings ability to grow under the most favorable terms
possible. Your district’s retirement plan also offers Roth (after-tax) deductions. By combining
convenience with these special tax benefits, your retirement savings plan offers you one of
the best ways to fund your future.
You may contribute $18,500 or $24,500 annually if you are age 50 and over.
We are excited to offer you this worthwhile benefit and we hope you will use it to help make
your retirement dreams a reality. As with any investment, there are risks involved but FFInvest
offers a wide range of choices that allow you to tailor your investments to match your risk
tolerance. Get started today and take the first step toward a brighter future.
More information may also be found online at http://ffinvest.my457account.com or
http://benefits.ffga.com/ferrisisd and selecting “Benefits” and then “FFInvest 457(b)” under
“Employer Programs.”
Sincerely,
Ryan Hancock
Sr. Account Administrator
Registered Representative
First Financial Group of America
Dallas Branch Office
1200 W. Walnut Hill Lane Ste. 3400
Irving, TX 75038
Office: 1-800-883-0007
Local: (469) 417-0505
Fax: (469) 417-0509
Email: [email protected]
We are excited to announce the FFInvest Retirement Plan that is now available. The FFInvest 457(b) Retirement Plan is a comprehensive plan funded by Net Asset Value Mutual Funds. It is a competitive & simple, yet flexible plan with a 401(k) type of approach.
Plan Highlights:• Multiple Investment Options
The plan provides 21 different investment options to take advantage of changing investment market conditions,including American Funds, Vanguard, Harbor, and Delaware. There are also Bond Funds and Target Date Retirement Funds to choose from.
• Roth (After-Tax) Deduction Option Available
• Rollovers/TransfersRollovers/Transfers are accepted into the plan from other retirement plans, including IRA’s
• Retirement Savings Contributions Credit (Saver’s Credit)An individual may be able to take a tax credit of up to $1,000 ($2,000 if filing jointly) for making eligiblecontributions to an employer-sponsored retirement plan.
• NO IRS PenaltyNO 10% IRS penalty for withdrawals prior to age 59 ½
• NO Front-End Sales ChargeThere are NO sales charges taken from contributions. This means that100% of all contributions are invested and start working for you.
• NO Deferred Sales Charge
• Client Friendly Technology & Communication» Quarterly Statement» Toll-free telephone number» Interactive website: www.my457account.com» Personalized Benefit Projections» Loan Option» Blog / Calculators» Quarterly Newsletter
Introducing...
FFInvest 457(b) Retirement Plan
For Questions or Information on how to enroll in the new FFInvest 457(b) Retirement Plan, please contact Ryan Hancock at [email protected]
$18,500 – under age 50
$24,500 – age 50 and over
Contribution Limits for 2018:
IT IS VERY IMPORTANT THAT YOU READ AND UNDERSTAND THE FOLLOWING: All investments involve some degree of risk. The funds are offered by prospectus, which contains more complete information regarding the investment objectives, risks, charges
and expenses associated with an investment in the fund. Please be sure and review the prospectus before deciding to invest.
Enroll Online Now!» Go to www.my457account.com» Select "Retirement Plan Login"(upper left hand corner, above InvesTrust logo)» Select "New User"» Enter Plan Password (case sensitive): Ferris If you have questions, please contact an InvesTrust Retirement Plan Specialist at 1-866-848-0258, Monday -Friday, 8:00 a.m. to 5:00 p.m. CST.
This FAQ is designed to inform Participants about the Plan. Every attempt is made to convey the Plan accurately; however, if anything varies from the Plan Documents, the Plan Documents will prevail. Plan Administration Fees, Investment Options, etc. are subject to change without notice. This FAQ is not intended to convey legal or tax advice, nor can it be used to avoid the payment of income taxes or penalties assessed by any US tax authority.
This FAQ is designed to inform Participants about the Plan. Every attempt is made to convey the Plan accurately; however, if anything varies from the Plan Documents, the Plan Documents will prevail. Plan Administration Fees, Investment Options, etc. are subject to change without notice. This FAQ is not intended to convey legal or tax advice, nor can it be used to avoid the payment of income taxes or penalties assessed by any US tax authority.
FAQ’S
Step 1 – – Go to www.my457account.com, click on
Retirement Plan Login (above the InvesTrust logo), click on ”New User” when enrolling
for the first time and enter Plan Password (case sensitive): Ferris
Follow the instructions to Enroll Today! Call an InvesTrust Retirement Plan Specialist if
you need assistance at 1-866-848-0258, Monday – Friday, 8:00 a.m. to 5:00 p.m.
Step 2 – Decide how much to invest and enter your contribution per pay
period – 10%, is often a good start.
You may contribute up to the IRS maximum contribution limit of $18,500. If you are age 50 and above you may contribute an additional $6,000 ($24,500 total)
Step 3 – Select how you want to invest your contributions among the investment
options available in the plan.
Get started today!
Your decision to start now could help you accumulate more at retirement. And look at the difference you can make in your total potential account value by putting away just a few dollars more of your pay on a pre-tax basis.
Start Today! Contribute $50 of your monthly salary
Contribute $100 of
your monthly salary
Potential account value
in 10 years
$8,289 $16,579
Potential account value
in 25 years
$37,949 $75,898
This hypothetical illustration is based on the following assumptions: The indicated contribution rate remains constant throughout the periods shown. Your account increases at the hypothetical annual rate of return of 7% compounded annually. You make neither withdrawals nor loans. All earnings are reinvested. IRS limits on compensation and pretax contributions apply. Current limits are indexed and adjusted for cost of living increases using a hypothetical inflation rate of 3% annually. All calculations assume contributions are made the last day of the year.
Investment performance and fund descriptions are available online at: http://ffinvest.my457account.com
Retirement Plan Calculators are available online at: www.investrust.com/financial-calculators-2/
Ferris ISD 457(b) Plan
IMPORTANT CONTACTS
Benefit Vendor Phone Website Medical TRS ActiveCare Aetna 800‐222‐9205 www.trsactivecareaetna.com
Dental Ameritas 800‐487‐5553 www.ameritas.com
Vision Superior 800‐507‐3800 www.superiorvision.com
Disability Hartford 866‐278‐2655 www.thehartford.com
Accident Allstate 800‐521‐3535 www.allstatebenefits.com/mybenefits
Critical Illness AFLAC 800‐433‐3060 www.aflac.com
Permanent Life Texas Life 800‐283‐9233 www.texaslife.com
Group Life Dearborn National 800‐348‐4512 www.dearbornnational.com
Hospital Indemnity AFLAC 800‐433‐3060 www.aflac.com
Legal Legal Shield 800‐654‐7757 www.legalshield.com
Flex Spending First Financial 866‐853‐3539 www.ffga.com
Health Savings UMB 866‐853‐3539 www.ffga.com
457B Investrust 866‐848‐0258 www.my457account.com
Ryan Hancock, ACCOUNT MANAGER 1200 W. WALNUT HILL LN., STE #3400, IRVING, TX 75038
OFFICE: 800‐883‐0007 | EMAIL: [email protected]
