Benefits News and Announcements
New Investment Option (GISA) | Long Term Care Insurance
Retirement Plan Workshops | Previous Announcements
Retirement Plan Updates | Pension and Investment's Eddy Award
New Investment Option- Guaranteed Interest Separate Account (GISA)
The University Benefits Office previously announced the Retirement Plan Committee’s decision to add a second stable value option to our two 403(b) retirement plans-the Guaranteed Interest Separate Account (GISA). The timing of this new fund was contingent upon approval by the New York State Department of Insurance which has recently been received. Hence, GISA will be added to our investment line-up effective November 16, 2009.
While the characteristics of the GIA and GISA are similar there are also some technical differences that require you to pay particular attention to the materials that were being sent to your homes by Prudential. We are in the process of scheduling planning sessions that will be conducted by a representative from Prudential. These sessions will take place at locations around campus during December and January. Please be on the lookout for the dates and times to sign-up for one of these sessions.
As always your local onsite Education Consultant, Jim Szamreta is also available to meet with you to discuss how GISA may fit into your retirement planning. Contact Jim by calling 917-232-7046 or via email at james.szamreta@prudential.com.
Click below for additional information about the new Investment Option:
GISA Description and Details
GISA Frequently Asked Questions
Long Term Care Insurance Program
We are pleased to offer a new Long Term Care Insurance Program effective January 1, 2010 through John Hancock as part of Yeshiva University’s benefit offerings.
Long term care insurance is important coverage that provides valuable support and financial resources that help cover the cost of long-term care you might need in the event of an illness, accident, or through the normal effects of aging. By helping to protect your assets, and giving you choice and control over where you receive care—including in your home—Long term care insurance helps you and your family face the future with confidence.
The enrollment period for the plan starts October 19, 2009 and runs through November 20, 2009.
Eligible, actively-at-work employees of Yeshiva University who enroll by November 20, 2009, will be accepted for coverage without having to provide proof of good health*. This means that during this special enrollment period only you will be accepted for coverage regardless of your medical history (automatic acceptance). If you apply after November 20, 2009, you will be asked to provide proof of good health and must be accepted for coverage.
Eligible spouses of eligible employees under age 70 applying during the designated 2009 enrollment period are eligible for streamlined underwriting and will only have to answer five health questions when applying. The offers of automatic acceptance and streamlined underwriting will not be offered again.
All other applicants must provide proof of good health before they can be accepted for coverage, regardless of when they apply.
Expect to receive more information on the Yeshiva University Group Long-Term Care Insurance Plan over the next month including an opportunity to attend a live meeting or webinar. We encourage you to read the materials and think about whether this insurance may help meet your long-range financial needs and goals.
To learn more about long term care insurance and enrollment details:
- Call the John Hancock Customer Service Center at 1-800-889-7878, Monday through Friday between 8:30 a.m. and 6:30 p.m. Eastern Time or
- Visit the Yeshiva University Group Long-Term Care website at http://yu.jhancock.com on or after October 19. The username is yu and the password is mybenefit.
- If you would like to learn more about the Yeshiva University Group Long Term Care Insurance Plan click here to access the meeting and webinar schedule and register.
Click below for additional information about the new Long Term Care Insurance Program:
Announcement Letter by John Hancock
Plan Highlights
Long Term Care Quiz
Long Term Care FAQs
Retirement Plan Workshops
The Human Resources Department is pleased to announce a series of retirement education workshops offered by Prudential Retirement. These workshops are intended to assist you with developing your retirement planning strategy. According to Prudential, people today spend more than 20 to 30 years in retirement so planning can never start too soon.
Please click on the campus flyer below to review the course listings and register for any one or all of the workshops that apply to your personal circumstances:
Einstein College of MedicineManhattan Campuses
If you would like to attend a workshop, you will need to pre-register by visiting http://tinyurl.com/retirementworkshops. Please register as soon as possible as seating will be limited to 25 people. We hope to repeat this and other workshop series again in 2010.
Previous Announcements
Health Plan Contribution Reduction
Click here for a copy of a letter from Michael Bloom, Director of University Benefits regarding a health plan contribution reduction. (Posted September 2009)
New Life Insurance and Long-Term Disability Carrier (Posted July 2009)
The Standard Life Insurance Company of New York has replaced UNUM as the carrier for the Yeshiva University Life Insurance and Long term Disability plans effective July 1, 2009. We have also selected The Standard Life Insurance Company of New York as our NY State Disability carrier to replace The Hartford. There are no changes to the life insurance plans, however to minimize the rate increase to our Long Term Disability Plan and to make the plan more competitive, we’ve made some plan design changes.
Under the new contract with The Standard, you will have a new Employee Assistance and Travel Assistance program as well as access to a new service called Health Advocate.
Click here for a copy of a letter from Michael Bloom, Director of University Benefits that describes the new plans.
Click here to learn more about MEDEX Travel Assist.
Click here to learn about Health Advocate.
Click here to access information on the Horizon Health EAP Services.
IRS Changes Affecting Your EBPA Benefits Card for FSA (Posted June 2009)
Onsite Education Consultant: (Posted April 2009)
Do you have questions about your retirement plan? Is your asset allocation appropriate for your age and risk tolerance? Do you want to learn more about GoalMaker, an asset allocation tool that takes the guess work out of investing? If you have questions about your retirement plan(s) or retirement planning in general, call Jim Szamreta, Yeshiva University's Onsite Education Consultant. We've made scheduling an appointment with Jim even easier. Jim is scheduled to be available at various locations throughout the University during the months of April, May and June. You can access Jim's schedule by clicking here. If you can't make an appointment on the days that Jim is available at your location, Jim has days set aside by appointment only. Jim's schedule will be updated every three months so you'll know when and where he'll be.
Delta Dental: (Posted February 2009)
Delta Dental replaced Empire as the dental carrier for the University’s dental plan effective Jan. 1, 2009. Delta Dental is the nation’s largest dental provider, which means you now have greater access to network dentists. When you utilize providers within Delta Dental’s PPO or Premier networks, your out-of-pocket costs for dental services are reduced, saving you money.
WellPoint NextRx: (Posted February 2009)
WellPoint NextRx replaced CVSCaremark as the pharmacy benefit manager for all of Empire’s members effective Jan. 1, 2009. Empire’s new formulary is different from last year’s formulary so you should consult the new formulary to see if the drugs you are currently taking have moved to a different tier resulting in either a lower or higher co-pay.
You can learn more about the new dental plan and access information about NextRx through the HR Website Benefits Section.
Reminder: (Posted February 2009)
Last year we introduced the Work Life Balance Employee Assistance Plan (EAP) administered by UNUM. This free and confidential program is designed to help you manage your personal, work, financial and family responsibilities by offering support and resources on a variety of issue that may affect you and your family members. You can learn more about the EAP program by logging onto www.lifebalance.net, the login and password is “lifebalance”. Or you can call 1-800-854-1446 any time, day or night, to speak with a master’s-level consultant who can assist you.
Legislative Update: (Posted February 2009)
In a legal opinion issued on Nov. 21, 2008, New York State’s Insurance Department concluded that same-sex spouses married in a legal ceremony performed outside of New York must be treated as spouses for purposes of New York State Insurance Law to the same extent as an opposite sex-spouse. This means that employers, such as Yeshiva University, that offer group health insurance to employees and their spouses must offer enrollment into the health plan to the same-sex spouse of an employee who is a New York resident and who enters into a marriage legally performed outside the state. For more information, go to http://www.ins.state.ny.us/circltr/2008/cl08_27.htm.
Retirement Plan Updates
(Posted March 2009)
Letter from Yvonne Ramirez 2008 Recap
2008 Fund Performance Insert
Yeshiva Letter from Segal Advisors on Madoff Exposure
Information About Your Retirement Accounts with Prudential
Letter from Prudential's President on Moody's AnnouncementBenefits IRS Changes July 2009
2009 Pension and Investment's Eddy Award
(Posted March 2009)
Congratulations to the YU Benefits team who were the First Place recipients of the 2009 Pension and Investment’s Eddy Award for Excellence in Defined Contribution Participant Education. The Pensions & Investments Eddy Awards are designed to identify and reward best practices in providing investment education to defined contribution plan participants.
The benefits team, with the support and guidance of the Retirement Plan Committee, was recognized for their efforts in introducing a number of significant enhancements to the YU retirement plans including:
An on-site representative to provide one-on-one retirement counseling.
- Addition of GoalMaker®, Prudential Retirement’s optional asset allocation program
- Creation of a custom informational website (YUretirementbenefits.com)
- Granting of greater access to plan account assets through loans and hardship withdrawals
- Relaxation of previous distribution restrictions
These changes were effectively marketed to the University community through the multi-media “Making A Difference for Your Future” campaign.
Congratulations to the entire benefits team for a job well done!