The University of Texas at Brownsville

Faculty Benefits Information Session

June 2012

The University of Texas at Brownsville

Agenda• Faculty Separation Timeline

• Post-Employment Benefits

• Employee Help Center

• Calendar of Events

The University of Texas at Brownsville

Faculty Separation Timeline

May 31, 2013 Separation DateLast Day of Insurance CoverageIncentive Pay

June 3, 2013 Final Paycheck

July 1, 2013 Vacation Settlement (if applicable)

The University of Texas at Brownsville

Incentive PayIncentive pay will be issued by 5:00 p.m. on May 31, 2013.

A portion or all incentive pay can be deferred into the UT Saver 457(b) or 403 (b) plan up to the IRS contribution limit.

Interested and eligible employees must enroll and schedule a plan contribution on UT Retirement Manager www.myretirementmanager.com by May 10, 2013.

The University of Texas at Brownsville

Unused Sick LeaveUnused Sick Leave hours will be forfeited upon separation of employment.

Sick leave hours may be restored and transferred if re-hired by a Texas State Agency within 12 months from date of separation.

Donations to the Sick Leave Pool can be made in increments of 8 hours upon separation of employment.

The University of Texas at Brownsville

Unused VacationUnused Vacation hours will be paid upon separation of employment (if applicable).

A portion or all unused vacation leave can be deferred into the UT Saver 457(b) plan up to the IRS contribution limit.

Vacation balance will be transferred if hired by another Texas State Agency without a break in service.

The University of Texas at Brownsville

Your insurance coverage with UT will end on May 31, 2013.

By law, you have the option to continue coverage for health, dental, vision and flexible spending accounts for up to 18 months after separation of employment.

You will be responsible for the full premium plus a 2% administration fee.

Continuation of Coverage

The University of Texas at Brownsville

Continuation of CoverageA certificate of health coverage and COBRA forms will be mailed to you within 14 days from your last day of employment.

You have 60 days from your coverage expiration date or the date on your notice to accept or decline COBRA coverage.

You have 45 days from your date of election to make your first premium payment.

The University of Texas at Brownsville

COBRA RATES FY13

UT Select Medical

Plan

UT Select Dental Plan

UT Select Dental Plus

Delta Care DHMO

Superior Vision

Superior Vision Plus

Employee Only $489.61 $31.48 $54.25 $8.72 $6.94 $11.02

Employee & Spouse $960.03 $59.75 $103.03 $16.58 $10.98 $17.10

Employee & Children $876.74 $65.86 $113.69 $18.32 $11.18 $18.32

Employee & Family $1,332.47 $93.65 $161.98 $26.16 $17.75 $25.91

The University of Texas at Brownsville

Conversion RightsYou may also be able to convert your Group Term Life Insurance and Long Term Disability plan from a group to an individual policy.

Contact HR prior to your last day of employment for more information.

Conversion forms are due to the plan carrier within 31 days from your coverage expiration date.

The University of Texas at Brownsville

Teacher Retirement SystemUpon separation, if you are in the Teacher Retirement System (TRS) you can:

• Leave your funds with TRS• Request a refund or• Transfer your funds to another retirement account Vested participants may be eligible to receive a retirement annuity.

The University of Texas at Brownsville

Optional Retirement ProgramUpon separation, if you currently participate in the Optional Retirement Program (ORP), you can:

• Leave your funds with ORP provider• Request a refund or• Transfer your funds to another retirement account

The University of Texas at Brownsville

UT Retiree Group InsuranceIf employed with UT in a benefits-eligible position on August 31, 2003, you must meet the following criteria to be eligible:

• Meet the Rule of 80 (total of age plus years of state service credit equals or exceeds 80) or at least age 55 with five years of state service credit

• Have at least three years of UT service

• Last place of state employment before retirement must be UT

• Be eligible to retire under TRS, ERS or ORP

The University of Texas at Brownsville

UT Retiree Group InsuranceIf employed with UT in a benefits-eligible position on or after September 1, 2003 , you must meet the following criteria to be eligible:

• Meet the Rule of 80 (total of age plus years of state service credit equals or exceeds 80) with at least ten years of state service or at least age 65 with ten years of state service credit

• Have at least ten years of UT service

• Last place of statement employment before retirement must be UT

• Be eligible to retire under TRS, ERS or ORP

The University of Texas at Brownsville

UT Retiree Basic Coverage PackageUT provides eligible retired employees with the following Basic Coverage Package at no cost.

• UT Select Medical Plan with Prescription Drug Coverage

• $6,000 Basic Group Term Life Insurance

The University of Texas at Brownsville

UT Retiree Optional CoverageThe following Optional Coverage(s) may be selected:

• UT Select Medical with Prescription Drug Coverage for eligible dependents

• Dental

• Vision

• Voluntary Term Life Insurance – Retiree Coverage Options: $7,000, $10,000, $25,000 or $50,000– Spouse Coverage Option: $3,000

• Long Term Care Insurance

The University of Texas at Brownsville

UT Select and Medicare COBUT retirees and dependents are urged to sign up for Medicare Part B at age 65.

You must have Medicare Part B to receive the maximum amount of benefits from the UT Select Medical Plan.

If you decline Medicare Part B, you will be required to pay the portion (currently 80%) that Medicare would have paid for Part B covered items.

The University of Texas at Brownsville

TRS RetireesNo longer eligible to participate in TRS if re-hired by another TRS employer as a return to work retiree.

Must have a 30-day break in service before returning to TRS employment after retirement.

If retired after 1/1/2011, can work for another TRS employer without loss of monthly annuity at:

• Half-time or less• Full-time (greater than ½ time) after 12 consecutive

month break in service

The University of Texas at Brownsville

ORP RetireesNo longer eligible to participate in ORP if re-hired by a public institution of higher education in the state of Texas as a return to work retiree.

No work limitations after retirement.

A declaration of retirement for insurance purposes does not require a distribution from ORP funds.

The University of Texas at Brownsville

Inter Agency TransfersEmployees who transfer to another UT institution without a break in insurance coverage will maintain their current coverage without a lapse in coverage.

Example:

A benefits-eligible employee transfers from UTB to UTEP. The last day of employment and insurance coverage at UTB is May 31. First day of employment at UTEP is June 1st. Coverage will UTEP will begin on June 1st.

The University of Texas at Brownsville

Inter Agency TransfersEmployees who transfer to another UT institution with a break in insurance coverage will be considered a new hire. A waiting period may apply.

Example:

A benefits-eligible Employee transfers from UTB to UTEP. The last day of employment and insurance coverage at UTB is May 31. The first day of employment at UTEP is September 1. Employee will make elections as a new hire and a waiting period may apply.

The University of Texas at Brownsville

Additional ResourcesUT Policy 220 - Retired Employee Eligibility and Enrollmenthttp://www.utsystem.edu/benefits/policies/220_RetiredEmployee.pdf 

UT Retirement Eligibility Flowcharthttp://www.utsystem.edu/benefits/policies/Flowchart.pdf 

UT Group Benefits Handbook for Retirees FY12http://www.utsystem.edu/benefits/pubs/2011RetHandbook.pdf

UT Benefit Cost Worksheet for Retirees FY12https://utdirect.utexas.edu/nlogon/sgwww/myUTBenefits/sgpncost.WBX

TRS Retirement Estimate Calculatorshttp://www.trs.state.tx.us/active.jsp?submenu=retirement&page_id=/ossa/retirement_estimate_calculators

The University of Texas at Brownsville

Employee Help Center

• One-stop shop for information and assistance for faculty

• Location will be operational on June 4, 2012 in Cortez 118

• Access to computer resource lab

• Employee Services Guide

• Additional resources available online at www.utb.edu/ba/employeehelp

• Assistance available Monday – Friday from 8 a.m. - 5 p.m. by contacting Liza Benson at 882-7172

The University of Texas at Brownsville

Calendar of EventsWEEK of JUNE 4th – 7th

NextJob PresentationsTuesday, June 5th 9:00 a.m. – 12:00 p.m. or 2:00 p.m. – 5:00 p.m.Wednesday, June 6th one-on-one sessions all day as scheduled

Separation Agreement SessionsThursday, June 7th 3:00 p.m. or Friday, June 8th 3:00 p.m.

Cameron Works PresentationsThursday, June 7th 1:30 p.m. or Friday, June 8th 9:00 a.m.

The University of Texas at Brownsville

One-on-One personalized career coachingServes as your guide, mentor and advocate through the job search process

Academic job lead generation “Job Searching in Academia” – session June 5

Job search training program“Changing Directions” – session June 5

Virtual Job Club membershipParticipants share and discuss challenges, tips, best practices and more

The University of Texas at Brownsville

Questions and Answers