The Benefits Unit of the Office of Human Resources is, once again, preparing for open enrollment.
Benefit Choice, held in May of each year, is the one time employees can make changes to their dental, health and life insurance coverage without having to show an event occurred to justify the change. Employees can also use this time to enroll in any tax deferred flexible spending accounts and the University’s sick leave bank program. Changes made in May will be effective July 1, the start of the 2016 fiscal year.
This year, employees will also be offered an “open enrollment” opportunity for Illinois State’s Long-Term Disability coverage, offered by Prudential, without having to complete a medical evaluation. Ordinarily, this enrollment without medical evaluation is only available within the first 60 days of employment with ISU. This is a great opportunity for employees who were unsure about enrolling in the coverage when they were first hired to obtain the coverage.
Benefits staff also see this as an opportune time for employees to enroll in or make changes to their supplemental retirement programs. ISU employees have the ability to invest in a 403(b) plan (invested with TIAA-Cref or Fidelity Investments) and/or a 457(b) plan to supplement the retirement annuity they will receive from SURS. Investment amounts can be as low as $200 per year for the 403(b) plans and $10 per pay period or $20 per month, whichever is greater, for the 457(b) plan.
Additional information will be sent to all employees in the coming weeks. As always, Benefits staff are available at 309-438-8311 to answer any questions and assist employees with their enrollment.