The Benefits Unit of the Office of Human Resources is now holding the annual open enrollment period.
Benefit Choice, held in May of each year, is the one time that 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 2017 fiscal year.
Benefits staff also see this as the perfect time for employees to enroll in or make changes to their supplemental retirement programs. Illinois State 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 the State and Universities Retirement System (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. All plans provide employees with pre-tax (traditional IRA) and post-tax (Roth IRA) investment options.
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.