The Office of Human Resources' Employee Benefits Division reminds faculty and staff members of the following information and deadlines:
Flexible benefits reimbursements
Flexible benefits requests for reimbursement for services incurred in 2002 must be submitted on or before March 31. Reimbursements are based on the date that the service occurred, not on the date of payment, so only services from Jan. 1, 2002, through Dec. 31, 2002, are eligible.
Employees can check their flexible benefit balance amount and claim activity online through the Employee Benefits Inquiry System (EBIS). The link to EBIS is on the Employee Benefits Division Web site at http://www.ohr.psu.edu/benefits/benefits.htm.
Major medical claims
March 31 also is the last date HealthAmerica and Aetna will accept major medical claims for Healthpass (Aetna's Open Choice Plan) and Plan A for 2002 charges from University faculty and staff members or their dependents.
Employee Assistance Program
The Employee Assistance Program (EAP) provides confidential counseling sessions for University faculty, staff and members of their household. Up to three visits per problem situation are paid for by the University. With the exception of the College of Medicine, the EAP provider for Penn State faculty and staff is Value Options. To receive a free consultation, contact the Penn State EAP at (800) 858-2778. Employees in the College of Medicine at the Hershey Medical Center, can call (800) 543-5080.
SERS statements
The annual statement of account that each State Employees' Retirement System (SERS) participant receives will be mailed to the participant's home address again this year. In order to receive statements in a timely manner, employees need to make sure their home address information is current. The only method of changing a home address is to complete a new W-4 form through the Payroll Department.
Maximum tax deferral amounts
As a result of federal tax legislation, maximum tax deferral amounts for 403(b) (TDAs) and 457(b) (Deferred Compensation Plans) are scheduled to increase each year through 2006. For calendar year 2003, TDA and deferred compensation participants are limited to 100 percent of their salary or $12,000, whichever is less. This maximum amount applies separately to both of these plans. Participants who are age 50 or older, including those who will reach their 50th birthday in 2003, may contribute an additional $2,000 as part of a "catch-up" provision. Both the $12,000 basic limit and the $2,000 catch-up amount are scheduled to increase by $1,000 each year through 2006.
Contribution amounts will not increase automatically. Faculty and staff who wish to take advantage of the increased maximum contribution levels must complete a new voluntary salary reduction agreement form. The forms for the 403(b) and 457(b) plans are available for download from the Employee Benefits Division's Web site at http://www.ohr.psu.edu/benefits/forms.htm. Contribution amounts may be changed at any time during the year. Voluntary salary reduction agreement forms are due in the Employee Benefits Division office by the first business day of the month.
Forms, information online
The Employee Benefits Division Web site, http://www.ohr.psu.edu/benefits/benefits.htm, provides faculty and staff with a variety of benefits-related information and access to the forms needed for eligible benefit changes.