UTHSC HR Reporter July-September 2018

THE HR REPORTER

SEPTEMBER 2018

Open Enrollment Issue!

INSIDE THIS ISSUE Benefits Fair. . . . . . . . . . . . . . . . . . . . . . . 1 Your Beneficiaries Matter!. . . . . . . . . . . 1 Open Enrollment for 2019. . . . . . . . . . 2 4 Retirement Mistakes. . . . . . . . . . . . . 3 Casandra Quarrells. . . . . . . . . . . . . . . . 4 Employee Relations. . . . . . . . . . . . . . . 4 Ask HR!. . . . . . . . . . . . . . . . . . . . . . . . . . 4

HUMAN RESOURCES Chandra Alston, EdD

Associate Vice Chancellor

Damon Davis

Compensation Manager

Debbie Jackson

Benefits Manager

Kendy Kallaher

Employee Relations Manager

Terrie Starling Employment Manager Brittney Murray

Senior Administrative Services Assistant

EMPLOYEE BENEFITS FAIR September 27 | 10:00 am – 2:00 pm Madison Plaza Lobby • • • •

Medical, Dental and Vision Plans Wellness and Nutrition Retirement and Life Insurance Giveaways!

Brandi Sewell

Employee Relations Counselor

Alisha Boone

Sr. HR Consultant

PARTICIPATING VENDORS INCLUDE:

Anesha Jones HR Consultant

Debbie Long HR Specialist Casandra Quarrells HR Specialist Gina Curry

Insurance Coordinator

Jenna Fielding Mednikow

Employee Relations Specialist

Demetriss Gilliam

Compensation Analyst

Chastity Pegues

HR Support Technician

Barica Horner

Human Resources Specialist

Cierra Richmond

Human Resources Assistant

YOUR BENEFICIARIES MATTER! Please maintain updated beneficiaries on all of your UT benefits! Please visit the Beneficiary Update website for addition information!

THE HR REPORTER

SEPTEMBER 2018

ANNUAL OPEN ENROLLMENT PERIOD FOR 2019

OCTOBER 1 – 12, 2018 • The choices you make during the enrollment period are effective January 1 – December 31, 2019.

• A ll changes must be completed by October 12 at 4:30 pm central time zone.

• E ven if you don’t make any changes, it’s a good idea to review your enrollment each year.

• I f you don’t make changes, current medical, dental, vision and disability selections will remain the same.

WHAT IS IMPORTANT IN 2019!

• I nsurance premiums decrease by 9.4%. Copays, coinsurance and deductibles are not changing.

• Same health plans: Premier PPO, Standard PPO, Consumer-driven Health Plan/Health Savings Account (CDHP/HSA).

• S ame in-network hospitals: BlueCross BlueShield Network S (in-network for Baptist), Cigna LocalPlus/Cigna Open Access Plus (in-network for Methodist. LeBonheur Children’s Hospital is in-network for all carriers.

• Same dental plans: Cigna DHMO prepaid dental plan – required to use a Network Dentist and MetLife DPPO – Use any dentist, but you’ll save money when staying in-network.

• Same vision plans: Davis Vision: Basic Plan – offers discounted network rates and Expanded Plan provides services with a combination of copays, greater allowances and discounted rates.

OTHER BENEFITS • Short-term disability: Replaces a portion of your income during a disability. Employees will need to answer five medial questions by completing a form linked in Edison. You must send your form to MetLife as directed. Applications are subject to review and approval by MetLife.

• Voluntary Wellness program: In 2019, a voluntary wellness program will be available for active employees and spouses. The wellness vendor will mail more information to members in December.

• Telehealth: Talk to a doctor for a non-emergency visit by phone or computer from anywhere, at any time, at a lower cost than a typical office visit. You must pre-register with your carrier.

FLEXIBLE BENEFITS • The Flexible Spending Account (FSA): helps reduce your taxable income and save you money. Carryover limit – $500 for the Medical and Limited Purpose FSA only.

• No carryover limit for Dependent Care FSA. • C urrently enrolled or want to enroll in a FSA for 2019, you must do so during open enrollment. FSA Open Enrollment is October 1 – 31. You must visit the PayFlex website: stateoftn.payflexdirect.com. You will receive a confirmation regarding your registration.

HOW TO ENROLL IN BENEFITS OR MAKE CHANGES • E nroll or make changes in Edison – edison.tn.gov.

Enrollment period begins October 1.

• You will need your 8 digit employee ID found on your Caremark card.

• O nce in Edison, the system will provide you an access ID and prompt you to create a valid password.

If adding dependents for the first time, you must provide proof of dependent’s eligibility by submitting acceptable documents by October 12 at 4:30 pm central time zone.

• A list of eligible dependent documents is found at tn.gov/partnersforhealth under Publications then forms.

Upload documents in Edison or fax to 615.741.8196.

SPECIAL NOTICE Just in time for the holidays, Benefits Administration is giving you a break from your health insurance premium.

In November 2018, your health insurance premium will not be deducted from your paycheck!

THE HR REPORTER

SEPTEMBER 2018

4 RETIREMENT MISTAKES YOU PROBABLY DON’T EVEN REALIZE YOU’RE MAKING

Steer Clear of These – Your Future Depends on It!

By Maurie Backman (TMFBookNerd) Though retirement can be a fulfilling time in people’s lives, it can also be a stressful one.

This especially holds true if you fall victim to the following mistakes, so be sure to avoid them at all costs.

1. RELYING TOO HEAVILY ON SOCIAL SECURITY Millions of seniors collect Social Security in retirement, and those monthly payments play a pivotal role in helping beneficiaries keep up with their expenses. But if you’re planning to live on Social Security alone once your career comes to a close, you’re making a huge mistake.

Contrary to what you may have been led to believe, Social Security isn’t designed to replace your former paycheck. If you were an average earner, those benefits will translate into roughly 40% of your previous income. If you were a higher earner, they’ll replace an even smaller percentage.

Since most seniors need more like 80% of their former earnings to live comfortably, you’ll need to take steps to secure income outside of what you get from Social Security.

For the most part, this means funding a retirement plan like an IRA or 401(k) during your working years, but it could also mean planning to work part-time in retirement, renting out your home as a senior, or a host of other possibilities. The key, however, is to recognize that while Social Security will help you pay the bills in retirement, it won’t be enough to fund your golden years by itself.

2. A SSUMING YOUR LIVING COSTS WILL DROP DRASTICALLY Many people assume that once they retire, their living expenses will magically shrink. But chances are, your monthly bills won’t change all that much once you’re no longer working.

Think about the things you spend money on today, like housing, food, utilities, and clothing. These are all items you’ll continue to need when you’re older, and whether or not you’re working at the time won’t really matter. You may even come to find that some of your expenses go up in retirement, like health care and leisure.

In fact, the Employee Benefit Research Institute found last year that roughly 46% of households spend more money, not less, during their first two years of retirement, while 33% spend more for their first six years outside the workforce. To avoid financial struggles later in life, map out a retirement budget that accurately reflects the costs you’ll face, and make sure the income you anticipate is enough to support it.

If not, you might consider postponing retirement until you’re in a better place financially.

3. NOT TAKING ADVANTAGE OF CATCH-UP CONTRIBUTIONS Many workers fall behind on retirement savings during the earlier stages of their careers, when student loan payments, housing costs, and other expenses eat up most of their

income. Thankfully, those who are 50 and older get a prime opportunity to make up for lost years of savings in the form of catch-up contributions.

If you’re saving in an IRA and are at least 50 years old, you can currently put in an additional $1,000 each year for an annual total of $6,500 (workers under 50 can contribute just $5,500). If you’re saving in a 401(k), you can make a $6,000 catch-up contribution for an annual total of $24,500 (compared with $18,500 for younger workers).

Unfortunately, many folks don’t take advantage of catch-up contributions, and as such, wind up falling short by the time their golden years come around. In fact, only 14% of 401(k) participants aged 50 and over made catch-up contributions in 2017, according to data from Vanguard.

If you’re behind on savings, it’s imperative that you take steps to pad your nest egg, whether it be by cutting expenses to free up cash or taking on a side job and using its proceeds to fund your retirement plan. Otherwise, you may be in for a major disappointment when your golden years arrive and you realize you don’t have enough money to do the things you’ve always dreamed of.

4. FORGETTING ABOUT TAXES Between your Social Security benefits and your nest egg, you might find yourself on the receiving end of a pretty healthy income stream in retirement, especially if you’ve saved well. But don’t assume all of that money will be yours to keep. Chances are, the IRS will also be entitled to its share, especially if your retirement income is substantial.

There are several ways you might get taxed in retirement.

First, unless you have a Roth IRA or 401(k), your nest egg withdrawals will be taxed as ordinary income – meaning your highest possible rate. The same holds true for many types of pensions. Furthermore, if your income exceeds a certain threshold, you could get taxed on up to 85% of your Social Security benefits. Finally, just as interest and investment income are taxable during your working years, so too are they subject to taxes during retirement.

The takeaway? Be sure to factor taxes into the mix when calculating your anticipated retirement income. If you’re planning to withdraw $30,000 a year from your 401(k) and you expect your ordinary income tax rate to be 25%, know that you’ll end up with only $22,500, and plan your expenses accordingly.

The more thought you put into retirement planning, the better off you’ll be when your golden years finally arrive.

Avoid these mistakes, and you’ll be setting yourself up for a more financially secure future.

THE HR REPORTER

SEPTEMBER 2018

HR WELCOMES

CASANDRA QUARRELLS HUMAN RESOURCES SPECIALIST Casandra is a Human Resources (HR) Specialist whose primary function is processing new hire application packets. Casandra joins UTHSC with over 15 years of experience in higher education, and also has supervisory and management experience and is a current member of the College and University Professional Association for Human Resources (CUPA-HR).

She has held positions as an Administrative Professional for Forsyth Technical Community College; the University of North Carolina at Greensboro and the University of Memphis. She holds a Bachelor’s of Science degree in Business Administration from Salem College and is a member of the International Fraternity of Delta Sigma Pi, Incorporated. Casandra is a Licensed Cosmetologist and Cosmetologist Instructor. In her spare time, she enjoys singing, reading inspirational & motivational books, and attending beauty industry events.

EMPLOYEE RELATIONS

ASK HR!

Tuesday, November 6, 2018, Tennessee will hold elections for Governor, US Senate and House of Representatives, as well as Tennessee House and Senate.

Question: HOW DO I UPDATE MY ADDRESS AND OTHER PERSONAL INFORMATION?

Early voting begins Wednesday, October 17, 2018 and continues through Thursday, November 1, 2018.

Answer: YOU CAN UPDATE YOUR INFORMATION EASILY ONLINE OR BY COMPLETING A PERSONAL DATA FORM.

Information on how to register to vote, locations for early voting and election-day are available at shelbyvote.com

OPTION 1

OPTION 2

University policy addresses “time off to vote” as follows:

Online process:

Personal Data form:

1. All university employees who are registered voters may receive reasonable time off, not to exceed three hours, between the opening and closing of polls, to vote in an election held in the state. Polls open at 7:00 am and close at 7:00 pm.

1. Go to MyUT and log in

The Personal Data form is available in the HR office and also at the link: uthsc.edu/hr/employment/faqs.php

2. A request to be absent must be made to the employee’s supervisor before 12:00 noon the day before the election. The supervisor may specify the hours during which the employee may be absent.

3. If the polls open three hours or more before the employee’s work schedule begins or if the polls close three or more hours after the employee’s work schedule ends, the employee may not receive time off to vote.

Each department is encouraged to respond accordingly to time off to vote requests in a manner that is fair addressing service and productivity concerns as needed.

2. Click Employee Self Service 3. Go to Personal Information

1. Select Personal Profile

2. Edit permanent residence, office address or emergency contact and save changes.

You can return this form to HR in-person or via email, whichever method you prefer. If you have any other questions please let us know.

Form instructions 1. Mark “Update” at the top 2. Personnel number 3. First and Last name 4. Any information you are updating (all other information should be left blank if no changes) 5. Sign and date the bottom of page 2

The University of Tennessee is an EEO/AA/Title VI/Title IX/Section 504/ADA/ADEA/V institution in the provision of its education and employment programs and services.

For more information, please contact: Human Resources | 910 Madison Avenue | Suite WP012, 1st Floor t 901.448.5600 | f 901.448.5170

uthsc.edu/hr