The open enrollment period for benefits effective January 1, 2015, begins Friday, October 31, 2014, and ends Friday, November 21, 2014. Open enrollment is the period of time during which benefits-eligible employees may change benefit plans, add or drop coverage, and/or add or drop eligible dependents. Changes made during this period will be effective January 1, 2015. This year, we will be holding informational sessions throughout the 2015 open enrollment period. We strongly encourage you to attend one of the sessions to learn about any plan changes and new options for 2015.
- If you are not making changes to your current medical and dental elections, you do not need to take any action. Your current elections will roll into 2015.
- If you are interested in medical and/or dependent daycare flexible spending, you must re-enroll for the 2015 plan year. Current 2014 medical and/or dependent daycare flexible spending elections WILL NOT continue in 2015.
- The IRS maximums for the 403b for 2015 have increased to $18,000 for employees under 50 years old and $24,000 for employees 50 years and older. If you want to max out your contributions, you must complete a new salary reduction agreement.
All completed forms must be submitted to the Office of Human Resources by close of business on Friday, November 21, 2014. If you have any questions regarding open enrollment, please contact Lisa Corrado at 7-3353 (312-567-3353) or by email at firstname.lastname@example.org.
Informational Session Schedule:
|November 4||MTCC Auditorium||9:00am – 10:30am|
|November 4||MTCC Auditorium||1:00pm – 2:30pm|
|November 5||Rice Campus||11:00am – 12:30pm|
|November 7||ID Campus||8:30am – 10:00am|
|November 7||Downtown Campus Room 210||10:30am – 12:00pm|
|November 12||IFSH Campus||1:00pm – 2:30pm|
|November 13||Downtown Campus Room 370||12:30pm – 2:00pm|
|November 14||IIT Tower Auditorium||9:00am – 10:30am|
|November 14||IIT Tower Auditorium||1:00pm – 2:30pm|
|November 18||MTCC Auditorium||9:00am – 10:30am|
|November 18||MTCC Auditorium||1:00pm – 2:30pm|
|November 19||Downtown Campus Room C50||2:00pm – 3:30pm|
2015 Benefits Summary:
– Medical – Plan improvements to our current In-Network PPO Plan and HDHP Plan
– Dental – Plan Improvements to our Delta Dental PPO coverage
– Vision – New vision plan
– Life Insurance – Easier access to Voluntary Life Insurance
Blue Cross Blue Shield—Medical Insurance
Delta Dental—Dental Insurance
The annual plan maximum on the PPO increased to $2,000 in addition to a $1,500 orthodontia benefit.
A voluntary vision plan through EyeMed is new for 2015.
Dearborn National – Voluntary Life Insurance
For 2015 only, ALL benefits eligible employees have the opportunity to purchase up to 2X their base salary in additional life insurance with no proof of insurability.
IIT utilizes the Wageworks Online Enrollment tool. If you are new to the program, follow the attached instructions to register on the Wageworks website. If you are a returning participant, you will log onto the Wageworks website with your current username and password. If you do not remember your user name or password you can click the “Forgot user name or password” link and follow the steps to obtain your username and create a new password.
**Remember, if you wish to participate in the medical and/or dependent day care FSA plans for 2015, you must make an active election into the plan. Your 2014 elections do not carry over to 2015.**
Link to www.wageworks.com
If you are not currently participating in the 403b plan and/or receiving the employer match and you have met the eligibility requirements as listed below, now is a good time to enroll. The university contribution begins at 5% of the annual base salary with no employee contribution and it ends at 9% with a 4% employee contribution. If you are not currently enrolled, please consider investing in your retirement. Link to the salary reduction agreement below to start your contributions.
The IRS has updated the contribution limits to 403b plans for 2015. Participants under age 50 may contribute $18,000 per year and participants 50 and above may contribute $24,000 per year. If you wish to contribute the IRS maximum to the 403b plan, you will need to complete a new Salary Reduction Agreement form for 2015. Even if you are contributing the current maximum at this time, a new form is required in order to update your contribution level to the 2015 maximum.
|Matched Contribution||Unmatched Contribution|
|Staff||2 years of service||Immediate|
|Faculty||1 year of service||Immediate|