Open Enrollment for 2025 Benefits: November 1–15, 2024

October 24, 2024Posted in: Faculty/Staff

Dear Illinois Tech Faculty and Staff,

Illinois Tech’s annual open enrollment period for benefits will run from Friday, November 1, 2024, through Friday, November 15, 2024. Changes made during open enrollment become effective January 1, 2025. I encourage you to attend one of the live in-person or online information sessions on November 1, 6, or 12, 2024, (details are below) to learn about benefit changes for 2025. The in-person session on November 1 will be both live streamed and recorded, and posted on the HR website’s benefits page following the presentation in case you cannot attend any of the live sessions. Important information, dates, and times to keep in mind can be found below with detailed directions:

  • Open enrollment for medical insurance, health savings accounts, dental insurance, and vision insurance is done through Banner Self-Service (via portal.iit.edu). The Banner open enrollment tool will be open for elections until 11:59 p.m. (CST) on November 15, 2024.
  • Open enrollment for health and dependent care flexible spending accounts is done through WageWorks (www.wageworks.com). WageWorks will be open for selections until 10:59 p.m. (CST) on November 15, 2024 (it closes one hour early due to the time zone difference).
  • Open enrollment for life insurance for yourself and eligible dependents can be done by contacting me directly at vrill@iit.edu or 312.567.3353.
  • Team members from the Office of Human Resources will be available on November 15, 2024, to answer any of your questions until 5 p.m. (CST). 

Open enrollment is the one time of year when benefits-eligible employees can change plans, add or drop coverage, and/or add or drop eligible dependents, unless a qualifying Life Status Changing Event takes place outside of the open enrollment period (examples of qualifying Life Status Changing Events throughout the year include, but are not limited, to birth/adoption of a child, loss of benefits coverage external from the university, change in marital status, etc.). Read on to discover more about what’s available to you and your families for 2025. You can also visit our 2025 Benefits Guide.

Benefits Events

We are pleased to again offer vaccine clinics on-site at Mies Campus and Conviser Law Center. We are also thrilled to be having the first in-person Benefits Fair since 2019! 

  • Flu, COVID-19, pneumonia, and shingles vaccine events (advance registration is strongly encouraged). Open to anyone covered under a PPO health plan.
    • Conviser Law Center: Tuesday, October 29, from 1:30–3:30 p.m. in Morris Hall
    • Mies Campus: Wednesday, October 30, from 11 a.m.–1 p.m. in the Hermann Hall Ballroom
  • Benefits Fair: Wednesday, October 30, from 11 a.m.–1 p.m. in the Hermann Hall Ballroom. Click this link for more information. Visit with representatives from Blue Cross Blue Shield, Delta Dental, TIAA, Fidelity, Corporate America Family Credit Union, PNC Bank, and many other benefits and wellness partners. Stick around and chat, or swing by to grab some vendor swag (like a BCBS phone/tablet stand). Don’t forget to enter the raffle before you leave because we have some great prizes including an autographed Chicago Bears helmet!

Open Enrollment Informational Sessions

As mentioned above, we are hosting live virtual and in-person benefit presentations. The first session will be in person and live-streamed, as well as recorded and posted on the HR website’s benefits page for on-demand viewing throughout open enrollment and beyond. Presentations will be held as follows: 

  • Friday, November 1, at 11:30 a.m. in the Michael Paul Galvin Tower first floor auditorium. This session will be streamed on Youtube and recorded. The recording will be available on the HR website benefits page for on-demand viewing following the presentation.
  • Wednesday, November 6, at 3 p.m. in Conviser Law Center, room CK 580.
  • Tuesday, November 12, at 12:45 p.m. via Zoom (meeting ID: 81339095260; passcode: 953901).

Those who wish to discuss individual concerns are encouraged to email me at vrill@iit.edu to schedule a virtual appointment. 

A benefit resources page is available: Do you need benefits information broken down, or don’t know the difference between PPOs, HDHPs, HSAs, FSAs, or DHMOs? A series of short videos on the new benefit resources HR portal page are now available to help (access to this page requires a login with Illinois Tech credentials). Videos cover the basics of all of our benefits plans, and most are three minutes in length or less!

Changes for medical, dental, and vision benefits must be made online through Banner Self-Service, accessible through your Employee Dashboard. Visit our website for instructions on how to make changes in Banner Self-Service. You can also view a short, 16-minute video on how to make changes (passcode: n=7Q0&cZ). Individuals making changes are strongly encouraged to contact Anjuli Rabindranath at arabindr@iit.edu or x73398, or myself at x73353 or vrill@iit.edu to verify that the changes have been successful. If you are not making changes, no action is required.

New for 2025

  • 403(b) Retirement Plan additional catch-up amount for employees ages 60–63: Employees who are between ages 60 and 63 may elect to contribute an additional catch up amount of $11,250 to their 403(b) retirement plan accounts. Individuals may choose this option from the year during which they turn 60 through the year they are 63 years of age on December 31 (employees turning 64 during 2025 are not eligible). For additional information please see the 403(b) Retirement Plan section of this email, or visit the HR website’s Retirement Plan page.
  • Healthcare Flexible Spending and Commuter Account maximums increase: the IRS has announced an increase for Health FSA accounts to $3,300 per individual for 2025 (up from $3,200), and to $325 per month each for pre-tax parking and transit accounts (up from $315 per month). Dependent Care FSA account annual maximum remains at $5,000 per household. For additional information please see the Health and Dependent Care Flexible Spending and Pre-tax Commuter Programs section of this email, or visit the HR website’s Flexible Spending or Commuter Account pages.

2025 Continuing Benefits

MEDICAL—BLUE CROSS BLUE SHIELD

  • We are pleased to announce that there will be no rate increases going into 2025. 
  • We are continuing with the tiered network approach for both plan options. Full details are available on the HR website’s Health Benefits page.
  • For High Deductible Health Plan (HDHP) members on a single level plan, the deductible for Tier 1/BCO is increasing to $1,650 from $1,600. This change is necessary to maintain the option’s status as a qualified HDHP, which is required in order to continue offering Health Savings Accounts (HSAs).
  • For HDHP members, the Health Savings Account (HSA) maximum limits increase.
    • The combined IRS maximums for HSA accounts will increase to $4,300 for single and $8,550 for family coverage in 2025, plus an additional $1,000 in catch-up contributions allowed for those 55 and over.
    • Illinois Tech will continue to contribute to HSAs for HDHP members at the rate of $500 for single, $1,000 for self plus one, and $1,500 for family level plans for the 2025 plan year. Illinois Tech contributions are prorated monthly, with contributions deposited at the end of each month.
    • On the fence about the HDHP? Try this HSA vs. PPO calculator to see which plan might work best for you. There are also in-depth videos on the Benefit Resources page (access to this page requires a login with Illinois Tech credentials).
    • HSAs and Medicare: Individuals enrolled in Medicare, or who expect to enroll in Medicare within the next six months, are prohibited from contributing to HSAs (this includes employer contributions). For additional information, please refer to the HSA Participant FAQs flier, also available on the HR website’s Health Benefits page in the “BCBS, CVS, and HSA Bank Overview and Highlights” section.
  • We will continue to offer access to Health Advocacy Solutions, powered by MyEvive. For additional information, see the HR website’s Health Benefits page.
  • All members will continue to have access to Member Rewards, Hinge Health, Livongo Whole Person, Wondr Health, MD Live, Ovia Health, the Well on Target wellness and fitness programs, a vision discount program, and Blue 365 Deals. 

For complete information on both plans, including plan summaries and rates, and the additional programs listed, please visit the HR website’s Health Benefits page.

DENTAL—DELTA DENTAL

There will be no changes to the Delta Dental plan offerings. However, rates are increasing for PPO participants. For complete information on both plans, including plan summaries and rates, please visit the HR website’s Dental Benefits page.

VOLUNTARY VISION—EYEMED

There will be no changes to the EyeMed Vision plan. For complete information, including a summary and rates, please visit the HR website’s Vision Benefits page.

SUPPLEMENTAL LIFE/AD&D INSURANCE—BCBS ANCILLARY 

There will be no changes to these plans; however, BCBS Ancillary will allow those covered at one time their annual salary in supplemental life coverage to increase to two times their annual salary without evidence of insurability (EOI, or medical underwriting). All new enrollments for employees and/or spouses, and any other increases in coverage for employees and/or spouses will be subject to underwriting. Revisions for self, spouse, and/or dependent children must be submitted to HR via the enrollment form on the HR website’s Supplemental Life page by 5 p.m. on Friday, November 15.

HEALTH AND DEPENDENT CARE FLEXIBLE SPENDING, AND PRE-TAX COMMUTER PROGRAMS—WAGEWORKS/HEALTH EQUITY

More information on these plans can be found on the HR website’s Flexible Spending and Commuter Program pages. 

  • Flexible Spending—Your 2024 selections do NOT carry forward. If you wish to continue health and/or dependent daycare flexible spending, you MUST re-enroll for the 2025 plan year at wageworks.com. WageWorks closes for open enrollment at 11 p.m. (CST) on November 15. The annual maximums for 2025 as of publication of this email are:
    • Healthcare Flexible Spending: $3,300 per year per individual ($100 increase)
    • Dependent Care Flexible Spending: $5,000 per year per household (no change)
  • Please note that HDHP health plan members may only open a Limited Purpose Flexible Spending Account (LPFSA), allowing funds to be used only for dental and vision expenses. HDHP members should select “HSA-Compatible” when making their 2025 FSA election. All others should select “standard coverage.”
  • Illinois Tech utilizes the WageWorks online enrollment tool for Flexible Spending Accounts, available at wageworks.com. Once you log onto the WageWorks website, simply follow the prompts for Open Enrollment. If you do not remember your username or password, you can utilize the “Forgot” link and follow the steps for username or password recovery. If you continue to experience difficulty, please contact WageWorks customer service at 877.924.3967, as Illinois Tech does not have access to this information.
  • Pre-Tax Commuter Program—There will be no changes to the current plan. However, the monthly IRS limits will increase to $325 for both transit and parking pre-tax elections ($10 monthly increase from 2024). Pre-tax commuter elections can be used for transit passes and off-campus parking, and may be made at any time during the year (not limited to Open Enrollment). Orders are due by 10:59 p.m. (EST) on the 10th of the month for the following benefit month (i.e., December orders are due by 10:59 p.m. on Sunday, November 10). 

403(B) RETIREMENT PLAN—TIAA and FIDELITY (UPDATED 11/1/2024)

The IRS announced on November 1, 2024, that the maximum contribution limit will increase in 2025 from $23,000 to $23,500. There will be no increase in the age 50 catch-up limit, and therefore, the maximum contribution for individuals between ages 50 and 59, and 64 or older will be $31,000 ($23,500 plus $7,500 in catch-up contributions).

We are adding a feature to the retirement plan for 2025, and the IRS clarified its implementation on November 1: employees who are between ages 60 and 63 may elect to contribute an additional catch up amount of $11,250 to their 403(b) retirement plan accounts, for a total of $34,750 ($23,500, plus $11,250 in age 60-63 catch-up contributions). Individuals may choose this option from the year during which they turn 60 through the year they are 63 years of age on December 31 (employees turning 64 during 2025 are not eligible). Individuals wishing to take advantage of this feature will need to complete a new 403(b) Enrollment Salary Reduction Agreement form.

There will be no other changes to the current plan. All benefits-eligible employees are eligible to participate on an unmatched basis beginning the first of the month following their hire date (or on their hire date if the hire date is the first of the month). Unmatched elections can be added or changed via Banner Self-Service. Those setting up contributions for the first time must also enroll with TIAA and/or Fidelity. Additional information can be found on the HR website’s Retirement Plan page.

If you wish to contribute the IRS maximum to the 403(b) plan and did not do so in 2024, you will need to complete a new 403(b) Enrollment Salary Reduction Agreement form for 2025. Forms are available in PDF format on the website or in electronic format via Employee Records. Please contact HR to obtain the electronic version of the form. 

You may change your 403(b) contributions at any time during the year. Most changes can be made via Banner Self-Service; however, those electing the match for the first time must complete a 403(b) Enrollment Salary Reduction Agreement form. Please note that the match is NOT automatic. You are responsible for enrolling or updating your selection when you become match-eligible (after one year of service for faculty, or two years of service for staff). You must complete a 403(b) Enrollment Salary Reduction Agreement form when selecting the match for the first time.

EMPLOYEE ASSISTANCE PROGRAM—TELUS Health (formerly Lifeworks)

There will be no changes to the current plan. TELUS Health remains Illinois Tech’s Employee Assistance Program. This program provides employees and their families voluntary, confidential, and free access to short-term counseling, with operators available 24/7, 365 days a year. Online resources and toolkits cover a wide range of topics that include emotional, physical, and financial well-being, as well as work-life issues. Login for access to articles and videos and to access discounts. The phone number, website, and username/password information can be found on the HR portal’s Employee Assistance Program page (access to this page requires login with Illinois Tech credentials).

TUITION ASSISTANCE PROGRAMS

There will be no changes to the current offerings. Illinois Tech continues to offer various tuition benefits to benefits-eligible employees and their families, and this includes Tuition Remission for the new Coursera degree programs through Illinois Tech. For more information on these benefits and to apply, please visit the HR website’s Tuition Assistance page.

PET INSURANCE—NATIONWIDE

We are pleased to be able to offer preferred pricing on pet insurance through Nationwide. These plans include both medical and wellness options, and reimburse up to 90 percent for veterinary bills including accidents, illnesses, and other conditions. Those interested can enroll or cancel at any time directly through Nationwide. For complete information, including a summary, FAQs, and information on how to access this benefit can be found on the HR portal’s Pet Insurance Benefits page (access to this page requires a login with Illinois Tech credentials).

PERKSPOT—PERKS AND DISCOUNTS

Illinois Tech is pleased to offer this program, which offers thousands of perks and discounts. From travel to cell phones to steaming services to groceries, there are more than 30,000 national and local offers available through Perkspot. This benefit even provides preferred pricing for home and auto plans, as well as legal insurance plans. For more information and how to register, please visit the HR portal’s Perks and Discounts page (access to this page requires a login with Illinois Tech credentials).

If you have questions regarding Open Enrollment, please reach out to me at x73353 (312.567.3353) or via email at vrill@iit.edu.

Thank you, 

Viktoria Rill
Senior Director, Total Rewards and People Development

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