Illinois Tech’s annual open enrollment period for benefits will run from Friday, November 1, 2019, though Friday, November 15, 2019. Changes made during Open Enrollment become effective January 1, 2020. You are encouraged to attend an informational session to learn about benefit changes for 2020. Please note that while Banner will be open for changes until midnight CST on November 15, WageWorks will close at 11 p.m. CST. Additionally, Human Resources will close at our regularly scheduled time of 5 p.m. that evening.
Open Enrollment is the only chance benefits-eligible employees have to change plans, add or drop coverage, and/or add or drop eligible dependents, unless a Life Status Changing Event takes place.
NEW BENEFIT RESOURCES WEBSITE
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. Videos cover basics of all of our benefits plans, and most are three minutes in length or less!
OPEN ENROLLMENT EVENTS
Health & Benefits Fair on Thursday, October 31, Hermann Hall Ballroom, 11 a.m.–1 p.m.
- Health and welfare benefit vendors include BCBS, CVS, HSA Bank, Delta Dental, EyeMed, and Dearborn National
- Financial benefit vendors include TIAA, Fidelity, and Corporate America Credit Union
- Additional participating vendors include Aligned Modern Health, Profile Plan, Young Living Essential Oils, Cancer Treatment Centers of America, and others
- Free flu shots will be available for faculty and staff covered under Illinois Tech’s health plans. Click here for additional information and to sign up.
- Healthy snacks
- Mini chair massages and Spine & Posture screenings will be available; click here to reserve your massage and click here to schedule your Spine & Posture screening.
- Raffle drawing and Free Biometric Screening Health Checkups will be available to faculty and staff covered under Illinois Tech’s health plans* on Tuesday, November 5 and Thursday, November 14 at Mies Campus. Registration is required–click here to register. *This requirement is for billing purposes only. Illinois Tech does not receive individuals’ medical information
- Benefits Informational Session Schedule—Please note that the Monday, November 4 session (below) will be live streamed and recorded for future viewing. If you are interested in viewing remotely, click here. Check the HR Portal Benefits page for a link following the presentation.
|Monday, November 4
*Note: this presentation will be live-streamed and recorded. Click here to view remotely.
The presentation will be preceded by Mike Horan’s Financial Update presentation at 11:45 a.m.
|Wednesday, November 6
|Downtown Campus CK 210
|Tuesday, November 12
|Downtown Campus CK 170
|Wednesday, November 13
Changes for medical, dental, and vision benefits must be made online through Banner self-service, accessible through your MyIIT portal. Click here for instructions on how to make changes. Individuals making changes are strongly encouraged to contact Viktoria Rill at x73353 or firstname.lastname@example.org to verify changes have been successful. If you are not making changes, no action is required.
2020 Benefits Summary
- There will be a slight rate increase for both plans. Dollar amount increases will vary based on plan, salary, and tier of coverage. We are pleased that our rate increases are far below the 6% national average increase.
- There will be no changes to the structure of either the In Network Only PPO or HDHP.
- For HDHP members, the Health Savings Account (HSA) maximum limits increase.
- The combined IRS maximums for HSA accounts will increase to $3,550 for single and $7,100 for family coverage in 2020, 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+1, and $1,500 for family-level plans for the 2020 plan year. IIT contributions are prorated monthly, with contributions deposited at the end of each month.
- All members continue to have access to Blue Value Advisor (BVA) and Member Rewards. BVA is a price-comparison service; Member Rewards pays a cash incentive when you use a more cost-effective option.
- For complete information on both plans, including plan summaries and rates, please visit the HR Portal Health Benefits page (or connect through MyIIT, Work tab, HR Announcements box).
- There will be a slight rate increase for both plans.
- There will be no change to the current DHMO plan.
- We are introducing a new carryover feature for the PPO plan, which allows members to carry unused benefit dollars to the next plan year when certain criteria are met.
- For complete information on both plans including plan summaries and rates, please visit the HR Portal Dental Benefits page (or connect through MyIIT, Work tab, HR Announcements box).
- Vision—There will be no changes to the EyeMed Vision plan. For complete information, including a summary and rates, please visit the HR Portal Vision Benefits page (or connect through MyIIT, Work tab, HR Announcements box).
- Supplemental Life/AD&D Insurance—There will be no changes to these plans; however, Dearborn National is again offering employees with one times their annual salary in supplemental life coverage the opportunity to increase to two times their annual salary without going through the Evidence of Insurability (medical underwriting) process. Revisions for self, spouse, and/or dependent children must be submitted to HR via the forms on the HR Portal Supplemental Life page by 5 p.m. on Friday, November 15.
- Flexible Spending—2019 elections do NOT carry forward. If you wish to continue health and/or dependent daycare flexible spending, you MUST re-enroll for the 2020 plan year at www.wageworks.com. WageWorks closes for open enrollment at 11 p.m. CST on November 15. The current annual maximums for 2020 are:
- Healthcare Flexible Spending: $2,750 per year
- Dependent Care Flexible Spending: $5,000 per year. Please note that HDHP health plan members may use FSA funds for dental and vision expenses only and should select “FSA-Compatible” when making their 2020 election. Illinois Tech utilizes the WageWorks online enrollment tool for Flexible Spending Accounts, available at www.wageworks.com. Once you log onto the WageWorks website, simply follow the prompts for Open Enrollment. 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. 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. Pre-tax commuter (transit and parking) elections are not limited to Open Enrollment; they may be changed every month. WageWorks elections can be used for transit passes and parking, and are now compatible with uberPOOL, Lyft Link, and SpotHero. 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. EST on Saturday, November 10). The IRS has announced that 2020 monthly limits for both parking and transit programs will increase to $270 per month.
- 403(b) Retirement Plan—There will be no changes to the current plan. If you are not currently participating in the 403(b) plan and/or receiving the employer match and have met the eligibility requirements 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 caps at 9% with a 4% employee contribution. If you are not yet match-eligible, please consider participating on an unmatched basis by completing the Salary Reduction Agreement Form and enrolling with TIAA and/or Fidelity. Additional information including the form can be found on the HR Portal Retirement Plan page.
On November 6, 2019, the IRS announced new contribution limits for 2020 for 403(b) plans. In 2020, participants under age 50 may contribute up to $19,500 per year, and participants age 50 and above may contribute $26,000 per year ($19,500 plus an additional $6,500 in catch-up contributions). If you wish to contribute the IRS maximum to the 403(b) and did not elect to do so in 2019, you will need to complete a new Salary Reduction Agreement form for 2020. Contributions for those who did elect to the IRS maximum in 2019 will be automatically adjusted if necessary to ensure they will get to the maximum in 2020.
You may change your 403(b) contributions at any time during the year. Most changes can be made via Banner Self Service. Please note that the match is NOT automatic. You are responsible for enrolling or updating your election when you become match-eligible. You must complete a Salary Reduction Agreement form when electing the match for the first time.
403(b) Matched Contribution Unmatched Contribution Staff Two years of service Immediate Faculty One year of service Immediate
- Employee Assistance Program—There will be no changes to the current plan. Lifeworks remains as 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. Lifeworks highlights a different health and well-being feature each month, and adds extra resources following major catastrophic events, such as hurricanes and earthquakes. Log in 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 Employee Assistance Program page.
- Tuition Assistance—There will be no changes to the current offerings. Illinois Tech continues to offer various tuition benefits to benefits-eligible employees and their families. For more information on these benefits and to apply, please visit the HR Portal Tuition Assistance page.
If you have questions regarding Open Enrollment, please contact Viktoria Rill at x7-3353 (312.567.3353) or via email at email@example.com.