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University at Buffalo Foundation, Inc.

P.O. Box 900
Buffalo, NY 14226-0900
Phone: (716) 645-3013
Fax: (716) 645-3475
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Flexible Benefits

  1. HOW DOES THE PROGRAM WORK?
  2. BENEFITS PROGRAM OPTIONS
    1. ABILITY TO PAY FOR BENEFITS PRE-TAX (TAX SAVINGS ILLUSTRATION)
    2. MEDICAL INSURANCE
    3. OPT-OUT
    4. DENTAL INSURANCE
    5. FLEXIBLE SPENDING ACCOUNTS (FSAs)
    6. VISION INSURANCE
    7. LIFE INSURANCE
    8. SHORT TERM DISABILITY INSURANCE
    9. LONG TERM DISABILITY INSURANCE
    10. CANCER INSURANCE
    11. REGULAR RETIREMENT PLAN
    12. SUPPLEMENTAL RETIREMENT ANNUITY
    13. COLLEGE SAVINGS PROGRAM
    14. EMPLOYMENT ASSISTANCE PROGRAM (EAP)
    15. EMERGENCY TRAVEL ASSISTANCE
    16. DISCLAIMER

The benefits available through UB Foundation Activities, Inc. (UBFA) are designed to meet the needs of today's workforce. You have a choice of benefits that will enable you to design a benefits package specifically for you and your family. The components of the Benefits Program are:

  • Ability to pay for benefits pre-tax
  • Choice of Medical Insurance
  • Opt-out of Medical Insurance for cash
  • Dental Insurance
  • Flexible Spending Accounts
    - Health Care
    - Dependent Care
  • Vision Insurance
  • Life Insurance
    - Basic Coverage
    - Supplemental Coverage
  • Short Term Disability Insurance
    - NYS required
    - Supplemental
  • Long Term Disability Insurance
  • Cancer Insurance
  • Regular Retirement Plan
  • Supplemental Retirement Plan
  • College Savings Program
  • Employee Assistance Program
  • Emergency Travel Assistance

HOW DOES THE PROGRAM WORK?

The Benefits Program allows you to choose the benefits you and your family need. When you are initially hired and/or eligible you will enroll for most benefits through the online Benefit Assistant program found at www.Benefficiency.com. Benefit elections for medical, dental, vision, and flexible savings accounts are effective until December 31 of the year in which you enroll provided you continue to meet eligibility requirements. You cannot change these options mid-year unless there is a change in your family status such as a marriage, divorce, birth, death or change in your spouse's employer. You can generally change your elections for other benefits at any time.

On an annual basis (late fall of each year), Open Enrollment offers an opportunity to review and select the same or different benefits using the Benefit Assistant program found at www.Benefficiency.com. You will be notified in advance of Open Enrollment.

Throughout the year, the Benefit Assistant website provides a summary of your current benefit elections and general information on all UBFA benefits, including plan descriptions.

BENEFITS PROGRAM OPTIONS

ABILITY TO PAY FOR BENEFITS PRE-TAX (TAX SAVINGS ILLUSTRATION)

The Benefits Program, in addition to offering you a choice of benefits, provides significant tax advantages. Your cost of medical insurance and your contributions to flexible spending accounts will be paid via salary reduction with pre-tax dollars. This effectively lowers your taxable income and, therefore, the taxes withheld from your paycheck. The two examples below illustrate the tax savings associated with salary reduction. The after-tax column shows take home pay assuming all expenses are paid post-tax. The before-tax column shows take home pay assuming expenses are paid on a pre-tax basis via salary reduction. Keep in mind that the actual tax impact may vary depending on your own tax situation.

Tax Savings Illustration
  John is single. He anticipates
spending $500 for unreimbursed
medical care. What are the tax
savings from the use of the
Flexible Spending Account?
Kate is married and knows she
will incur child care costs of
$1,000 for the year. What are
her tax savings from the use of
the Flexible Spending Account?
  After-Tax Before-Tax After-Tax Before-Tax
Income (after deductions) $20,000 $20,000 $34,000 $34,000
Less:  Pretax expenses $0 ($500) $0 ($1,000)
Taxable Income $20,000 $19,500 $34,000

$33,000

Less Federal Taxes ($2,224) ($2,149) ($1,793)

($1,600)

Less Social Security Taxes ($1,530) ($1,492) ($2,601) ($2,525)
Less State Taxes ($967) ($938) ($1,245) ($1,181)
Net Income $15,279 $14,921 $28,361 $27,604
Less:  After tax expenses ($500) $0 ($1,000) $0
Take Home Pay $14,779 $14,721 $27,361 $27,604
Tax Savings   $147   $243

MEDICAL INSURANCE

Medical Insurance is offered through Independent Health (IH), a health maintenance organization (HMO) which allows you to see a participating doctor. The insurance is available to salaried individuals and hourly workers who are regularly scheduled to work 20 hours or more per week. The coverage is effective on the first day of the month following date of hire. The IH plan provides extensive coverage for hospital services plus routine and major medical care. There is an enhanced list of preventive services which are covered under the plans which have no copayment. For 2013, the IH options include the Encompass C plan and Flex Fit Plans for individuals residing in Western New York (WNY). The IH Preferred Provider Organization (PPO) Plan is available to those who reside outside of WNY. A detailed summary of these plans is available in the Information Center on the Benefficiency website, during the online enrollment process, and is also available from the UBFA Benefits Department (716-645-3013). You can access Independent Health website at www.independenthealth.com.

UBFA shares the cost of health insurance coverage with the participants. The amount of cost sharing depends on the insurance plan chosen and the rates established by the carrier. Your share of medical insurance is paid with tax-free dollars.

Medical Highlights:

  Independent Health
  Encompass C Flex Fit Active Flex Fit Family PPO**
Office Visit $15 $10/ $25 $15/ 25 $15
Inpatient Hospital Stay $0 $0 $0 $0
Prescription Drug $10/ 20/ 35 $10/ 20/ 35 $10/ 20/ 35 $10/ 20/ 35
Dependant/ Student Age 26 26 26 26
Emergency Room/ Ambulance $125/ $75 $150/ $150 $150/ $150 $150/ $100
After Hours Urgent Care Centers $45 $35 $35 $75
Outpatient Surgery (facility) $15 $150 $125 $150
Out of Network Benefits yes yes yes yes
Additional Benefits Not applicable $250 for health club membership and alternative therapies $250 for activity programs and sports/fitness programs not applicable

**Available to Partcipants outside of Western New York Only
Note: Please refer to IHA Plan Summaries for Plan Details

 

OPT-OUT

If you receive health insurance through your spouse's employer and you have a full-time appointment, you may elect to waive health coverage through UBFA and receive cash, taken as after tax income. The cash amount is $600.00 annually, paid $50.00 per month. You must be able to document that you receive coverage elsewhere to be eligible for this option.

**Exception - if you are covered under your spouse's medical insurance and he or she receives his or her benefits from UBFA or another UB Pay Line.

DENTAL INSURANCE

Dental coverage is offered through Guardian at no cost to salaried individuals and hourly workers who are regularly scheduled to work 20 hours or more per week. The coverage is effective on the first day of the month following date of hire. The Guardian Traditional Plan covers preventive services at 100%, requires a deductible and co-payment for other services, and allows you to visit the dentist of your choice. With your PPO Plan, you can visit any dentist; but you pay less out-of-pocket when you choose a participating dentist. A detailed summary of these plans is available in the Information Center on the Benefficiency website, during the online enrollment process and is also available from the UBFA Benefits Department. You can access Guardian's website at www.guardiananytime.com.

Dental Highlights
Dental Highlights Traditional Plan
Preventive Care 100% Scheduled Items, $0 Deductible
General Restorative 80% Scheduled Items, $25 Deductible
Major Restorative 60% Scheduled Items, $25 Deductible
Orthodontic 50% to a maximum of $1,500
Dependent / Student Age 20 Non Student / 26 Student

VISION INSURANCE

UBFA offers optional vision insurance through Davis Vision to salaried individuals and hourly workers who are regularly scheduled to work 20 hours or more per week. The coverage is effective on the first day of the month following date of hire. The Davis Vision plan provides an exam and lenses or contacts every 12 months for all participants, with frames available every 24 months. The cost of vision insurance is the responsibility of the participants and is paid with tax-free dollars. A detailed summary of the plan is available in the Information Center on the Benefficiency website, during the online enrollment process and is also available from the UBFA Benefits Department.

FLEXIBLE SPENDING ACCOUNTS (FSAs)

Individuals who hold a full-time appointment are eligible to enroll in either or both of the Flexible Spending Accounts (FSA) offered by UBFA. Enrollment will be effective on the first day of the month following date of hire. The two types of accounts are Health Care and Dependent Care. The accounts are set up so you can set aside pre-tax dollars to cover eligible health and dependent care expenses. Each payroll period, the amount you request will be deducted from your paycheck and deposited in your FSA. You may set aside an annual minimum of $200 for either of the FSA accounts and an annual maximum of $2,400 for the Health Care Account or $5,000 for the Dependent Care Account. As you incur eligible expenses, you will be reimbursed from the FSA after you submit a claim form. You will never be taxed on the money used to pay these expenses. The tax savings illustration gives you an idea as to how this tax advantage can work for you. However, careful planning of expenses is a must, because you forfeit any amounts left in your account at year-end. So remember - USE IT OR LOSE IT!!

Annually you will be able to make these elections through the online enrollment process. New hires or individuals with qualifying changes who choose to participate in the FSA program will complete the enrollment form included on the Benefficiency website in the "Information Center" section under forms.

Eligible expenses under the FSAs

Health Care

All medically related services that are not reimbursable through insurance are eligible, including, but not limited to:

  • Health care plan co-payments and deductibles
  • Dental care - co-insurance and deductibles, including orthodontic
  • Vision care - exams, glasses, contact lenses
  • Chiropractors
  • Podiatrists, etc.
  • Prescriptions
  • Band Aids
  • Hearing Aid Batteries
  • Contact Lenses Supplies
  • Lasik Surgery
  • Other IRS eligible expenses

Note - Due to health care reform provisions, over the counter (OTC) drugs, unless prescribed by a physician, are no longer eligible expenses under the Health Care FSA.

Please refer to the Information Center on the Benefficiency website for additional information or contact the UBFA Benefits Department.

Dependent Care

Dependent care expenses incurred while you are working including a childcare center, nursery school, daycamp, after school care/extended day programs, or an in-house babysitter are eligible. Please refer to the Information Center on the Benefficiency website for additional information or contact the UBFA Benefits Department.

Dependent care expenses that are provided to one of your dependents by a family member are not eligible, unless the family member is age 19 or over and will not be claimed as a dependent.

The child must be under 13 years old and must be your dependent under federal tax rules. Please note: If your child turns 13 during the year, you can stop your contribution at that time.

LIFE AND ACCIDENTAL DEATH & DISMEMBERMENT INSURANCE

Basic group term life insurance and accidental death and dismemberment (AD&D) insurance of $15,000 is provided at no cost to all individuals who hold a full-time appointment. Coverage is effective on the first day of the month following date of hire.

The option to purchase supplemental coverage is available to these eligible individuals. Optional spousal and child life and AD&D coverage is also available to these eligible individuals.

SHORT TERM DISABILITY INSURANCE

Short term disability is required by New York State (NYS) and is provided to all individuals at no cost, effective on the hire date. NYS disability coverage provides 50% of your salary to a maximum of $170/week.

All individuals also have the opportunity to purchase additional disability income coverage for an off the job accident or sickness to supplement NYS disability.

CANCER INSURANCE

The cancer insurance program allows you to purchase additional coverage to compliment your medical plan due to cancer related expenses. All salaried individuals and hourly workers who are regularly scheduled to work 20 hours or more per week are eligible.

LONG TERM DISABILITY INSURANCE

All individuals who become eligible for the regular retirement plan also receive Long Term Disability (LTD) Insurance at no cost. This insurance becomes effective when the participant becomes totally disabled for a continuous period of 180 days and will pay 60% of the individual's base monthly earnings to a maximum of $10,000 per month. Waiting period waived if individual has TIA-CREF account from a previous employer.

REGULAR RETIREMENT PLAN

An eligible individual will qualify for the regular retirement plan based on the criteria set forth in the Summary Plan Description (SPD) for the plan. Generally, an existing TIAA-CREF account from a previous employer or two years of service during which you perform 1,000 hours of service in each year as an eligible individual will qualify you for participation in the plan.

Contributions of 9% of salary within $16,500 and 12% of salary above $16,500 earned during the calendar year are made to regular retirement contracts with the eligible individual having the option to contribute 3% of salary on a tax deferred basis. Contributions are subject to prescribed limitations. Please refer to the SPD for information regarding the plan.

SUPPLEMENTAL RETIREMENT ANNUITY

An eligible individual will qualify for the supplemental retirement plan based on the criteria set forth in the SPD for the plan. All eligible individuals may elect to participate in the supplemental retirement program by making contributions, on a tax-deferred basis, to supplemental retirement contracts subject to prescribed limitations. Please refer to the SPD for information regarding the plan.

COLLEGE SAVINGS PROGRAM

The college savings program allows you to make contributions directly from your paycheck to New York State’s College Savings Program, which offers a practical solution for sending a child to college. All individuals are eligible. Please refer to the Information Center on the Benefficiency website for additional information.

EMPLOYEE ASSISTANCE PROGRAM (EAP)

This benefit provides access at no cost to consultants, resources and online tools in helping to balance work-life issues. Please refer to the Information Center on the Benefficiency website for additional information.

EMERGENCY TRAVEL ASSISTANCE

This benefit provides assistance at no cost for various travel emergencies when you are traveling for business or personal reasons. The coverage is available for travel 100 or more miles from home, including travel to a foreign country. Please refer to the Information Center on the Benefficiency website for additional information.

DISCLAIMER

This document is intended to highlight the benefit programs provided by UBFA. The official plan documents and contracts will govern in all cases.