Hi Peter,
Long time listener, first time caller. I think that while "Jean" is
probably a wonderful person,and we all enjoy wearing denim to honor
her, perhaps we should celebrate other folks too. Maybe a "Bob's" day
perhaps? Just a thought.
XOXO,
Vlad the Inhaler
Dear "Bob" (aka Vlad the Inhaler),
Thanks for the clever comment. In the event you're the slight bit serious, pehaps we should publish again where the "Jeans" money goes...?
Peter
Allen County Public Library!
"Great Hall"
Sunday, November 9, 2008
Thursday, September 25, 2008
More HSA Q & A's...Sept 25, 2008
Q Would the ACPL contribution appear somehow on my W2?
A Yes. All employer contributions to an HSA that are excludable from income (pre-tax payroll deductions) are reported in box 12 of the W2.
Q If you return to the traditional plan after trying the new plan, will there be any
restrictions on coverage – such as for “pre-existing conditions”?
A. No, the individual will have no restrictions of this nature returning to the traditional PHP coverage.
Peter
A Yes. All employer contributions to an HSA that are excludable from income (pre-tax payroll deductions) are reported in box 12 of the W2.
Q If you return to the traditional plan after trying the new plan, will there be any
restrictions on coverage – such as for “pre-existing conditions”?
A. No, the individual will have no restrictions of this nature returning to the traditional PHP coverage.
Peter
Saturday, September 20, 2008
More HSA Q & A's...Sept 20, 2008
Q1 Where can we get a list of the expenses that are eligible to be paid for with our HSA account?
A1 Cut and paste this IRS address: http://www.irs.gov/pub/irs-pdf/p502.pdf – and scroll down to page 5.
Q2 Can I use the HSA money for eligible medical expenses of my family members in addition to myself without the funds becoming taxable?
A2 Yes.
Q3 After I leave ACPL, can I use my HSA to pay for health insurance premiums?
A3 Yes, but only under limited circumstances. Only if you are collecting unemployment compensation or to pay for COBRA insurance continuation coverage. HSA money can also be used to pay for Medicare premiums, deductibles, copays, and coinsurance under any part of Medicare. However, contrary to what was stated in many employees meetings, you CANNOT use HSA money to pay for SUPPLEMENTARY Medicare insurance (also known as Medigap insurance). My apologies for this error.
Q4 If I have money in my HSA when I’m older than age 65, do I have to pay taxes on the money if I spend it on non-health care expenses?
A4 You’d still have to pay regular taxes on the money used for non-medical things, BUT, contrary to what was stated in some employee meetings, the 10% tax penalty does NOT apply once you turn age 65. Neither does the tax penalty apply if you become disabled (at any age). My apologies for this error.
Q5 Can I use my HSA funds to pay for eligible medical expenses of other family members – without making the funds taxable?
A5 Yes!
Q6 I heard there’s a good Q and A section for HSAs at the US Treasury’s website. Can you provide the address?
A6 Sure. Here it is: http://www.ustreas.gov/offices/public-affairs/hsa/faq_using.shtml#hsa13
Peter
A1 Cut and paste this IRS address: http://www.irs.gov/pub/irs-pdf/p502.pdf – and scroll down to page 5.
Q2 Can I use the HSA money for eligible medical expenses of my family members in addition to myself without the funds becoming taxable?
A2 Yes.
Q3 After I leave ACPL, can I use my HSA to pay for health insurance premiums?
A3 Yes, but only under limited circumstances. Only if you are collecting unemployment compensation or to pay for COBRA insurance continuation coverage. HSA money can also be used to pay for Medicare premiums, deductibles, copays, and coinsurance under any part of Medicare. However, contrary to what was stated in many employees meetings, you CANNOT use HSA money to pay for SUPPLEMENTARY Medicare insurance (also known as Medigap insurance). My apologies for this error.
Q4 If I have money in my HSA when I’m older than age 65, do I have to pay taxes on the money if I spend it on non-health care expenses?
A4 You’d still have to pay regular taxes on the money used for non-medical things, BUT, contrary to what was stated in some employee meetings, the 10% tax penalty does NOT apply once you turn age 65. Neither does the tax penalty apply if you become disabled (at any age). My apologies for this error.
Q5 Can I use my HSA funds to pay for eligible medical expenses of other family members – without making the funds taxable?
A5 Yes!
Q6 I heard there’s a good Q and A section for HSAs at the US Treasury’s website. Can you provide the address?
A6 Sure. Here it is: http://www.ustreas.gov/offices/public-affairs/hsa/faq_using.shtml#hsa13
Peter
Thursday, September 18, 2008
More HSA Q & A's...Sept 18, 2008
Here are more Health Savings Account Q & A's. More coming very soon!
Q1 Will we be able to have direct deposit of our employee contribution to the HSA via payroll deduction?
A1 Yes.
Q2 Let me get this right, you’ve said we’ll probably have a nice convenient HSA debit card to just “swipe” at the doctor’s office to pay. But you’ve also suggested we should try to not pay when the doctor’s office asks for payment at the time of service. That we should wait and let PHP advise us of what we need to pay. Which is it?
A2 My apologies for not being clear on this point in some of the early meetings. When paying for something that is not a covered service (something that is not paid by the plan even after you’ve met the Out of Pocket Maximum), it is fine to just use the debit card – and save the receipts in case you ever have to prove you used your HSA on only health related expenses.
But if the payment is for something that PHP has negotiated a price discount for (virtually all physician office and hospital services, for example), we suggest asking the provider of the service if you can wait to pay until after the claim has been submitted by the provider to PHP – and PHP has processed the claim. PHP will inform both you and the provider how much you are to pay the provider (factoring in the negotiated discount as well as if you have reached the Out of Pocket maximum). Even if the provider insists upon you paying the bill at the time the service is provided, you should send a receipt to PHP so they can accurately keep track of how much you’re paying toward your Out of Pocket Maximum.
If you pay for a service that is a “covered” benefit but without a PHP discount, the record of the expense must still get to PHP by either the provider submitting, or you providing documentation to PHP so the records can be maintained.
I hope this is now more clear.
Q3 When will the HSA “work sheets” you described to help us analyze this be available?
A3 By September 30at the latest.
Q4 Would we receive both a PHP card and a HSA card?
A4 Yes
Q5 Would we get a monthly statement from the bank? On-line?
A5 Yes. It also looks like you will be able to get a checkbook and debit card – or just one or the other if you prefer.
Q6 If we worked out a payment plan with a provider, could the monthly payment be automatically subtracted from my account – and placed in provider’s account?
A6 That would be up to the individual bank. But we know most banks already make regular withdrawals out of account holder’s checking accounts and electronically transfer the funds to the account of the company to which the account holder has directed the money to go to.
Q7 Would our HSA money be protected by FDIC?
A7 Yes. It is a bank account like any other bank checking or savings account. However, if you elect to invest your funds in things like mutual funds, FDIC does not insure that money.
Q8 Today’s presentation had estimates for IND and FAM. Can we have estimates for Employee plus Children and Employee plus Spouse?
A8 The next set of estimates distributed will include all four categories of coverage available to ACPL employees – and will be available in early October.
Peter
Q1 Will we be able to have direct deposit of our employee contribution to the HSA via payroll deduction?
A1 Yes.
Q2 Let me get this right, you’ve said we’ll probably have a nice convenient HSA debit card to just “swipe” at the doctor’s office to pay. But you’ve also suggested we should try to not pay when the doctor’s office asks for payment at the time of service. That we should wait and let PHP advise us of what we need to pay. Which is it?
A2 My apologies for not being clear on this point in some of the early meetings. When paying for something that is not a covered service (something that is not paid by the plan even after you’ve met the Out of Pocket Maximum), it is fine to just use the debit card – and save the receipts in case you ever have to prove you used your HSA on only health related expenses.
But if the payment is for something that PHP has negotiated a price discount for (virtually all physician office and hospital services, for example), we suggest asking the provider of the service if you can wait to pay until after the claim has been submitted by the provider to PHP – and PHP has processed the claim. PHP will inform both you and the provider how much you are to pay the provider (factoring in the negotiated discount as well as if you have reached the Out of Pocket maximum). Even if the provider insists upon you paying the bill at the time the service is provided, you should send a receipt to PHP so they can accurately keep track of how much you’re paying toward your Out of Pocket Maximum.
If you pay for a service that is a “covered” benefit but without a PHP discount, the record of the expense must still get to PHP by either the provider submitting, or you providing documentation to PHP so the records can be maintained.
I hope this is now more clear.
Q3 When will the HSA “work sheets” you described to help us analyze this be available?
A3 By September 30at the latest.
Q4 Would we receive both a PHP card and a HSA card?
A4 Yes
Q5 Would we get a monthly statement from the bank? On-line?
A5 Yes. It also looks like you will be able to get a checkbook and debit card – or just one or the other if you prefer.
Q6 If we worked out a payment plan with a provider, could the monthly payment be automatically subtracted from my account – and placed in provider’s account?
A6 That would be up to the individual bank. But we know most banks already make regular withdrawals out of account holder’s checking accounts and electronically transfer the funds to the account of the company to which the account holder has directed the money to go to.
Q7 Would our HSA money be protected by FDIC?
A7 Yes. It is a bank account like any other bank checking or savings account. However, if you elect to invest your funds in things like mutual funds, FDIC does not insure that money.
Q8 Today’s presentation had estimates for IND and FAM. Can we have estimates for Employee plus Children and Employee plus Spouse?
A8 The next set of estimates distributed will include all four categories of coverage available to ACPL employees – and will be available in early October.
Peter
Thursday, August 21, 2008
Monday, August 11, 2008
Another question about the PHP high deductible plan:
Q. Will PHP cover specialty drug (the really expensive ones) at 100% after you have met the $2500 deductible/out-of-pocket in the HDHP?
A. Yes. All medical expenses are covered at 100% after meeting the deductible/out-of-pocket. There are no co-pays from that point on. This has the potential of being a real savings for folks taking those unique meds.
Q. Will PHP cover specialty drug (the really expensive ones) at 100% after you have met the $2500 deductible/out-of-pocket in the HDHP?
A. Yes. All medical expenses are covered at 100% after meeting the deductible/out-of-pocket. There are no co-pays from that point on. This has the potential of being a real savings for folks taking those unique meds.
HSA Meeting: Questions and Answers
To date…8/10/08
Q. Does the Health Savings Account cover dental?
A. You may use the money that you have accumulated in your HSA towards unreimbursed dental expenses. You may also set up a separate Flex Spending Account (FSA) that is just for dental and vision. It is illegal to have both a FSA and HAS for medical.
Q. What minimum number of staff are required to keep the HSA running?
A. We have not established a minimum number of participants to continue to offer the HSA plan.
Q. What would happen if the employee who has the HSA were to die while they still had funds in the HSA account?
A. The money that was in the HSA account would be included in the employee’s estate.
Q. Would the employee using the HSA have to pay full price for prescriptions?
A. The employee would be advised to try to find generic brands of the current prescriptions that they have. Employees would be required to pay 100% of their prescriptions until the out-of-pocket maximum is met, but employees would be able to take advantage of the PHP discounts when purchasing their meds.
Q. Are the banks taking the money that you have in your HSA account and then making more money for you with it?
A. The employee’s money could be put into a mutual fund or some other interest gaining fund if the employee so desires. In this way, the money could potentially make more money through the interest or investment gain.
Q. If many employees go to the HSA plan, will the regular plan rates rise?
A. We don’t really know but it’s important to remember that our PHP premium is based partially on ACPL employees claim experience – but also the general community claim experience as well.
Q. Will PHP only pay for over the counter drugs in the HSA?
A. The employee pays for all the drugs until the out-of-pocket maximum is met.. From there on out, the drugs are paid for completely by PHP.
Q. Is the health savings account FDIC insured?
A. This is currently being researched. More later.
Q. What does PHP gain, what is their incentive?
A. PHP would not be doing this if they were expecting to lose money. They offer this as an alternative product to sell to the healthcare market in the hopes of attracting more customers. .
Q Will employees still be eligible for Wellness Credits?
A Yes. The fall health screenings are in the planning stages right now.
Q. What is Cobra?
A. COBRA is the federal law that guarantees employees the right to continue their benefits after they terminate a job. Under COBRA, employees pay the full cost of the premium (employee and library costs) plus a 2% administrative fee.
Q. How is the amount the employer contributes determined?
A. I think most employers try to set the amount at a level that will attract employees into the plan – but still allow for substantial overall health plan cost savings for the employer. So far we’ve been looking at it as how much would we need to pay through the monthly payment to have the new plan contain about the same total financial cost “exposure” for the employee as compared to the cost exposure contained in the traditional plan.. We don’t know if that will be our method in the end, but that’s how we’ve been looking at it so far.
Q. Will Allen County Public Library get rid of the traditional plan eventually?
A. As far as we can see into the future, we don’t expect to stop offering the traditional healthcare plan. We are planning to offer choices.
Q If we purchase meds out of network, do the $$ go toward my out-of-pocket maximum for IN network or for Out of network?
A. Meds purchased out-of-network are applied to the out-of-network deductible. However, PHP has told us that if you are traveling and go to a major chain pharmacy such as Walgreens or CVS, you will pay the co-pay the same as if you were at home.
Q Can you enroll in the new plan if you’re covered by your spouses insurance?
A. No. The HSA can only be used with a high deductible plan. The federal law set the HSA up with very strict rules about this.
Wednesday, July 2, 2008
Dress Code Review
(My apologies to the anonymous commenter who submitted a question similar to the one below. I managed to accidentally lose the question but will replicate and answer as best as I can.)
Q In an earlier posting you said the issue of men having to wear ties at ACPL would likely be addressed as part of a review of the Dress Code expected to take place in 2008. Well, we're half way through 2008. Will the review happen?
A I've gone back and looked at the 34 2008 HR Objectives we created and distributed for review by all early in the year. We've completed 26%, have partially complted 44%, and haven't started 29% of the objectives. The Dress Code review is among the 29% (or 10) projects we haven't started. As a department we need to assess which incomplete or not started objectives are the most important to complete before the year ends - as it seems unlikely we'll be able to finish all 34.
So, the short answser is that I don't know yet. I'll publish a note on the blog by the end of July with a real answer. Peter
Q In an earlier posting you said the issue of men having to wear ties at ACPL would likely be addressed as part of a review of the Dress Code expected to take place in 2008. Well, we're half way through 2008. Will the review happen?
A I've gone back and looked at the 34 2008 HR Objectives we created and distributed for review by all early in the year. We've completed 26%, have partially complted 44%, and haven't started 29% of the objectives. The Dress Code review is among the 29% (or 10) projects we haven't started. As a department we need to assess which incomplete or not started objectives are the most important to complete before the year ends - as it seems unlikely we'll be able to finish all 34.
So, the short answser is that I don't know yet. I'll publish a note on the blog by the end of July with a real answer. Peter
Monday, January 28, 2008
Was Interagency Librarian position posted?
Q Was the Interagency Librarian position ever posted? If so, when? If not, why not?
A No, this position was not posted. While it's true that our practice is to post almost all vacancies, a few exceptions are made. A number of years ago it was concluded that there could be occasions where management decided it was important enough to bring a person into the organization even though there was not an appropriate job vacancy available at the time.
ACPL management retains the option of creating a position, and not posting it for bid, when it is determined that an individual offers a unique set of skills, experience, background, etc, that the library and its' patrons could benefit from in substantial way. Is this subjective? Yes it is, but we feel this is a tool management should keep as an option.
The Library's Director must approve such decisions.
Peter
A No, this position was not posted. While it's true that our practice is to post almost all vacancies, a few exceptions are made. A number of years ago it was concluded that there could be occasions where management decided it was important enough to bring a person into the organization even though there was not an appropriate job vacancy available at the time.
ACPL management retains the option of creating a position, and not posting it for bid, when it is determined that an individual offers a unique set of skills, experience, background, etc, that the library and its' patrons could benefit from in substantial way. Is this subjective? Yes it is, but we feel this is a tool management should keep as an option.
The Library's Director must approve such decisions.
Peter
Thursday, January 10, 2008
"Use it or Lose it" on ACPL Personal Leave Days?
Q Is un-used Personal Time in a year rolled over into one's Sick Time the next year, or is it "use it or lose it?"
A ACPL policy is to roll the unsed Personal Leave Days into one's Sick Time at the end of the calendar year.
Peter
A ACPL policy is to roll the unsed Personal Leave Days into one's Sick Time at the end of the calendar year.
Peter
Wednesday, October 10, 2007
What were those "tentative" years 3 & 4 Wellness Targets?
Q Peter, Regarding a previous post, I might have missed an email, but can you let us know the "tentative" 3 and 4 year targets and ultimate goal
numbers please?
A This question is best answered by re-publishing the information which came out of the recent Library Board of Trustees meeting.
It wasn't formatting well here on the HR Blog, so I have re-sent it to all ACPL staff instead via e-mail. Peter
numbers please?
A This question is best answered by re-publishing the information which came out of the recent Library Board of Trustees meeting.
It wasn't formatting well here on the HR Blog, so I have re-sent it to all ACPL staff instead via e-mail. Peter
Thursday, October 4, 2007
Why no credit for making progress toward Wellness targets?
Q Why is there no reward for gradual improvement? If one needs to
lose 50 pounds total, and loses 25 the first year, shouldn't the person
be rewarded with lower payments? Shouldn't progress be rewarded?
A From the beginning of the program, the Board, Wellness Committee, and senior management have all shared your view. That's why you can get credit again in 2008 even if you don't yet meet the targets - as long as you bring in documentation from your doctor stating that you are actively working on achieving the targets (by December 14).
Thanks for the question.
Peter
lose 50 pounds total, and loses 25 the first year, shouldn't the person
be rewarded with lower payments? Shouldn't progress be rewarded?
A From the beginning of the program, the Board, Wellness Committee, and senior management have all shared your view. That's why you can get credit again in 2008 even if you don't yet meet the targets - as long as you bring in documentation from your doctor stating that you are actively working on achieving the targets (by December 14).
Thanks for the question.
Peter
Why didn't we get 2008 Wellness targets earlier?
Q Why did the Wellness Committee wait so long to tell us what the target
numbers were going to be? It leaves precious little time for people who
are borderline to make the number.
A The Wellness Committee responded promptly when asked by HR for recommendations for the 2008 targets. I believe HR and the Wellness Committee members felt it had been made clear to everyone that gradual improvement would be expected when the program was kicked-off last year. We all had the whole year to work on improvement. However, we can understand your interest in having specific numbers to shoot for. That's why this year we proposed to the Board specific targets for years 3 and 4 of the program as well as asked for a confirmation of the "ultimate goal" numbers that I believe the Board had approved last year.So now we have targets for the next three years - although the Board was clear about Years 3 and 4 being tentative and not firm goals at this point.
Thanks for asking!
Peter
numbers were going to be? It leaves precious little time for people who
are borderline to make the number.
A The Wellness Committee responded promptly when asked by HR for recommendations for the 2008 targets. I believe HR and the Wellness Committee members felt it had been made clear to everyone that gradual improvement would be expected when the program was kicked-off last year. We all had the whole year to work on improvement. However, we can understand your interest in having specific numbers to shoot for. That's why this year we proposed to the Board specific targets for years 3 and 4 of the program as well as asked for a confirmation of the "ultimate goal" numbers that I believe the Board had approved last year.So now we have targets for the next three years - although the Board was clear about Years 3 and 4 being tentative and not firm goals at this point.
Thanks for asking!
Peter
When are test (screening) results from my doctor due into HR?
Q For staff who choose to visit their own doctor for tests, is there a last day to get that info to HR in order to qualify for discounts on next year's insurance. I've already heard some people mention their appointments in November, and am wondering if there is a deadline by which you need test results. I imagine some others might like to know. Thanks.
Steve Myers
A Steve - Thanks for your question. Probably by now you and most other interested employees have seen the e-mail that Judy Dunahue sent out yesterday describing the screening process for this year. The due date for getting all test results and other documentation from physicians is December 14.
Peter
Steve Myers
A Steve - Thanks for your question. Probably by now you and most other interested employees have seen the e-mail that Judy Dunahue sent out yesterday describing the screening process for this year. The due date for getting all test results and other documentation from physicians is December 14.
Peter
Wednesday, October 3, 2007
Can my spouse keep health insurance thru ACPL when I retire?
Q Obviously, a lot will change in the health insurance/Medicare
world over the next couple decades, but, currently, once a staff member
retires, are there any options for a staffer's spouse who is under 65
to continue to get health insurance through the library/PHP/PERF,
etc.? Thanks,Steve Miller
A Steve, there are some options to address the situation you describe. First,once an employee is eligible for and applies for Medicare, the spouse of the employee becomes eligible for 36 months of COBRA coverage through PHP (assuming the spouse is not eligible themselves for Medicare during this period). COBRA is coverage under our existing health insurance plan thru PHP - but is fully paid for by the emnployee/spouse. Another option is the spouse converting to individual coverage through PHP but this is a different plan with different coverage and is generally not as a good a value as the group plan is.
Thanks for the question.
Peter
world over the next couple decades, but, currently, once a staff member
retires, are there any options for a staffer's spouse who is under 65
to continue to get health insurance through the library/PHP/PERF,
etc.? Thanks,Steve Miller
A Steve, there are some options to address the situation you describe. First,once an employee is eligible for and applies for Medicare, the spouse of the employee becomes eligible for 36 months of COBRA coverage through PHP (assuming the spouse is not eligible themselves for Medicare during this period). COBRA is coverage under our existing health insurance plan thru PHP - but is fully paid for by the emnployee/spouse. Another option is the spouse converting to individual coverage through PHP but this is a different plan with different coverage and is generally not as a good a value as the group plan is.
Thanks for the question.
Peter
Friday, September 7, 2007
Who pays if we need an ambulance?
Q Peter, We heard yesterday at a Wellness Committee meeting that the Library will pay/reimburse for an ambulance run. Is this true? If so, how does it work?
Steve Miller
A Steve, thanks for the question. Yes, our health insurance plan through PHP partially pays for Ambulance service. We, as employees, are responsible for 20% of the ambulance bill after we satisfy our deductible. One really nice thing about working at ACPL, however, is that our "Out of Pocket" Maximum per year is limited to $500.
Peter
Steve Miller
A Steve, thanks for the question. Yes, our health insurance plan through PHP partially pays for Ambulance service. We, as employees, are responsible for 20% of the ambulance bill after we satisfy our deductible. One really nice thing about working at ACPL, however, is that our "Out of Pocket" Maximum per year is limited to $500.
Peter
Friday, August 24, 2007
457 Retirement Plan?? ... PERF?? ...Please clarify!
Q Is the 457 tax-deferred retirement plan one and the same as the PERF
Retirement Plan, or is the 457 something totally different?Thank you
A Good question. I was a bit confused on this subject initially as well.
The two plans are totally different.
The 457 plan is simply a convenient way (payroll deduction) for employees to save money for retirement - and reduce their taxes. Money is deducted out of our checks BEFORE taxes and deposited in an account for us - where we direct how it will be invested. The investment gains are also deferred into the future. It is assumed that when we withdraw this money we will be retired - and be taxed at a lower rate than when we were working. The 457 Plan is strictly optional and only employee money is involved - there is no Library contribution.
We've described aspects of the PERF Retirement Plan in this blog before. There are two parts of PERF - the Annuity Savings Account and the Defined Benefit Plan. Both are fully paid for by the Library. For details, contact HR, check the PERF website (www.PERF.IN.GOV), or call PERF toll free at 1-888-526-1687.
Peter
Retirement Plan, or is the 457 something totally different?Thank you
A Good question. I was a bit confused on this subject initially as well.
The two plans are totally different.
The 457 plan is simply a convenient way (payroll deduction) for employees to save money for retirement - and reduce their taxes. Money is deducted out of our checks BEFORE taxes and deposited in an account for us - where we direct how it will be invested. The investment gains are also deferred into the future. It is assumed that when we withdraw this money we will be retired - and be taxed at a lower rate than when we were working. The 457 Plan is strictly optional and only employee money is involved - there is no Library contribution.
We've described aspects of the PERF Retirement Plan in this blog before. There are two parts of PERF - the Annuity Savings Account and the Defined Benefit Plan. Both are fully paid for by the Library. For details, contact HR, check the PERF website (www.PERF.IN.GOV), or call PERF toll free at 1-888-526-1687.
Peter
Friday, August 17, 2007
Peter, are you home?!
Q Are all questions asked on this blog answered? Wondering as I posted a
question regarding retirement benefits over a week ago and don't see
anything about it. Thank you.
A Yes, so far we've answered all HR Blog questions submitted and that is our intent. However, there could be some submitted someday that are not appropriate to post.
Regarding your PERF question, I apologize for not getting that one answered promptly. You submitted the question on August 9 and I just posted the response a few ago - August 17 (see below). Other than this slow response, I think we've been pretty speedy so far though!
Peter
question regarding retirement benefits over a week ago and don't see
anything about it. Thank you.
A Yes, so far we've answered all HR Blog questions submitted and that is our intent. However, there could be some submitted someday that are not appropriate to post.
Regarding your PERF question, I apologize for not getting that one answered promptly. You submitted the question on August 9 and I just posted the response a few ago - August 17 (see below). Other than this slow response, I think we've been pretty speedy so far though!
Peter
Rules for PERF eligibility
Q. Regarding our PERF accounts. Is everyone entitled to both the lump sum in their account AND their calculated monthly benefit upon retirement? Or is the monthly benefit only for employees working at least 40 hours?
A. All PERF Plan participants are entitled to have both an Annuity Savings Account AND the Defined Benefit Pension Plan. ACPL employees must be in regular (not temporary) positions of 30 hours/week or more to be eligible for PERF.
Peter
Publish Reject
A. All PERF Plan participants are entitled to have both an Annuity Savings Account AND the Defined Benefit Pension Plan. ACPL employees must be in regular (not temporary) positions of 30 hours/week or more to be eligible for PERF.
Peter
Publish Reject
Tuesday, August 14, 2007
Wondering about ACPL life insurance...
Q. I am curious as to what exactly happens when I am deceased. How does life insurance pay out? Does my beneficiary receive a check? How long does it take to receive it? Will the beneficiary receive it in time to pay for funeral and burial expenses?Also, if my beneficiary is still a minor, is the money held somewhere? Or is he given a check?
A. I ran your questions by the claims representatives at both American United Life (AUL)insurance company (ACPL provided life insurance) and UNUM (voluntary life insurance).
How does the life insurance pay out? Does my beneficiary receive a check?
AUL will issue a lump sum check within five business days after receiving a death certificate, completed claim form, and a copy of the enrollment form listing beneficiaries. With UNUM, the Library completes the claim form and sends it along with the death certificate. The claims are processed in 5-10 business days. If the amount to each beneficiary is under $10,000 they will issue a check. If it is more, they will transmit the money to a bank account.
Will the beneficiary receive the money in time to pay for funeral and burial expenses?
Since most funeral homes give 30 days to pay the bills, your beneficiary should receive the money in time if the paperwork is completed in a timely manner. Both AUL and UNUM will take assignment, which means they will pay the funeral home directly and give your beneficiary the balance if that is your beneficiary’s choice.
If my beneficiary is a minor, is the money held somewhere, or is he given a check?
AUL says it depends on how large of sum is involved. If it is under $5,000, they will make a uniform transfer to the minor (meaning it goes into a special type of account). If the amount is larger, the court has to process guardianship papers. UNUM says that they issue money to minors in the form of a trust.
Please check with one of us in HR if you'd like additional information.
Judy Dunahue
ACPL Human Resources
A. I ran your questions by the claims representatives at both American United Life (AUL)insurance company (ACPL provided life insurance) and UNUM (voluntary life insurance).
How does the life insurance pay out? Does my beneficiary receive a check?
AUL will issue a lump sum check within five business days after receiving a death certificate, completed claim form, and a copy of the enrollment form listing beneficiaries. With UNUM, the Library completes the claim form and sends it along with the death certificate. The claims are processed in 5-10 business days. If the amount to each beneficiary is under $10,000 they will issue a check. If it is more, they will transmit the money to a bank account.
Will the beneficiary receive the money in time to pay for funeral and burial expenses?
Since most funeral homes give 30 days to pay the bills, your beneficiary should receive the money in time if the paperwork is completed in a timely manner. Both AUL and UNUM will take assignment, which means they will pay the funeral home directly and give your beneficiary the balance if that is your beneficiary’s choice.
If my beneficiary is a minor, is the money held somewhere, or is he given a check?
AUL says it depends on how large of sum is involved. If it is under $5,000, they will make a uniform transfer to the minor (meaning it goes into a special type of account). If the amount is larger, the court has to process guardianship papers. UNUM says that they issue money to minors in the form of a trust.
Please check with one of us in HR if you'd like additional information.
Judy Dunahue
ACPL Human Resources
Subscribe to:
Posts (Atom)