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FLEXIBLE SPENDING ACCOUNT (FSA)
Marine Corps Community Services is pleased to announce the introduction of a Flexible Spending Account (FSA) program through Aetna Inc. Flexible Spending Accounts let you set aside money on a pre-tax basis to reimburse yourself for certain health care and dependent care expenses. There are two types of Flexible Spending Accounts
Health Care FSA: Up to $5,000 per year can be set aside in a Health Care FSA to reimburse eligible medical, dental and vision expenses that aren't covered by your medical plan (including co-pays, coinsurance, deductibles and eligible over the counter items).
Dependent Care FSA: Up to $5,000 per year can be set aside in a Dependent Care FSA to reimburse expenses for child or adult day care services that you need because you work, If you file a separate tax return from your spouse, the maximum reimbursement is $2,500 for each of you. (You may want to talk to your tax advisor about the tax benefit of this plan)
New Employees have 31 days from their date of hire to enroll in the Flexible Spending Account (FSA) program.
Learn more online at www.aetnafsa.com
You may also view an online presentation at www.brainshark.com/CFS/AetnaFSA2008 for Health Care spending accounts and www.brainshark.com/CFS/DependentCareFSA for Dependent accounts, if you still have any questions, please call Aetna FSA at 1-800-416-7053. |
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LIFE INSURANCE
There are several life insurance options available. Standard Life Insurance, Optional Life Insurance #1, Optional Life Insurance #2. For Eligible Dependents there is Optional Dependent Life, Optional Dependent Life #2, Optional Dependent Life #3, and Optional Dependent Life #4.
- Standard Life (Available to Employees Only)
This option provides life insurance volume determined by your annual salary. Your volume of insurance is determined by rounding your annual salary to the next highest thousand dollar and adding $2,000 dollars (i.e. $14,358 = $15,000 +$2,000= $17,000 of life insurance) Enrollment in this initial layer of life insurance is a pre-requisite to enroll in the Optional Life and Optional Dependent Life plans. If you do not enroll in the Standard Life insurance plan, there are no other options available to you. Rates for this insurance are determined by your annual salary and are shared equally by your employer.
- Optional Life Insurance #1 (Available to Employees Only)
This life insurance option provides Standard Life participants an opportunity to buy an additional layer of life insurance equal to that provided by the Standard Life Insurance. Cost for this coverage is borne solely by the participant and is determined by the volume of insurance and the participant’s age.
- Optional Life Insurance #2 (Available to Employees Only)
This life insurance option became available 1 January 2001 and is available to eligible employees enrolled in Standard and Optional Life #1. Employees not already enrolled in the pre-requisite plans or electing enrollment in Optional Life #2 are required to complete Personal Health Statements and submit to the Benefits Technician in Building 1401 for approval prior to enrollment.
Employees hired or becoming eligible after 1 January 2001 will be eligible to enroll in this new coverage during their 31-day benefit eligibility period.
This insurance option provides a third layer of life insurance. Volume for this third layer is calculated using the same method as Standard Life. By enrolling in this option employees will have three times the volume of Standard insurance (i.e. $10,500 salary = $13,000 volume for Standard Life + $13,000 Optional Life #1 + $13,000 Optional life #2 = $39,000)
The cost for this insurance is borne solely by the participant. The premium is calculated using the same method as that of Optional Life #1. EXAMPLE: if you are enrolled in Optional Life #1 at cost of $6.00 per pay period, your Optional Life #2 will be an additional $6.00 per pay period for a total Optional Life premium (#1 + #2) of $12.00 per pay period. For additional questions regarding actual premiums please contact your local personnel office.
- Optional Dependent Life Insurance (Dependents Only)
This life insurance provides Standard Life participants the opportunity to buy insurance for eligible dependents (as defined by Plan provisions). Insurance in the amount of $5,000 is provided for the eligible spouse of the participant and $2,500 is participant. The cost of this insurance is borne by thprovided for eligible dependent children of the e participant and is a minimal cost premium, regardless of the number of covered dependents.
- Optional Dependent Life Insurance #2 (Dependents Only)
This life insurance option became available 1 January 2004. This life insurance provides Standard Life participants the opportunity to buy insurance for eligible dependents (as defined by Plan provisions). Insurance in the amount of $10,000 is provided for the eligible spouse of the participant and $5,000 is provided for eligible dependent children of the participant. The cost of this insurance is borne by the participant and is a minimal cost premium, regardless of the number of covered dependents.
- Optional Dependent Life Insurance #3 (Dependents Only)
This life insurance option became available 1 January 2009.
This life insurance provides Standard Life participants the opportunity to buy insurance for eligible dependents (as defined by Plan provisions). Insurance in the amount of $15,000 is provided for the eligible spouse of the participant and $7,500 is provided for eligible dependent children of the participant. The cost of this insurance is borne by the participant and is a minimal cost premium, regardless of the number of covered dependents.
- Optional Dependent Life Insurance #4 (Dependents Only)
This life insurance option became available 1 January 2009.
This life insurance provides Standard Life participants the opportunity to buy insurance for eligible dependents (as defined by Plan provisions). Insurance in the amount of $20,000 is provided for the eligible spouse of the participant and $10,000 is provided for eligible dependent children of the participant. The cost of this insurance is borne by the participant and is a minimal cost premium, regardless of the number of covered dependents.
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401K BENEFITS
Stretch Your Money
Fidelity Investments is the bundled administrator for the NAF 401(k) plan.
- As part of your employer sponsored retirement package, the 401(k) Plan is provided for your convenience in saving for your retirement and financially secure future. This plan is designed to provide a greater retirement benefit along with your Group Retirement Plan, and Social Security. While contributing to the 401(k) Plan, you are also deferring taxes on your earnings, thus reducing your taxable gross income. Taxes on your contributions are not paid until they are distributed or withdrawn.
The value of your benefit may increase or decrease, as determined by the investment vehicles you select for your account. It is imperative that you become familiar with the investment options available and invest appropriately, as determined by your risk tolerance. The performance of your 401(k) account is not guaranteed. Past performance is not indicative of future performance. Invest wisely.
In addition to your pre-tax contributions to the 401(k) Plan, MCCS offers a very valuable match to your account. The amount of your employer match is determined by the amount you contribute. The maximum available employer contribution is five (5) percent.
- Enrolling - Enroll by logging on to Fidelity NetBenefits at www.401k.com or call the Fidelity Retirement Benefits line at 1-800-890-4015.
- Contribution opportunities - you may defer from 1 to 100 percent of your covered earnings into the 401(k) Plan. If you defer at least 5 percent and are an active participant in the Group Retirement Plan, your employer match will also be 5 percent!
- Vesting - You are automatically 100% vested in your contributions. You are vested in your employer match after one year of participation. If you terminate employment prior to being vested in your employer match, your employer match will be forfeited.
- Employer Match - The amount of your employer match is determined by the amount you contribute (up to 5 percent). If you are an active member of the Retirement Plan and the 401(k) Plan you will receive an additional one percent employer contribution to the 401(k) Plan.
Employee |
Employer |
If an active 401(k) and Retirement Plan participant |
1 % + |
1 % |
1 % |
2 % |
2 % |
3 % |
3 % |
4 % |
3.5 % |
5 % - 100 % |
4 % |
Employee accounts are valued daily, giving participants an opportunity to change their investment selections more frequently than in the past. It is imperative that participants try to restrict the number of changes they make, and to avoid "timing the market" by making frequent changes based on market fluctuations. Changes made to accounts after the close of the New York Stock Exchange will not be effective until the next business day.
With the enhanced availability to account information via the Fidelity NetBenefits website at www.401k.com and the toll free voice response unit (1-800-890-4015).
Additional Information on your plan:
- Loans available to participants that meet the criteria
- Hardship withdrawals available for specific identified purposes
- Investment deferrals made in 1% increment
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