Open Enrollment Begins Monday, Nov. 4
Open enrollment begins on Nov. 4 for choosing your benefit options beginning Jan. 1. Please plan to explore and evaluate your benefit options and cost during Tech Select educational sessions. For the most recent information on 2014 benefits including the schedule of the educational sessions, please visit
Information will be added to the site as it becomes available, but here is a brief synopsis of benefit changes and key decisions you will need to make for 2014--
There is no change in retirement benefits for 2014; Michigan Tech will continue to match up to 7.5 percent of your salary that you decide to save for retirement. Tax-deferred 403b and 457b plans are also available without a match should you wish to save more for retirement. Keep in mind there are IRS maximums you are allowed to contribute (tax deferred).
There is no change in life insurance, dependent life insurance, voluntary accidental death and disability, short-term disability and long-term disability, but you will need to review and elect the plans that fit your situation best in the coming year.
Tech will continue to offer both the PPO and HDHP health insurance plans.
The HDHP will continue with no monthly premium; you will need to decide what amount if any, you put in your tax-sheltered Health Savings Account.
For the PPO plan, the premium will increase from $108 to $112 per person per month.
For eye care, the declining allowance of $350 will be reinstated; you will be able to use this amount in multiple purchases.
Dental coverage remains unchanged
All wellness programs will continue in 2014.
Again this year, you will be able to select your parking plan and pay through payroll deduction.
Open Enrollment is always a good time to review your benefits and make any necessary changes that will fit your needs. NEW this year--if you do not desire to make any changes for 2014 in your current benefits, you do not have to complete open enrollment. Your current elections will continue.
Keep in mind -- Healthcare and Dependent Care Flexible Spending Accounts (FSA) must be elected during open enrollment and cannot be added/changed mid-year without a qualifying family status change. Those must be elected during the open enrollment period in order for those to be active in 2014. Health Savings Account contributions will not automatically continue into 2014 without an election. However, these contributions can be added/changed at any time during the year.
If you have any questions about benefits, eligibility and/or annual enrollment, please contact the Benefits Office at 7-2517 or email@example.com.