STAFFORD MUNICIPAL SCHOOL DISTRICT
2018- 2019 Benefit Guide
Plan Year: September 1, 2018 to August 31, 2019
Benefit Information Provided By: First Financial Group of America Jillian Warren, Account Manager
Cell Phone: 832-853-5523 Houston Branch Office
11811 North Freeway, Suite 900 Houston, TX 77060
“world-class education...small school setting”
Supplemental Benefits
Section 125 Cafeteria Plan
Supplemental Retirement
Plans
Please visit www.benefits.ffga.com/staffordmsd for additional plan details and rates.
OPEN ENROLLMENT DATES OPEN ENROLLMENT WILL BEGIN JULY 9,2018 AND END AUGUST 10, 2018. YOU WILL BE ABLE TO ENROLL ON-LINE THIS
ENTIRE PERIOD. IF YOU WOULD LIKE ASSISTANCE WITH YOUR ENROLLMENT THERE WILL BE AN AGENT ON CAMPUS AT THE
HIGH SCHOOL LIBRARY JULY 23-27 AND AUGUST 6-10. ACA RULES Due to Federal Regulations under the Affordable Care Act (ACA), ALL EMPLOYEES must enroll in or decline coverage for themselves and their dependents in the TRS Medical Plan. TRS 2018 We anticipate the 2018 TRS plan information and rates will be released in the summer of 2018. At that time, information regarding your medical plan will be released to all employees of the district. AMERICAN FIDELITY HEALTH SAVINGS ACCOUNT (HSA) The 2018 maximum allowable is $3,450 for an individual or $6,850 for a family. New This Year! AFA CRITICAL ILLNESS
Contacts
BENEFIT CONTACTS NAME PHONE WEB ADDRESS
Human Resources Clerk Tera Bressler 281.261.9280 [email protected]
BENEFIT VENDOR PHONE WEBSITE
Flexible Spending/Dependent Care FFGA 866-853-3539 [email protected]
Retirement FFGA-Rosa Galindo 281-272-7695 [email protected]
Investment Manager Michele Noboa 281-272-7437 [email protected]
COBRA FFGA 800-523-8422 www.ffga.com
Health Savings Accounts American Fidelity 866-326-3600 www.afhsa.com
Disability American Fidelity 800-654-8489 www.americanfidelity.com
Critical Illness American Fidelity 800-654-8489 www.americanfidelity.com
Gap & Hospital Indemnity American Fidelity 800-654-8489 www.americanfidelity.com
Cancer Allstate 800-521-3535 www.allstateatwork.com
Cancer AFLAC 800-433-3036 www.aflacgroupinsurance.com
Accident Metlife 800-438-6388 www.mybenefits.metlife.com
Permanent Life Texas Life 800-283-9233 www.texaslife.com
Group Term Life Dearborn National 800-348-4512 www.dearbornnational.com
Dental DHMO & PPO Humana 877-378-1505 www.humanavoluntarybenefits.com
Vision EyeMed 888- 581-3648 www.eyemedvisioncare.com
Legal Plan Legal Shield 800-654-7757 www.mylegalshield.com
FFenroll Online Enrollment Instructions ONLINE ENROLLMENT WILL BE AVAILABLE JULY 9, 2018 – AUGUST 10, 2018 ONLINE ENROLLMENT
How do I view my benefits?
Go to https://ffga.benselect.com/enroll
What is my login and PIN?
Login is your social security number (123456789) and your PIN is the last four digits of your social security number and the last two digits of your birth year (678977)
Once you login you will see a Welcome Presentation. Once finished, Click “Next”, then:
• Verify your personal information • Verify all dependent information (ssn/date of birth) **Very Important** • View employment information
You will then see a brief presentation on each benefit available. Notify the Benefits Office of any discrepancies. USEFUL INFORMATION TO KNOW
• You must enroll in Medical Reimbursement, Dependent Care Reimbursement and Health Savings Account (HSA) every year. These benefits DO NOT automatically renew.
• Write your PIN number down • Contact First Financial # 800-523-8422 with any technical questions • No changes will be permitted until annual enrollment, unless you have an IRS S125 qualified
event
TABLE OF CONTENTS
SECTION 125 FAQ’s 1
SECTION 125 CAFETERIA PLAN 2
HUMANA DHMO & PPO DENTAL 3
EYEMED VISION 4
AFLAC CANCER 4
ALLSTATE CANCER 5
AMERICAN FIDELITY DISABILITY PLAN 6
AMERICAN FIDELITY CRITICAL ILLNESS 6
AMERICAN FIDELITY GAP 7
METLIFE ACCIDENT 7
LEGAL SHIELD LEGAL PLAN 7
TEXAS LIFE PERMANENT LIFE 8
DEARBORN GROUP TERM LIFE & AD&D 9
FLEXIBLE SPENDING ACCOUNT (FSA) 9
FLEXIBLE SPENDING ACCOUNT (FSA) – DEPENDENT CARE 10
AMERICAN FIDELITY HEALTH SAVINGS ACCOUNT (HSA) 10 & 11
403(b) RETIREMENT SAVINGS PLAN 12
457 RETIREMENT PLAN 12
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
SECTION 125 CAFETERIA PLAN FAQ’S
What is Section 125? Section 125 is part of the Internal Revenue Code that allows employees to convert a taxable cash benefit (salary) into non-taxable benefits. Under a Section 125 program, you may choose to pay certain qualified benefit premiums before any taxes are deducted from your paycheck.
Do I have to participate in a Section 125 plan? No. You are under no obligation to participate in a Section 125 program. However, you are required to sign an election form to indicate your choice.
Can I enroll in a Section 125 plan whenever I want? Your employers Section 125 plan is an annual plan. You must enroll in the Section 125 plan during the eligible enrollment period or during the plan year if you experience a qualifying event or change in family status.
Can I use the tax credit for medical expense deduction on my income tax return? No. Expenses reimbursed under this plan may not be used when calculating your Medical Expense Deduction.
What is the maximum monthly amount I can have deducted from my check (pre-tax) for Medical Reimbursement? $216.66 per month is the maximum for Medical Reimbursement.
If my spouse has a Health Saving account (HSA), can I enroll in a Flexible spending plan (FSA)? No. Due to IRS regulations you would not be eligible to enroll in a Flexible Spending plan (FSA).
What happens if I don’t incur enough expenses to get back the money deposited in my Reimbursement account? Any expense dollars not used for expenses is forfeited. This is what is known as the “Use it or Lose It” provision of the Section 125. It is very important to be conservative and accurate in estimating your expenses for the plan year. You will be reminded periodically (based on activity) of the balance in your account. You also have up to 90 days to file for expenses incurred during the previous plan year or within 90 days after termination to file for expenses incurred prior to termination.
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
SECTION 125 CAFETERIA PLAN FAQ’S CONT’D
SECTION 125 CAFETERIA PLAN RULES
A Cafeteria Plan (under IRS Code Section 125) is a benefit available when you choose an eligible health plan with your employer. It allows you to withhold a portion of your pretax salary to cover your insurance premiums and certain medical and child care expenses. This allows you to pay less taxes and increase your take home pay at the same time.
As a district employee, you are eligible to participate in a Section 125 Flexible Benefit Plan. Enrollment opportunities are limited to the plan year dates for your district. You must make your election each plan year to continue your eligibility for cafeteria plan benefits.
You cannot change your benefit elections for the plan year unless the benefits office receives notification in writing within 31 days of the status change. If the Benefits Office is not notified within 31 days of the status change, no benefit change can be made until the next annual Open Enrollment.
IRS specified changes in family status include:
• Marriage or Divorce • Birth, adoption, death of a spouse/child • Change in spouse’s or dependent’s employment status • Change in eligibility status of a dependent • Substantial increase in a benefit premium • Becoming Medicare eligible • Spousal Open Enrollment
ELIGIBLE BENEFITS UNDER SECTION 125 CAFETERIA PLAN
• Medical Insurance • Gap Insurance • Cancer Insurance • Critical Illness Insurance • Dental Insurance • Vision Insurance • Accident Insurance • Flexible Spending Accounts
- Medical Reimbursement (up to $2,650 per Plan Year)
- Dependent Care Reimbursement (up to $5,000 per Plan Year)
• Health Savings Account - $3,450 Individual - $6,850 Family
To learn more about the about the benefits available under the cafeteria plan, please contact Jillian Warren at 832-853-5523 or Human Resources at 281-261-9271.
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
HUMANA DHMO DENTAL PLAN Dependents up to age 26
Because you are a valued employee, we are pleased to offer you the opportunity to enroll in a dental benefit plan provided by Humana DHMO Dental. This prepaid dental plan offers benefits through a network of Plan Dentists. When you enroll for benefits, treatments you receive from your selected Plan Dentist will be provided at reduced fees called copayments. The DHMO plan is an affordable plan that features no deductibles, no pre-existing conditions, no waiting periods and no claim forms.
Humana DHMO Dental Plan – Semi-Monthly Rates
Employee Only $4.57
Employee + Spouse $10.99 Employee + Child $9.25
Family $15.61
HUMANA PPO DENTAL PLAN Dependents up to age 26
Oral care can be a significant financial expense. Having dental insurance can help cover the costs. Help keep your family's smiles healthy with dental insurance.
Humana PPO Plan Summary In-Network Benefit
Annual deductible $50/Calendar Year Type 2 & 3 (Waived Type 1)
Annual maximum (per person) $1,500 per calendar year (No family maximum)
Preventative care (e.g., cleaning, exam, x-rays)
100%
Basic services (e.g., fillings, extractions, root canal)
Covered at 80% after deductible is met
Major services (e.g., crowns, dentures) Covered at 50% after deductible is met
Orthodontia $1,000 per person - child only coverage
Humana PPO Dental Plan – Semi- Monthly Rates
Employee Only $18.98
Employee + Spouse $37.44 Employee + Child(ren) $47.74
Family $66.45
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
EYEMED VISION PLANS Dependents up to age 26
Vision insurance is a way to help cover expenses incurred for eye care service from eye care professionals such as optometrists and ophthalmologists. Regular eye exams can offer more than just measuring your eye sight! They can identify serious eye diseases early, allowing time for treatment. Most people don’t realize that eye exams can also reveal the early signs of serious illnesses like diabetes, heart disease and high blood pressure.
Must choose in-Network EyeMed Vision Provider for less out-of- pocket expenses Benefit pays for eyeglasses or contact lenses once a year for each person on the plan
Additional benefits available at a discounted price
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd
AFLAC CANCER Dependents up to age 26
A cancer diagnosis can be devastating, both personally and financially. It is likely that your major medical coverage will not cover all of the costs associated with a cancer diagnosis. The plan pays the following benefits for the necessary treatment of cancer or a specified disease, and for any other conditions caused or aggravated by the cancer or specified disease.
Pays you directly to offset expenses related to the treatment of cancer
Pays you based on schedule of benefits
Initial Diagnosis Rider (IDR) pays up to $500 upon initial cancer diagnosis
Pays up to $15,000 annually for chemotherapy, radiation and immunology
Experimental Treatment
Specialty Hospitals
Travel Expenses Wellness benefit pays up to $25
AFLAC Cancer (Semi-Monthly) Ages 18-75 Includes Initial Diagnosis Rider (IDR)
Individual $6.96
Insured/Spouse $11.46
One-Parent Family $6.96 Two-Parent Family $11.46
Vision Rates – (Semi-Monthly)
Employee Only $3.44
Employee + Spouse $6.54
Employee + Children $6.88
Family $10.11
Vision Plan Summary
In-Network Benefit Out of Network
Benefit
Eye Exam $10 Copay Up to $30
Standard Lenses $25 Copay Up to $25
Frame Allowance $125 allowance and 80% of
charge over $125
Up to $63
Standard Contact Lens Fit and Follow-Up
Up to $55
N/A
Contact Lenses
$150 allowance; plus balance over $150
Up to $120
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
Employee – Non-Tobacco User Monthly Premiums
AFLAC CANCER CONT’D
Sample Benefit Amount $5,000 $20,000 $35,000 $40,000 18-29 $5.56 $13.17 $20.78 $23.31
30-39 $7.16 $19.58 $32.00 $36.14
40-49 $11.10 $35.36 $59.61 $67.69
50-59 $17.93 $62.65 $107.38 $122.29 60-69 $27.71 $101.76 $175.82 $200.51
ALLSTATE CANCER PLAN Dependents up to age 26
A cancer diagnosis can be devastating, both personally and financially. It is likely that your major medical coverage will not cover all of the costs associated with a cancer diagnosis. The plan pays the following benefits for the necessary treatment of cancer or a specified disease, and for any other conditions caused or aggravated by the cancer or specified disease.
Pays you directly to offset expenses related to the treatment of cancer
Pays you based on schedule of benefits
Initial Diagnosis Rider pays up to $3,000 upon initial cancer diagnosis
Pays up to $20,000 annually for chemotherapy, radiation and immunology
Experimental Treatment Specialty Hospitals
Travel Expenses Wellness benefit pays up to $100
Cancer (Semi-Monthly Rates)
Plan EE EE + SP EE + EC F
Low $9.34 $14.50 $13.25 $18.39
Med $16.03 $24.91 $22.85 $31.72
High $21.77 $33.90 $31.05 $43.18
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
AMERICAN FIDELITY DISABILITY PLAN
If your paycheck suddenly stopped today, could you afford to pay for your mortgage, car payments, food and other monthly expenses? How could you maintain your current lifestyle?
American Fidelity Assurance Company knows one of the most important assets a person possesses is their ability to earn an income. Our Disability Income Insurance is a cost-effective solution designed to help protect you if you become disabled and cannot work due to a covered injury orsickness.
Highlights
$100 increments; up to 70% of salary or maximum of $7,500/Month
Guarantee issue coverage for everyone. Benefits are subject to pre-existing condition limitations.
Benefits begin upon satisfying the elimination period.
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd .
American Fidelity CRITICAL ILLNESS PLAN Dependents up to age 26
Critical illness insurance offers you financial protection when you need it the most with cash benefits paid directly to you. Since benefits are provided in a lump sum at the time a covered diagnosis occurs, there is flexibility in how you use your benefits. Whether for medical expenses, or the cost of daily living, the decision is yours to use the benefits in a way that best fits your needs so you can focus on your recovery.
Supplementing your major medical with critical illness insurance helps you pay for your care so you can focus on getting well. Critical Illness insurance may cover:
Guarantee Issue: $20,000 for employee
Children covered at 25% of insured’s benefit For no additional cost
Spouse coverage available up to 50% of
Insured’s benefit for an additional cost $100 Wellness benefit per year
Plan is portable up to age 75
Pre-Existing Condition Limitations apply
Highlights
Plan covers the following Critical Illnesses:
Heart Attack
Stroke
Paralysis
Invasive Cancer
Major organ Failure or Transplant
End stage renal (kidney) failure
Coronary artery bypass surgery (25%)
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
AMERICAN FIDELITY GAP INSURANCE Dependents up to age 26
Rising health care costs can be a financial concern. When faced with a hospital expense, how would you manage to pay your share, including the deductible and co-pays? The Hospital GAP PLAN® Choice™ can help!
The Inpatient Hospital Benefit pays the difference between the actual hospital expenses you incur as an inpatient and the amount your primary medical plan covers. Benefit amounts available range from $1,000 to $7,500. Your reimbursement cannot exceed the benefit amount you initially select under this plan.
The Outpatient Benefit pays the difference between the actual outpatient expenses incurred andthe amount paid by your primary medical plan.
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.
METLIFE ACCIDENT PLAN Dependents up to age 26
Accident insurance is a way to protect you and your family from the unexpected expenses of an accident. Not only can the policy assist with hospital stays and medical exams, but travel costs as well. With benefits paid directly to you, you can determine where to spend the money.
LEGAL SHIELD LEGAL PLAN Dependents up to age 26 for Legal Shield. Up to age 18 for IDShield.
Unexpected legal questions arise every day and with a pre-paid legal plan, you can have access to a quality law firm for a low monthly fee. From letters written on your behalf to document review, speeding tickets to will preparation and more, attorneys are on hand to provide legal advice – no matter how traumatic or trivial it may seem. With a pre-paid plan you will be protected and empowered to worry less and live more.
Accident Rates (Semi -Monthly)
Low Plan
High Plan
Employee Only $4.05 $7.70
Employee & Spouse
$6.12 $11.60
Employee & Child $7.83 $14.85
Family $10.08 $19.11
Benefit Type Low Plan High Plan
Fractures $50 -$3,000 $100 - $6,000
Dislocations $50 -$3,000 $100 - $6,000
Coma $5,000 $10,000
Burns $50 -$5,000 $100 - $10,000
Emergency Care $25 - $50 $50 - $100
Hospital Admission $500 or $1,000 $1,000 or $2,000
Ambulance Air - $750 Ground - $200 Air - $1,000 Ground - $300
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
LEGAL SHIELD LEGAL PLAN CONT’D
LegalShield Plan Services
Legal Advice – unlimited personal issues
Letters/calls made on your behalf
Contracts & Documents reviewed up to 15 pages
Attorneys prepare - Will, Living Will, Child Trustand Healthcare Power of Attorney
Separation, divorce, adoption and name change
Traffic-Related Issues
Trial Defense - Pre-Trial and Trial
IRS Audit Assistance
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.
TEXAS LIFE INDIVIDUAL LIFE INSURANCE PLAN
Voluntary permanent life insurance can be an ideal complement to the group term and optional term your employer might provide. Designed to be in force when you die, this voluntary universal life product is yours to keep, even when you change jobs or retire, as long as you pay the necessary premium. Group and voluntary term, on the other hand, typically are not portable if you change jobs and even if you can keep it after you retire, usually costs more and declines in death benefit.
You may apply for this permanent, portable coverage, not only for yourself, but also for your spouse, and minor children and grandchildren.1,2
Please see the Purelife-Plus brochure in the EBC for additional information and rates.
1. Policies not available for children and grandchildren in Washington. 2. Texas Life complies with all state laws regarding marriages, domestic and civil union partnerships, and legally recognized familial relationships.
ID Shield Plan Services
Credit Report
Personal Credit Score with Analysis
Continuous Monitoring with Activity Alerts
Identity Restoration Services
Plan Rates (Semi-Monthly) Individual Family
Legal Shield $9.48 $9.48
ID Shield $4.48 $9.48
Combined $13.95 $16.95
Highlights
Portable; rate locks ate age you begin the policy
Coverage available to age 121
AD&D benefit included for ages 17-59
Child Term Life Rider available for ages 15 days through 18 years old
Accelerated Death Benefit
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
DEARBORN NATIONAL GROUP TERM LIFE AND AD&D INSURANCE Dependents up to age 26. Employee must designate a beneficiary.
Eligible Employees – Subject to Underwriting • Stafford MSD employees working 20+ hours per week will receive a $10,000 district paid Basic
Life and AD&D policy.
• Employee: Up to 5x salary in increments of $10,000. Not to exceed $500,000. • Spouse: Up to 100% of employee’s amount in increments of $5,000. Not to exceed$250,000. • Child: Up to 100% of employee’s coverage amount in increments of $5,000. Not to exceed
$15,000. (The maximum death benefit for a child between the ages of live birth and 6 months is$1,000)
New Hires (within 31 days of hire) – Guarantee Issue (any amount over GI will be subject to insurability)
• If you and your eligible dependents do not enroll within 31 days of your eligibility date, youcan apply for coverage only during an annual enrollment period and will be required to furnish evidence of insurability for the entire amount of coverage.
• Employee: Guaranteed 5x annual salary up to $150,000 of coverage. • Spouse: Guaranteed up to $50,000 of coverage. Not to exceed 100% of employee coverage. • Child: Guaranteed $10,000 of coverage.
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.
FLEXIBLE SPENDING ACCOUNT (FSA) –MEDICAL If you don’t use it, you lose it! You MUST re-enroll every year.
Medical Flexible Spending Accounts (FSA) allow you to set aside pre-tax payroll deductions each pay check to pay for out of pocket medical, dental and vision expenses for you and your family. During open enrollment you will estimate the amount you think you will need during the year. This amount will be taken out of each paycheck. Your full annual election will be available to you at the beginning of the plan year. The maximum you can set aside each year is $2,650. A debit card is available for this plan.
Resources for FSA Management:
FF Flex Mobile App- submit claims, view account balance and history, view alerts and upload receipts.
FSA Store - Shop for eligible items from bandages to wheel chairs and thousands of products in between.
Eligible Medical Expenses
Co-Payments
Prescriptions
Deductibles
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
FLEXIBLE SPENDING ACCOUNT (FSA) – DEPENDENT CARE If you don’t use it, you lose it! You MUST re-enroll everyyear.
With a Dependent Care Flexible Spending Account (FSA), you can set aside part of your pay on a pre-tax basis to pay for eligible dependent care expenses. Stafford MSD provides a $500 rollover option for your FSA.
This account allows you to pay for day care expenses for your qualifying dependent/child with pre-tax dollars while you (and your spouse) are:
• Working • Seeking Employment • Attending school as a full time student (for at least five
months of the year)
Eligible dependents must be claimed as an exception on your tax return. You may allocate up to $5,000 per tax year for reimbursement of dependent day care services ($2,500 if you are married and file a separate tax return). A debit card is available for this plan.
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.
FFGA HEALTH SAVINGS ACCOUNT (HSA)
A Health Savings Account (HSA) provides you with the power to choose the best way to use the money typically spent on your healthcare expenses by providing a vehicle that allows you to save for future health costs. With an HSA, you will have the savings potential, flexibility, portability and tax savings unlike any other medical savings vehicle. The maximum allowable contribution is $3,450 for an individual or $6,850 for a family.
HOW THE ACCOUNT WORKS
An HSA may be used for the reimbursement of eligible medical expenses for you, your spouse and your tax dependents. The funds in your HSA are interest bearing and roll over from year toyear.
Eligible Daycare Expenses
Before/After School Care
Mother’s Day Out Program
Nursery Schools
Babysitters
Nanny
Au Pair
Day Camps
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
FFGA HEALTH SAVINGS ACCOUNT (HSA) CONT’D
PLAN HIGHLIGHTS:
Pays out-of-pocket medical expenses
Deductible, co-payments and other HSA-qualified expenses
Provides excellent tax advantages
Contributions can be taken pre-tax from your paycheck, your account balance earns tax-free interest and any disbursements for HSA-qualified expenses are tax-free
Balance can grow throughout the years Unused contributions are able to roll over into following years. Use your account for
retirement purposes. After turning age 65, you may withdraw money for non-qualified expenses, penalty free.
Debit Card available
My Notes to Ask Benefits Advisor
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.
STAFFORD MUNICIPAL SCHOOL DISTRICT 2018-2019 PLAN YEAR
This is an outline of benefits only. If there is a conflict between the terms of this outline of benefits and the contract, the terms of the contract will prevail.
403(B) RETIREMENT SAVINGSPLAN
A 403(b) plan, also known as a Tax Sheltered Annuity (TSA) is a retirement plan for certain employees of public schools and tax-exempt organizations. 403(b)’s are similar to 401k plans because they allow you to place an amount of your salary into an employer-sponsored plan that helps you save for retirement. The benefit is that you do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after you retire. Allowable contributions to a 403(b) plan are either excluded or deducted from your income. However, if your contributions are made to a Roth contribution program, this benefit does not apply. Instead, you pay income tax on the contributions to the plan but distributions from the plan (if certain requirements are met) are tax free.
Benefits Include:
Tax deferred growth: no annual taxation on earnings
Investment options: fixed annuities, variable annuities, or mutual funds
Competitive interest rates
Flexibility: start, stop, and adjust your contributions as allowed by your employer's plan. Receive periodic account statements
457(B) RETIREMENT PLAN
A 457(b) plan is a Tax Deferred Retirement Plan available to employees of state and local governmental agencies, including public school employees. They are similar to 401k plans because they allow you to place a percentage of your salary into an employer-sponsored plan that helps you save for retirement. You will not have to pay taxes on what you contribute or earnings made until you withdraw the money.
Benefits Include:
Investment options: fixed annuities, variable annuities, or mutual funds
Flexibility: start, stop, and adjust your contributions as allowed by your employer's plan Receive periodic account statements
There's no 10% federal penalty on interest or earnings for early withdrawal There's no current federal income taxes on the money you put into the plan until it is time
to take withdrawals
Please see a First Financial Representative or review plan summary in the Employee Benefits Center at www.benefits.ffga.com/staffordmsd.