Important Next Steps for Your Voluntary Retirement Plan Transition

• April 3rd, 2024
• in Benefits News

The University of Alabama System recently announced enhancements to the 403(b) and 457(b) voluntary retirement plans through TIAA to help employees plan and save for the future.

A detailed Transition Guide with important information about this transition was mailed in early March 2024 to all participants who have funds in The University of Alabama System voluntary retirement plan(s). Implementation of the TIAA RetirePlus Pro® service will be finalized the first week of May.‌

Important Next Steps

Beginning April 3, all 403(b) plan participants will be issued a new Retirement Choice Plus (RCP) account from TIAA with the enhanced Target Date Plus model portfolio* selected as the default investment option.

• ‌No action is required to accept the default model, however, you may want to consider personalizing the model by customizing your anticipated retirement age, or unsubscribing from the model and selecting your own investments. The initial window to decide is April 3 – May 3, however, you may accept, personalize, or unsubscribe from the model portfolio at any time in the future.
• ‌Balance transfers of mutual funds from your other TIAA account(s) will occur the week of May 6.

* What is the Target Date Plus model portfolio?

The new model portfolio will replace the current age-based TIAA-CREF Lifecycle Index Institutional funds as the default investment option. The new model service makes it easier to plan and save for retirement by providing you with a professionally managed model portfolio that will be rebalanced every 90 days. It’s a convenient alternative to managing your own choices from the retirement plans’ investment lineups and offers an option for monthly income payments for life once you retire with the inclusion of TIAA Traditional.‌

‌‌Opportunities To Learn More

• T‌he Department of Human Resources hosted five on-site TIAA Town Halls in Gorgas Library’s Camellia Room on March 21 and 25. If you were unable to attend a town hall, you may watch an on demand webinar recording available for the next 90 days. 
• Review the detailed Transition Guide mailed in early March to all participants in the 403(b) and/or 457(b) voluntary retirement plan(s).
• Watch an instructional video to learn how to personalize or unsubscribe from the Target Date Plus model portfolio in TIAA’s online portal.
• ‌Schedule a one-on-one advice session by visiting TIAA.org/schedulenow.‌

If you have specific questions or need additional assistance, visit TIAA.org/uasystem or speak to a TIAA financial representative at 800-842-2252. 

Enhancements to Voluntary Retirement Plans

• February 20th, 2024
• in Benefits News

The University of Alabama System is pleased to announce enhancements to the 403(b) and 457(b) voluntary retirement plans through TIAA to help employees plan and save for the future. The changes do not require you to take any action at this time, and a detailed Transition Guide with additional information will be mailed in early March 2024 to all participants who have funds in The University of Alabama System voluntary retirement plan(s). Here are some important things to know:

• Introducing Target Date Plus model portfolios. These new model portfolios, available through the TIAA RetirePlus Pro® service, will serve as the default investment option for the voluntary 403(b) and 457(b) plans, replacing the current age-based TIAA-CREF Lifecycle Index Institutional funds. The new Target Date Plus model service may make it easier to plan and save for retirement by providing you with a professionally managed model portfolio that will be rebalanced every 90 days. They are a convenient alternative to making and managing your own choices from the retirement plans’ investment lineups and offer an option for monthly income payments for life once you retire.
• New TIAA accounts. As a part of the model portfolio enhancement, for those who do not already have one*, a new Retirement Choice Plus (RCP) account with TIAA will be created for you with contributions to the new account and model portfolio on your first paycheck in April. Fund balance transfers will occur in early May for eligible investments. Your TIAA portal access information will remain the same throughout this transition.
• Share class changes. Some of the current investment options will be replaced by a lower-cost share class of the same investments.
• Program fee reduction. As a result of implementing the RetirePlus Pro service, administrative fees are being reduced to help lower the overall cost of participating in your retirement plan.

Make the most of your retirement benefits
The upcoming enhancements provide an excellent opportunity for you to revisit your retirement plan options. No action is required to default into the new Target Date Plus model portfolio, however, you will have options to personalize or unsubscribe from the model. Please carefully review the Transition Guide that will be mailed to you in early March 2024 for more details on key dates, specific action steps, upcoming informational webinars, and resources available to you. 

You should be aware of the following key dates for anticipated changes and events: 

It’s our goal to keep you informed throughout the upcoming transition. No action is required at this time. If you have questions or need assistance, visit TIAA.org/uasystem or call TIAA at 800-842-2252. Consultants are available every weekday from 7 a.m. to 9 p.m. (CT).

* If you participate in TIAA’s 457(b) plan, you already have a Retirement Choice Plus (RCP) account.

New Employee Assistance Program Provider

• December 18th, 2023
• in Benefits News

The University’s Employee Assistance Program (EAP) provider transitions to GuidanceResources by ComPsych beginning Jan. 1, 2024. The GuidanceResources platform features an enhanced provider network because ComPsych is the world’s largest provider of mental health services. Your EAP will continue to offer free and confidential counseling sessions, plus complimentary legal, financial and work-life guidance, whenever and wherever you need it. Watch a brief orientation video to learn more about GuidanceResources. Additional details about the new and improved services provided by ComPsych GuidanceResources program are available on the HR website.

Eligible employees will receive a welcome packet letter from GuidanceResources by ComPsych with more detailed program information in January. The GuidanceResources program flyer has additional program details, or you may review the GuidanceResources ToolKit for an in-depth look at the expansive, new resources available to you.

ComPsych GuidanceResources will present complimentary webinars for all employees within The University of Alabama System to help you learn more about your new EAP:

• Tuesday, Jan. 9 at 12:00 pm: Join Now
• Wednesday, Jan. 10 at 12:00 pm: Register Now
• Tuesday, Jan. 16 at 11:00 am: Join Now
• Wednesday, Jan. 17 at 11:00 am: Register Now

EAP Transition FAQs:

Q1. Can employees continue to receive services from Uprise Health? The service contract with Uprise Health ends Dec. 31, 2023, so any new inquiries and referrals from Uprise will also end Dec. 31. Uprise notified current participants about this upcoming change and termination date. 

Q2. How can employees contact ComPsych for services? On or after Jan. 1, 2024, call the 24/7 toll-free number 1-888-283-3515 to request a new referral authorization with ComPsych. The GuidanceResources Online dashboard and GuidanceNow mobile app will also be available on or after Jan. 1 with virtual scheduling options and other resources. To register an account, use Organization Web ID: UAS.

Q3. Will participants be able to continue receiving care from the same provider? When contacting ComPsych, an employee or family member may request to be setup with their current provider, as long as the provider is credentialed with ComPsych’s network, OR a new provider.

Q4. How can a provider join the ComPsych network? Providers who wish to join ComPsych’s network may complete the Prospective Provider Interest Form available online at https://www.compsych.com/providers/login/login.xhtml or email providerrecruitment@compsych.com. Reimbursement rates vary and are negotiable for new and existing providers.

Q5. How long will it take for a new provider to join the ComPsych network? The credentialing review process varies from two (2) to six (6) weeks, depending on provider responses to documentation requests. ComPsych’s network team is proactively recruiting providers in all major markets covering The University of Alabama System, including Tuscaloosa, Birmingham, and Huntsville, so reviews will be expedited.

Q6. Who should employees contact with EAP questions? If an employee or family member experiences service issues or has concerns about the transition and requires additional assistance, please contact the Benefits Office at benefits@ua.edu. We will notify our dedicated ComPsych account manager for proactive outreach by ComPsych directly to the member.

New Student Debt Solution from Savi

• September 5th, 2023
• in Benefits News, Wellness & Work-Life

Are you still paying for student loan debt? Introducing a new debt solution for employees of The University of Alabama:

The path to reducing your monthly student loan payment and working toward loan forgiveness could be getting much easier. That’s because you and your family members have access to a robust solution that helps you find the best federal repayment and forgiveness programs for your financial situation.

Through The University of Alabama’s partnership with TIAA, we are pleased to announce Savi, a service that can help you strengthen your financial footing in the short term and position you for student loan forgiveness, including the Public Service Loan Forgiveness Program (PSLF). UA is a qualifying employer for PSLF as a not-for-profit public service organization that’s tax exempt under Section 501(c)(3), and Savi can help eligible employees with student debt take advantage of this money-saving program and more.

With federal student loan payments resuming in October 2023, take action now with Savi to be fully prepared before payments restart! The student loan experts at Savi can help you find the best loan repayment and forgiveness options and navigate through the complex rules and requirements. Savi‘s tool is designed to lower your student loan payments and get on track for student loan forgiveness, so you can focus on other financial goals like saving for retirement.

Visit https://www.tiaa.org/uasystem/student to calculate your savings and get started! You will be directed to Savi’s microsite to register.

Webinar Opportunities

Savi is offering exclusive, 30-minute onboarding webinars to help UA employees and their family members learn how to get on track for student loan forgiveness and get up to speed on any recent policy changes. Register for one today!

UA + Savi Workshop: Wednesday (9/13) @ 11:00 AM: Register Now!

UA + Savi Workshop: Tuesday (9/19) @ 3:00 PM: Register Now!

You may also register for recurring webinars every other Wednesday at 11:00 AM and 1:00 PM: https://www.eventbrite.com/o/savi-tiaa-27739666873

Savi offers two tiers of service, Do It Yourself (DIY) and Essential.

Service Option 1: Do It Yourself (DIY) Service.

FREE to all UA employees! Leverage Savi’s calculator and review repayment options. Manually apply for repayment and forgiveness programs through the Department of Education. Access the custom onboarding sessions referenced above and recurring, bimonthly educational webinars.

Savi DIY will help you:

• Determine if your loan(s) qualify for forgiveness for 150+ state & federal programs,
• Identify the best repayment method to help reduce your payment based on income & family size,
• Estimate how much money will be forgiven and when, and
• Consolidate your loan(s), if needed, to conform with the PSLF Limited Waiver requirements

Service Option 2: Savi Essential Service.

Savi offers an enhanced service, called Savi Essential, which can help you navigate the complex rules and procedures of the PSLF program, making it easier to stay on track for loan forgiveness. With an annual fee of just $60, the experts at Savi will support you with various PSLF tasks, handle paperwork on your behalf and remind you when it’s time to recertify for the next year for your annual fee.

Total Annual Application Cost: $60/calendar year

Benefits: All the benefits from Option 1, plus fully digitized forgiveness and savings plan forms, including employment certification and e-filing, as well as one-on-one personalized support from loan experts to help manage your student loans.

In addition to the Savi DIY benefits, Savi Essential will help you:

• Digitally generate & prefill any required forms, help complete them, validate and submit them,
• Track applications and forms after submission,
• Provide ongoing application monitoring and filing reminders to ensure you achieve forgiveness,
• Track accrual of PSLF credits to prevent surprises at the end of the repayment period, and
• Get enrollment reminders & updates on new programs or policy changes related to your loans

Healthcare Premium Deduction Changes

• November 30th, 2021
• in Benefits News

Medical, dental and vision premiums are currently collected one-month-in-advance. For example, premiums collected for medical insurance on your November check(s) pays for coverage in December. Effective Jan. 1, 2022, premiums will be collected in the current month for January coverage and continue for all subsequent months with the following impact:

• All benefit-eligible employees who paid medical, dental or vision premiums via payroll deduction in November (which pays for December coverage) will have NO medical, dental or vision deductions on their December check(s). All deductions will resume in January 2022 to pay for the current month’s medical, dental, and/or vision coverage.
• This premium deduction change will also impact when coverage ends in the event of termination of employment. Effective on or after Jan. 1, all medical, dental and vision coverage(s) will end the last day of the month of termination with the option to enroll in COBRA continuation coverage effective the 1st of the month following termination. For example, employee terminates on Jan. 25, 2022 will have medical, dental and/or vision coverage end on Jan. 31 with COBRA eligibility beginning Feb. 1.

In addition, the deduction schedules for all bi-weekly, non-exempt employee benefits will change:

• Currently, there are 26 bi-weekly pay periods each year with medical premiums collected each pay period (i.e., 26 deductions per year), dental premiums collected on the 1st paycheck each month (i.e., 12 deductions per year), and vision premiums collected on the 2nd paycheck each month (i.e., 12 deductions per year), etc.
• Effective Jan. 1, 2022, ALL bi-weekly benefit premiums will be deducted over 24 pay periods (i.e., only 1st and 2nd paycheck each month). This will standardize payroll deduction amounts for all benefits, making it easier for bi-weekly employees to understand and budget for recurring expenses.

Blue Cross Blue Shield Settlement

• May 11th, 2021
• in Benefits News

In October 2020, Blue Cross Blue Shield Association reached a $2.67 billion settlement in a class-action antitrust lawsuit. If you were covered by any Blue Cross self-funded plan, including the University’s self-funded health plan, between Sept. 1, 2015 through Oct. 16, 2020 you may be eligible for a settlement payment. Additional information, including frequently asked questions, is available on the Blue Cross Blue Shield settlement website.

Both individual employees and UA’s self-funded health plan are considered part of the settlement class and are eligible to file a claim. Spouses and dependents, beneficiaries and non-employees are not part of the settlement class and not eligible to receive payment.

You must submit a valid claim online at www.BCBSsettlement.com or postmarked by mail no later than Nov. 5, 2021. Claim forms and additional information is available at www.BCBSsettlement.com or may be requested by calling (888) 681-1142.

Frequently Asked Question Highlights:

Q1. Will UA file on behalf of eligible employees? No, employees must file a claim on their own to be eligible for payment. The University is eligible to file separately as a self-funded health plan.

Q2. Do individual employees have to file a claim? No, filing a claim is voluntary, however, individual employees will be excluded from receiving any settlement payment unless a claim is filed by the deadline.

Q3. When is the deadline to file? Nov. 5, 2021

Q4. Do I need to collect and submit premium/administrative fee data to submit a claim? No, but you have the option to do so. Blue Cross and Blue Shield of Alabama has produced premium and administrative fee data as maintained in the normal course of business, and the Claims Administrator will use that data to calculate claim payments.

Q5. Are spouses and dependents eligible to receive payment? No, they are not included in the settlement class and not eligible to receive payment.

Q6. The claim form asks for Group No. and Subscriber or Member ID. What are those? These fields are not required to submit a claim, but you have the option to include this information. Your Subscriber or Member ID is your Social Security Number and your Contract Number can be found on your Blue Cross Blue Shield ID card for the applicable coverage period. If you were enrolled on the UA self-funded health plan on or after Sept. 1, 2015, then the following Group No. may apply to your claim:

• If enrolled from Sept. 1, 2015 to Dec. 31, 2017, your Group No. was 79912
• If enrolled between Jan. 1, 2018 and Dec. 31, 2018, your Group No. was 74150
• If enrolled after Jan. 1, 2019, your Group No. is 74150 (PPO) or 97368 (HDHP)

Q7. Do I need my subscriber or group ID to fill out the claim form? No, you do not need your subscriber or group ID to file a claim, and you should not reach out to your BCBS plan for that information. If you do not have that information, leave it blank and your claim will still be processed.

TIAA Financial Wellness Webinars May 11-13

• April 29th, 2021
• in Benefits News

TIAA is offering several one-hour live webinars from May 11-13 addressing a wide array of financial issues including information on responsible investing, 529 college savings plans, creating a paycheck for life, mid-career financial checkups and more. Click here for more information and how to enroll for the seminars.

Fraudulent Unemployment Claims Increasing

• April 29th, 2021
• in Benefits News

There has been a recent surge in fraudulent unemployment claims across the United States, including Alabama. Visit the U.S. Department of Labor website to learn about signs you may be a victim and how to report unemployment identity theft.

TIAA Financial Consultants Available

• January 20th, 2021
• in Benefits News

For help enrolling or choosing investments in your retirement plan, consolidating previous employer retirement plans or IRAs, or conducting a holistic retirement planning consultation, schedule an appointment at TIAA.org/schedulenow, or email a TIAA financial consultant: Jared Gilbert, Jared.Gilbert@tiaa.org or Brad Propst, rpropst@tiaa.org. For immediate assistance for questions about your account, transactions or the TIAA.org website, call the National Contact Center at 800-842-2252, weekdays, 8 a.m. to 10 p.m.

TIAA Financial Webinars October 13-15

• September 29th, 2020
• in Benefits News

TIAA is offering several one-hour live webinars from October 13-15 addressing a wide array of financial issues including retirement assets, Medicare, alternative investments, Health Savings Accounts and cybersecurity. Click HERE for more information and how to enroll for the seminars.

TIAA Webinars September 15-16

• September 9th, 2020
• in Benefits News

TIAA is offering several one-hour live webinars from September 15-16 addressing a wide array of financial issues including asset allocation, 529 college savings plans, the Presidential election and the economy, and saving for your ideal retirement. Click HERE for more information and how to enroll for the seminars.

New Paid Leaves and COVID-19 Accommodations Webinar

• August 26th, 2020
• in Benefits News

The Families First Coronavirus Response Act provides paid leave protections to employees who qualify for Emergency Paid Sick Leave and/or Expanded Family Medical Leave. Employees unable to work or telework due to a COVID-19-related reason, including childcare issues, may be eligible to request these paid leaves. In addition, employees who are members of vulnerable populations at increased risk for severe illness from COVID-19 and/or employees who share a household with or have primary care responsibility for someone in a vulnerable population may request temporary, COVID-19 accommodations. Additional information is available on the HR website under the Coronavirus (COVID-19) FAQs.

Live, instructor-led webinars about the new leaves and COVID-19 accommodations will be held 2-3 p.m. on Tuesday, Sept. 1, and 9:30-10:30 a.m. on Wednesday, Sept. 9. Registration for the webinars is available in UA LMS. Direct questions to the HR Service Center at 205-348-7732 or hrsvctr@ua.edu.