Annual Benefits Enrollment: What s New for 2017

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1 September 2016 FOR INTERNAL USE ONLY Annual Benefits Enrollment: What s New for 2017 : What You Need To Know Annual Benefits Enrollment runs from Tuesday, Nov. 1 at 8:00 a.m. through Tuesday, Nov. 15, 2016 at 11:59 p.m., ET. Review the information below to ensure you understand what s changing and the decisions and actions you need to take for Remember, Annual Enrollment is your one-time opportunity to change your health and insurance coverage for the year ahead unless you experience a qualified life event (marriage, divorce, birth of a child, and similar) during the year. What s New or Changing for 2017 While you may see a slight increase in your medical contributions for 2017 depending on the level of coverage you select, the good news is that, in general, costs will remain relatively flat for next year. TIAA will also continue to absorb approximately 73% of the total cost of medical coverage. With the integration of Nuveen and TIAA benefits programs, employees working or living in the Chicago service area will have the option of selecting between Aetna and Blue Cross Blue Shield (BCBS). We are updating the dental plan by simplifying the deductible (only one will apply for services received in either the PPO or Premier networks) and increasing benefits for basic services. You ll have a choice of two vision care options the one you have now (Standard) and a new option (Enhanced) that will offer a higher frame and contact lens allowance. We are introducing a new mindfulness benefit Mindfulness at Work that offers online resources, classes and instructors to help you manage stress while meeting the demands of your day. We are increasing the lifetime maximum benefit for In Vitro Fertilization (IVF) related prescription drugs from $10,000 to $15,000. Short-Term Disability (STD) will continue to be administered by MetLife but benefit payments will be processed by ADP, our payroll administrator. This change will enable us to apply current withholding and deposit elections to short-term disability benefit payments. We re also changing the amount of time you are eligible to receive 100% of your pay on STD. The monthly maximum for Long Term Disability (LTD) payments is changing from $30,000 to $20,000, but will be offset by a new, higher definition of earnings that includes base salary, plus annual cash bonus and commissions. Contributions to the Retirement Plan will no longer be made while out on LTD. Business Travel Accident Insurance coverage will increase from 3x to 5x annual base salary; the maximum benefit will also increase to $5 million. Book fees will be a new covered expense eligible for reimbursement under the Tuition Reimbursement Program. We are introducing a number of group voluntary offerings, including Auto/Home Insurance, Pet Insurance, Identity Theft Protection and Legal Assistance. TIAA Employees

2 Taking a Closer Look The following sections provide more details about the 2017 benefits changes. You ll be able to access additional information on these changes on the Annual Enrollment microsite, which will be available in early October. MEDICAL AND PRESCRIPTION DRUG Choice of medical carriers for employees working in Chicago: With the blending of the Nuveen and TIAA benefits programs, employees living or working in the Chicago service area will have access to our current medical options Choice Advantage POS and Consumer Choice POS with Health Savings Account (HSA), which are both administered by Aetna. They will also have the option to select BCBS as their network provider and administrator. Although the options have different names i.e., BCBS HDHP with HSA and BCBS POS, the benefits offered will be identical to those that are available through the Consumer Choice POS with HSA and Choice Advantage POS medical options. Enhanced infertility benefit: The maximum lifetime benefit you can receive for prescription drugs related to In Vitro Fertilization is increasing from $10,000 to $15,000. DENTAL Updates to the Delta Dental Premier Plus PPO option: You will have the same dental option but with improved coverage, including: VISION o 100% coverage after the deductible (increased from 80% after the deductible) for basic restorative care (e.g., fillings) o Discontinuation of the higher, premier deductible of $100/$200, which means you can see any dentist within the PPO or Premier networks without any financial penalty o Coverage for composite (white) fillings in back teeth New vision option: You will have access to two vision plan options (Standard and Enhanced) instead of one. The Standard option remains unchanged from the current plan, while the new Enhanced option features additional coverage, including: Higher frame and contact lens allowances Full coverage for certain lens add-ons such as UV coating, progressive lenses and anti-reflective coating (see Your 2017 Annual in early October for details) 2

3 LIFE AND DISABILITY INSURANCE Short-Term Disability (STD)*: Changes to your STD benefits for 2017 include: Extending 100% STD benefit period for the first eight weeks of disability (currently 100% of covered earnings is paid for up to four weeks). STD benefit payments will continue during your disability for up to 26 weeks based on the following schedule: o Weeks 1: Paid time off, if available; otherwise unpaid time o Weeks 2-8: 100% of base salary continued o Weeks 9-13: 80% of base salary continued o Weeks 14-26: 70% of base salary continued We are also transitioning the processing of disability payments from MetLife to ADP, our payroll administrator, so you ll be able to continue pre-tax health deductions and 401(k) contributions while out on STD. Starting January 1, 2017, any Retirement Plan contributions made during STD will be determined by the STD payments received, even if your short-term disability begins in 2016 and carries into Currently, this benefit is determined using your full salary, regardless of how much your STD payments are. Long-Term Disability (LTD)*: Changes to your LTD benefits for 2017 include: The maximum monthly benefit available will be lowered to $20,000 but will be offset by a new, higher definition of earnings that includes base salary, plus annual cash bonus and commissions. Contributions to the Retirement Plan will no longer be made while out on LTD. * Note: If you go out on disability leave (short-term and/or long-term) prior to January 1, 2017, you will continue to receive benefits based on the plan that is in effect through December 31, 2016, with MetLife administering benefit payments. The updates outlined above (with the exception of the change in Retirement Plan contributions), will apply to employees who go out on leave on or after January 1, Business Travel Accident Insurance: Business Travel Accident Insurance coverage will increase from 3x to 5x annual base salary, with a higher maximum benefit (from $2.5 million to $5 million). 3

4 WORK LIFE BENEFITS New Group Voluntary Offerings: In 2017, you will have access to several new group voluntary offerings, which are employee-paid but with low group rates. These offerings are not sponsored by TIAA. Stay tuned for further cost and enrollment details. Auto and Home Insurance: Access to discounted rates through MetLife on property and liability protection, including car, motorcycle, boat, renter s coverage and more. Pet Insurance: Access to pet insurance through Nationwide to be reimbursed for eligible veterinary expenses related to accidents, illnesses and injuries for dogs, cats, birds, some exotics and reptiles. Identity Theft Protection: Access to identity and credit monitoring services, credit scores and reports, and wallet and password protection through InfoArmor. Legal Assistance Plan: Access to unlimited legal representation for you and your dependents for a variety of legal advice matters including will/trust preparation, real estate, document review/preparation and more through MetLife. Enhanced Tuition Reimbursement: The firm will include book expenses in the annual reimbursement limit, which will remain at $8,000 for New Mindfulness Program: Mindfulness at Work is an online program dedicated to helping you find the right balance between your work and personal life and have more energy. With Mindfulness at Work, you can learn how to respond rather than react to a stressful situation, how to create better relationships and deal with difficult personalities. This program offers guidance from expert instructors who will teach you mindfulness techniques that help you work through these types of situations and others. 4

5 What You Need to Know / Do During Annual Enrollment Important! If you are currently enrolled in a medical option but do not make an active election during Annual Enrollment, you will remain in your current medical option at the same coverage level with the tobacco surcharge. If you are not currently enrolled in a medical option and do not make an active election, you will not have coverage for If you do not make an active election, you will also remain in your current dental and vision coverage at your current coverage level. You will not have the ability to contribute to a Flexible Spending Account. Benefit Medical What you need to know / do Compare the cost of the Consumer Choice POS with HSA and Choice Advantage POS medical options. If you enroll in the Consumer Choice POS with HSA medical option, decide how much you want to contribute to your HSA. If you default into the Consumer Choice POS with HSA medical option as a newly eligible employee or are electing it for the first time, you must login to Your Benefits Center and agree to the Terms & Conditions of the HSA to open your account and receive the firm s contribution. If you elect medical coverage, you must actively elect non-tobacco user status during Annual Enrollment in order to avoid the tobacco surcharge. Verify your eligible dependents and make any necessary updates. Important! Resources & Tools (Available early October) Watch the Medical Plan Cost Comparison videos Check out the interactive Tax-Advantaged Healthcare Accounts Roadmap to help you decide which healthcare account best meets your needs View the Rx Roadmap an infographic to help you get the most out of what you spend on prescription drugs If you are currently enrolled in a medical option but do not make an active election during Annual Enrollment, you will remain in your current medical option at the same coverage level with the tobacco surcharge. If you are not currently enrolled in a medical option and do not make an active election, you will not have coverage for

6 Benefit Dental Vision Group Voluntary Offerings Flexible Spending Accounts (FSAs) Other What you need to know / do If you are enrolled in the Delta Dental Premier plus PPO option and do not make an active election, your current dental election will carry over into 2017 at the same coverage level. If you are enrolled in the vision option and do not make an active election, your coverage will continue into 2017 at the same coverage level. Review the new group voluntary offerings that are available to you (see page 4 for details). Determine how much you want to set aside in the Healthcare / Dependent Day Care FSAs by estimating your 2017 out-of-pocket costs for healthcare and dependent day care expenses. Remember, with any FSA, the use it or lose it rules applies. Any funds remaining in your FSA at the end of the year will not roll over to the next year. Review the changes to the Disability and Business Travel Accident Insurance programs. Resources & Tools (Available early October) Review Your 2017 Annual for more information on these offerings Check out the interactive Tax-Advantaged Healthcare Accounts Roadmap to help you decide which healthcare account best meets your needs 6

7 Enrolling in Your Benefits for 2017 Be sure to attend a Benefits Fair if there is one at your location or join a webinar about new benefits for During the Annual Enrollment period from Nov. 1-15, you can view your current benefits coverage, enroll, or make changes to your 2017 benefits online by accessing Your Benefits Center as follows: From work: On the Corporate Intranet home page, click on the HR Services tab. You will then see a link to Your Benefits Center under the HR Services Quick Links menu. From there, you can use your single sign on credentials (also known as your Active Directory login and password) to sign in to the site. From home: Go to and enter your login ID and your PIN: Your login ID is your employee number with enough preceding zeros to make it six digits (for example, 1234 should be entered as ). If your ID is more than six digits, simply enter the last six digits of your ID (for example, should be entered as ). If you have forgotten your employee number, you can locate it on your pay stub available through Your Payroll Center. Your PIN was initially set to your date of birth (for example, January 1, 1970 should be entered as ). If you have previously accessed Your Benefits Center using this method, you were asked to change your PIN during your first login and should use your new PIN. If you have forgotten your PIN, select Forgot Your PIN? from the main page and a PIN reminder will be ed to you. By phone: You can also enroll by calling Your Benefits Center through HR Services at TIAAHR ( ), select option 4 then option 1. Whether you enroll online or by phone, remember you must make your selections no later than 11:59 p.m., ET on Tuesday, Nov. 15. After you enroll, you will receive an within 24 hours with a link to view your 2017 elections online. Questions? If you have questions about your 2017 benefits or how to enroll, call Your Benefits Center through HR Services at TIAAHR ( ), select option 4 then option 1. Representatives are available to assist you Monday through Friday, 8:00 a.m. to 6:00 p.m., ET. During Annual Enrollment, you may call until 8:00 p.m., ET. Action Required: Confirm Tobacco Use Status Tobacco users will pay a $20 surcharge per pay period ($520 for the year) in addition to their regular medical contributions. You are considered a tobacco user if you ve used tobacco in the last 12 months (unless you completed a tobacco cessation program through RedBrick Health in the last 12 months and have not used tobacco since). If you are not a tobacco user, you will need to actively elect non-tobacco user status with Your Benefits Center between Nov or the surcharge will automatically apply. If you are a tobacco user, you can have the surcharge removed if you successfully complete a tobacco cessation program through RedBrick Heath by April 28, You will be reimbursed for any surcharge in your regular pay retroactive to January 1, 2017 shortly after the company receives confirmation that you completed the program. This announcement provides a summary of various plan features. All benefits are subject to the terms of the respective plan documents, which govern in the event of a conflict. TIAA has the right, except as provided by law, to modify or terminate any benefit or plan described here at any time without approval of plan participants. 7