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Policy 1422 – Benefit Plans

Revision Date:  02/09/2023

Last Review: 02/09/2023

Responsible Office: Office of Human Resources

Policy:

Louisiana Tech University offers a wide variety of benefit programs to include retirement plans, group health insurance, tax sheltered annuities, group term life insurance, supplemental group term life insurance, and other miscellaneous benefits such as dental and vision. Newly hired employees should be aware that there is a waiting period for most coverage.

Definitions:

Group Health Insurance:

University faculty and staff employees are covered by the State Employees Group Benefits Program (self-insured). This plan is optional with the University paying one-half of the total premium. New employees must enroll in a group benefit plan within the first 30 days of employment. If this deadline is missed, the employee can enroll in health insurance during Annual Enrollment or if they have an IRS-approved qualifying event.

Important: A new enrollment form must be completed for each new dependent within 30 days after acquiring the new dependent (birth, adoption, marriage, etc.). Failure to comply with this rule may subject your dependent to the possibility of being ineligible for health coverage until the next plan year.

For more information contact the Benefits Office in Human Resources at 318.257.2235. You can also visit the OGB website at: https://info.groupbenefits.org/health-plans/

Group Term Life Insurance:

University faculty and staff employees are eligible for coverage under this plan with a maximum face amount of up $50,000. This is an optional plan with the University paying one-half of the total premium.

For more information contact the Benefits Office in Human Resources at 318.257.2235. You can also visit the OGB website at: https://info.groupbenefits.org/life-insurance/

Supplemental Group Term Life Insurance:

University faculty and staff employees are eligible for amounts up to $200,000 of term life insurance. Employees may elect amounts of one, two or three times their annual earnings. Amounts up to $100,000 are guaranteed issue with no medical information needed for new employees who enroll within thirty days of employment.

Flexible Fringe Benefit Plan:

Commonly referred to as a “cafeteria plan”, faculty and staff are allowed to tax-shelter payroll contributions to fringe benefit plans under Section 125 of the Internal Revenue Code. Participation in this program results in a reduction of taxable income which increases spendable (net) income.

Other Benefit Plans:

Group accident, dental, vision, and cancer plans are available through payroll deduction for full-time employees. The faculty/staff member pays the full insurance premium for these programs.

For more information, visit the PlanSource portal at https://benefits.plansource.com/

Tax Deferred Annuities:

Faculty and staff members of public Colleges and Universities are eligible to purchase tax-deferred annuities. To purchase a tax-deferred annuity, the employee and the University enter into an agreement in which the employee authorizes a reduction in salary in order to release funds for the University to pay an annuity contract that is fully vested in the employee.

Within limits prescribed by the Internal Revenue Code, the amount of the reduction is not currently taxable as income to the employee. More information can be obtained from the Office of Human Resources.

Retirement Plans:

Teacher’s Retirement System of Louisiana (TRSL)-
For more information about Teachers Retirement System of Louisiana (TRSL), please visit their home page at http://www.trsl.org

Optional Retirement Plan (ORP)-
For more information about Optional Retirement Plans (ORP), please visit their home page at Optional Retirement Plan (ORP) – TRSL – Teachers’ Retirement System of Louisiana

Louisiana State Employees’ Retirement System (LASERS)-
For more information about Louisiana State Employees Retirement System (LASERS), please visit their home page at http://www.lasers.state.la.us

Procedures:

For more detailed information regarding any of the benefit programs offered, please contact the Office of Human Resources, located on the 1st floor of Keeny Hall, at 318.257.2235.

Policy 1422 – Benefit Plans

Revision Date:  02/09/2023

Last Review: 02/09/2023

Responsible Office: Office of Human Resources

Policy:

Louisiana Tech University offers a wide variety of benefit programs to include retirement plans, group health insurance, tax sheltered annuities, group term life insurance, supplemental group term life insurance, and other miscellaneous benefits such as dental and vision. Newly hired employees should be aware that there is a waiting period for most coverage.

Definitions:

Group Health Insurance:

University faculty and staff employees are covered by the State Employees Group Benefits Program (self-insured). This plan is optional with the University paying one-half of the total premium. New employees must enroll in a group benefit plan within the first 30 days of employment. If this deadline is missed, the employee can enroll in health insurance during Annual Enrollment or if they have an IRS-approved qualifying event.

Important: A new enrollment form must be completed for each new dependent within 30 days after acquiring the new dependent (birth, adoption, marriage, etc.). Failure to comply with this rule may subject your dependent to the possibility of being ineligible for health coverage until the next plan year.

For more information contact the Benefits Office in Human Resources at 318.257.2235. You can also visit the OGB website at: https://info.groupbenefits.org/health-plans/

Group Term Life Insurance:

University faculty and staff employees are eligible for coverage under this plan with a maximum face amount of up $50,000. This is an optional plan with the University paying one-half of the total premium.

For more information contact the Benefits Office in Human Resources at 318.257.2235. You can also visit the OGB website at: https://info.groupbenefits.org/life-insurance/

Supplemental Group Term Life Insurance:

University faculty and staff employees are eligible for amounts up to $200,000 of term life insurance. Employees may elect amounts of one, two or three times their annual earnings. Amounts up to $100,000 are guaranteed issue with no medical information needed for new employees who enroll within thirty days of employment.

Flexible Fringe Benefit Plan:

Commonly referred to as a “cafeteria plan”, faculty and staff are allowed to tax-shelter payroll contributions to fringe benefit plans under Section 125 of the Internal Revenue Code. Participation in this program results in a reduction of taxable income which increases spendable (net) income.

Other Benefit Plans:

Group accident, dental, vision, and cancer plans are available through payroll deduction for full-time employees. The faculty/staff member pays the full insurance premium for these programs.

For more information, visit the PlanSource portal at https://benefits.plansource.com/

Tax Deferred Annuities:

Faculty and staff members of public Colleges and Universities are eligible to purchase tax-deferred annuities. To purchase a tax-deferred annuity, the employee and the University enter into an agreement in which the employee authorizes a reduction in salary in order to release funds for the University to pay an annuity contract that is fully vested in the employee.

Within limits prescribed by the Internal Revenue Code, the amount of the reduction is not currently taxable as income to the employee. More information can be obtained from the Office of Human Resources.

Retirement Plans:

Teacher’s Retirement System of Louisiana (TRSL)-
For more information about Teachers Retirement System of Louisiana (TRSL), please visit their home page at http://www.trsl.org

Optional Retirement Plan (ORP)-
For more information about Optional Retirement Plans (ORP), please visit their home page at Optional Retirement Plan (ORP) – TRSL – Teachers’ Retirement System of Louisiana

Louisiana State Employees’ Retirement System (LASERS)-
For more information about Louisiana State Employees Retirement System (LASERS), please visit their home page at http://www.lasers.state.la.us

Procedures:

For more detailed information regarding any of the benefit programs offered, please contact the Office of Human Resources, located on the 1st floor of Keeny Hall, at 318.257.2235.