Taking Care of Business

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Taking Care of Business

• 2007

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MBBC Driver Approval

• At least 21 employee of MBBC
• Provide current drivers license to MBBC
• Maintain good driving record that is approved
  thru MVR check

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15-Passenger Van Drivers

• View driving safety video
• Insist on seat belt usage
• Not allowed to use cell phones when driving

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Old Main Café

• Monday-Friday
• 745 900 a.m.
• 1000 1030 a.m.
• 800 - 930 p.m.
• Weekend
• 800 930 p.m.

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Textbook Sales

• Outsourced to MBS
• 24-hr turn-around
• Great buy-back program

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Flexible Spending Account (FSA)

• AFLAC (supplemental plans too)
• Pre-tax allocation of URM
• Copayments, deductibles, coinsurance
• Drugs (prescription OTC medicine)
• Dental / Vision (including lasik)
• Braces
• 470 suggested min

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Flexible Spending Account (FSA)

• September 1 August 31
• Amount cant be changed
• Use it or lose it rule
• Advance provision
• Easy claims submission via fax
• 90-day claims run-in
• Rep is here two days- sign up!

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Tax-Sheltered Annuities (TSA)

• TIAA-CREF
• Security Benefit Group
• Three matching tiers-
• 2 with 1 match
• 4 with 2 match
• 5 or more with 2.5 match
• Review your accounts

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Traditional 403(b)

• What is a Traditional 403(b)?
• Contributions made pre-tax
• Savings grow w/o paying taxes while they grow
• Contributions and earnings are taxed at time of
  withdrawal

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Roth 403(b)

• What is a Roth 403(b)?
• Contributions made after-tax
• Savings grow w/o paying taxes while they grow
• Contributions and earnings are NOT taxed at time
  of withdrawal

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NYFAQ

• Will I benefit from the Roth 403(b)? More than
  likely if
• You have over five years until retirement
• You anticipate being in a higher tax bracket when
  you retire
• You want to put away more than the 4000 IRA
  contribution limit

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NYFAQ

• Who might not benefit from the Roth 403(b)?
• Someone who expects tax rate will likely drop in
  retirement
• A worker earning between 20,000 and 50,000 who
  qualifies for certain valuable tax credits, such
  as the earned income tax credit

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NYFAQ

• Can I split my TSA election?
• Yes. You can elect a combination of both pre-tax
  and Roth after-tax contributions
• The combination cannot exceed IRS limits 2007
  15,500 or 20,500 if you are 50 or older in 2007

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NYFAQ

• How do Roth 403(b) contributions affect my
  paycheck?
• Roth after-tax contributions do not reduce your
  taxable income
• Your net pay is reduced due to additional tax
  withholdings

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Hypothetical example Gross compensation is
30,000 per year
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NYFAQ

• Employer contributions?
• Matching contributions made by college MUST be
  made to pre-tax account
• Separate from Roth account
• Withdrawals subject to taxes

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NYFAQ

• Investment Breakdown?
• Same percentages in both traditional and Roth
• Roth 403(b) only with Security Benefit Group (not
  TIAA-CREF)

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403(b) Tax Code Change

• 07/23/07 first comprehensive update since 1964
• Transfer deadline Sept 24, 2007 for AUL, AIM,
  American Century

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Health Plan Changes
HMO or PPO? Any thoughts?
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Great News !!
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Health Ins. Shared Premiums

• Single 228.07 - 8.77 / PPD
• E 1 456.13 - 17.54 / PPD
• Family 531.41 - 20.44 / PPD
• Deductibles Calendar year

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Health Insurance Plan Changes

• Single Deductible 400
• Family Deductible 1200
• O-O-P Limit remains at 1,000, so coinsurance
  now to 6,000
• No refunds for pre 09/01 amounts

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Health Insurance Plan Changes

• ER 100 copay per visit
• Addition of eye exam, including refraction
  charge 35 copay once a calendar year

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Health Insurance Plan Update

• Reminders/Suggestions
• Urgent Care isnt always urgent care
• Know thy prescription
• Ask questions!

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Cost Containment Ideas

• WHAInfoCenter.com
• HospitalCompare.hhs.gov
• Medco.com www.medco.com

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