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HUMAN RESOURCES

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IMPORTANT BENEFITS UPDATES


Health Plan Changes

There will be a health premium increase effective July 1, 2017 in the amount of 2%.  This premium increase will be shared between the employee and employer.  Remember there is no fixed amount premium, premium are based on our annual salary.  Please click here for the monthly health premium for twelve month employees and click here for the monthly health premium for 9 month employees to be effective July 1, 2017.  Please click here for additional information.

For July the University’s self-funded health plan will adjust the coverage for three items which have been of concern to a number of plan participants.

  1. 3D imaging/mammography will be as a covered service.  After the first mammography of the plan year (counted as $0 preventive) the current copayments, deductibles and coinsurance will apply but 3D imaging will be a covered service.
  2.  Member responsibility for Coinsurance payments In-Network will be reduced from 30% down to 25%.
  3.  Member responsibility for deductible payments on laboratory services and laboratory testing will end.  The current office visit copayments and coinsurance will continue but deductible payments will no longer apply for lab services and lab testing.  For example, a Primary Care office visit with $100 in lab charges:

Today – The member pays a $35 copayment for the office visit and if the member’s maximum deductible has not been met, the member pays up to $100 for the lab charges, for a total payment of $135.

       July 1st – The member pays $35 for the office visit and 25% of the $100 in lab charges for a total of $60.

The coinsurance amount for labs does not count toward satisfying the annual deductible.

Additional detail on these changes will be provided in updated Summary of Benefits Coverage (SBC) documents which will be mailed to your home address by UMR and placed on your Human Resources’ website.  A SBC is a government required format for the purposes of comparing our medical plan with others. Check your mail.  Please make sure your home address is correct with UMR.

Optional Retirement Plans


The University of Arkansas is changing the lineup of available funds for Optional Retirement to meet your need.  We are updating this benefit to ensure our offering is consistent with what is considered to be the best practice in the industry. You have a new fund line-up from which you can choose to invest your U of AR Retirement Plan 403(b) and 457(b) beginning May 10, 2017.  The automatic conversion of your existing investments to the new fund line-up won't take effect until October 2, 2017. For more information, please click
here.


Important details of this transition will be mailed to your home. Make sure you check your mailbox and review the information carefully. The following documents will be included in your mail out:

1.  Letter
2.  U of AR 403(b)/457(b) Retirement Plan Investment Option Changes
3.  Transition Brochure

For your personal needs, please schedule one-on-one counseling sessions with your retirement vendor:

Fidelity Investments

TIAA

Join University of Arkansas and Fidelity for an educational web workshop, where you'll learn strategies and tips to help you manage your financial future with confidence, click here.

In July 2016 the University introduced a required employee contribution for participants in the University Retirement Plan.   Continuing the schedule, this July employees contributing at less than 2% will be increased to a required employee contribution of 2%. Each July the required employee contribution will increase by 1% until it reaches 5%.  

July 2016 through June 2017         1% employee contribution required

July 2017 through June 2018         2% employee contribution required

July 2018 through June 2019         3% employee contribution required

July 2019 through June 2020         4% employee contribution required

July 2020 and forward                     5% employee contribution required