The following updates to UA Benefits become effective July 1, 2019.
THE REQUIRED EMPLOYEE CONTRIBUTION TO THE UA RETIREMENT PLAN WILL INCREASE FROM 3% TO 4%.
- As announced previously in the spring of 2016 through 2018, the required employee retirement contribution will increase by 1% each July 1 through July 1, 2020, until we get to the maximum required employee contribution of 5%.
- The required contribution must be tax-deferred. Employees making after-tax Roth contributions will find that the first 4% of their contributions will be categorized as tax-deferred required and any additional voluntary contributions Roth after-tax. Your total contribution will not increase.
- Employees currently contributing less than 4% will have their contributions increased to 4%.
UA HEALTH COVERAGE PREMIUMS WILL INCREASE.
- Premiums for the Classic Plan will increase by 1.5%.
- Premiums for the Premier Plan will increase by 3.5%.
- Premiums for the Health Savings Plan will increase by 1%.
FAMILY COVERAGE SUBSIDY WILL BE REDUCED
- The UA System began a three-year process of reducing the subsidy (employer contribution) for health coverage for all Family Coverage tiers (Employee/Spouse, Employee/Children and Employee/Spouse/Children) beginning in July 2018.
- The reduction in the employer subsidy will occur each July 1st through July 1, 2020.
- The University works to provide a competitive, sustainable Health Plan and addressing dependent subsidies supports those efforts. Adjusting subsidy levels may help the University avoid considering a Working Spouse Exclusion or an overall Spouse Exclusion in the immediate future.
- Even after all these changes, the University is still paying a major portion of the total monthly premium cost. And with this change the costs to employees will remain very competitive with the costs at other employers in Arkansas and across the region.
- No increases to co-payments or deductibles and no changes in plan design.
- No changes to Dental, Life and Disability Insurance premiums or coverage.
- As a reminder, the Health Plan has added coverage for infertility services and a no-out-of-pocket-cost weight loss program. The weight loss program is available only for subscribers at this time but may be made available to spouses and dependents in the future.
- Also, beginning in January 2019, dental coverage was expanded to include orthodontia services for dependent children to age 18.
Contact Human Resources at 479-575-5351 or at email@example.com if you have any questions.