MIT Benefits – 2019 Open EnrollmentOctober 22 – November 2, 2018

Welcome!

– Kristen Panagopoulos, Integrated Benefit Services Manager

– Dionne Garcia, Senior Benefits Analyst

Summary of 2019 Benefits & Rate Changes

Benefits for Today

Benefits for Tomorrow

Questions?

Agenda

Medical Plans

MIT will continue to offer the Traditional, Choice, and High Deductible Health Plans through Blue

Cross/Blue Shield

Medical Insurance plan rates will increase 5.5% on average, slightly lower than the national trend

of 6% to 7%

Copays for medical services and prescription coverage will remain the same. Copays for some

medications will change due to Express Scripts annual formulary changes.

Dental Plans

MIT will continue to offer the current Basic and Comprehensive Plans through Delta Dental

Dental plan rates will not increase

Vision Plan

MIT will continue to offer the current vision plan through EyeMed

Vision plan rates will not increase

Summary of 2019 Benefits & Rate Changes

Flexible Spending Account

Health Care FSA maximum will remain the same at $2,650

Dependent Care FSA maximum will continue to be $5,000 per household (covers children up to

age 13)

If enrolling in BC/BS High Deductible Health Plan, you will not be eligible for Health Care FSA

Summary of 2019 Benefits Changes

Supplemental and Dependent Life Insurance

MIT will continue to offer the current plans through MetLife

Rates will decrease and are available on HR Benefits website – Open Enrollment

Eligible employees may

▪ Change medical, dental, vision, supplemental life insurance and dependent life

insurance coverage

▪ Enroll or re-enroll in a Health Care and/or Dependent Care Flexible Spending

Account (FSA)

▪ Add additional eligible dependents up to age 26 (and beyond age 26 for dependents

with disabilities) or discontinue coverage for current dependents

During Open Enrollment

Health | Dental | Vision |Flexible Spending Accounts | Income Protection

Benefits for Today

Your Blue Cross/Blue Shield Medical Plan Options

Traditional Plan

▪ Massachusetts network

▪ MIT Medical PCP

▪ $10 co-pays for office visits

― Variable copays for Rx

▪ $100 co-pay per emergency visit

(waived if admitted)

▪ PCP referrals are required

▪ No out-of-network benefits

Choice Plan

▪ New England network

▪ Either MIT Medical or BCBS PCP

▪ $20 co-pays for office visits

($10 at MIT Medical)

— Variable co-pays for Rx

▪ $100 co-pay per emergency visit

(waived if admitted)

▪ PCP referrals are required;

otherwise

out-of-network benefits provided

▪ Out-of-network benefits

— $500/$1,000 deductible; 25%

coinsurance

— Out-of-pocket max

$2,500/$5,000

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HDHP with HSA Plan

▪ Blue Cross Blue Shield PPO network

▪ No PCP required

▪ Preventive services covered in full

▪ Deductible ($1,500 employee

only/$3,000 employee +

spouse/child/family). Additional

deductible for out-of-network

services

▪ Deductible applies to Rx

▪ 10% Co-insurance

▪ Out-of-pocket maximum ($3,000

employee only/$6,000 employee +

spouse/child/family). Additional

out-of-pocket maximum for out-of-

network services

▪ Out-of-network benefits

- Additional deductible applies

Health Savings Account (HSA)

- MIT Contribution ($500 employee

only/$1,000 employee +

spouse/child/family)

Your Delta Dental Plan Options

Basic Plan

▪ 100% coverage of preventive services

▪ 80% coverage of fillings, extractions, and

root canals

▪ No deductible

▪ Orthodontia not covered

▪ Dentures, bridges, and crowns not covered

▪ Maximum calendar year benefit of $1,750

per member

Comprehensive Plan

▪ 100% coverage of preventive services

▪ 80% coverage of fillings, extractions,

and root canals

▪ 50% coverage of orthodontia ($1,750

lifetime maximum, only available to

dependent children through age 18)

▪ 50% coverage of dentures, bridges,

and crowns

▪ $50 annual deductible for non-preventive services,

except orthodontia

▪ Maximum calendar year benefit of

$1,750 per member (orthodontia

counted separately)

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Your EyeMed Vision Plan

▪ Separate benefit from MIT medical plans

▪ EyeMed Vision Plan covers hardware, frames, and prescription lenses

▪ Remember, if you are enrolled in a BC/BS Medical plan, routine eye exams are

covered once every 12 months per member

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Administered by WageWorks

You may set aside pre-tax dollars—lowering your taxable income—to pay for:

— Certain medical and dental expenses or

— Dependent care services (for children under age 13)

Dependent Care FSA “use it or lose it”

Health Care FSA Carryover from 2017 up to $500

Flexible Spending Accounts

Flexible Spending Accounts

Minimum Maximum

Health Care $104 $2,650

Dependent Care $104 $5,000

Income Protection Benefits

Benefit Description Cost to Employee

Long-term Disability60% of your pay

plus continued benefitsNone

Accidental Death and

Dismemberment Insurance

$100,000

(decreases after age 65)None

Basic Life Insurance$50,000

(decreases after age 65)

None

Dependent Life Insurance

$50,000 or $100,000 options for

spouse or domestic partner

$10,000 per child

Monthly cost for spouse or domestic

partner depends on age; flat rate for

child(ren)

Supplemental Life InsuranceUp to 7x pay

(max $2,000,000)Monthly cost depends on age

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Pension Plan | 401(k) Savings | Retiree Medical | Long-Term Care Insurance | Work Life

Benefits for Tomorrow

Overview of MIT’s Basic Retirement Plan (Pension Plan)

Feature Provision

You become eligible after…

▪ One year of service at a 50%+ work schedule or

▪ 1,000 hours of service in a 12-month period

MIT funds this plan entirely – no contributions required from you

Your benefit is…

▪ The monthly lifetime pension from your cash balance account OR

▪ The single sum value of your cash balance account if:

You leave MIT with 15 or fewer years of service, or your cash

balance account is $75,000 or less

Your cash balance account is

credited with…

5% of your total pay each year

and

5% of your pay each year above the Social Security Taxable Wage

Base ($128,400 in 2018)

and

Interest at market rates

You are vested (i.e., own the

benefit) after…Three years of service with the Institute

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Special Features of MIT’s Pension Plan

▪ Plan includes:

— An option to have your pension adjusted for inflation after you retire

— A wide range of payment options that allow you to continue your pension to a beneficiary

after your death

▪ A full-service pension website, PensionConnect, is a resource for you once you are

eligible for the Plan

▪ Your designated beneficiary is eligible for your full cash balance account if you die

before retirement

— Make sure to designate a beneficiary on PensionConnect

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Overview of MIT’s Supplemental 401(k) Plan

Feature Provision

You become eligible… Immediately upon hire if you are working 50%+

Your benefit is funded by… Both you and MIT

You may contribute…

Up to $18,500 each year on a pre-tax or after-tax (Roth) basis

($24,500 if age 50 or older)

IRS limits adjusted annually

MIT contributes…100% of the amount you contribute up to 5% of

your pay each year

You are vested in your contributions

and MIT’s contributions…Immediately

You may invest your contributions

and MIT’s contributions…

In a wide range of passive and actively managed investment funds;

Fidelity administers the Plan

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401(k) Distributions

▪ Available upon retirement or termination of employment

▪ Optional forms of distribution include:

— Single sums

— Installments

— Annuities

▪ Loan available (50% of account balance up to $50,000)

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How Your Retirement Plans Work Together

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Age 45 Age 55 Age 65

Social Security MIT Pension 401(k)

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Retiree Health Benefits

▪ If you have 10 or more years of service with MIT after your 45th birthday, you

may be eligible for MIT-subsidized retiree health benefits

— If not yet eligible for Medicare, you may continue coverage under one of MIT’s

health care plans for active employees

— If eligible for Medicare or Social Security Disability benefits, you may elect one of MIT’s

Medicare Supplement Plans

▪ You and MIT pay for the cost of coverage

— MIT’s share of coverage cost is determined by your years of service with MIT

after your 45th birthday

▪ Coverage is not automatic; you must enroll as you near retirement

▪ Plan likely to be adjusted over time as the health insurance market evolves

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Long-Term Care Insurance (LTC) (Genworth)

▪ Reimburses for:

— care you may need if you are chronically ill and need help with everyday activities, such as

eating, bathing, or dressing

— the cost of care if you need supervision due to a cognitive impairment, such as Alzheimer's

disease

▪ You pay the full cost

▪ Apply no later than 45 days after your hire date to enroll with modified issue

▪ The plan is also available to family members ages 18 through 79: spouses, domestic

partners, adult children, parents, parents-in-law, grandparents, grandparents-in-

law and siblings

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MIT Work-Life Center

▪ MIT MyLife Services: Free, confidential assistance with personal, family, work, or

emotional health concerns at any time of day or night.

▪ Senior Care Planning: Phone or in person consultations with a licensed geriatric

social worker, available across the US

▪ Backup child and adult care: Up to 15 days of child care in your home or in a local

child care center, and adult care to assist you or your loved ones

▪ College Coach: Online resources and individual consultations to help you plan and

pay for your child’s college education and get assistance with a personalized

repayment strategy for your own or your child’s student loans

▪ Special Needs Resource: Resources for parents of children of all ages struggling with

developmental, emotional, or learning challenges

▪ On-site child care centers (TCC)

▪ Lactation Rooms across campus

▪ Work-Life Seminar Series

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617-253-1592

worklife@mit.edu

Email: benefits@mit.edu

Phone: 617-253-6151

Web: hr.mit.edu/benefits

Twitter: @MIT_HR

For More Information Contact the MIT Benefits Office

This overview is intended to provide a brief summary of MIT benefits and services. If there is an inconsistency

between this overview and the plan documents, the plan documents will govern. MIT reserves the right, at its

discretion, to modify, change, or revoke any of the plans, programs, practices or policies described here, as MIT

may require, with or without notice at any time.

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Plan Rates Information

Appendix

2019 BC/BS Medical Plans Employee Costs

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Faculty and Staff – Semimontly Rates

Coverage Tier MIT Traditional

Health Plan

MIT Choice

Health Plan

MIT High Deductible

Health Plan

Employee $107.00 $117.00 $86.00

Employee and Spouse/Domestic

Partner$258.00 $279.00 $214.00

Employee and Child(ren) $220.50 $238.50 $183.00

Family $340.00 $369.00 $279.00

Support and Service – Weekly Rates

Coverage Tier MIT Traditional

Health Plan

MIT Choice

Health Plan

MIT High Deductible

Health Plan

Employee $47.08 $51.69 $37.38

Employee and Spouse/Domestic

Partner$113.31 $123.00 $93.00

Employee and Child(ren) $99.46 $107.77 $82.15

Family $151.15 $164.54 $123.00

2019 Delta Dental Plan Employee Costs

Basic Plan Comprehensive Plan

Faculty and Staff

Semimonthly

Support and

Service/Weekly

Faculty and Staff

Semimonthly

Support and

Service/Weekly

Employee $3.00 $1.38 $10.50 $4.85

Employee and Spouse/

Domestic Partner$10.00 $4.62 $29.50 $13.62

Employee and Child(ren) $10.00 $4.62 $29.50 $13.62

Family $15.50 $7.15 $45.00 $20.77

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2019 EyeMed Vision Plan: Employee Costs

Faculty and Staff

Semimonthly

Support and Service

Weekly

Employee $2.89 $1.33

Employee and

Spouse/Domestic Partner$5.50 $2.54

Employee and Child(ren) $5.78 $2.67

Family $8.50 $3.92

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