A brief overview of Southeastern employment benefits can be found here.
The Oklahoma Higher Education Employee Insurance Group (OKHEEI) consists of 12 colleges and universities across the State of Oklahoma, as well as the Administrative Office of the Regional University System of Oklahoma. These institutions joined forces to more effectively and economically provide competitive benefits for their employees.
Southeastern Oklahoma State University is pleased to support a benefits package which recognizes a total of 21 paid holidays for the new fiscal 2020 year. Following is a list of dates that our offices will be closed:
- Independence Day – July 4th
- Labor Day – September 2nd
- Thanksgiving – November 25th-29th
- Christmas – December 24th-27th and 30th
- New Year – December 31st and January 1st
- Martin Luther King, Jr. Day – January 20th (classes cancelled, offices open)
- Spring Break – March 16th-20th
- Easter/Good Friday – April 10th
- Memorial Day – May 25th
Follow the link to our provider’s website to learn about Savings and Spending Accounts and information about the mobile app.
Prescription Drug Coverage Notice
This notice has information about your current prescription drug coverage with Southeastern Oklahoma State University and about your options under Medicare’s prescription drug coverage. This information can help you decide whether or not you want to join a Medicare drug plan. If you are considering joining, you should compare your current coverage, including which drugs are covered at what cost, with the coverage and costs of the plans offering Medicare prescription drug coverage in your area. Information about where you can get help to make decisions about your prescription drug coverage is at the end of this notice.
There are two important things you need to know about your current coverage and Medicare’s prescription drug coverage:
- Medicare prescription drug coverage became available in 2006 to everyone with Medicare. You can get this coverage if you join a Medicare Prescription Drug Plan or join a Medicare Advantage Plan (like an HMO or PPO) that offers prescription drug coverage. All Medicare drug plans provide at least a standard level of coverage set by Medicare. Some plans may also offer more coverage for a higher monthly premium.
- Southeastern Oklahoma State University has determined that the prescription drug coverage offered by the Blue Cross & Blue Shield of Oklahoma (BCBS) is, on average for all plan participants, expected to pay out as much as standard Medicare prescription drug coverage pays and is therefore considered Creditable Coverage. Because your existing coverage is Creditable Coverage, you can keep this coverage and not pay a higher premium (a penalty) if you later decide to join a Medicare drug plan.
When Can You Join A Medicare Drug Plan?
You can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15 to December 7. However, if you lose your current creditable prescription drug coverage, through no fault of your own, you will also be eligible for a two (2) month Special Enrollment Period (SEP) to join a Medicare drug plan. What Happens To Your Current Coverage If You Decide to Join A Medicare Drug Plan? If you decide to join a Medicare drug plan, your current coverage will not be affected. Your current coverage pays for other health expenses in addition to prescription drugs. For those individuals who elect Part D coverage, you may keep this coverage and this plan will coordinate with Part D coverage.
If you do decide to join a Medicare drug plan and drop your current coverage, be aware that you and your dependents will be able to get this coverage back during open enrollment or following a qualifying event.
When Will You Pay A Higher Premium (Penalty) To Join A Medicare Drug Plan?
You should also know that if you drop or lose your current coverage with BCBS and don’t join a Medicare drug plan within 63 continuous days after your current coverage ends, you may pay a higher premium (a penalty) to join a Medicare drug plan later.
If you go 63 continuous days or longer without creditable prescription drug coverage, your monthly premium may go up by at least 1% of the Medicare base beneficiary premium per month for every month that you did not have that coverage. For example, if you go nineteen months without creditable coverage, your premium may consistently be at least 19% higher than the Medicare base beneficiary premium. You may have to pay this higher premium (a penalty) as long as you have Medicare prescription drug coverage. In addition, you may have to wait until the following October to join.
For more information about Medicare prescription drug coverage:
- Visit www.medicare.gov
- Call your State Health Insurance Assistance Program (see the inside back cover of your copy of the “Medicare & You” handbook for their telephone number) for personalized help
- Call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.
If you have limited income and resources, extra help paying for Medicare prescription drug coverage is available. For information about this extra help, visit Social Security on the web at www.socialsecurity.gov, or call them at 1-800-772-1213 (TTY 1-800-325-0778).
Teachers Retirement System of Oklahoma
The Teachers Retirement System of Oklahoma site is where you may find important tax forms and information as well as certain retirement benefits as an Oklahoma educator.
OK2Retire is a collective retirement plan built to serve the university and college employees of Oklahoma.
You are eligible for and may enter the Plan immediately upon your date of hire. Employees excluded from participating in the plan include: Student employees and non-resident aliens with no U.S. earned income. Your contributions are made via payroll deduction.
You can increase, decrease or discontinue your contributions at any time; which will take effect on the earliest date after the election or modification that is administratively feasible. Contact your Human Resources department for details..
Vesting: You are always 100% vested in your employee contributions and any earnings they generate.
You must abide by certain annual maximum limitations on the salary deferral contributions you make to the Plan. These limitations are set by the Internal Revenue Service each year.
You can direct your current and future investments to a variety of widely-recognized mutual funds. If you do not select investment choices, your contributions will be invested in a Target Date Retirement Fund which allocates your funds targeting the year that most closely matches your retirement age based on your date of birth, which is the default investment option designated by your employer. Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.
Please refer to the Investments tab for more information and please read the fund prospectus for details.
You may rollover existing retirement assets from a previous employer, or transfer existing assets with another investment provider under your current plan to your account at Voya. Please refer to the “Resources Center” tab for forms, or the “Contact Us” tab to schedule an in person or phone appointment with a Retirement Consultant for assistance. Please carefully consider the benefits of existing and potentially new retirement accounts and any differences in features. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult your own legal and tax advisors regarding your situation.
Accessing Your Funds
Although the 403(b) Plan set up by your employer is intended to help you put aside money for the future, you do have ability to borrow from your account. The maximum loan amount is the lesser of $50,000 reduced by the excess (if any) of the highest outstanding loan balance in the last 12 months or 50% of vested balance reduced by the outstanding balance of all loans. All loans must be repaid within 5 years, except loans used to purchase a primary residence. Taxes and early withdrawal penalties may apply.
In order to withdraw your money, you must have a qualifying event. You can withdraw money from your account when one of the following events occurs:
- Attainment of age 59½
- Separation from employment
Financial hardship may be taken in qualifying circumstances. Taxes will be due upon distribution and if taken before age 59½, and may be subject to an additional 10% federal tax penalty. Consult with your tax advisor before withdrawing any money from your account.
You should consider the investment objectives, risks, and charges and expenses of the mutual funds offered through a retirement plan, carefully before investing. The fund prospectuses and information booklet containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.
Mutual funds under a 403(b) custodial account agreement are intended as long-term investments designed for retirement purposes. Money distributed will be taxed as ordinary income in the year the money is distributed. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested. A group fixed annuity is an insurance contract designed for investing for retirement purposes. The guarantee of the fixed account is based on the claims-paying ability of the issuing insurance company. Although it is possible to have guaranteed income for life with a fixed annuity, there is no assurance that this income will keep up with inflation. Early withdrawals, if taken prior to age 59½ will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. Amounts distributed will be taxed as ordinary income in the year it is distributed. An annuity does not provide any additional tax deferral benefit; tax deferral is provided by the plan. Annuities may be subject to additional fees and expenses to which other tax-qualified funding vehicles may not be subject. However, an annuity does offer other features and benefits, such as lifetime income payments and death benefits, which may be valuable to you.
For 403(b)(1) fixed or variable annuities, employee deferrals (including earnings) may generally be distributed only upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: Hardship withdrawals are limited to employee deferrals made after 12/31/88. Exceptions to the distribution rules: No Internal Revenue Code withdrawal restrictions apply to ’88 cash value (employee deferrals (including earnings) as of 12/31/88) and employer contributions (including earnings). However, employer contributions made to an annuity contract issued after December 31, 2008 may not be paid or made available before a distributable event occurs. Such amounts may be distributed to a participant or if applicable, the beneficiary: upon the participant’s severance from employment or upon the occurrence of an event, such as after a fixed number of years, the attainment of a stated age, or disability. For 403(b)(7) custodial accounts, employee deferrals and employer contributions (including earnings) may only be distributed upon your: attainment of age 59½, severance from employment, death, disability, or hardship. Note: hardship withdrawals are limited to: employee deferrals and ’88 cash value (earnings on employee deferrals and employer contributions (including earnings) as of 12/31/88).
Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC(link is external)). Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Product and services may not be available in all states.
Southeastern employee’s are entitled to worker’s compensation and can find procedural instructions and fillable forms here.