Benefit Update Reminders
As a reminder, this fiscal year (FY24 from July 1, 2023 - June 30, 2024) saw several benefit changes. Please review below as we get ready for this year's Open Enrollment.
Arrears
All employees are now on a 26 pay period schedule - regardless of contract length.
Arrears for active deductions will be generated if an employee is off contract or
otherwise not receiving pay for a pay period. When the employee returns, the arrears
will be repaid at 40% of the current biweekly deduction. Exceptions to this include
arrears repaid at 100% of the current biweekly deduction for the health care FSA and
Corestream deductions and no arrears generated for the Health Savings Account (HSA)
or dependent care Flexible Spending Account (FSA).
Coverage start dates
Coverage now can begin on the first day of employment pending the new employee form
is submitted by 5pm on the last Thursday of an employee鈥檚 first pay period. If the
form is submitted after that date, the coverage will begin on the first day of that
pay period. Forms must be submitted within a new employee's first 30 days. If a life
event occurs and changes need to be made, forms must be submitted within 30 days of
the life event. Coverage will begin on the day of the life event or the day the form
is submitted - whichever occurs later.
Coverage end dates
Coverage will end on the last day of the pay period in which an employee separates
from the university. This means if an employee separates during the pay period containing
May 5th to May 18th, 2024, coverage will end on May 18th, 2024 (the last day of that
pay period). Employee coverage on a UA Choice plan cannot extend beyond the last day
of the pay period in which employment has ended. COBRA will then be initiated and
sent. If coverage must end due to a life event, a form must be submitted within 30
days of the life event.
Emailed via benefits newsletter on 3/26/2024.
Contact Benefits: (907) 450-8242 | ua-benefits@alaska.edu | schedule one-on-one time