It’s that time of year – Open Enrollment – a time to look forward and consider what benefit options you would like to have in place moving into 2022. This year, we have created a visual presentation regarding open enrollment options (works only in Chrome) which allows you to click through the information. I am pleased to announce that we are holding the 2021 employee contribution amounts at the current level, despite the increase in premiums passed on by the carriers for the second year in a row! The plan designs as well, are unchanged from 2021.
OR Benefits: https://prezi.com/view/nwOZNvDhXdroU2uh2lUx/
WA Benefits: https://prezi.com/view/39vooc0poA8q0fGftcA5
Even without large scale medical plan changes during this year’s open enrollment period, it is always a good idea to review medical plan designs, to confirm you are in the right plan for you and your family, and that no changes regarding who is covered need to be made. It is also the time to renew participation in any of the benefits that require annual elections so your current benefits stay in place going into 2022.
Open Enrollment Considerations
- Open Enrollment is from November 10th to December 10th
- This is the time each year to make decisions about your benefits (which medical plan you are on, who is enrolled) and what contributions (into the 401(k), Flexible Spending Account or Health Savings Account) you would like to have in place for 2022.
- Remember the FSA and HSA are annual elections - if you don't return a 2022 election form, your contributions will end at the end of 2021.
- Annual enrollment for our Voluntary Term Life benefit is also open at this time, if you would like to make any changes to this employee paid benefit and purchase additional life insurance.
- If you would like to participate in the Legal Shield optional benefit, the monthly cost is $10. Details about the features of this benefit are found in the Pre-Paid Legal Services folder.
- The annual 401(k) elective deferral limit increased to $20,500 and the Catch-up contribution limit (for participants 50+) is $6,500 for 2022. Reminder – now that we have moved to the updated Voya platform, you will make contribution changes online by December 10th. If no change is made, your current election stays in effect. You can change your 401(k) contribution each quarter on the Voya platform.
- Beneficiary Information – Now is a good time to update your beneficiary information if you believe if you have recently experienced any life status changes. Beneficiaries are needed for both the company paid life insurance policy (Unum) and for your retirement benefits (Voya). The Unum beneficiary form is found in the UNUM folder. Beneficiary information for our retirement plan is now maintained online in your Voya account.
- The following links will take you a list of Sierra benefits where additional information and any forms can be found. There is also a summary open enrollment document sitting outside the folders for your review.
- 401(K) Plan - Voya
- Dental – Aetna
- Employee Assistance Program – Fully Effective Employees
- Flexible Spending Accounts – Navia Benefits
- Health Savings Accounts - Health Equity
- Life and Disability – Unum
- Medical – Aetna (WA) or Kaiser (OR)
- Pre-Paid Legal Services – Legal Shield
- Sierra Employee Store
- Travel Assistance - Unum
- Voluntary Term Life – Unum
- Forms are due by Friday, December 10th. They can be returned to firstname.lastname@example.org.
I recognize this is always a lot of material to digest, but please take a few minutes to review this important information so you can make the best coverage decisions for you and your family, and be well informed about the benefits you currently have. As always, if you have any questions, please contact me, Meghan or Dawn.
Thanks - Nancy Adler