The Retirement Team is Here for You

The Investment Committee has got your back. Retirement planning should be a two way street, you invest your money and we help to invest it wisely. In addition to researching the best funds available for your Plans, the Retirement Team at North Shore-LIJ is here to help you plan for a secure future. In collaboration with the experts at MetLife, the health system offers the Retirewise Program, an informative retirement planning program with a classroom approach, educating employees about the options and opportunities they have through North Shore-LIJ. For more information and opportunities to save for your future, email: Retirement@nshs.edu. If you want a clear definition about the funds offered through MetLife, read more.

No Action Required

The Investment Committee at North Shore-LIJ is looking out for you. Researching, with your financial security top of mind, the Committee consistently looks for new ways to make your money work harder for you.

Beginning May 31, 2013 there are two fund changes:

First, Cohen & Steers Institutional Global Realty Fund will be replaced by Security Capital Fund. Security Capital Fund in combination with Morgan Stanley Institutional Global Real Estate I Fund, will now comprise the plan’s Global REIT option.

Second, RS International Growth Fund will be replaced by Dreyfus International Equity Fund. Dreyfus International Equity Fund in combination with Causeway International Value Institutional Fund, will now comprise the plan’s International Equity option.

Nothing for You to Do!
If you have a balance in the funds exchanged, your account and future contribution will be automatically transferred to the new investment options as on May 31. You will receive a confirmation in the mail or you can visit MetLife online after May 31. Do not hesitate to reach out to a MetLife representative - consultations are free. For a complete statement visit HealthPort.

Annual Notice for Cash Balance Plan

With more than 40% of our benefits-eligible employees classified as “Baby Boomers” it is important to understand the options for retirement planning. The health system provides a generous Retirement Program consisting of two parts – the Cash Balance and the 403(b) Plans. Along with a smart lifestyle consisting of managing your debt and researching Medicare’s change of coverage in 2014, you might be more ready than you think (or not)!

Each year the Pension Protection Act of 2006 (PPA) requires that all pension plan participants receive an Annual Notice that describes the funded status of their plan. The health system’s Cash Balance Plan’s funded liability percentage in 2012 is 100.85%, and the Huntington Hospital Pension Plan’s is 95.55%.  Those are great numbers! The higher the percentage, the better funded the plan is to cover for current and future costs.

Get your retirement numbers up there by keeping informed and making smart decisions. Don’t rely on Social Security to get you through your golden years! If you have questions about the Retirement Plan at North Shore-LIJ, call the HR Service Center at 516-734-7000.

Coming Soon!

Be on the lookout for the spring issue of Transforming Your Care magazine, the HR publication dedicated to the health and wellness of North Shore-LIJ team members. This issue covers a wide variety of topics including an update on your benefits, a section on “Transforming Your Career” at North Shore-LIJ and some tips on how to start saving for your retirement NOW.

Pay attention baby boomers. Save now for later! North Shore-LIJ provides eligible employees a generous Retirement Program to help save for the future. The program consists of two parts— the Cash Balance Plan and the 403(b) or 401(k) Plan, with an employer match. For details, visit the benefits section on HealthPort or call the HR Service Center at 516-734-7000 for guidance. For more on saving for the future, see page 13 in the upcoming issue of TYC!

Annual Rate Change 403(b) and 401(k)

If you have allocated funds in your 403(b) or 401(k) Retirement Savings Account in the stable value account, also known as FISA, the interest rate has changed as of April 1, 2013. The rates for these funds change every year. As of April 1 the interest rate is 3% for 403(b) accounts and 3.5% for 401(k) accounts.

In case you were wondering the 403(b) plan applies to those in the health system who work for not-for-profit entities (which is the majority) and the 401(k) plan applies to those who work for our profit entities.

Check out to see if you are investing wisely for your retirement, contact a MetLife representative today by calling 800-543-2520 or visit mlr.metlife.com.

Mobile App Upgrade!

Express Scripts is now with you wherever you go! The upgraded app is good for prescription refills and renewals, safety alerts, reminders, and potential savings! The app helps you stay on track with taking your medications as prescribed. It is accessible to anyone with an iPhone, Android, or BlackBerry smartphone. To get the FREE app
• Go to your smartphone’s app store, search for Express Scripts
• Visit ExpressScripts.com to get your ExpressScripts.com user ID and password
• Log in to get the most from your prescription drug benefit

It’s that simple!

Money in the Bank!

If you are a non union employee, who has elected for Supplemental Life and Accidental Death and Dismemberment coverage you will see a few extra dollars in your next paycheck.  Effective March 1 rates for this coverage have decreased by 19%. That means a cost savings to you each pay period!  

Why not consider setting up a direct deposit account with payroll? Did you know employees can have money directly deposited from their paycheck into a savings account? The health system makes it easy for you to save, by offering up to three free direct deposit accounts for pay through Employee Self Service (or through a form on HealthPort for those who are not yet able to access ESS).

Now that’s money in the bank!