myHR: March 2, 2011
Get Ready…Benefits Open Enrollment is Coming
Benefits are an important part of your life at Penn, especially when it comes to the health and welfare of you and your family. That’s why we’re letting you know about the 2011-2012 Benefits Open Enrollment period now—so you have time to figure out what’ll work best for you in the new plan year beginning July 1.
Open Enrollment is your annual opportunity to make changes to your healthcare elections and find out what other plans have to offer. The 2011-2012 Open Enrollment period will run from April 4-April 22.
Over the next several weeks, you’ll receive materials at your home address with details about Open Enrollment and the changes that are coming. We’ll also be holding a number of Open Enrollment information sessions so you can ask questions and get more details about your healthcare options for the 2011-2012 plan year. You’re encouraged to attend one of the following sessions:
Tuesday, March 15
Houston Hall, Hall of Flags
Wednesday, March 23
Houston Hall, Bodek Lounge
Tuesday, March 29
Houston Hall, Bodek Lounge
Additional information sessions will be held in most schools and centers. Because space is limited, those sessions are intended only for the faculty and staff in those areas. However, the general sessions listed above are open to all.
Next week, you’ll receive a mailing at your home address with more details about this year’s Open Enrollment. There will be some significant benefit changes for the new plan year, so we encourage you to read the materials carefully. And we hope to see you at one of the upcoming Open Enrollment sessions!
The Total Reward of Working at Penn
We know that your commitment to Penn is more than just a job, and Penn offers you much more than just a paycheck. When it comes to value-added programs and services, we have a lot to offer our faculty and staff.
That’s why we provide full-time faculty and staff with Total Compensation Summaries each year—so you have a better understanding of the total value of working at Penn. Your 2010 Total Compensation Summary will give you a breakdown of the monetary compensation and benefits you received from the University last year. You’ll get the full picture of what Penn provides you—such as contributions to your healthcare and retirement plans—and other benefits you may not even be aware of, like health and wellness services, disability benefits, and discount programs.
You’ll be able to access your personalized Total Compensation Summary via the Human Resources website next week. Some of you will also receive a paper copy of your summary at your home address. However, in order to further Penn’s sustainability initiative, we’re cutting back on the amount of paper we generate. So, most monthly-paid faculty and staff will no longer receive a paper summary. Instead, you’ll receive an email letting you know how to access your personalized statement online. For more details, click here.
Are You Eligible for a Tax Credit?
Tax season is in full swing, and many of you may be looking for ways to get more money back this year. Well with the Saver’s Credit, you can.
If you’re currently saving for retirement and fall within certain income limits, the Saver’s Credit could reduce your tax bill by as much as $1,000. The actual percentage is based on your tax filing status and gross income.
For instance, let’s say you’re single and your adjusted gross income is less than $16,750. If you contributed $2,000 to your retirement plan last year, you’re eligible for a 50% tax credit. That means you can reduce your tax bill (or increase your refund) by $1,000!
Wondering if you qualify? Take a look at the chart below to see if you can take advantage of this valuable tax credit. Keep in mind that if you’re claimed as a dependent on someone else’s tax return, you’re not eligible for the Saver’s Credit.
Sit and Get Fit
Yoga is a popular form of exercise these days, but it’s not for everyone. If you’ve been tempted to try it but don’t like the idea of striking a pose on the floor, chair yoga may be the answer.
Chair yoga is a gentle form of yoga that’s done while sitting in a chair or using a chair for support. You get the benefits of a regular yoga workout, like better strength, flexibility and balance, without having to master complicated poses. Chair yoga can even help improve your breathing and teach you relaxation techniques that are sure to improve your mental wellbeing.
Want to give it a try? Come to our free Chair Yoga workshop on March 9 at 12pm. Don’t worry—it’ll move at a slow pace so anyone can participate regardless of your fitness level. For more details and to register, click here.
Slam Dunk with a Discount
Did you know you can catch courtside action at Penn for a discount? Faculty and staff can purchase half-price tickets to see our men’s basketball team battle Princeton on March 8.
For just $12.50, you can show your red and blue pride and cheer on the Quakers. Game time is 7pm at the Palestra (33rd St. between Walnut and Spruce). You have to purchase advance tickets online to take advantage of the discounted rate. Just visit the Penn Athletics website and use the promotional code: lovepenn.
Questions? Contact the Athletic Ticket Office at 215-898-6151 for more information. You can also stay on top of the latest athletic ticket deals by visiting the Human Resources website.