myHR Archives

myHR: April 1, 2015

Benefits Open Enrollment Begins April 20

bens med Benefits Open Enrollment, your annual opportunity to make changes to your healthcare elections, begins soon, so now is the perfect time to review your healthcare options and decide what will work best for you in the new plan year. This year’s Open Enrollment period runs from Monday, April 20 through Friday, May 1.

What’s Changing as of July 1, 2015

Highlights of plan changes for the 2015–2016 plan year are below. Learn more about these changes on Human Resources’ Benefits Open Enrollment website.

Prescription Carrier Change – As of July 1, 2015, Penn’s prescription drug carrier will change from Express Scripts to CVS/caremark. In addition to the CVS pharmacies, you can fill prescriptions at a wide network of non-CVS pharmacies. Participants will receive a Welcome Kit in mid-June containing new ID cards and more detailed information. Remember that these ID cards are effective July 1, 2015. Express Scripts/Medco ID cards are valid through June 30, 2015.
Health Care Flexible Spending Account Limit Increase and Rollover – The Health Care Flexible Spending Account (FSA) limit will increase from $2,500 to $2,550. If you want to increase your FSA savings to the new $2,550 limit, you must do so during open enrollment. In addition, you’re able to protect up to $500 by rolling it over to the following year. Note that rolling over funds does not impact your maximum election for the following plan year.
Deductible, Copay, Coinsurance, Out-of-Pocket Maximum Changes – Some deductibles, copays, and coinsurance amounts in the PennCare/Personal Choice PPO, Keystone HMO, and Aetna POS II plans are changing in the new plan year.
MetLife Dental – Orthodontic coverage for adults and limited dental implant coverage will begin with the new plan year.

A Focus on Wellness

Penn is offering a new supportive smoking cessation program through our wellness partner, StayWell. The StayWell Tobacco Cessation program can help you get past the cravings to enjoy tobacco-free living. StayWell representatives will available at the Open Enrollment Fairs to answer your questions. Find more information and resources on Penn’s Quit Smoking Program webpage.

Attend a Fair

Representatives from Penn’s health care insurance providers and administrators will be onsite to share information and answer questions. Learn about medical plans, prescription drug coverage, dental plans, and more. Penn’s retirement vendors - TIAA-CREF and Vanguard - will also be there!

Fair	Date	Time	Location
Open Enrollment Fair	Tuesday, April 21	10am-2pm	New Bolton Center, Alumni Hall
Open Enrollment and Wellness Fair	Wednesday, April 22	10am-2pm	Houston Hall, Hall of Flags

Open Enrollment Presentations

Open Enrollment presentations will be held so you can get more information and ask questions. Presentations run for 45 minutes and are followed by a Q&A session.

Date	Start Time	Location
Monday, April 20	12pm	Claudia Cohen Hall, Terrace Room
Friday, April 24	12pm	Claudia Cohen Hall, Terrace Room
Monday, April 27	1pm	Houston Hall, Bodek Lounge
Tuesday, April 28	12pm	Perelman School of Medicine BRB
Thursday, April 30	12pm	Claudia Cohen Hall, Terrace Room

2015 Take Our Daughter and Sons to Work Day

On Thursday, April 23, Penn proudly celebrates Take Our Daughters and Sons to Work Day, a national program and an interactive opportunity for staff and faculty to share a career development experience with kids between 9 and 15 years old.

Young guests will have the opportunity to experience where their parents and sponsors work and what they do, gain exposure to higher education, and explore career fields in a hands-on way. Many business units and campus organizations are collaborating to host the day’s events. Participants can:

Cheer on the athletes in the 121st running of the Penn Relays, the oldest and largest track and field competition in the United States
Get a closer look at a career in Dentistry, Law, Veterinary Medicine, Engineering, Finance, Law Enforcement, and others
Take a one-mile walk to the BioPond, talk to the gardener, and learn more about this spectacular wooded pond
Take part in a wellness activity such as “The Science of Sleep and How to Apply It” and “Creating Healthy Snacks”

Staff, faculty, and children alike will enjoy the day. You don’t have to be a parent or guardian to join the fun either. Grandparents, aunts, uncles, and others can sponsor a young guest, providing a child or teen with a positive Penn experience.

Registration begins Monday, April 13 at 9am. Prior supervisor approval is required, and the attending child must be accompanied to all activities. Participants must work with their supervisors to ensure coverage for operational needs.

This year’s Take Our Daughters and Sons to Work Day schedule includes both limited registration and unlimited registration events. You may attend one limited registration activity and as many unlimited registration activities as you like. A list of events and registration information is online. Space is limited for certain events, so be sure to register early.

For more information, visit the Take Our Daughters and Sons to Work Day webpage.

April is Financial Literacy Month

Financial literacy means more than balancing your checkbook or knowing your credit score. It involves using skills and knowledge to manage your resources for a lifetime of financial well-being. It short, it’s taking charge of your finances to achieve your goals. That’s the focus of National Financial Literacy Month, which starts today.

Taking charge of your financial life begins with knowing your situation and your behaviors. Do you pay your bills on time? Do you stick to a budget? How much are you putting aside for emergencies or for retirement? The articles, webcasts, and tools on the Financial Literacy Month website can help you assess where you are today and build the financial habits that can make your dreams of the future a reality.

Saving for the future is often where financial literacy lags. In a recent survey by HSBC, more than one-third of retirees worldwide wished they would have started saving earlier. More than two-thirds of those working said they were worried that they will run out of money during retirement.

So why don’t we save ourselves the worry and save more for retirement?

Generally, immediate or near-term financial needs trump long-term planning. This is especially true for those 30 years old or younger.

Imagining retirement when your career has only begun is difficult; choosing to save money for it, rather than spending it on what’s enjoyable now, is even more challenging. However, today’s decisions have long-lasting effects. Your Life. Your Money focuses on this and other financial issues particular to younger generations, offering real-life stories, practical advice, and useful tools.

Penn’s benefits-eligible faculty and staff also have access to many valuable financial wellness resources. The Employee Assistance Program offers extensive tutorials, tools, and articles, as well as free, confidential financial and legal counseling.

Penn’s investment carriers – TIAA-CREF and Vanguard – also offer webinars, articles, and other online resources. Representatives will also be onsite at this year’s Benefits Open Enrollment Fairs. You can learn more about one-on-one retirement counseling from TIAA-CREF and Vanguard on the Saving for Retirement at Penn webpage.

Sources: Financial Literacy Month, HSBC (The Future of Retirement), and PBS

Managing Student Workers

workstudy Penn has approximately 2,500 Work-Study students and almost 6,000 other student workers on campus. While the essentials of managing people are the same for professional staff and student workers, their needs and wants are different. Students’ foremost priority is their education. In addition, they must manage research projects, extracurricular activities, and social lives. On-campus jobs serve as an opportunity to make extra money and gain valuable professional experience. Professional staff fulfill many roles for student employees with the most important being the role of manager/leader.

On March 3, Learning and Education hosted Managing Student Employees: Sharing Stories and Resources. This hour-long brown bag brought together 20 staff members from across the University to discuss the challenges and successes of managing student employees. Those in attendance had a range of zero to 150 student employees reporting to them. Participants shared many benefits of working with students, including their intelligence, the ability to work off-hours, and the fresh perspectives and energy students bring to the office. Another benefit of have student employees is the chance to connect directly with students when you are in a non-student facing role.

Despite the many benefits of managing student employees, leaders face challenges when supervising them. Participants shared that student employees have many priorities and are still learning effective time management skills. Motivation, absenteeism, and retention were also mentioned as challenges. Managers can struggle with keeping work interesting and consistent based on the highs and lows in the University calendar. In addition, taking the time to delegate and explain tasks was seen as a hindrance to effectively getting work done.

Challenges aside, student employees are an asset. They enable the University to be more effective and productive. As an added benefit, students get a chance to see how the University operates from a different perspective and are able to have a greater impact. Many tips and resources were shared with those who attended the brown bag. These will be covered in greater detail in the upcoming three-hour program Managing Student Employees Effectively on June 2 from 9am - 12pm. Click here to register NOW!

– Holly Marrone, Senior. Training and Development Consultant

"Did You Know?"

Penn Night at the 76ers is April 15. Enjoy discounted tickets and special pre-game and halftime programming, courtesy of the Philadelphia 76ers and Penn’s Department of Development and Alumni Relations. Learn more and purchase tickets here.