NMPSIA Open/Switch Enrollment
The NMPSIA open/switch enrollment for medical, dental and vision coverage will be held October 17 - November 18, 2016 for an effective date of January 1, 2017. NMPSIA’s website has been updated with information about available benefits in conjunction with the open/switch enrollment period. Insurance elections entered correctly or turned in during the established switch/open enrollment period will go into effect on January 1, 2017.
As you view the updated plan information effective January 1, 2017 and side-by-side medical plan comparison at nmpsia.com, you will see the increased deductible and calendar year out-of-pocket maximum changes on the high and low option plans offered by Presbyterian and Blue Cross and Blue Shield of New Mexico (BCBSNM). The new HMO Plan offered by New Mexico Health Connections offers a lower deductible, lower calendar year out-of-pocket maximum, and certain lower copayments in comparison to the high and low option medical plans. The rate sheet at nmpsia.com reflects the premium for New Mexico Health Connections as being lower than the BCBSNM high option plan but slightly higher than the Presbyterian high option plan.
If enrolling a dependent(s), coverage for the dependent(s) will go into effect January 1, 2017 provided you turn in or upload all required supportive documentation prior to this effective date. (Supportive documentation could include proof of birth, proof of marriage, domestic partner affidavit, adoption decree, or proof of other coverage for a dependent being excluded from coverage, etc.)
BCS will allow you to perform online elections during open/switch enrollment between October 17 - November 18, 2016 in NMPSIA’s Online Benefit System at https://nmpsiaonline.nmpsia.com/ The online system will allow these elections through midnight on November 18, 2016.
You may elect to handle your open/switch enrollment with paper change cards. An updated Enrollment Application and Change Card can be found on NMPSIA’s website. (Please be sure to turn the change cards and any supportive documentation in to your benefits office to be date stamped) as soon as possible.
The following changes can be made during this open/switch enrollment period:
FY17 NMPSIA Plan Changes
Universal Availability and First Financial Newsletters
It’s that time of the year again! First Financial Administrators, Inc. is pleased to present your Universal Availability Notice for use by employers that sponsor 403(b) plans. The IRS universal availability requirement indicates that if one employee is provided the opportunity to contribute to a 403(b) plan, then all employees must be provided with that opportunity. This rule is known as the "Universal Availability" requirement. In order for this deferral opportunity to be considered effective, an employee must be able to make an initial deferral election or change an existing deferral election at least once during each plan year.
Also we have attached First Financial Administrator’s yearly newsletter. Our newsletter provides a one-stop guide to help employees enroll under a 403(b) plan. The plan is aimed to help employees plan for their financial future with the opportunity to start saving early. 403(b) plans allows contributions and investment earnings to grow tax deferred until withdrawal.
All employees should be informed of their right to contribute. One method you can comply with this requirement is to distribute a notice to employees on an annual basis. The notice should tell employees of their right to make and change their deferral elections and detail any requirements for making such elections - such as when elections must be made. In order to assist Plan Sponsors we have created the attached.
Additionally, if an employee becomes eligible to participate in the plan sometime during the plan year, he or she should receive the notice as soon as administratively possible.
We have included information regarding the 457(b) plan in addition to the 403(b) plan. If you have an employee interested in signing up with a 457(b) please have them contact your First Financial account manager. Please refer to our website address www.ffga.com for all of your plan information such as: plans offered, approved vendors, summary of options, due dates, forms, your rules for solicitation and your Retirement Specialist name, number and email.
Thank you for providing First Financial Administrators, Inc. with the opportunity to be of service to you.
If you have any questions, please contact your Retirement Specialist at 800-523-8422.