|
|
Benefits remain the same
for SCAD Group employees By Bruce Chong “Although the SCAD Group Inc. announcement is largely organizational in nature, some paperwork must be completed in the transition,” said Susie Clinard, vice president for human resources. She notes that job descriptions, job duties and benefits are mirrored for those employees changing from SCAD to SCAD Group Inc. “Medical, dental and prescription benefits are exactly the same for all staff now associated with SCAD Group Inc. and will be transferred over, along with life insurance, long-term and short-term disability and other benefits elected by the individual,” said Clinard. “However, the corporation responsible for handling our prescription claims, Advance PCS, has required us to issue new medical ID cards to all employees in SCAD Group.” Clinard said the cards will be mailed Feb. 26 and, upon receipt of a new card, employees should destroy their old cards. Another change for staff in SCAD Group Inc. is the switch from TIAA-CREF, which services only non-profit organizations and institutions, to American Funds, another well-respected mutual fund company, which services SCAD Group’s new 401(k) plan. Clinard says the American Funds plan for the SCAD Group Inc. employees will mirror their former TIAA-CREF plan. Although the new SCAD Group employees who were participants of TIAA-CREF will no longer be eligible to make contributions to that plan after March 1, they may continue to contribute to their retirement through American Funds. SCAD Group Inc. employees who have a TIAA-CREF account may choose from several options (see box). All employees of SCAD Group Inc. are eligible to enroll in the new 401(k) plan whether or not they were previously enrolled with TIAA-CREF. “Enrollment kits will be available at the scheduled benefits meetings March 2 and 3 and in the human resources department for employees not able to attend the meetings,” said Clinard. “If you are a SCAD Group Inc. employee who already participated in TIAA-CREF and you wish to continue in a retirement plan, or if you are enrolling in a retirement plan for the first time, I strongly encourage you to attend one of the meetings.” Chong is dean of communications. Retirement options for SCAD Group Inc. employees Meetings with representatives from American Funds are scheduled for March 2 at 2 p.m. and 4 p.m. and March 3 at 8 a.m. at Trustees Theater. A representative from TIAA-CREF also will attend the meetings to answer questions. Staff members who are now part of SCAD Group Inc. who were enrolled in the college’s TIAA-CREF 403(b) retirement plan have several choices. • Cash out the TIAA-CREF account and take the money in a lump sum distribution. This action may result in taxes and/or penalties. • Leave the money with TIAA-CREF, understanding that contributions can no longer be made to the account after March 1. • Roll over the funds into an IRA account or another qualified retirement plan. • Open a 401(k) retirement account with American Funds and roll the entire TIAA-CREF amount into it. SCAD contributions to 401(k) accounts will be the same as contributions to 403(b) accounts, 50 cents for every dollar up to 4 percent of annual income. Completed enrollment forms should be returned to Sherry Elkins, Propes Hall, by March 5 in order to have a deduction withheld from the March 15 or March 19 paycheck. |
 |
||
