 |
Benefits |
|
Health and Dental |
|
News |
New CTA Endorsed Provider for Life and Disability Insurance – The Standard (9/26/07)
It’s official! School is back in session and, as of September 1st; the CTA-endorsed Disability and Life insurance plans have transitioned from UnumProvident to Standard Insurance Company (The Standard). Don’t hesitate to contact The Standard’s dedicated CTA Customer Service Department at 800.522.0406 or ctaservice@standard.com with any questions or concerns. The Standard and CTA are here for you!
Opportunities to Enroll With The Standard
Are you a CTA member? You can apply for Life and/or Disability insurance at any time by attaching a health evidence form to your application. However, don’t miss a possible special enrollment opportunity. The Standard is providing a variety of enrollment opportunities for eligible members for them to add and/or increase coverage without having to provide proof of good health. Please read below to see which special enrollment opportunity you may be eligible to participate in. You can apply online at www.cta.org/mycta or request an enrollment brochure.
ENROLLMENT OPPORTUNITIES!
Transfer Enrollment Special/One-Up
From September 1 through October 31, 2007, if you already have voluntary Disability and/or Life insurance through your CTA membership, you’ll have a one-time opportunity to add and/or increase your coverage. If you only have Disability insurance, you can add $25,000 of Life insurance coverage. If you only have Life insurance, you can increase your Life coverage by one option and/or add Disability insurance. If you have both types of coverage, you can increase your Life insurance by one option.
New Hire Enrollment
If you’re a newly hired CTA member or transferring to a new district, you can enroll in CTA’s voluntary Disability or Life plan for up to $200,000 ($17,500 for Dependent Life
coverage) from The Standard without providing proof of good health. You must take advantage of this enrollment opportunity during your first 120 days of employment.
Family Status Change
If your family status changes (due to birth/adoption, marriage/domestic partnership, divorce/dissolution or other qualifying event), you’ll have 31 days to add or change your Disability and/or Life insurance coverage without having to provide proof of good health, in most cases.
Transfer Enrollment from Decreasing Term Life Insurance
If you’re currently covered under CTA’s decreasing term Life insurance plan, you can transition into CTA’s level term Life coverage from The Standard between September 1 and October 31, 2007.
COMING IN OCTOBER!
Transfer Enrollment from Other Plans
From October 15 to December 15, 2007, you’ll have the opportunity to switch from Disability and/or Life insurance plans offered by other companies to CTA-endorsed insurance from The Standard.
Now you can easily enroll online at MyCTA!
As of September 1, you can enroll, manage your coverage, and even submit claims through the online Member Services Center. Just log-in to MyCTA and go to the Member Benefits section. Here you will find The Standard: Life & Disability insurance link. Never logged in to MyCTA before? No problem. All you have to do is complete a simple one-time registration process using your Member ID # via www.cta.org. Don’t know your Member ID #? You can find it on your CTA membership card or call the CTA Membership Department at 650-552-5278.
Once you log in to MyCTA, a host of handy tools will be right at your fingertips. In the Member Benefits section you’ll find easy access to order forms and free brochures, links to our vendors’ service centers and obtain a variety of tips, facts and other resources.
The only way to get to the service center is through MyCTA so register today!
Want to help protect your Chapter members’ families and futures?
Consider becoming a Chapter Champion today. Think of a Chapter Champion as the person who makes sure members have the Disability and Life insurance protection they need should the unexpected occur. As a Chapter Champion, you’ll receive a toolkit loaded with all the resources and tools you’ll need to help your fellow members choose the Disability and Life coverage they deserve. Contact your Chapter president for more information or to sign on today.
Questions? The Standard is here to help!
Call The Standard’s dedicated CTA Customer Service Department at 800.522.0406. Or send an email to ctaservice@standard.com.
This is a brief description of the Plans. The terms of the Benefits and Plans are subject to the Summary Plan Description.
New Rules Affect Members’ Tax Deferred Accounts (9/20/07)
Recently, the Internal Revenue Service issued new rules affecting 403(b) retirement plans. We are examining the new regulations and their impact on chapters and members. The regulations include new requirements on the part of employers including a written document that formalizes the offerings of
403(b) vendors.
Most of the new regulations are effective January 1, 2009, however, one important change relates to moving funds from one investment company to another. After September 24, 2007 an employee who moves funds from one company to another may be at risk if the receiving vendor is not included in the 403(b) plan document that is ultimately approved by the employee’s school district.
Under Revenue Ruling 90-24, employees can make 403(b) transfers and exchanges between companies at their discretion (without employer approval). This rule will now expire on September 24, 2007. Therefore, any member who desires to make a change from one investment company to another should contact his or her tax advisor or plan advisor and consider making the change by September 24, 2007. It appears that the required paperwork must be completed and accepted by the receiving vendor by September 24, 2007 although the check can be sent after that date. Employees who make changes after September 24, 2007
should understand that there is a risk to doing so. If an
employee moves money from an existing account to a company that is not later approved by the employer, the entire sum of money transferred may become immediately taxable and penalties may be assessed for early withdrawal. Consequently, even after September 24, 2007 members should consult their tax advisor or plan advisor before they make changes to their 403(b) accounts.
CTA does not provide tax or investment advice.
Because of potential tax consequences and uncertainty about the new regulations and information sharing agreements with vendors, some districts may temporarily freeze 90-24 transfers. CalSTRS is in the process of releasing a circular about the 90-24 transfers to districts. This circular can be viewed on MyCTA in the Member Benefits Resource Center.
Retirement investing is important to our members. We will continue to study the new regulations and identify ways to help members take advantage of quality investment options.
|
Are You Aware of All Your CTA Member Benefits? |
If you are member of CTA, you have the opportunity to participate in some unique member benefit programs. CTA believes in offering value for your membership.
Automatic Benefits (no premium required)
- CTA Death and Dismemberment Plan – a death benefit of up to $2,000.
- NEA DUES-TAB Insurance – a death benefit of up to $1,000Educators Employment Liability (EEL) – $1,000,000 coverage for claims arising out of your education employment activities.
- CTA Health Information and Well-Baby Program - no additional cost to CTA members participating in the CTA endorsed voluntary life or disability plan.
- CTA Travel, Entertainment and Purchasing Discounts – discounts on movie tickets, amusement park entrance fees, vacations, cruises, tours, rental cars, and a discount auto purchasing program.
- CTA Disaster Relief Fund - cash grants of $1,000, individual interest-free loans up to $2,000 and School Site Grants of $500 for members who have experienced significant losses due to disasters in California.
- Vision Discount Program for CTA/NEA-Retired Members – 20% discount off eye exams, frames and lenses, and a 15% discount off contact lenses available from Vision Service Plan (VSP) participating providers.
Voluntary Benefits
- CTA Group Life Insurance Plan – level benefit term coverage options ranging from $25,000 to $400,000
- CTA Group Disability Insurance Plan – up to 75% of your regular daily contract salary (benefits reduced by other income), $25 per work day during fully paid sick leave and an additional $35 per calendar day for hospital stays
- CTA Auto Insurance – 21% rate differential between CTA member and non-member rates (additional 10% discount for auto if you have a combined auto and home policy), and deductible waived entirely for vandalism that occurs on or within 500 feet of school property
- CTA Home Insurance – 24% rate differential between CTA member and non-member rates (additional 10% discount for home insurance if you have a combined auto and home policy)
- CTA Credit Union Services – competitive personal, auto and home loans
- CTA Credit Card Program – No annual fee, and special travel, cash and merchandise rewards program
To learn more about your CTA
