Sophisticated Benefit Statement
2001 Benefits Statement for:
Ann Employee
Building Inspector in Development Services
You've worked as a regular City of Mercer Island employee for:
9 Years & 5 + Months
Your Benefits Statement
Your 2001 City of Mercer Island Benefits Statement is a summary of the compensation and benefits that are provided to you by the City of Mercer Island. Also included, is a list of optional benefits programs, a list of holidays for the next three years, a benefits vendors reference sheet, and an address and W-4 information verification section. Please take a moment to verify the information included in your Benefits Statement. It is important that any errors are fixed promptly.
Reviewing Beneficiary Designations
When you enrolled in your Department of Retirement Systems retirement account and/or your ICMA deferred compensation account, you designated a beneficiary who would receive the balance in your account at your death. You may also have listed one or more contingent beneficiaries who would receive the balance if the primary beneficiary were not living when you die. As your circumstances change, you should be sure that the designations you have on file continue to reflect your wishes.
It is important to review your beneficiary designations on a regular basis.
Certainly it is advisable to have an up-to-date will, but assets in the retirement plans administered by the ICMA-RC, are governed by the beneficiary designations you have made, not by the terms of a will. There are a number of life events that clearly call for review of the beneficiary designations you have made: the death of a beneficiary, birth of a child, divorce, marriage, etc. One too-often-overlooked life event is the birth of a grandchild.
Take the case of Marvin who made his beneficiary designations 10 years ago when he enrolled in his retirement plan. Then he listed his wife Marilyn as primary beneficiary and his children Don and Doris as contingent beneficiaries.
Now, Don and Doris are grown, married, and Doris and her husband have announced that Marvin and Marilyn will be grandparents for the second time. They have already changed their will to include grandchildren, but they now realize that they have overlooked Marvin's ICMA deferred compensation account beneficiary designations. Assuming the account goes to the contingent beneficiaries:
- With the current beneficiary designations, if his daughter Doris dies before her father, all assets remaining in Marvin's retirement plan would go to the only surviving contingent beneficiary, the son Don. Nothing would go to the grandchild.
- If Marvin lists "all my children per stripes" then each surviving first generation descendant, that is, each surviving child, would share equally in the account. But if Doris dies before her father, her share goes to her descendant child (or equally between her children if more than one) who is Marvin's grandchild. If Don dies before Marvin without having children, his share reverts to the surviving first generation descendant or their children.
- If Marvin lists "all my children per capita" then each child and each grandchild whose parent has died before him would receive equal amounts.
Adapted from ICA4A Vantagepoint 2101
COMPENSATION PACKAGE FOR ANN EMPLOYEE
| City Pays | You Pay | |
| 2001 Annual Salary | $52,200 | $0 |
| Hourly Wage: $25.00 Based on an average of 2088 hours-worked in 2001 or a pro-rated percentage if you work part-time. | ||
| Total Annual Cost of Health Care: | $5,160 | $2,386 |
| Medical Plan: Regence: Employee + Spouse + Children: Monthly premium: $511.35 Dental Plan: WDS: Employee + Two or More: Monthly premium: $105.95 Vision Plan: Family Plan: Monthly premium: $11.50 Combined monthly cap of $430 ($5,160/yr.) or a pro-rated percentage if you work part-time. If you share in the cost of your medical premiums, you may elect to have the amount taken out of your paycheck on a pre-tax basis which would be subtracted from your gross salary before Federal Income tax, Social Security tax, and Medicare tax is calculated. | ||
| Retirement Plan: PERS2 | $2,438 | $1,268 |
| You are vested into the Retirement System after 5 years of employment This means you are eligible to receive a monthly retirement benefit once you reach your applicable retirement age. | ||
| Social Security: | $2,964 | $2,964 |
| The rate in 2001 is 6.2% of your gross annual salary (minus any contribution that you may be making to a Flexible Spending Account and/or any medical premiums that you have elected to pay on a pre-tax basis) up to $80,400. | ||
| Medicare: | $500 | $500 |
| The rate in 2001 is 6.2% of gross annual salary (minus any contribution that you may have made to a Flexible Spending Account and/or any medical premiums that you have elected to pay on a pre-tax basis). | ||
| Voluntary Pre-Tax Contributions | $0 | $4,386 |
| This category would include any contribution you are making toward a Flexible Spending Account (for medical related expenses not covered through our insurance plan or daycare expenses) or supplemental insurance premiums that you've elected to pay on a pre-tax basis. The benefit of participating in a pre-tax plan is that you don't have to pay Federal Income tax, Social Security tax, or Medicare tax on the dollars you designate to pay for these expenses. Your W-2 gross wages will be reduced by whatever amount of money you put into a pre-tax plan. | ||
| Worker's Compensation Insurance: | $268 | $0 |
| This benefit ensures that you will receive at least 60% of your salary while you are disabled from a work-related accident. | ||
| Life Insurance and AD&D: | $211 | $0 |
| Life Insurance coverage is 125% of your annual salary up to a maximum of $300,000. AD&D (Accidental Death and Dismemberment) coverage is 125% of your annual salary. | ||
| Long-Term Disability Plan: | $312 | $0 |
| This coverage is 60% of your annual salary after a 90-day waiting period has been met. | ||
| Employee Assistance Program: | $40 | $0 |
| This program provides up to three, fifty-minute free counseling sessions with a professional counselor per personal issue. | ||
| Total Paid by City | You Pay an Additional | |
| TOTAL COMPENSATION PACKAGE VALUE: | $64,286 | $7,312 |
Useful Information and Optional Benefit Programs
W-4 Information:
You are currently claiming: Married, 3 exemptions with an additional adjustment of $10.00
It is important that you keep your W-4 information current. If you underclaim your tax liability during the year, the IRS may impose a penalty at the time that you file your taxes.
Do You Still Live Here?
Our database shows that you live at 12345 S. 1st St, Mercer Island, WA 98040. If this is not your current address, please contact the Human Resources office at x650 with the correct information.
Other Benefit Information:
Information is available to you with a simple phone call to the Human Resources office at x650 to learn more about the following optional benefit programs:
- Flexible Spending Accounts for Non-Covered Health Related and/or Daycare Expenses
- AFLAC Short-Term Disability and Supplemental Insurance Plans
- Supplemental Life Insurance Options
- UNUM Long Term Care Insurance for You, Your Spouse, and/or Your Parents
- Tuition Reimbursement Program for Job-Related Classes and Degree Programs
- ICMA Deferred Compensation Retirement Savings Accounts (mutual funds investing)
- US Savings Bond Purchases
- Eastside Municipal Employees' Credit Union Memberships
- Banking Benefits with Key Bank
- Direct Deposit of Your Paycheck for up to 3 Different Bank Accounts
- Verizon Wireless Cellular Phone Plans
- JCC Fitness Facility Memberships
- 24-Hour Availability of City Hall Gym
- Wellness Program Activities
- Employees' Association Memberships
- United Way Contributions
- Wait Disney Magic Kingdom Club Memberships
- Letter and Package Mailing Service from City Hall
- Commute Trip Reduction Programs
(Vanpool Rider Subsidies, Guaranteed Ride Home Program, Unlock Gridlock Program, Telecommuting Options, and Ridematch Services)
Holiday and Leave Planning:
Regular employees get 10 paid holidays, 3 personal days and 1 floating holiday of your choice each year, as well as monthly accumulated vacation and sick leave. You will also earn additional vacation hours if you use little or no sick leave each year.
Here is a Holiday Planning Calendar to help you plan your vacation time.
| 2001 | 2002 | 2003 | 2004 | |
| New Year's Day | Jan 1 (M) | Jan 1 (T) | Jan 1 (W) | Jan 1 (Th) |
| Martin L King Day | Jan 15 (M) | Jan 21 (M) | Jan 20 (M) | Jan 19 (M) |
| President's Day | Feb 19 (M) | Feb 18 (M) | Feb 17 (M) | Feb 16 (M) |
| Memorial Day | May 28 (M) | May 27 (M) | May 26 (M) | May 24 (M) |
| Independence Day | Jul 4 (W) | Jul 4 (Th) | Jul 4 (F) | Jul 5 (M) |
| Labor Day | Sept 3 (M) | Sept 2 (M) | Sept 1 (M) | Sept 6 (M) |
| Veteran's Day | Nov 12 (M) | Nov 11 (M) | Nov 11 (T) | Nov 11 (Th) |
| Thanksgiving | Nov 22 (Th) | Nov 28 (Th) | Nov 27 (Th) | Nov 25 (Th) |
| Nov 23 (F) | Nov 29 (F) | Nov 28 (F) | Nov 26 (F) | |
| Christmas Day | Dec 25 (T) | Dec 25 (W) | Dec 25 (Th) | Dec 24 (F) |
2001 Benefits Reference - Phone Numbers:
American Family Life Assurance Co of Columbia (AFLAC)
(Don Ruzicka)
(253) 471-3720
www.aflac.com
Inquiries regarding AFLAC supplemental insurance plans
American Casualty Company
(John Visser)
(253) 565-0080
Inquiries regarding supplemental accidental death & dismemberment insurance
Association of Washington Cities
(Nicole Anstedt, Beverly Lakey, or Shawna Rice)
1-800-562-8981
benefitinfo@awcnet.org
Inquiries regarding your medical/dental/vision & life/ad&d/ltd insurances
Dept of Retirement Systems (PERS and LEOFF 1 & 2)
(General Services - they can direct your call)
(360) 664-7000, 1-800-547-6657
www.wa.gov/DRS/drs.html
Inquiries regarding your state retirement benefits
Eastside Municipal Employees Credit Union
Redmond Office (425) 881-5886
Seattle Office (206) 623-5023
www.Seattlecredit.com
Inquiries regarding your credit union account
Employees' Assistance Program
(Mark Levine or Cheryl Cohen)
(425) 454-3209 or 1-800-759-7016
Confidential counseling services for you & your family
Flexible Spending Accounts Inquiries
(Kryss Segle, Human Resources)
(206) 236-3650
kryss.segle@ci.mercer-island.wa.us
Inquiries regarding your health and dependent care flex accts
ICMA Retirement Corporation (457 Deferred Comp Plan)
(Debra Andre, ICMA Investment Specialist)
(425) 335-5965, ext. 4901
www.icmarc.org
Inquiries regarding fund information, retirement questions
Internal Revenue Service
Tax questions 1-800-829-1040
Recorded tax information 1-800-829-4477
(listen to topic 123 for a directory of topics)
Jewish Community Center - Fitness Facility
(206) 232-7115
Social Security Administration
1-800-772-1213
Hours are 7am - 7pm
UNUM Long Term Care Insurance
(Christine McCullugh, Long Term Care Solutions, Inc.)
(425) 646-7660
Inquiries regarding long term care insurance for you, your spouse and/or your parents
US Savings Bonds
1-800-4US-BOND
Current rate information
Verizon Wireless
(Konnie Wilson)
(425) 603-2757
(425) 359-0505
konnie.wilson@verizonwireless.com
Inquiries regarding cellular phone plans and service