In addition to the available insurance options, Saint Louis University employees can benefit from long-term disability and/or a dependent care plan, if needed.
Dependent Care Plan
The Dependent Care Assistance Plan is an Internal Revenue Service (IRS) regulated benefit that allows employees to use pre-tax dollars to pay for eligible out-of-pocket expenses for the care of your child(ren) from the age of birth up to age 13, an incapacitated spouse or dependent parent. Contributions to the Dependent Care Plan are "use it or lose it."
Saint Louis University's Dependent Care administrator ConnectYourCare is available to assist employees by calling 888-339-3819, or after registering on their website.
The ConnectYourCare Enrollment Guide contains valuable information that includes specific advantages of the benefit, accessing funds through reimbursement requests (claims) and additional rules and regulations.
New employees wishing to enroll must complete their elections using the "New Hire Menu" found in Banner Self-Service within 31 days of their full time date of hire. Otherwise, enrollment during the plan year is permitted during the annual Open Enrollment period each November using Banner Self-Service.
Employees can elect or change the benefit within 31 days of a life change such as dependent birth/adoption. Only during Open Enrollment and life changes can employees make changes to their dependent care election.
Per IRS mandates, employees wishing to participate in a Dependent Care Assistance Plan on an annual basis must re-enroll each year during Open Enrollment.
Employees may elect up to an IRS maximum of $5,000 per calendar year (married persons filing separate returns would be limited to $2,500 each). It is important to make sure that plan year expenses for dependent care will equal or exceed the amount of benefit that is elected.
Participation in a Dependent Care Assistance Plan will reduce your taxable income. Since this is a pre-tax benefit, your income is reduced prior to social security (FICA), Federal, State, and City taxes being assessed.
Dependent Care expenses may not be reimbursed until after the service has been provided. In addition, reimbursements may not be made until after the election has been deposited via payroll deduction.
Plan participants have through December 31 of the current calendar year to incur expenses. Claims must be submitted by March 31 of the following year for reimbursement.
IRS tax regulations require that any unused benefit at the end of the plan year (December 31) allowable claim period be forfeited.
However, reimbursement claims for expenses incurred during a calendar plan year can be submitted until March 31 of the following year. Funds not reimbursed by March 31 are lost to the participant.
Claims may be faxed to (443) 681-4602.
Long Term Disability
In the event that a Saint Louis University employee becomes ill or disabled, this long-term disability interrupts the employees earning ability and the economic impact can be severe. The group long term disability insurance provided by Mutual of Omaha is designed to replace a substantial part of lost income in the event of total disability.
Benefits begin after three months of disability or the exhaustion of sick leave not to exceed six months. The plan pays 60% of salary up to $15,000 per month. Benefits will be reduced by payments received under Workers' Compensation and/or Social Security laws.
The University pays the entire cost of this coverage up to a base annual earnings of $36,000. A small payroll deduction is assessed for coverage on base earnings in excess of $36,000. This coverage is automatic, as a condition of employment, after one year of full-time service, or if a new employee is transferring from another group disability plan. If transferring from another group disability plan, the new employee must complete and submit the Certification of Previous LTD Coverage within 31 days of their date of full-time employment with SLU.
The coverage will continue to include all features of the current coverage including distinctive features such as possible benefits to disabled employees up to age 68 and continuation of retirement contributions to those employees who participate at this time.