Benefit Transition Frequently Asked Questions
Will my benefits be changing?
N3B has made every effort to keep the benefits you are familiar with. That includes using the same vendors (BCBS NM, Delta Dental, VSP, the Hartford, Connect Your Care, HSA Bank, ARAG). As with any transition of this nature, it was not possible to keep all benefits exactly the same and there will likely be a few specific services that are handled a little differently. During new hire orientation, we will review all benefit plan designs with you.
Can I add, or remove, dependents to/from my plans?
As a new hire to N3B, this is your opportunity to add/remove dependents. The next opportunity you will have to add/remove dependents will be the next open enrollment period (March/April 2019).
Outside of open enrollment, you may only make these changes with a qualifying life event. Please contact Human Resources for details regarding qualifying life events.
Can I change medical plans?
As a new hire to N3B, you can change medical plans. The next opportunity you will have to change medical plans will be the next open enrollment period (March/April 2019). Outside of open enrollment, you may only make these changes with a qualifying life event. Please contact Human Resources for details regarding qualifying life events.
Will the deductible that I’ve already met count toward my new plan?
BCBS will transfer any deductible amounts met between 1/1/2018 and the effective date of your new plan (05/06/2018). This typically occurs after the 2nd month of the new plan (in this case about mid- July) in order to capture all deductibles met up through the new effective date.
Will my current medical contributions increase?
Your current medical premiums will remain unchanged.
Will I get new ID cards?
New ID cards will be issued by BCBS NM and Delta Dental and should arrive in the mail around the second to third week of May. VSP does not provide printed ID cards, nor are you required to have one when you receive services. You will also be able to access your ID cards, and benefits information, online by registering with each vendor’s website.
Do I have to change my doctor/dentist/vision provider?
N3B is utilizing the same provider networks and facilities (medical, dental, vision) as you’ve had in the past. It is always a good idea to confirm provider or facility status within a network regularly throughout the year, particularly before scheduling appointments or procedures. The best way to confirm if your provider, or facility, is in-network is to contact the vendor directly.
Are the prescription benefits changing?
Prescription drugs may fall into a different copay tier. It is always a good idea to request prescription refills, on your current plan, ahead of the new benefits effective date, so that you do not experience any delays while transitioning.
Please note: CVS Pharmacies will not be in-network pharmacies as of 5/6/2018. BCBS NM contracts with many alternative pharmacies including, Smith’s Pharmacy, Walgreens, and Walmart. Please review your in-network pharmacy options by visiting the BCBS NM website.
What about my Health Savings Account (HSA)?
If you currently have an HSA through HSA Bank, your account number will not change. All of your available fund balances will remain; you do not have any additional actions to take. PLEASE NOTE: HSA Bank will provide new debit cards reflecting the change to your new employer, N3B.
You will also need to make a new contribution election, if you wish to make pre-tax contributions to your HSA. Keep in mind that the IRS limits the amount your can contribute each calendar year to:
- $3,400 if enrolled in the HDHP by yourself
- $6,850 if enrolled with any dependents
- There is an additional $1,000 catch-up contribution if you’re age 50 or above
What about my Flexible Spending Account (FSA)?
You will need to make a new annual election for the medical and/or dependent care FSA. Keep in mind, the annual maximums listed below:
- Medical FSA – $2,650
- Dependent Care FSA – $5,000 (or $2,500 if two family members have elected this FSA)
Will my supplemental Life and STD benefits be changing?
Your current voluntary life insurance election will be automatically rolled into our new benefit plan. However, if you’d like to make a new election to enroll/increase/decrease your benefit amount, you have the opportunity to do so at this time. The only exception to this is for those currently electing a supplemental life amount that is higher than the new maximums. Your current election will be grandfathered in. In this case, you would only be allowed to decrease your elected amount.
You current supplemental STD election will be automatically rolled into our new benefit plan. However, if you’d like to change your election, you have the opportunity to do so at this time.
Will my current voluntary contributions for STD, LTD, Life insurance increase?
There are new rates for the supplemental STD, LTD, and Life/AD&D benefits. How the costs change is dependent on the type of benefit, and your age. Please review the new rate information carefully to make sure you know what will be
Will N3B continue the wellness program through Virgin Pulse?
We know your health and wellbeing are very important. As we work to develop a new wellness program, the online access to the Virgin Pulse website will be disabled. You are able to continue self-directed wellness programs through the new BCBS NM website. On this site you’ll be able to access online courses, talk to a health coach, and track your fitness using popular mobile devices and apps. Additionally, you can look up fitness centers, and obtain BluePoints for engaging in healthy activities.
When will N3B provide the employer contribution to my Health Savings Account (i.e. $250/single and $500/family)?
N3B will deposit the employer health savings account contribution the second payroll in June 2018.
What if I am currently seeing a doctor for a medical condition? How does this work?
You should see no disruption in the care you are currently receiving. As discussed above, N3B is utilizing the same provider network that you currently have. It is still important to regularly verify that your provider continues to participate in the BCBS NM network by either looking it up at the BCBS NM website or contacting their member services department.
What about my vacation, will I be allowed to cash out my vacation prior to transitioning to N3B?
Yes, you will be allowed to cash out your vacation. In order to do that, you will need to complete the Vacation Cash Out Election form and submit it to the LANS payroll office by April 20, 2018.
What retiree medical benefits are being offered by N3B?
N3B will offer retiree medical benefits through BCBS of NM. Eligibility for retiree medical and employer premium subsidy levels will be the same as the LANS provisions. Your eligibility and service credit will transfer from LANS to N3B. See tables below:
What 401(k) match will N3B offer?
N3B will be providing the same match that LANS provides to employees that do not participate in the TCP1 defined benefit plan. If you are currently eligible to receive a matching contribution from LANS, you will continue to be eligible under the N3B plan and receive the same level of match from N3B.
Will I still earn 401(k) benefits based on my length of service?
N3B will be providing the same non-elective contribution that is based on years of service that LANS provides to employees that do not participate in the TCP1 defined benefit plan. If you are currently eligible to receive a non-elective contribution from LANS, you will continue to be eligible under the N3B plan and receive the same level of non-elective contribution from N3B. Your service from LANS will transfer to N3B for purposes of determining the non-elective contribution that you will receive.
How can I transfer my 401(k) account balance into this new plan?
Your 401(k) account balance can be transferred (known as a roll-over) to the N3B plan at any time after the new plan is effective. Fidelity will be the record-keeper for the N3B plan and will provide information regarding how to roll-over your balance in early May.
You can also transfer other 401(k) balances from any other plans. Fidelity will be able to assist you with your roll-over once the new N3B plan is effective.
Will I be able to roll-over my current outstanding loan balances in the LANS 401(k)?
N3B is currently working with Fidelity to ensure that you will be able to roll-over loan balances if you elect to roll-over your LANS account balance.
Do I have to transfer my LANS 401(k) account balance to the N3B 401(k) plan?
You are not required to transfer for LANS 401(k) balance to the N3B plan. However, you may find it helpful to have all your 401(k) account balances in one plan.
If you have an outstanding loan in the LANS 401(k) plan and do not choose to roll-over your account balance your loan will be considered a deemed distribution and will become a taxable event to You should seek professional assistance in order to determine the timing of the taxability of the deemed distribution.
What happens to my loan in the LANS 401(k) if I do not choose to roll-over my current LANS account balance?
If you do not elect to roll-over your LANS 401(k) account balance your loan will be considered a deemed distribution and will become a taxable event to you. You should seek professional assistance in order to determine the timing of the taxability of the deemed distribution.
What investments will be available for me in the 401(k) plan?
N3B is currently working with Fidelity and our investment consultant to determine the investments that will be available under the new N3B plan. We will share the available investments as soon as that information is
What are the fees that I will have to pay for the 401(k) plan?
N3B is currently working with Fidelity and our investment consultant to determine the fee structure that will apply to the new N3B plan. We will share the fee structure at the same time that we are able to provide information on the available investments. As soon as this information is available we will share
If I am in TCP1, can I retire from LANS and commence receiving retirement benefits while working for N3B?
No, because LANS and N3B will be part of the same TCP1 Multiple Employer Pension Plan (MEPP), youtextmay not work for N3B and receive a retirement check from the TCP1 plan at the same time. If you work for N3B, you will continue to be considered an active employee accruing benefits under the Plan.
What is a highly-compensated employee?
The Internal Revenue Service (IRS) defines high-compensated employees as earning more than $120,000 (in 2018) or the Top 20% of employees when ranked by compensation. N3B intends to utilize the Top 20% of the employees when ranked by compensation to determine highly-compensated employees. The dollar amount for determining the highly-compensated employees will vary based on N3B’s workforce and will change each year. We expect that employees that earn N3B compensation of more than approximately $97,000 in 2018 may be designated as highly-compensated employees in 2019. Employees that earn N3B compensation of more than approximately $146,000 in 2019 may be designated as highly- compensated employees in 2020. Since the rules are based on the prior year of compensation received with N3B, there will not be any highly-compensated employees in 2018.
I am a TCP1 employee. Will I still be able to be part of the Pension Plan (MEPP) if N3B does not meet the 50 employee threshold?
For non-highly compensated employees (see highly-compensated definition above):
- Your pension benefits will remain unchanged.
For highly compensated employees (see highly-compensated definition above):
- N3B will take action necessary to maintain the qualified status of the MEPP. The most common action would be to freeze the benefits of HCEs in the N3B segment (meaning you will not lose or gain any more benefits in the TCP1 program).
- If N3B TCP1 benefits are frozen for highly-compensated employee, N3B would then provide an enhanced 401(k) retirement plan that would provide future benefits at a level comparable to the MEPP for impacted employees
I am a TCP1 employee, when will I be notified if N3B does not meet the 50-employee threshold?
N3B and LANS will be developing administrative processes to monitor the number of N3B TCP1 employees. N3B will notify impacted N3B TCP1 highly compensated employees as soon as possible before any retirement plan changes are required due to IRS plan qualification
I am currently taking courses and receiving tuition reimbursement. Will this transfer to N3B or will this start over?
- If you are in the middle of course work that has been approved under the LANS tuition reimbursement program; this will transfer over to N3B.
Will N3B have a holiday closure?
N3B will not close during the holidays.
How do I enroll in my new benefits?
You will enroll in your benefits during new hire orientation, which is scheduled for the first week of May 2018.
Who do I contact if I have additional questions?
Please direct questions to email@example.com