When University of Colorado employees received their July 31 paycheck, many may have noticed that 2013-2014 benefits had taken effect and premiums had been deducted.
Preparing for the new fiscal year, the university provided improved services and programs, while working diligently to keep overall costs and employee premiums low. The following are a few new ways the university contributes to employee compensation, benefits and wellness.
Retirement matching funds
The one-year wait was lifted for new employees to enter the 401(a) Optional Retirement Plan. This allowed new faculty and university staff to benefit from the university’s 10 percent contribution of salary to an employee’s individual retirement account on the first of the month following their date of hire.
Since the inception of the CU Health and Wellness Trust, the university has been successful in keeping health care cost increases low for employees. The year-over-year costs increases have declined each year, to a record low of 3.8 percent for 2013-14.
Even better, the 3.8 percent cost increase for 2013-14 will not result in rate increases for employees for all except one category of coverage. The trust plans also added a diabetes management program and new hearing aid coverage. Dental plans were improved by unbundling dental plans from medical plans to allow for more employee choice.
Vision coverage options expanded with the CU Health Plan – Vision for faculty, officers, university staff and classified staff working in positions equal to or greater than 50 percent. The plan includes routine eye exams as well as discounts on glasses and contact lenses.
The vision and hearing plan enhancements were a direct result of employee suggestions last summer for health plan improvements.
Employees likely saw an increased salary with the July 31 pay period. The University of Colorado Board of Regents approved a merit salary pool of 3.1 percent for faculty and university staff (officers and exempt professionals), and a new state merit increase plan went into effect for classified staff.
For faculty and university staff, each campus controlled how the merit pool was allocated. Classified employees received a 2 percent cost of living increase plus a merit increase drawn from a pool of 1.6 percent.
Be Colorado. Move.
Introduced in April, Be Colorado Move. encourages employees to increase their exercise and improve their health. Participants can earn $25 a month by engaging in 30 minutes of moderate to vigorous physical activity for a minimum of 12 days. That can mean up to $300 extra dollars to employees’ pockets and improved fitness. Move. participants will see the first payment in their Aug. 31 paycheck, with payment information available through the CU employee portal beginning Aug. 23.
Find how to join Move. at becolorado.org.
See your benefits on the portal
Employees can find details on their 2013-14 benefits in the employee portal. Go to https://my.cu.edu/ and log into your portal. All 2013-14 benefits information can be viewed in the CU Resources tab by clicking the “Employee Information” dropdown menu and selecting “Benefits Summary.”
For questions, please contact Employee Services at 303-860-4200, option 3, or toll-free at 855-216-7740, option 3, to speak to a benefits counselor.