Apologies to all the loyal readers who are tired of reading the “same ole messages” over and over, and month after month. Trust me, I know how exasperating it is. Hence the title of this article.
Nevertheless, we will try this one more time. After all, who would we be if we didn’t try?
- Self-payments for coverage for the first calendar quarter of 2025 are due no later than the date and time that has been posted on the Funds website for three straight months, as well as outlined within the Health and Benefit Funds Summary Plan Description book, and as explained within the shortage of hours letter that was sent out to each individual that had a shortage of hours during the third calendar quarter of 2024.
- By the Funds count, seventy (70) participants have shortages and roughly half do not have sufficient HRA Credit Benefits to automatically have said shortage covered. This means that thirty-five (35) of you need to pay attention to both your mail, the Funds website and the Create system so as to make certain that your payment is received by the Fund Office no later than the published time.
- If you or an eligible dependent experience a life event, such as a marriage, divorce, birth, obtaining another insurance etc., you must inform the Fund Office of such matters. This is necessary so that the Fund may coordinate its benefits with that of another insurer or update its records accordingly. Please reference the appropriate sections of the Summary Plan Description book for the who, what, when, where and how that is to be accomplished.
- For those participants with active loans, but who have nevertheless not made the appropriate number of installment payments during the third calendar quarter of 2024, you are reminded that you only have to the last business day of December to make catch up payments. In accordance with Internal Revenue Service rules, should you not make those payments by the last business day of December 2024, your entire outstanding loan balance will be treated as a taxable distribution from the Defined Contribution Plan. Meaning, you will owe income tax on the full amount and if younger than 59 ½, potentially also owe a 10% early withdrawal penalty. Again, these are not the Funds rules, but rather the Internal Revenue Service regulations. So make your payments!
- There is one participant who is apparently under the erroneous belief that the University of Chicago in Crown Point is not in network. It is and has been since it first opened its doors. We are not sure how this individual came to that conclusion or why this individual just didn’t ask the Fund office or check its website, or for that matter why the Fund had to hear about this via a third party, but we can assure said individual that it is.