ING to Separate Banking, Insurance Operations
In an Oct. 26, 2009 press release, ING, provider of the former NYSUT Member Benefits Trust-endorsed “Opportunity Plus” 403(b) program, announced that over the next four years it will move toward a complete separation of its banking business (known as “ING Direct”) and its insurance operations. ING stated that it was taking that measure in order to help reimburse the Dutch Government, which provided financial support to ING during the last year. Information regarding that announcement has been provided by ING to both ING Opportunity Plus plan participants and plan sponsors (i.e., employers). Brian Comer, ING President for Public Markets, states in his letter to ING Opportunity Plus plan participants that “we [ING] would like to reassure our Opportunity Plus customers that their accounts remain safe and secure.”
Click here for ING’s Oct. 26 press release.
We will continue to keep you informed of any developments that come to our attention.
Coming Soon!
You asked for it – you got it!
Many NYSUT members have been asking us for a financial counseling program. The NYSUT Member Benefits Corporation’s Board of Directors recently endorsed a financial counseling program provided by an investment advisory company that provides fee-based professional financial counseling.
Fee-based means that the company sells no investment or insurance products and receives no commissions from mutual funds, brokerage firms, insurance companies or any other third party. As a result, the advice is unbiased and objective.
Keep checking this site for a complete description of this new program! It will be introduced sometime in November.
Better yet, consider joining MAP, our e-mail service. One benefit of MAP is advance notice of new programs. Join MAP, and we’ll keep you informed. MAPers receive advance notice and information about new programs before the balance of the NYSUT membership. If interested, click here for information about MAP and a secure MAP sign-up form.
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MAP Winners
MAP Drawing Winners
Congratulations to:
Bev Voos from Webster TA. She won a Kodak Easyshare digital camera through the MAP viewing preference survey.
Sharlene Nekos from Rondout Valley Federation of Teachers and School-Related Professionals. She won Tommy Hilfiger designer sunglasses through the MAP viewing preference survey.
Rosemarie Neckles from Wappingers Congress of Teachers. She won a cooler bag through the MAP viewing preference survey.
Bonnie Dery from Monroe Community College Faculty Association. She won an umbrella through the MAP viewing preference survey.
Irene Marquart, retiree member of East Syracuse Minoa United Teachers. She won a $25 Office Depot gift card through the MAP viewing preference survey.
Warren Conklin from Horseheads TA. He won a pair of movie tickets through the MAP viewing preference survey.
William Lesniakretiree member of NYSUT. He won a $50 gift card from newly endorsed Powell’s Books in a MAP drawing.
Mildred Ciborowski, retiree member of Retiree Council 7. She won a Kodak Easyshare digital camera through the online shopping survey MAP drawing.
Thomas Lyon, retiree member of Coxsackie-Athens TA. He won a Fellowes cross-cut shredder through the online shopping survey MAP drawing.
Eric Larison, NYSUT associate member. He won a Member Benefits golf umbrella through the online shopping survey MAP drawing.
Michael Dolber from Bellmore-Merrick United Secondary Teachers. He won a Member Benefits cooler bag through the online shopping survey MAP drawing.
Joseph Grady, retiree member of Saratoga Adirondack BOCES Employees Association. He won a Kodak Easyshare digital camera through a quarterly MAP drawing.
Doris Dunham from Waterloo Non-Instructional Employees Association. She won a Kodak Easyshare digital camera through a MAP drawing.
Siobhan Loughlin from Harrison Association of Teachers. She won a Kodak Easyshare digital camera through a quarterly MAP drawing.
Jane Countryman from Monroe #1 BOCES Paraeducators Association. She won a Kodak Easyshare digital camera through a MAP drawing.
Rosemary Sheedy, retiree member of Retiree Council #14. She won a Kodak Easyshare digital camera through a quarterly MAP drawing.
Gail Bishop, retiree member of Marcus Whitman TA. She won the 7-inch DVD player donated by The Buyer's Edge through a MAP drawing.
Richard Rappleyea, retiree member of New Hartford TA. He won the Garmin GPS through a MAP drawing.
Patricia Disbro from Tompkins-Seneca-Tioga BOCES TA. She won a cross-cut shredder through a quarterly MAP drawing.
Dennis Barbiarz from Monroe BOCES #1 Professional Support Personnel. He won a Kodak Easyshare digital camera through a MAP drawing.
Johanna Pungello from Arlington TA. She won a Garmin Street Pilot GPS device through a MAP drawing.
Julie Wantuck from Holley Central School TA. She won an Equifax Credit Watch Gold service free for one year through a MAP drawing.
Michelle Gabree-Huba from Mohonasen TA. She won an OfficeMax gift card worth $50 through a MAP drawing.
Eva Hill, retired member from United Federation of Teachers, who was the winner of our MAP quarterly drawing. Eva won a Kodak Easyshare digital camera.
If you haven't yet joined MAP, what are you waiting for?
MAP “Sign Up a Colleague” Winners
Congratulations to:
Kimberlyn McEvoy
from Rondout Valley Fed of Tchrs and SRPs, who recruited 26 colleagues and won 1st prize, her choice of a $150 gift card to Barnes & Noble or Best Buy.Toni Losada from Churchville-Chili EA, who recruited 10 colleagues and won 2nd prize, Bose Around-Ear Headphones.
Dennis Babiarz from Monroe BOCES #1 PSP, who recruited 5 colleagues and won 3rd prize, a Kodak Easy Share Digital Camera.
Phyllis Brown, retiree member from Middletown TA, who recruited 4 colleagues and won 4th prize, her choice of a $50 gift card to Barnes & Noble or Best Buy.
Brenda Button
from Rochester TA. She tied with several other MAPers who all recruited 2 colleagues. She won the random drawing to win the 5th prize, a Fellowes Cross-cut Shredder._rdax_61x61.jpg)
Save the date - NYSUT Member Benefits Conference in 2010
The next NYSUT Member Benefits Conference will be held on November 19-20, 2010 at The Saratoga Hilton in Saratoga Springs, New York.
The conference, held approximately every two years, provides educational sessions as well as networking opportunities for benefit fund trustees and others interested in benefits.
For further information, please contact Member Benefits toll-free at 800-626-8101, weekdays from 9 a.m. to 5 p.m., Eastern Time.
We welcome your questions and feedback on the conference. Please e-mail benefits@nysutmail.org with your comments and requests.
Here are some sample materials from the May 2008 conference. Click on any of the titles below to view them with Adobe Reader. If you don't have a pdf reader, you can download the Adobe Reader for free by clicking here.
New endorsement: EPIC Hearing Service Plan
Hearing problems are fairly common – 10% of the U.S. population has some form of hearing impairment and hearing loss is the #3 chronic health problem in the country.
Hearing loss is usually treatable, primarily through the use of hearing devices. But less than 25% of people who can benefit are treated.
NYSUT Member Benefits Corporation recently endorsed the EPIC Hearing Service Plan for members and your families. The plan starts with an evaluation of your ears and hearing. Diagnostic tests and measures determine the course of treatment most likely to help you hear better.
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Now save more with Barnes & Noble.com
Now, NYSUT members can save even more when purchasing from the Barnes & Noble.com online bookstore, but only by using the link provided on our site. Members used to receive 5% off already discounted prices, but now that discount is increased to 10%!
One-time offer for term life insureds
Any member or spouse (or certified domestic partner) insured under the Member Benefits Trust-endorsed Term Life Insurance Plan can reduce their term life insurance coverage, and their premium, for any reason.
Here’s the special one-time offer: If you reduce your coverage, you have the ability to reinstate the coverage amount up to $200,000 within 12 months of the reduction with no medical underwriting. The waiver of underwriting for an increase amount of up to $200,000 is a one-time-only offer.
To take advantage, call the plan administrator, Marsh Affinity Group Services, toll-free at 888-386-9788.
Offer for laid-off members
After attending NYSUT’s recent Representative Assembly and hearing about impending layoffs of members, the partners of the law firm of Feldman, Kramer & Monaco, P.C., the provider of the Member Benefits Trust-endorsed Legal Service Plan, were disturbed at the news. They wanted to do something to help members who may encounter situations due to a layoff, such as difficulty making mortgage payments, bankruptcy, etc.
Feldman, Kramer & Monaco will waive the plan’s annual fee for members laid off for the 2009-10 academic year. These members who wish to enroll in the plan and are reported laid-off by their local association will be eligible for this offer. The legal plan for laid-off members has a plan year of September 1, 2009 through August 31, 2010.
Numerous benefits are included in the plan and can be found on this site under Legal Service Plan “Features.” You are encouraged to peruse this list of benefits to see if this plan can be of service to you. Use this link to the Legal Service Plan.
Then contact Member Benefits at 800-626-8101 for information on eligibility for this special offer
AIG Update
For the most recent FAQ dated August 7, 2009 for certificate holders, click here.
Marsh Class Action Settlement
Marsh Affinity Group Services, administrator of the NYSUT Member Benefits Trust-endorsed Voluntary Term Life Insurance and Catastrophe Major Medical insurance programs, has reached a settlement on a class action lawsuit filed against them.
The settlement, which is subject to final Court approval, concerned a lawsuit alleging that brokers and insurer defendants, including Marsh, engaged in an insurance brokerage scheme involving the receipt of undisclosed payments or kickbacks from insurance carriers, steering insurance policyholders to carriers paying the most in “contingent commissions,” and rigging bids for insurance policies; all allegedly in violation of law and to the detriment of insurance policyholders.
Marsh denies any allegations asserted by the lawsuit but has agreed to a settlement that includes the establishment of a settlement fund of more than $69 million (which is part of the original $850 million settlement Marsh made with the NYS Attorney General several years ago).
Please note that while none of these charges had anything to do with Member Benefits-endorsed programs, NYSUT members may still participate in the settlement. Whatever funds remaining unclaimed from the settlement would not revert back to Marsh but would, instead, be assigned by the Court for public use.
While the overall settlement of $69 million is substantial, it is expected that NYSUT members who choose to participate in the settlement will only receive a small dollar amount settlement due to the relative low cost of the Term Life and Catastrophe Major Medical programs.
Members who paid premiums into these plans between August 26, 1994 and September 1, 2005 are eligible to participate in the settlement.
How do I apply?
Members can get information about the settlement, as well as the application to participate, at www.insurancebrokeragemarsh.com/ or by contacting the Settlement Administrator toll-free at 888-356-0266. The application needs to be submitted by March 31, 2009.
What's New from The Buyer's Edge
TRAVEL - New Vendor: (800) 634-8538 Full service travel partner offering Buyer's Edge members special savings on numerous cruises, escorted tours,
vacation packages, winter getaways, golf and spa vacations, family reunions and destination weddings at various worldwide destinations. Available to
Buyer's Edge members 6 days a week by phone or 24/7 via email plus $100 Rebate per booking!
CONTACT LENSES - New Vendor: (866) 234-1393 Substantial savings on nearly every major brand of contact lenses. Simply call the toll-free number and
you will be quoted a price per box/vial as well as the price per the quantity you wish to purchase. Have your prescription information and promotional code: BYE08 handy when you call. All prescriptions are verified.
FURNITURE - New Vendor: (800) 631-0286 Authorized dealer for over 150 furniture manufacturers throughout the U.S. and available to Buyer's Edge
members 7-days a week plus FREE delivery! "Zero percent" financing for one year on any furniture purchase made by December 31, 2008.
MEDICATION INFO CHECK - New FREE Member Services Category: Offers a new, free, secure service to help members get informed, stay informed, and
provide feedback about their medications. This potentially lifesaving service is managed by MDs, RNs, and pharmacists.
NEW & USED CARS - Purchase or Lease: (800) 543-8381 The Car Plan network of dealerships has expanded and is now better than ever with weekend hours on
Saturdays till 6 pm. Free Auto Counseling and on-line "After Hours Car Referrals" also available. Call for a free referral.
You will need our unique username and password to access the NYSUT Member Benefits Trust program.
New address for catastrophe plan claims
Marsh Affinity Group Services is in the process of moving the claims operation for the NYSUT Member Benefits Trust-endorsed voluntary Catastrophe Major Medical Insurance Plan from Park Ridge, Illinois to Des Moines, Iowa.
The claim migration began last March and will be completed in February 2009. Marsh hired additional staff to process claims. The goal of the move is to improve the percentage of first-call resolution and overall processing levels.
Claims already submitted to the Park Ridge facility are in the migration process. However, claimants should begin using this new address immediately for any new and existing CMM claims:
Marsh Affinity Group Services
P.O. Box 10362
Des Moines, IA 50306-0362
This notice pertains to the voluntary Catastrophe Major Medical Plan administered by Marsh Affinity. It does not apply to Group Catastrophe Major Medical Plans provided by locals, benefit funds or through contract negotiations with employers, which have a different administrator.
Save at OfficeMax!
The OfficeMax Retail Connect SM card discounts many items from 10% to 40%. OfficeMax provides office supplies and papers, technology products and solutions, and furniture to consumers and large, medium and small businesses. This discount is available at any of the nearly 900 OfficeMax retail locations nationwide. Members can also order online by contacting Member Benefits. Learn more.
2008 NYSUT Member Benefits Conference materials
The next NYSUT Member Benefits Conference will be held on November 19-20, 2010 at The Saratoga Hilton in Saratoga Springs, New York.
The conference, held approximatley every two years, provides educational sessions as well as networking opportunities for benefit fund trustees and others interested in benefits.
For further information, please contact Member Benefits toll-free at 800-626-8101, weekdays from 9 a.m. to 5 p.m., Eastern Time.
We welcome your questions and feedback on the conference. Please e-mail benefits@nysutmail.org with your comments and requests.
Here are some sample materials from the May 2008 conference. Click on any of the titles below to view them with Adobe Reader. If you don't have a pdf reader, you can download the Adobe Reader for free by clicking here.
Confronting a Changing Workplace
Budget Truck Rental Discounts
Next time you need to rent a truck, use your Member Benefits advantage! NYSUT members can receive a 20% discount off local and one-way truck rentals. Click here to find out how!
Do you have a Living Will?
A living will details your wishes regarding life support or “heroic measures” if you are terminally ill with no expectation of recovery.
When covered by NYSUT Member Benefits Trust-endorsed Legal Service Plan, members may purchase the Elder Law rider to provide additional discounted benefits not covered under the basic legal plan. The Elder Law rider includes a health care proxy, living will, power of attorney and simple will. The rider also provides access to Elder Law attorneys at discounted plan rates. These attorneys specialize in elder and health law, estate planning, wills, trusts, pre-nursing home planning and more.
The basic legal plan provides legal assistance in a variety of ways for many personal legal situations, such as real estate, marital, traffic and much more.
For information, click here
Web site comments
We know many of you have been visiting this site. Improvements and enhancements are being worked on, but we'd like to hear what you think of our site. Drop us an e-mail at benefits@nysutmail.org
New 403(b) regs may affect you
An interim provision of recently released IRS regulations potentially affects many NYSUT members who have 403(b) tax-deferred savings programs through school districts. That provision took effect Sept. 25.
While the regulations generally become effective Jan. 1, 2009, this interim provision has been interpreted by many school districts and plan providers as, in effect, requiring a suspension of the exchange or transfer of assets from one 403(b) provider to another 403(b) provider until your school district complies with the new IRS regulations, no later than Jan. 1, 2009. At that time, exchanges will be governed by the plan your school district has in place.
In the past, it was fairly easy to execute a tax-free transfer of assets from one 403(b) provider to another under Revenue Ruling 90-24. For example, if you accumulated 403(b) assets with ABC Company and wished to transfer them to XYZ Company, regardless of whether your school district offered the XYZ Company as a provider, the transfer was relatively easy to accomplish. As of Sept. 25, Revenue Ruling 90-24 was essentially repealed. While NYSUT Member Benefits Trust seeks clarification on unforeseen consequences of the new regulations, some districts are taking a conservative approach by placing a temporary “hold” on requests to exchange funds among 403(b) providers.
If your school district takes this position, your 403(b) assets are not frozen. You can still make investment changes within the funds available through your current provider, but you would not be able to make a provider-to-provider transfer. Once your school district is in compliance with the new regulations, the plan will govern what, if any, exchange provisions are allowed. If your school district does not place a temporary hold on exchanges, there are no assurances from the IRS that an exchange will be treated as tax-free. It would be prudent to consult with your employer, 403(b) provider and tax adviser before making decisions.
Due to the uncertainties with these new rules, the IRS is expected to issue further guidance. Keep checking this Web site and the New York Teacher for updates.
Simply Certificates Endorsement Terminated
The endorsement of Simply Certificates as a discount program has been discontinued. Simply Certificates is under new management and has not renewed our contract. We apologize for the inconvenience.
Update on 403(b) endorsements
In June 2006, NYSUT Member Benefits Trust reached a settlement with the office of the state Attorney General relating to the Opportunity Plus retirement savings plan. The Opportunity Plus 403(b) program, provided by the ING Life Insurance and Annuity Co., was endorsed by Member Benefits from 1989 through 2006.
In the settlement, Member Benefits agreed to hire a consultant to determine if it should endorse 403(b) plans and, if so, hire a consultant to conduct a Request for Proposal process to endorse three new 403(b) plans, one of which must be a low-cost option.
Independent Fiduciary Services was the independent consultant hired to review whether Member Benefits should endorse 403(b) products. IFS found that Member Benefits adds value to the NYSUT membership by its retirement program endorsements and should proceed with the RFP process.
Member Benefits hired another independent consultant to conduct the RFP process. After sending info to more than 20 financial organizations to determine their qualifications to offer a 403(b) product to NYSUT members, the consultant identified eight companies to include in the RFP. However, one issue must be resolved before the RFP can proceed.
In the settlement, Member Benefits agreed to provide a mechanism that would allow participants to transfer out of ING Opportunity Plus into one of the newly endorsed 403(b) programs at no cost to the participant in the event deferred sales charges would apply. In recent months, Member Benefits has been working with consultants, IFS representatives and others to formulate a mechanism to fulfill all of the settlement’s requirements. Member Benefits is hopeful the central elements of that mechanism will be in place in a few months. The possibility exists that the state Insurance Department may ultimately have to assent to the conditions of the mechanism devised by Member Benefits to fulfill the settlement’s provisions that call for the waiver of deferred sales charges.
Member Benefits still intends to endorse 403(b) plans; however, programs may not be up and running until late next year. As more information becomes available, you will be notified through this Web site and New York Teacher.
Get assistance with the Legal Service Plan
Real estate sales and purchases, refinances, traffic violations, pre-nuptial agreements, uncontested divorce or separation, wills, health care proxies, living wills - they all require legal assistance.
The Legal Service Plan endorsed by NYSUT Member Benefits Trust can help you with these matters and much more. The Plan is preventive in nature, with the goal of resolving issues before they become big legal hassles.
With a nationwide panel of participating attorneys, discounted rates, and several no-cost benefits, the plan has been of assistance to countless NYSUT members. Learn more.
Travel program discontinued
NYSUT Member Benefits Trust is no longer offering a travel program at this time. Member Benefits will be looking to offer another travel program in the future.
Assistance with special needs persons
MetDESK, MetLife's Division of Estate Planning for Special Kids, was established in 1998 to extend MetLife's traditional commitment of public service to families with children of all ages, from infant to senior, with all disabilities.
MetDESK is committed to helping families through the maze of legal and financial complexities surrounding planning for the future of children and other dependents with special needs. Through a dedicated network of specialists, MetDESK helps families secure both lifetime care and quality of life for their children or other dependents with special needs.
For more information, click on the MetDESK link below.
NMB Privacy & Legal Info
NYSUT Member Benefits Legal & Privacy Information
1. Privacy and Treatment of Information or Data Transmitted to Member Benefits
Personal information transmitted to Member Benefits will be treated in accordance with NYSUT's Privacy Policy. In addition, please refer to NYSUT Member Benefits Trust's HIPAA Privacy Notice [click here] for information on how your medical information may be used and disclosed and how you can get access to this information.
2. Information Sharing
Member Benefits shares your personal information only with providers of our endorsed programs. Our contracts with these providers require them to keep the information strictly confidential and allow them to use the information to offer and verify eligibility for the endorsed programs. We do not sell or rent member information to telemarketers, mailing list brokers, or any other companies that are not offering Member Benefits-endorsed services or benefits. In addition, like most organizations, we also hire companies to assist with mailings that require access to members' names and addresses.
If you do not want us to share your information with providers for the purpose of receiving Member Benefits-endorsed program offerings in the mail, you can:
- Call us at 800-626-8101, weekdays from 9 a.m. to 5 p.m.
- Fax us at 518-213-6413
- Use this secure link [click here] which will encrypt your message to protect your privacy, or
- Write to us at NYSUT Member Benefits, 800 Troy-Schenectady Road, Latham, NY 12110-2455.
Please include your name and NYSUT ID# (found on your NYSUT membership card). You should then stop receiving provider mailings in about 6-8 weeks. (Note: If you request services or information from a Member Benefits program provider directly, we will still need to confirm to the provider that you are an eligible NYSUT member or agency fee payer).
3. Limited Use
The Member Benefits Web site’s description of Member Benefitst-endorsed programs is NOT a Summary Plan Description. Participants of the programs can obtain a Summary Plan Description by contacting NYSUT Member Benefits via the contact methods listed in number 2 above.
For Your Information:
ING to Separate Banking, Insurance Operations
ING recently announced a strategic decision as part of its final restructuring plan.
Save the date - NYSUT Member Benefits Conference in 2010
The NYSUT Member Benefits Conference will take place November 19-20, 2010 at The Saratoga Hilton in Saratoga Springs, New York.
Online benefit look-up service now available.
This service, called My Program Participation, lets you look up information about the endorsed programs you participate in, including your payment method and premium amount. This information is provided to you on a secured site.