What's New - Benefits Office

Benefits - What's New...
(and other important information)

FSA Bank Cards no longer work at some pharmacies

The IRS has ruled that, effective this past summer, Flexible Spending Account bank cards can no longer be used at pharmacies that do not have a store Inventory Identification Approval System (IIAS) or are certified as “90% medical care sales.”

At retail locations that have the approval system, the IIAS will automatically recognize prescription drugs and IRS-approved over-the-counter health care products. You will not be asked for a receipt to substantiate the expense because the store’s IIAS does that work for you.

University FSA Plan participants have been using their FSA bank card since the first of the year at major chain-store pharmacies – such as Walgreens, Schnucks, Target, and Walmart – with no paperwork requirements. The IIAS in those pharmacies automatically verifies the FSA eligibility.

At pharmacies which have certified that at least 90% of their sales are medical-care products (prescription drugs and eligible over-the-counter health care products), your card will work but you will be asked to send to RightCHOICE the sales receipt showing that the purchase was FSA eligible.

List of current certified pharmacies in the southeastern Missouri ZIP Codes of 636, 637, 638 and 639:

Pharmacy Address

Main Street Pharmacy 2685 E Main St. Jackson MO 63755

Pharmax Pharmacy #859 673 West Karsch Blvd. Farmington MO 63640

Plaza Pharmacy 1723 Broadway suite 110 Cape Girardeau, MO 63701

Randy’s Rx Pharmacy 1012 North Main Sikeston MO 63801

Tallys Inc/dba/Medicap Pharmacy 1020-A North Kingshighway Cape Girardeau MO 63701

Super Saver Discount Pharmacy 449 Highway 53 Poplar Bluff MO 63901

The Medicine Shoppe 864 N Kingshighway Cape Girardeau MO 63701

For list of all U.S. certified pharmacies, go to www.sig-is.org and click “90% Rule Merchant List.”

If you go to retail stores that do not have the IIAS or a pharmacy that is not 90% certified, you can save the itemized receipt and send it, with a claim form, to RightCHOICE for reimbursement.

Submit Paper Claims to: RightCHOICE Benefit Administrators, 12250 Weber Hill Rd, Suite 100, St. Louis, MO 63127. (Or fax to: 314-821-7502.)

Transfer of CURP Membership to MOSERS:

Plan provisions (pursuant to section 104.1215, RSMo) that govern CURP provide a one-time election to change membership in retirement plans from CURP to the Missouri State Employees’ Plan 2000 (MSEP 2000) administered by MOSERS. Employees may consider this change after completing six years of participation in CURP. To make that evaluation, employees can access a CURP to MOSERS Comparison Sheet by clicking here. No action is required if intending to retain membership in the CURP.

Northwestern Mutual Investment Services Changes:

In July 2007, the Department of Treasury and Internal Revenue Service (IRS) issued new regulations regarding the administration of tax-sheltered 403(b) annuity plans. Most changes take effect January 1, 2009. In response to these new guidelines, Northwestern Mutual Investment Services has issued a formal written response indicating that, effective August 31, 2008, it will no longer accept new contributions on behalf of plan participants to its Northwestern Mutual 403(b) accounts. However, Northwestern Mutual's response states that future contribution amounts after the deadline date can be redirected to a partnering 403(b) provider.

Northwestern Mutual partners with several 403(b) companies, and its financial advisors are authorized to service accounts with these partnering providers.

If you are actively contributing to a Northwestern Mutual account, please reference below a listing of Northwestern Mutual's third-party investment providers that are also accepted under the University's 403(b) plan offerings:

Fidelity Investments
ING Aetna
Hartford Life
American Funds

In order to stop your Northwestern Mutual investment and redirect your current contribution to one of the partnering investment providers listed above, contact your Northwestern Mutual investment advisor. Additionally, please complete a Section 403(b) Salary Reduction Agreement form and submit to Leann Walther, Human Resources, at MS3150 for processing. The form can be downloaded from the Human Resources website by clicking on the following link: http://www4.semo.edu/humanresources/Benefits/salreduca.htm. If you will be redirecting your contribution to another provider, complete the form by inserting the Northwestern Mutual company name with a $0 amount as well as the name of one of the alternative investment providers listed above and the associated contribution dollar amount for September 2008 payrolls and beyond. If only stopping the contribution to your Northwestern Mutual account, simply list the Northwestern Mutual company name with a $0 amount.

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