UNIVERSITY HUMAN RESOURCES

A new generic drug called atorvastatin is now available for the brand name Lipitor, a drug often used to help lower cholesterol. This good news means that those currently taking Lipitor can save on prescription drug costs if your doctor agrees that switching to the new generic drug is right for you. Employees/dependents whose doctors prescribe atorvastatin will pay the lowest copay or coinsurance.

 As you know, the drugs on our drug list fall into three different groups, called tiers, based on their cost. The lower the tier, the lower the cost. Atorvastatin was added to our tier 1 drug list on November 30, 2011.  On December 5, 2011, Lipitor moved to tier 3.   Talk with your doctor about whether switching to atorvastatin is right for you. If so, there could be prescription drug cost savings in your future!

 

The IRS announced adjustements affecting the annual dollar limits for pension plans for the 2012 tax year.  The contribution limit for employees who participate in 403(b) plans, like Cedarville University’s plan, has increased from $16,500 to $17,000.  This means that you may contribute, as a pre-tax deduction, up to $17,000 to your 403(b) retirment fund in 2012.  The catch-up contribution, for those over age 50, remains unchanged at $5,500.  This means that if you are age 50 or over you may contribute up to $22,500 in 2012.   You may view additional information on the TIAA-CREF website at www.tiaa-cref.org.

 

Beginning in mid-October, University Human Resources will begin taking enrollments for dental insurance for the 2012 calendar year.  Please be watching for more information with specific details on how to enroll.  Questions may be directed to UHR at extension 7885.