Category: Benefits News

This category is for articles and announcements related to your benefits as an MSU benefits-eligible faculty or staff member.

Enroll in these voluntary benefits between October 1 and 31: Accident (new for 2026), Critical Illness, Legal, Vision. MSU Spartan Helmet.

Reminder: Enroll in, change, or cancel accident, critical illness, legal, and vision insurance during October 

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The MSU Benefits Open Enrollment period is here! As you review your benefit options for the 2026 plan year, please note that some voluntary benefits only allow you to enroll in, change, or cancel coverage during Open Enrollment between October 1 and 31, including:  

  • Prudential accident insurance (NEW—Learn more below)  
  • MetLife critical illness insurance 
  • ARAG legal insurance 
  • VSP vision insurance 

If you want to enroll in, make changes (such as adding a dependent or switching to a different plan), or cancel your coverage for the 2026 plan year, you must do so by October 31. If you’re currently enrolled and do not make any changes, your enrollment will continue in 2026 with the exact same coverage.

Voluntary Benefits Overview 

Please review a brief description of accident, critical illness, legal, and vision insurance below. For additional information on all voluntary benefits—such as plan summary brochures—review the HR webpage about voluntary benefits. 

  • NEW for 2026: Prudential accident insurance pays a lump sum after you or a covered family member experiences a covered incident, such as a fracture or concussion. Use this money for anything you need while recovering, such as expenses not covered by your health care plan or lost income. Coverage is available with no evidence of insurability (EOI) requirement. 
  • MetLife critical illness insurance gives you extra money in the event you or covered family members experience a covered illness. This money can be used to offset unexpected medical expenses or for any other use you wish. Simplified plan options are offered through MetLife with no evidence of insurability (EOI) requirement. Additional coverage options for $40,000 and $50,000 will be available starting in 2026.
  • ARAG legal insurance makes it affordable to get the legal help you need, such as creating a will or fighting a traffic ticket. ARAG excludes most pre-existing legal issues and business-related matters, which are defined as any legal matter that is initiated before the effective date of coverage. Network attorney fees are 100% paid-in-full for most covered matters. Choose between two plan options. Plan enhancements will be available starting in 2026. 
  • VSP vision insurance offers two plan options for you and your family to save money on eye care and glasses. There is a standard coverage plan or a premium coverage plan with an additional enhanced eyewear option of your choice. 

How to Access Voluntary Benefits 

To access voluntary benefits through MSU Benefits Plus, log in to the EBS portal, select My Benefits from the top navigation, then click on the MSU Benefits Plus tile.  

Please note: If you’ve already registered, you’ll be prompted to create an account using single sign-on (SSO) the first time you log in on or after July 23, 2025. Review the information on the screen and click Create Account to begin.  Signing up for an account does not obligate you to enroll in any benefits; it just gives you access to learn about, review premiums, and enroll in the various programs. 

How to View Current Participation or Deduction History 

After you access the MSU Benefits Plus website (see instructions above), click on Benefits in the top navigation, then select Enrollments or Deductions from the dropdown menu to view your current participation or deduction history.  

The MSU Benefits Plus website only provides participation status on the voluntary benefits you have enrolled in within the MSU Benefits Plus website, such as accident, auto/home, critical illness, legal, pet, and vision insurance. 

Questions?  Learn about all voluntary benefits options on the HR website. If you have questions, consider participating in the MSU Benefits Fair or an HR Site Lab. MSU Human Resources is available for questions at SolutionsCenter@hr.msu.edu or 517-353-4434 (toll-free: 800-353-4434).  

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Save Money on Common Household Expenses with an FSA 

Published on by Abigail MillerLeave a comment

As you review your benefit options for the coming year during Open Enrollment (October 1 to 31), consider whether a flexible spending account (FSA) makes sense for your family. We all spend money on medical expenses such as prescription and office visit copays, dental work, and over-the-counter items like bandages. And many families spend thousands of dollars each year on child or adult care. 

If you are looking for ways to save money on caregiving costs and/or medical care expenses, enrolling in an FSA is a sound strategy. An FSA allows you to use pre-tax dollars to pay for eligible expenses, such as child care or health care costs like copays. In fact, using FSA funds for these types of expenses can save you an average of 30%!1  

MSU offers benefits-eligible employees the option to enroll in two types of FSAs: Dependent Care FSA and/or Health Care FSA. You can enroll in one or both FSA plan types. You will manage your FSA directly with MSU’s plan provider, HealthEquity.  

Should I enroll in both FSA types?  

Good question! The answer depends on what you and your family need. Make sure you know the eligible expenses each FSA plan allows you to use your pre-tax money on before you enroll in one or both plans.  

Dependent Care FSA Eligible Expense Examples:  

  • Child or adult care  
  • Virtual or in-person camps  
  • Before or after-school programs  
  • Nursery school  

Health Care FSA Eligible Expense Examples:  

  • Medical or dental deductibles and copays  
  • Pain medication  
  • Menstrual care products  
  • Bandages  
  • Hearing aids  
  • Allergy medications  
  • Orthodontics  

Before You Enroll 

When you enroll, you’ll decide how much money you’d like to contribute to the FSA. This money will be deducted from your paycheck (pre-tax) and divided over each pay period throughout the plan year.  

Here are the contribution limits for the 2026 plan year: 

  • Dependent Care FSA: A household may contribute up to $7,500. If you and your spouse/other eligible individual (OEI) both have a Dependent Care FSA, combined household contributions cannot exceed $7,500 at MSU or another employer. 
  • Health Care FSA: An individual may contribute up to $3,300. If both you and your spouse/OEI have a Health Care FSA, you each may contribute up to $3,300. 

Before you enroll, make sure you take some time to understand each plan and estimate how much you are likely to spend on eligible expenses throughout the plan year. We encourage you to plan conservatively; Due to IRS requirements, any unused funds left in your account at the end of the plan year will be forfeited. Learn more about FSAs – including fund availability, reimbursement options, grace period deadlines, and eligible expenses – on the HR FSA webpage.  

Please Note: Due to IRS regulations, you are unable to participate or have a balance in a Health Care FSA if you enroll in the Health Savings Account offered with the Consumer Driven Health Plan. 

How to Enroll  

Please review these two FSA plan options and enroll – or re-enroll – in an FSA during the Open Enrollment period in October. If you’re currently enrolled in an FSA for the 2025 plan year, you must re-enroll if you’d like to continue participating in an FSA for the 2026 plan year. Find instructions for how to enroll in an FSA as part of Open Enrollment here.   

Questions? HR staff will be available at the MSU Benefits Fair and the HR Site Labs throughout October. You may also visit the HealthEquity website or call HealthEquity at 877-924-3967. MSU Human Resources is available at SolutionsCenter@hr.msu.edu or 517-353-4434 (toll-free: 800-353-4434). 

1Example for illustration only. Actual savings vary. The figure is based on average tax rates, including state, federal and FICA taxes. Source: (n.d.). Open Enrollment Center. HealthEquity. Retrieved September 8, 2025, from https://www.healthequity.com/learn. 

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Mark Your Calendar: Upcoming Open Enrollment Events 

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With the MSU Benefits Open Enrollment period rapidly approaching (October 1 to 31), you may have questions about your benefit options for the 2026 plan year.  

Mark your calendars and join us at the following events! We are ready to answer your questions and help you enroll in your 2026 benefit options. 

MSU Benefits Fair 

Visit the fair to enroll in your benefits on-site or speak with MSU benefit providers and HR staff.

When: 

  • Benefits Fair: October 21 from 11 a.m. to 6 p.m. 
  • Flu Shots: The MSU Health Care Pharmacy will provide flu shots from Noon to 5 p.m. by appointment only. 

Where: 
The MSU Benefits Fair will be held at the Breslin Student Events Center. Learn more about the MSU Benefits Fair on the HR website, including how to make an appointment for your flu shot, parking information, and participating providers. 

HR Site Labs 

MSU HR will be available to answer questions and help you enroll in your benefits at the following site labs.

When and Where: 

  • October 8  | 9 a.m. to Noon | Virtual 
  • October 10  | 11 a.m. to 5 p.m. | In-person 
    MSU Union, 49 Abbot Road, Room UB55, East Lansing, MI 48824 
  • October 13  | 2 to 5 p.m. | Virtual 
  • October 17  | 9 a.m. to 3 p.m. | In-person 
    International Center, 427 N. Shaw Lane, Spartan Rooms B and C, East Lansing, MI 48824 
  • October 23  | 7 to 10 p.m. | Virtual 
  • October 31  | 8 a.m. to 5 p.m. | In-person 
    HR Building, 1407 S. Harrison Road, Room 125, East Lansing, MI 48823 

Learn more about the HR Site Labs on the HR website, including directions, parking information, and how to join the virtual site lab. 

As always, you can find information about all things Open Enrollment on the HR website. In addition to the events above, MSU Human Resources is available to answer your questions at SolutionsCenter@hr.msu.edu or 517-353-4434 (toll-free: 800-353-4434). 

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Time to Choose Your Benefits for 2026: Your Open Enrollment Checklist 

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October is just around the corner, which means the MSU Benefits Open Enrollment period is about to begin for benefits-eligible employees. Please use the following checklist to help guide you through Open Enrollment and be sure to make your benefit selections for the 2026 plan year between October 1 and 31, 2025. 

STEP 1: Determine your benefit needs. 

During Open Enrollment, you may enroll in, change, or cancel coverage in the following benefits: 

  • Health 
  • Dental 
  • Flexible spending accounts (health or dependent care) 
  • Health savings account 
  • Life or accidental death and dismemberment insurance 
  • Voluntary accident, critical illness, legal, or vision insurance. 

Carefully review your Open Enrollment guide and choose the best benefit plans for your family. You may not change the above benefits outside of the Open Enrollment period unless you have a qualifying life event (QLE), so please review your options and take action in October. 

STEP 2: Please review the updated premium threshold requirement for spouse/OEI health care coverage. 

To enroll your spouse/other eligible individual (OEI) in MSU coverage, your spouse/OEI must enroll in coverage through their own current or former employer (e.g., a retiree health plan), if applicable, if the annual employee/retiree premium cost for single-person coverage is $1,850 or less. You may still cover your spouse/OEI on your MSU health coverage as a secondary plan.  

If you and your spouse/OEI both work at MSU, the premium threshold does not apply.

New for the 2026 Plan Year: Although the premium threshold for a spouse/OEI to be enrolled in MSU health care coverage remains in effect, the affidavit you are accustomed to submitting via the EBS Portal each year is no longer required to enroll in or continue their coverage. If you currently cover a spouse/OEI on your health care plan, their coverage will automatically continue in 2026 without any action.  

Please review the  Open Enrollment FAQs  for more information about this update. 

STEP 3: Review important updates and reminders for the 2026 plan year. 

We encourage you to review all important updates and reminders.  Learn more about the highlighted updates below on  page 6 of your  Open Enrollment guide.  

  • Please review Step 2 above for information about the updated premium threshold requirement for spouse/OEI health care coverage. If you and your spouse/OEI both work at MSU, the premium threshold requirement does not apply.
  • Increase to Some Health Care Copays and Deductibles: For the Blue Care Network (BCN) and BlueCard Out-of-State plans, the annual deductible will increase. Copays for doctor’s office and urgent care visits will increase for BCN, BlueCard Out-of-State, and Community Blue PPO plans. There are no changes to health care costs for the Consumer Driven Health Plan.  
  • Increase to Some Prescription Copays: Prescription copays will increase for all medications except preferred drugs. 
  • Introducing a New Accident Insurance Option: Accident insurance through Prudential is a new voluntary benefit option that pays you a lump sum after a covered incident, such as a fracture or concussion. You may only enroll in accident insurance in October during the Open Enrollment period unless you experience a QLE. 
  • Introducing a New Pet Discount Plan: In addition to the existing pet insurance option offered through Nationwide, we are pleased to provide a new pet discount plan. Pet Benefit Solutions offers instant savings on pet prescriptions, products, and in-house medical services at any network vet, as well as additional benefits. 

Other updates include new flexible spending account (FSA) contribution limits, increased premiums for employee life insurance and the voluntary vision premium plan, new coverage options for voluntary critical illness insurance, and plan enhancements for voluntary legal insurance. Please review all updates and reminders in your Open Enrollment guide. 

STEP 4: Participate in the MSU Benefits Fair or an HR Site Lab. 

  • MSU Benefits Fair: Join us on Tuesday, October 21, from 11 a.m. to 6 p.m. at the Breslin Student Events Center on campus. MSU benefit providers and HR staff will be available to answer questions and help you enroll in your benefits on-site. Flu shot appointments are available by appointment only from Noon to 5 p.m. Find a link to make a flu shot appointment.  
  • HR Site Labs: MSU HR will offer in-person and virtual site labs throughout October. Consider attending if you have questions about your benefit options or need assistance with enrollment.  

STEP 5: Make your changes online before October 31. 

You must participate in Open Enrollment between October 1 and 31 (view enrollment instructions) to change your benefit selections. 

We hope this checklist is helpful as you prepare for and participate in Open Enrollment this year. You can find all the details about Open Enrollment on the HR website, including links to the appropriate Open Enrollment guide, enrollment instructions, and detailed benefits information from our providers. 

Questions? We’re happy to help! We encourage you to attend the  MSU Benefits Fair or an  HR Site Lab to ask questions. You may also contact MSU Human Resources at SolutionsCenter@hr.msu.edu or 517-353-4434 (toll-free: 800-353-4434). 

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Your Top Questions About MSU’s Optional Retirement Plans

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Whether this is your first job out of school or you’ve been working for 40+ years, it’s important to make sure you’re taking advantage of every opportunity to prepare for your eventual retirement. Most benefit-eligible employees* are aware of and enrolled in the 403(b) Base Retirement Program (BRP) offered by MSU, which consists of a 5% employee contribution of your eligible compensation and a generous university matching contribution of 10% – an immediate two for one match of your investment – for a total contribution of 15%. While this provides an excellent foundation for your retirement savings, most employees will eventually want to consider additional savings options for their retirement.

In addition to the BRP, eligible employees also have the option of enrolling in two additional retirement programs: the 403(b) Supplemental Retirement Program and the 457(b) Deferred Compensation Plan. Enrollment in one or both optional programs can help employees meet their retirement savings goals, making it easier for them to transition to retirement.

We’ve compiled a list of the top questions we receive as employees think about enrolling in these optional plans:

  • Q: Is there a minimum contribution amount required for one of the optional plans? What about a maximum amount?

    A: Employees may elect any percentage contribution, as all contributions are based on a percentage of eligible pay. For example, 1.50% would be an acceptable contribution election. Employees wishing to contribute a certain amount, such as $100 per paycheck, can use the calculator to convert a dollar amount to a percentage.

    Maximum contribution amounts are set by the Internal Revenue Service (IRS) each year. Information on current IRS limits, including Age 50 Catch-up contributions, can be reviewed at maximizing your retirement plan contributions.

  • Q: Does contributing a small amount, such as $25 a month, make a difference in the long run?

    A: We encourage employees to work with their financial advisors or retirement vendors for assistance in deciding how much more to contribute. You may be surprised how a small contribution over a long time can impact your retirement account balance, and you may want to take advantage of compounding earnings as you save for retirement.

  • Q: What are the main differences between the 403(b) Supplemental and the 457(b) Deferred Compensation Plan?

    A: Generally, the differences are when an individual can access the funds and the loan provisions. Also, the 403(b) Supplemental contributions must be added with the Voluntary 403(b) Base contributions when calculating the IRS maximum contributions, whereas the 457(b) Deferred Compensation Plan has a separate IRS maximum limit. A more detailed comparison of the two different optional accounts can be found in the Retirement Plans Comparison chart.

  • Q: Can I enroll in an optional retirement plan account at any time?

    A: Yes, retirement plan elections can be made at any time. This includes beginning or canceling enrollment, increasing or decreasing contribution percentages, and changing vendors. Depending on payroll schedules and deadlines, there may be a delay when contributions start or stop. For more detailed information, please visit the HR website at Enroll or Make Changes to Retirement Plans.

For more information about available retirement plans from MSU, please review the retirement resources on the HR website and the MSU Retirement Plans Enrollment Guide. Find instructions to enroll in these optional retirement plans at any time throughout the year. Please contact the HR Solutions Center with any questions at SolutionsCenter@hr.msu.edu or 517-353-4434.

*Note: Certain types of employees are excluded from participating in the 403(b) Retirement Plan. Please see the 403(b) Base Retirement Program Eligibility Chart for more details. 

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Your Mid-Year Benefits Wellness Check-Up

Published on by Abigail MillerLeave a comment

National Insurance Awareness Day (June 28) encourages us to review our insurance options to make sure we’re enrolled in the best plans for our families. As an MSU employee, you have a variety of benefit options available to you beyond just health care and dental plans. While many of these benefits allow you to enroll in or make changes at any time, several require you to sign up, change, or cancel enrollment during the Open Enrollment period in October. If you’re interested in a benefit but unable to sign up right away, review the plan options and make a list of changes you’d like to make so you’re prepared for the upcoming Open Enrollment period in October.

Benefits without an Enrollment Period

The following benefits are available to enroll in, change, or cancel at any time. You’ll find a brief description of each benefit below, and you can click on the benefit name for more details and information on how to enroll/register.

  • Auto: Find special pricing on insurance for your vehicle through Farmers GroupSelect (formerly MetLife) or Liberty Mutual Insurance.
  • Educational Assistance: Support staff have access to educational assistance funds to help cover the costs of credit and non-credit professional development opportunities.
  • Home: Find special pricing on insurance for your home through Farmers GroupSelect (formerly MetLife) or Liberty Mutual Insurance.
  • Livongo by Teladoc Health: Employees and their dependents enrolled in an MSU health plan can receive diabetes management supplies and coaching at no cost.
  • Pet: Find special pricing on pet insurance through Nationwide.
  • Teladoc Health Telemedicine: An online medical care service that gives you 24/7 access to a healthcare professional via web, phone, or mobile app. Use Teladoc to get help for a range of conditions, including cold/flu, bronchitis, allergies, pink eye, dermatology, and more.
  • Teladoc Medical Experts: Get medical advice from leading medical experts. Whether you need medical questions answered, a diagnosis double-checked, help deciding on a treatment plan, or guidance about a surgery, Teladoc Medical Experts can help.
  • TruHearing: Some benefit providers offer discounts on hearing aids. Please contact the providers directly to learn more about the discounts they offer.

Benefits with an Enrollment Period

The following benefit options have an enrollment period. This means you can only enroll in, change, or cancel the benefit during Open Enrollment in October each year. We encourage you to review the plans you’re currently enrolled in, along with the options available, and make a plan to make any necessary changes this October. Please note that updates for the 2026 plan year will be shared this September before Open Enrollment in October:

  • Critical Illness: MetLife gives you extra cash in the event you or a covered family member experiences a covered illness.
  • Dental: Various plans are available based on your employee type. We encourage you to check which dentists are available in your area before enrolling in a new plan.
  • Flexible Spending Accounts (FSA): There are two FSA options available for employees – Dependent Care FSA and Health Care FSA. Be sure you know the difference before you enroll.
  • Health Care (including prescription): Various plans are available based on your employee type and work location.
  • Legal: ARAG currently offers plan options to help cover a wide range of legal needs.
  • Life/Accident Insurance: Several types of life insurance are available for you to enroll in, along with voluntary Accidental Death and Dismemberment insurance.
  • Vision: Two plan options are available through VSP for vision care.

Please visit the HR website to learn more about all the benefit options available to you. For questions about enrollment and eligibility, please contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434.

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Your Mental Health and Wellbeing Matter

Published on by Abigail MillerLeave a comment

MSU is committed to supporting employees by providing benefits, programs, and a workplace culture that prioritizes mental health and employee wellbeing. However, according to a 2024 SHRM study, “Employees are not taking full advantage of the benefits already being provided. Nearly 70 percent of U.S. workers said they are unaware or only somewhat aware of the available resources.” We want to ensure you know the resources available to support you and your family’s well-being and mental health. Check out these resources to help you prioritize and invest in your care and well-being.

Trained Mental Health Professional Benefit Resources: 

  • MSU faculty, staff, retirees, graduate and student employees, and their benefits-eligible dependents have access to the Employee Assistance Program, which provides confidential counseling at no cost. MSU offers Zoom and in-person appointments to best fit your work schedule. Due to licensing regulations, individuals must be in the state of Michigan to access services.
  • MSU employees and their dependents (age 18+) currently enrolled in an MSU health plan have access to Teladoc. This online medical care service gives you 24/7 access to a healthcare professional via web, phone, or mobile app in minutes. Teladoc’s services extend to behavioral health (anxiety, depression, grief counseling, etc.). 
  • If you are enrolled in an MSU health plan, refer to the Mental Health Care section of the health care plan summary (support staff or faculty/academic staff) for specific details about mental health benefits.

Wellbeing Tools and Resources:.

  • The Spartan Resilience Education Program, through various media and seminars/webinars, seeks to ensure that resilience education is accessible, inclusive, and ever-present as part of the “Spartan Experience.” They aim to provide opportunities for any Spartan to develop (or strengthen) the skills needed to respond effectively to their unique collection of challenges.
    • Learning the basic principles presented in the Breaking Free from Stress course will help you experience less day-to-day stress and more joy and satisfaction as you increase your capacity to live your life in alignment with your deepest wisdom and greatest sense of purpose. 2025 session dates are out now!
    • Mindful STATE is a university-wide, collaborative initiative to further the practice of mindfulness and other contemplative practices among members of the MSU community. Join fellow Spartans Lisa Laughman, Meg Moore, or John Taylor for a brief meditation to help you return to a more mindful state. Meditation videos are available when you’re feeling overwhelmed, worried about someone, or stressed.
    • The MSU Grief and Loss Support Group meets weekly (virtually) to support individuals grieving the loss of a friend, loved one, pet, co-worker, or family member.
  • University Health and Wellbeing creates an inclusive, responsive work environment that respects and supports all employees’ wellbeing in their work and personal lives.
    • Abrams Planetarium is holding Rest with Music live musical performances featuring a variety of musical styles and genres. 
    • Set for Success: A 45-minute virtual webinar focusing on three key health topics—Sleep, Ergonomics, and Time Management. This series provides valuable insights and practical tips to help participants make positive lifestyle changes at work and at home.
  • Review the Well-being at Work Guide to learn how to create and maintain healthier and happier workspaces and teams.
  • The Beal Botanical Garden is a favorite place for campus and community members to unplug from the chaos of their everyday lives and enjoy the beauty of nature.
    • The Nurture Your Roots program invites you to connect mind, body, and nature with practices to enrich well-being.
    • Explore mindfulness through journaling with their Pocket Journal designed by Beal Scholar Elliot Pancioli. During the warmer season, they offer Yoga in the Garden. These classes are free, but registration is required. Watch the events page for more information. 
    • They also offer a Campus Meditation Map, which highlights places across campus where you can take a moment to center yourself and practice self-care or enjoy a beautiful view.

Local Resources: 

Work should never interfere with maintaining good mental health. If we missed any resources, let us know in the comments below!

Sources:

Agovino, T. (2024, May 3). Mental health, HR and the Workplace. Welcome to SHRM. https://www.shrm.org/topics-tools/news/all-things-work/mental-health–hr-and-the-workplace

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Mother’s Day Deals and Discounts

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This Mother’s Day (May 11), show the mom in your life that you appreciate them with a thoughtful gift or experience – whether that’s your mom, mother to your kiddos, stepmom, mother-in-law, or any maternal figure in your life.

MSU benefits-eligible employees can access many discounts and savings through MSU Benefits Plus. To access all the discounts, visit MSU Benefits Plus and sign up for a free account using your MSU email address.

Flowers 

  • ReVased: Take 20% off any ReVased flower bouquet or plant purchase with code CORESTREAM20. 
  • 1-800-Flowers: Save 20% on fresh, high-quality flowers using code CSTREAM.  

Gifts 

  • Gardyn: Get a gift with the new Gardyn 4.0 indoor gardening system using code EATGREENS.  
  • Bombas: Save 20% off your purchase using code CORESTREAM20.  
  • Gamefly: For the first three months, you can get $14 off your monthly subscription and access to the full game library. 
  • Nobull: 20% off training shoes and apparel using code CORESTREAM20.  

Food 

  • GiftTree: Save 10% on most gifts and gift baskets using code MSU10. 
  • Wolferman’s: Save 20% on specialty breakfast foods and unique bakery treats with code CSTREAM. 
  • Harry and David: Save 20% on the finest gourmet foods and fresh fruit gifts with code CSTREAM. 

Experiences 

  • W. K. Kellogg Biological Station: Free admission to the bird sanctuary for moms on Sunday, May 11! Spring flowers and trees are in bloom, and migration season is underway. 

Find these discounts and many more by visiting the MSU Benefits Plus website. For questions, please get in touch with the MSU Benefits Plus customer care team at 888-758-7575. 

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5 Financial Goals to Consider with Help from Fidelity and TIAA

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As a benefits-eligible employee, you may know about the generous retirement savings programs and resources MSU offers to help set you up for a successful retirement. However, MSU’s retirement plan vendors, Fidelity and TIAA, can help you with more than just retirement planning. Whatever your financial goals – such as funding a big purchase, paying down debt, or creating a sustainable budget – Fidelity and TIAA can help you create a plan to achieve them. 

Fidelity and TIAA are financial professionals who can provide strategies and advice to help you take charge of your finances. Review the goals below and then contact your vendor using the following information. 

1. Create a Budget: Many people only have a vague understanding of their spending habits or financial situation. Between trying to comprehend financial jargon, figuring out your goals, and understanding how to balance debt, saving, and investing, it’s no wonder people often bury their heads in the sand. Luckily, Fidelity and TIAA have tools, resources, and advice to help us make a plan and stay on track. 
More Information: 

2. Build an Emergency Fund: Setting aside money for an emergency – such as unemployment, surprise medical or vet bills, or unplanned home repairs – is a key element of basic financial planning and often the first step advisors will recommend. According to TIAA, “it’s good to maintain an emergency fund that would cover three to six months of living expenses” (Waltenberger, 2024). These living expenses include the things you absolutely must pay for each month, such as food, housing, utilities, child care, health care, transportation, debt payments, or similar. 
 
The latest report released by the Federal Reserve found that 37% of adults would not be able to afford a $400 emergency expense (2024, Federal Reserve), which means they would have to use credit cards, personal loans, early retirement withdrawals, or ask family/friends for assistance. Saving towards an emergency fund – even if it’s only a small amount each month – can help you build a safety net to keep you out of debt. 
More Information: 

3. Pay Down Debt: The average American owes $105,056 in debt across mortgage loans, home equity lines of credit, student loans, auto loans, credit cards, and personal loans (Experian, 2024). While it’s important to note that having debt isn’t necessarily bad – a mortgage loan, for instance, can help you build wealth and eventually own a home – having too much debt or high-interest debt can lead to financial stress. Fidelity clarifies, “Good debt is generally considered any debt that may help you increase your net worth or generate future income. Importantly, it typically has a low interest or annual percentage rate (APR), which experts say is normally under 6%” (Fidelity, 2023). 
 
If you’re only able to make the minimum payment on your credit card, have trouble paying your monthly bills, or have debt payments that are more than 35% of your gross income, you may need help managing your debt (TIAA, 2024). Luckily, TIAA and Fidelity have actionable steps to help you move in the right direction. Review the resources below for advice on managing debt and contact your vendor directly to receive personal financial advice. 
More Information: 

4. Maximize Your Retirement Investment: Most benefit-eligible employees1 are enrolled in the 403(b) Base Retirement Program, which consists of a 5% employee contribution of your eligible compensation and a generous university matching contribution of 10%. That’s an immediate two-for-one match of your investment for a total contribution of 15%. While this provides a great foundation for your retirement savings, you may eventually want to consider additional options. It’s important to note that the IRS places limits on how much employees can contribute to their retirement savings accounts each year. However, many people may discover there is a lot of room before their current contributions reach that limit. Fidelity and TIAA can help you determine what your retirement contributions should be to help you reach your personal retirement goals – whether that date is 30 years in the future or just around the corner. 
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5. Plan Your Estate: According to TIAA, “Pondering your incapacity or mortality, and what might happen to your loved ones when you are no longer with them, can be tough to face. It’s what keeps most people from starting the estate planning process” (TIAA, 2024). Despite the challenging nature of the topic, creating a solid plan can give you and your family peace of mind and the confidence that your wishes will be carried out as desired. 
More Information: 

Questions? We encourage you to reach out to Fidelity  (800-642-7131) or TIAA  (800-732-8353) with your financial or retirement planning questions. 

1 Certain types of employees are excluded from participating in the 403(b) Retirement Plan. Please see the 403(b) Base Retirement Program Eligibility Chart for more details.  

Sources: 

Five Essential Estate planning questions to ask. TIAA. (n.d.-a). https://www.tiaa.org/public/learn/retirement-planning-and-beyond/important-estate-planning-questions 

Good debt vs bad debt. Fidelity. (2024, February 14). https://www.fidelity.com/learning-center/smart-money/good-debt-vs-bad-debt Horymski, C. (2024, March 22). Experian study: Average U.S. consumer debt and statistics. Experian. https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/ 

How to make a financial plan. Fidelity. (2024, February 21). https://www.fidelity.com/learning-center/wealth-management-insights/how-to-make-a-financial-plan-video 

Report on the economic well-being of U.S. households in 2023 – May 2024. Board of Governors of the Federal Reserve System. (2024, May). https://www.federalreserve.gov/publications/2024-economic-well-being-of-us-households-in-2023-executive-summary.htm  

Tips for managing and reducing your debt. TIAA. (n.d.). https://www.tiaa.org/public/learn/personal-finance-101/debt-consolidation 

Waltenberger, A. (n.d.). 5 must-have financial goals. TIAA. https://www.tiaa.org/public/learn/personal-finance-101/5-must-have-financial-goals 

Opening photo by Freepik.

photo of the Livongo diabetes welcome kit, which includes a glucose monitor, case, strips, and other medical tools.

Don’t Forget Your Optional MSU Benefits and Resources 

Published on by MSU Human ResourcesLeave a comment

MSU is committed to offering valuable benefits to support you and your family. You’re probably aware of MSU’s health and dental care benefit options as a benefits-eligible employee. However, on top of those, you can access a range of optional benefits we’d like to remind you about. 

Beyond meeting your health and dental care needs, these optional benefits can help you save money on needed products and services. We realize keeping track of all these different resources can be overwhelming. To help, we’ve created the following recap to jog your memory with links to more detailed information to learn more. 

This graphic provides a quick summary of these optional benefits (view a PDF version).

An infographic displaying the following optional benefits available to MSU employees: 1. Teladoc: speak to a licensed medical professional by web, phone, or app. If needed a prescription can be sent anywhere in the U.S. No co-pay for employees enrolled in BCV, BlueCard, or Community Blue. CDHP enrollees pay the full amount until the deductible is met. 2. Livongo by Teladoc: A free diabetes management program for benefits-eligible employees, their spouse/other eligible individual, and dependents. 3. Teladoc Medical Experts: Expert medical advice for informed medical decisions. Get help to make the right choice with confidence. 4. Voluntary Benefits: options include pet, vision, home, auto, legal, critical illness, along with discounts. 5. On-campus/local services: Find imaging services, such as MRI, X-ray, and more- along with prescription delivery within 30 miles of campus.

Optional benefit programs available: 

  • Teladoc: Virtually speak with a doctor 24/7 via web, phone, or mobile app. They can even write you a prescription if necessary. Employees have described Teladoc as “a game changer” (read employee experiences here). If you haven’t already, we recommend you sign up for Teladoc now so you’re prepared. 
  • Livongo: This diabetes management program provides free supplies delivered right to your door whenever you need them and support with optional virtual coaching. Save time and money on needed supplies. Learn more about Livongo on the HR website. 
  • Teladoc Medical Experts: Get medical advice from experts on your specific medical condition and feel empowered to make the best choice possible for your care. Whether you need medical questions answered, a diagnosis double-checked, help deciding on a treatment plan, or guidance about surgery, Teladoc Medical Experts can help. Learn more about the services Teladoc Medical Experts offers. 
  • Voluntary Benefits and Employee Discounts: Find insurance offerings such as vision, legal, pet, home/auto, and critical illness (some have enrollment periods) through MSU Benefits Plus. Additionally, you will find MSU Campus Discounts and a variety of other discounts on everything from electronics to home goods, meal delivery services, travel, and much more. 
  • On-Campus/Local Services:

You might not always need or think of these resources, but keeping them tucked away can make it easier and more cost-effective to manage your family’s health. As always, if you have any questions about these benefits options, please visit the HR website to learn more or contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434.