NEW STAFF GUIDE 2021 Consulting Staff and Executives Mayo Clinic in Arizona, Florida and Rochester - Mayo Clinic Jobs
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
NEW STAFF GUIDE
2021
Consulting Staff and Executives
Mayo Clinic in Arizona, Florida and Rochester
WELCOME
Congratulations on your appointment at Mayo Clinic.
We are excited to share the wide variety of benefits offered
to you and your eligible family members.
Please take a moment to review this guide as we share the wide variety of benefits offered to Mayo Clinic
Consulting Staff/Executives and eligible family members. This guide is offered as a resource tool to acquaint you
with your benefits.
You have 31 days from your employment hire date or consultant appointment date to complete your benefits
enrollment. Your benefits will be active on the first day of your consultant appointment.
If you wish to make any changes or have any questions regarding the enrollment process, contact Office of Staff
Services at:
Rochester - 507-266-0490
Florida - 904-953-6254
Arizona - 480-342-0064
Visit HR Connect online to learn more about all of the total rewards available to you through Mayo Clinic.
Sincerely,
William A. Brown, J.D.
Chair, Office of Staff Services
YOUR “TO-DO” CHECKLIST
As a new benefits-eligible staff member, you have 31 days from your hire date or employment status
change date to complete your benefits enrollment. Use this checklist to guide you through the different
decisions you’ll need to make when you enroll.
Choose a Medical Plan
To learn more about medical M
ayo Premier A
dd eligible dependents under your
plan options, including premium Mayo Medical Plan
amounts, turn to page 3. M
ayo Select
M
ayo Basic P
rovide Social Security numbers for
eligible dependents
Mayo Clinic is required by law to submit plan participant Social
Security numbers to the Internal Revenue Service to comply with
the Affordable Care Act.
Choose a Dental and/or Vision Plan
To learn more about dental M
ayo Reimbursement Account (MRA) A
dd eligible
and vision plan options, dependents under
including premium amounts, D
elta Dental - Standard
your dental and/or
turn to page 15. D
elta Dental - Deluxe vision plan
V
ision Care Plan
Elect a Pre-tax Savings Account
To learn more about pre-tax Health
Savings Account
savings accounts, turn to
page 19. Health
Care FSA
Dependent
Care FSA
Elect Voluntary Life Insurance
To learn about the life insurance Voluntary
Group Universal Life Insurance D
esignate a
plans that are right for you, turn beneficiary for
to page 22. Cash
Accumulation Fund
each coverage
Family
Life Insurance for your Spouse selected
Family
Life Insurance for your Child(ren)
Voluntary
Accidental Death and Dismemberment
Retirement
To learn more about retirement Designate
a beneficiary for the Mayo Pension Plan
plans, turn to page 25.
Designate
a beneficiary for the Mayo 403(b)/401(k) Plan
Re-hires
contact Fidelity Investments to begin payroll contributions
Elect Legal Insurance
To learn more about voluntary Legal Insurance
legal insurance, turn to page 28.
Mayo Clinic New Staff Guide 2021 1
ELIGIBILITY
Make sure you and your loved ones are covered.
You are a benefits-eligible staff member if you are For family coverage, eligible family members include:
regularly scheduled to work at least half-time (40 hours) Spouse
or more per pay period. “Regularly scheduled” means
Biological or legally adopted children, and
that you are on file with Human Resources as having a
stepchildren who are under age 26.
work schedule that is half-time or more. For example,
Disabled children age 26 and older may be eligible for
a 0.4 FTE working extra hours does not qualify as
benefits. Contact HR Connect for more information
“regularly scheduled.”
on how to provide proof of disability.
Eligibility Rules for Mayo Basic
You are not eligible to participate in Mayo Basic if you or your spouse are:
Covered under a health plan that is not a High-Deductible Health Plan (HDHP).
Claimed as a dependent on another person’s federal tax return.
A resident of California or New Jersey.
Participating in a Health Care Flexible Spending Account (FSA).
2 Mayo Clinic New Staff Guide 2021
MEDICAL
Plan options
The information in the chart below provides you with a high-level review of each plan option.
Mayo Premier Mayo Select Mayo Basic
Premium Highest premium Mid-range premium Lowest premium
Deductible Lowest annual deductible. Mid-range annual Highest annual deductible.
You pay for health care deductible. You pay for You pay for health care and
expenses until your annual health care expenses until prescription drug expenses until
deductible is met. your annual deductible is your annual deductible is met.
met.
Copayment You will pay a copayment for emergency room No copayment is charged.
visits and certain prescriptions. However, you will pay for most
health care and prescription
drug expenses until your annual
deductible is met.
Coinsurance All three medical plan options include a 20% coinsurance for Tier 1 and Tier 2 in-network services.
For Tier 3 out-of-network services, a 50% coinsurance applies.
Out-of-Pocket Lowest out-of-pocket Mid-range out-of-pocket Highest out-of-pocket
Maximum maximum maximum maximum
When you reach your out-of-pocket maximum, the plan will pay for covered services at 100% for the
remainder of the year.
Note: Covered medical services and prescription drug expenses are combined into one annual out-of-pocket maximum.
Deductible - The amount that you are responsible for Coinsurance - This is your share of the expense when
each year before the plan begins to pay for covered the plan is paying a percentage. All three medical plan
services (with the exception of preventive care services, options will cover in-network services at 80% after
which are covered 100% by the medical plan based on meeting the deductible. Your coinsurance amount is
age guidelines). Non-covered items do not count toward 20% of allowed charges. Your provider may ask for this
the deductible, and your deductible can vary by how amount up front or you may be billed at a later time.
many family members are covered and the networks
Out-of-Pocket (OOP) Maximum - The annual limit
your providers participate in. However, deductible
on your expenses for deductible, copayments and
amounts incurred in different network
coinsurance. Like the deductible, your OOP Maximum
tiers will cross over and be counted in the other
will vary depending on how many family members are
network tiers.
covered and the networks your providers participate in.
Copayment - This is a fixed amount you pay to receive However, OOP Maximum amounts incurred in different
services. Your copayment(s) will count towards your network tiers will cross over and be counted in the other
out-of-pocket maximum but not your deductible. network tiers. After your expenses have met the OOP
Maximum, the plan will pay 100% of covered services
for the remainder of the calendar year.
Mayo Clinic New Staff Guide 2021 3
Mayo Medical Plan Premiums for 2021
Mayo Clinic reviews the costs of Mayo Medical Plan period amounts. If you choose benefit coverage, the
options annually. Medical premiums are outlined in the appropriate pre-tax premium rate will be deducted from
table below with both pre-tax monthly and per-pay- your paycheck.
Mayo Premier Mayo Select Mayo Basic
Monthly Per Pay Period Monthly Per Pay Period Monthly Per Pay Period
Full-Time Employee Premiums (0.75 -1.0 FTE)
Employee $120 $60 $70 $35 $20 $10
Employee + Child(ren) $210 $105 $125 $62.50 $30 $15
Employee + Spouse $260 $130 $145 $72.50 $35 $17.50
Employee + Family $350 $175 $195 $97.50 $45 $22.50
Part-Time Employee Premiums (0.50 -0.74 FTE)
Employee $180 $90 $105 $52.50 $30 $15
Employee + Child(ren) $315 $157.50 $190 $95 $45 $22.50
Employee + Spouse $390 $195 $220 $110 $55 $27.50
Employee + Family $525 $262.50 $295 $147.50 $70 $35
Note: The premium is taken out of the first two pay periods per month, so the amount shown per pay period is taken out of your paycheck
24 times per year. The amount shown does not include the $75 per month spousal surcharge (if applicable).
Spousal surcharge
A $75 pre-tax monthly surcharge is added to the The following questions will be asked as part of your
medical plan for staff covering a spouse who is offered enrollment to determine whether the spousal
medical coverage through their employer, does not surcharge applies:
elect that coverage, and is instead covered under the Will you cover your spouse on the medical plan?
Mayo Medical Plan. There are several instances where
Is your spouse employed outside of Mayo Clinic?
the spousal surcharge will not apply:
Is your spouse offered medical coverage
pouses who are not employed (or not employed in
S
through their employer?
a benefits-eligible position)
Is your spouse enrolled in medical coverage
Spouses who are employed at Mayo Clinic
through their employer?
pouses who elect their employer’s coverage and
S
enroll in Mayo’s plan as secondary coverage
Retirees
Note: If spousal employment changes occur after initial enrollment, contact the Office of Staff Services.
4 Mayo Clinic New Staff Guide 2021
Summary of benefits: A guide to compare coverage and costs
This table outlines what you would pay for covered through premiums, deductibles, coinsurance and/or
services under each plan option. Health plan coverage copayments. Search Summary Plan Description
is for specified medical services and prescription on HR Connect for more detailed information and a list
drugs. Cost-sharing is reflected in staff contributions of each plan option’s benefit limitations and exclusions.
Mayo Premier Mayo Select Mayo Basic
Cost- Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3
In-Network Expanded Out-of- In-Network Expanded Out-of- In-Network Expanded Out-of-Network
sharing In-Network Network In-Network Network In-Network
Amounts
Annual Employee Employee Employee
Deductible $500 $800 $1,200 $1,000 $1,750 $2,200 (EE): $2,000 (EE): $2,500 (EE): $3,500
per per per per per per
person person person person person person EE+Child(ren): EE+Child(ren): EE+Child(ren):
$4,000 $5,000 $7,000
EE+Spouse: EE+Spouse: EE+Spouse:
$1,000 $1,600 $2,400 $2,000 $3,500 $4,400 $4,000 $5,000 $7,000
per per per per per per
family family family family family family EE+Family: EE+Family: EE+Family:
$4,000 $5,000 $7,000
Annual Out- $2,500 $3,500 $4,500 $4,000 $5,000 $6,000
of-Pocket $5,000 per $6,000 per $7,000 per
per per per per per per
Maximum person person person
person person person person person person
$5,000 $7,000 $9,000 $8,000 $10,000 $12,000
$10,000 per $12,000 per $14,000 per
per per per per per per
family family family
family family family family family family
AIR AMBULANCE BENEFIT AVAILABLE
FOR ALL MAYO MEDICAL PLAN MEMBERS
Mayo Clinic offers you and your covered dependents access to air ambulance services when
you travel more than 150 miles from your home. This service provides access to transportation
to a Mayo Clinic facility at no cost to you, when approved by AirMed.
To request air transportation service, call AirMed at one of the phone numbers listed on your
medical plan ID card. When you call, your needs will be assessed and, if air transport is approved,
all necessary arrangements will be made for you.
Mayo Clinic New Staff Guide 2021 5
Mayo Premier Mayo Select Mayo Basic
Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3
In-Network Expanded Out-of- In-Network Expanded Out-of- In-Network Expanded Out-of-
In-Network Network In-Network Network In-Network Network
Physician Visits
a. Primary care, a. $0 a. $0 a. 50% a. $0 a. $0 a. 50% a. 20% a. 20% a. 50%
express care,
urgent care
b. Specialty care b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
Preventive Care $0 $0 NC $0 $0 NC $0 $0 NC
Services
See Preventive Care Services
chart on page 10
Diagnostic 20% 20% 50% 20% 20% 50% 20% 20% 50%
Tests and Labs
Emergency Services
a. Emergency a. $0 a. $0 a. $0 a. $0 a. $0 a. $0 a. $0 a. $0 a. $0
transportation to
nearest qualified
facility (includes air
ambulance when
authorized)
b. E
mergency room b. $100 b. $100 b. $100 b. $100 b. $100 b. $100 b. 20% b. 20% b. 20%
facility copayment
c. Professional c. 20% c. 20% c. 20% c. 20% c. 20% c. 20% c. 20% c. 20% c. 20%
services, diagnostic
tests, and labs
Hearing Aids 20% 20% 50% 20% 20% 50% 20% 20% 50%
Up to $5,000 available every three
years, includes related expenses.
Inpatient 20% 20% 50% 20% 20% 50% 20% 20% 50%
Hospital Services
Prior authorization required
by the plan for Tier 3 services.
Outpatient Hospital 20% 20% 50% 20% 20% 50% 20% 20% 50%
and Ambulatory
Services
Rehabilitative Therapy,
Chiropractic Care and
Acupuncture Services
a. Physical therapy (PT), a. 20% a. 20% a. 50%; a. 20% a. 20% a. 50%; a. 20% a. 20% a. 50%;
Occupational therapy, 20-visit 20-visit 20-visit
Speech therapy limit for PT limit for PT limit for PT
b. C
hiropractic care b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
Limit of 20 spinal
manipulations per year
c. Acupuncture c. 20% c. NC c. NC c. 20% c. NC c. NC c. 20% c. NC c. NC
Limit of 20 visits per year
NC = Not covered
6 Mayo Clinic New Staff Guide 2021Mayo Premier Mayo Select Mayo Basic
Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3 Tier 1 Tier 2 Tier 3
In-Network Expanded Out-of- In-Network Expanded Out-of- In-Network Expanded Out-of-
In-Network Network In-Network Network In-Network Network
Continued Care
Note: Custodial care not covered.
a. Home health care a. 20% a. 20% a. 50% a. 20% a. 20% a. 50% a. 20% a. 20% a. 50%
(90-day limit per year)
b. H
ome infusion b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
therapy
c. Hospice care c. 20% c. 20% c. 50% c. 20% c. 20% c. 50% c. 20% c. 20% c. 50%
d. S
killed nursing d. 20% d. 20% d. 50% d. 20% d. 20% d. 50% d. 20% d. 20% d. 50%
care facility
(30-day limit per year)
Maternity Care
Services
a. Prenatal and a. $0 a. $0 a. 50% a. $0 a. $0 a. 50% a. 20% a. 20% a. 50%
postnatal visits
b. D
elivery, inpatient b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
services
Infertility Services 50% for 50% for NC 50% for 50% for NC 50% for 50% for NC
Office visits and eligible eligible eligible eligible eligible eligible
outpatient or hospital services services services services services services
procedures
Up to $15,000 lifetime maximum
Mental Health and
Chemical Dependency
Services
a. Office visits for a. $0 a. $0 a. 50% a. $0 a. $0 a. 50% a. 20% a. 20% a. 50%
evaluation and b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
diagnosis
c. 20% c. 20% c. 50% c. 20% c. 20% c. 50% c. 20% c. 20% c. 50%
b. O
ffice and outpatient
services
c. Inpatient services and d. 20% d. 20% d. 50% d. 20% d. 20% d. 50% d. 20% d. 20% d. 50%
residential treatment
services
Special Services
a. Applied Behavior a. 20% a. 20% a. 50% a. 20% a. 20% a. 50% a. 20% a. 20% a. 50%
Analysis (ABA)
Therapy
Prior authorization required
b. Chemotherapy/ b. 20% b. 20% b. 50% b. 20% b. 20% b. 50% b. 20% b. 20% b. 50%
radiation therapy
c. Disposable supplies c. 20% c. 20% c. 50% c. 20% c. 20% c. 50% c. 20% c. 20% c. 50%
d. D
urable, non-durable d. 20% d. 20% d. 50% d. 20% d. 20% d. 50% d. 20% d. 20% d. 50%
medical equipment
e. O
rthotics and e. 20% e. 20% e. 50% e. 20% e. 20% e. 50% e. 20% e. 20% e. 50%
prosthetics
f. Tobacco cessation f. $0 f. $0 f. NC f. $0 f. $0 f. NC f. $0 f. $0 f. NC
g. T
obacco Treatment g. $0 g. $0 g. NC g. $0 g. $0 g. NC g. $0 g. $0 g. NC
Program
NC = Not covered
Mayo Clinic New Staff Guide 2021 7Annual total risk perspective
When you consider the three medical plan options from not reach their out-of-pocket maximum. Some may not
an annual total risk perspective, it can help you determine even meet or pay any deductible, especially if they only
which plan option is right for you and your eligible seek preventive care services. We share this information
dependents. to provide you with peace of mind should an unexpected
event occur, or if you are a high utilizer of the medical plan.
Keep in mind this is for Tier 1 in-network coverage, and
We believe providing you with the right service at the right
many covered staff members and their dependents do
time creates a strong benefits foundation to build on.
8 Mayo Clinic New Staff Guide 2021Provider networks
The Mayo Medical Plan provides you with a choice If you select an out-of-network provider, you will receive
to go to an in-network or out-of-network provider to a reduced level of benefits and you will be subject to
receive care. When you choose an in-network provider, usual and customary charges. You can search for in-
the plan provides a higher level of benefits coverage, network providers at Medica.com/MayoMedicalPlan.
meaning lower costs for you.
If the employee Arizona Florida Minnesota All other states
resides in… or Wisconsin of residency
Tier 1 Mayo Medical Plan Mayo Medical Plan Mayo Medical Plan Mayo Medical Plan
Network Network Network Network
In-Network (Tier 1 providers) (Tier 1 providers) (Tier 1 providers) (Tier 1 providers)
lue Cross Blue Shield of
B PHCS Network First Health Network
Arizona Network Except for adult (Tier 1 providers)
services in: Audiology, Oncology,
Cardiology, Vascular Surgery,
Endocrinology, Nephrology,
Hepatology, Plastic Surgery
Tier 2 Mayo Medical Plan Mayo Medical Plan Mayo Medical Plan Mayo Medical Plan
Network Network Network Network
Expanded (Tier 2 providers) (Tier 2 providers) (Tier 2 providers) (Tier 2 providers)
In-Network
Blue Cross Blue Shield of PHCS Network irst Health Network
F
Arizona Network for adult (Tier 2 providers) (except certain
services in Audiology, Oncology, excluded providers)
Cardiology, Vascular Surgery,
Endocrinology, Nephrology,
Hepatology, Plastic Surgery
Outside Arizona: First Health Outside Florida: Zelis
Network National Access
Program
Tier 3 Other licensed providers Other licensed Other licensed Other licensed
nationwide providers nationwide providers nationwide providers nationwide
Out-of-Network
Note: You and your eligible family members will be responsible for any charges above usual, customary, and reasonable rates when
receiving covered services out-of-network. Such payments will not count toward your deductible and/or out-of-pocket maximum.
Mayo Clinic New Staff Guide 2021 9Preventive care services: Designed to protect your health
To protect the health of you and your family, the Mayo Medical Plan covers specific preventive care services at no
cost to you when:
ou visit a Tier 1 or Tier 2 provider. Preventive care services received from a Tier 3 out-of-network
Y
provider are not covered by the plan. You will be responsible to pay the full cost of services.
You receive the service(s) within the age limitations outlined in the chart below.
Covered preventive care services
All Ages Behavioral interventions and FDA–approved drug therapy for smoking cessation
in individuals who use tobacco*
BRCA risk assessment, counseling and genetic testing for women at higher risk for breast,
ovarian, tubal or peritoneal cancer
Breastfeeding comprehensive support and counseling for pregnant and nursing women
Breast cancer preventive medications*
Chlamydia and gonorrhea screening for women
Diabetes screening
Formulary generic contraceptives for women: devices, emergency (not including abortifacient
drugs), female condoms (male condoms not covered) and oral
HIV antibody screening
Human Papillomavirus (HPV) screening for women
Immunizations
Non-hospital grade manual or electric breast pump and supplies for pregnant and nursing women
when purchased at a Durable Medical Equipment supplier
Preexposure prophylaxis (PrEP) with effective antiretroviral therapy to persons who are at high risk
of HIV acquisition (prior authorization required)
Preventive prenatal services
Qualifying COVID-19 preventive services in-network and out-of-network
Screening for hepatitis C virus (HCV) infection in persons at high risk for infection and adults born
between 1945 and 1965
Syphilis screening
Tuberculin skin testing
Birth-6 years utism screening between 0-2 years
A
E xpanded newborn screen (blood)
Evoked otoacoustic emissions (EOAE)
Fluoride supplements for children without fluoride in their water source*
Lead level
Pediatric vision screening
Prophylactic ocular topical medication for all newborns to prevent gonococcal ophthalmia
neonatorum*
Birth-10 years Routine hearing exam
Birth-18 years emoglobin or hematocrit
H
Well-baby/child care
Between 2-20 Dyslipidemia screening for children at higher risk of lipid disorders
Beginning at 5 Hepatitis B screening
Beginning at 7 Routine eye exam not including refraction
10 Mayo Clinic New Staff Guide 2021Covered preventive care services
Between 9-45 Human Papillomavirus (HPV) vaccination
Between 11-65 Aspirin for pregnant women who are at high risk for preeclampsia*
Folic acid supplements for women who may become pregnant*
Well-woman gynecological services
Beginning at 18 Preventive exam
Sterilization
Beginning at 20 Lipid panel
Between 21-65 Cervical cancer screening for women (papanicolaou smear)
Beginning at 40 L ow or moderate intensity statins, when cardiovascular criteria are met
(prior authorization required) up to age 75
Mammogram for women, including Tomosynthesis
Beginning at 50 spirin to prevent Cardiovascular Disease (CVD) and Colorectal Cancer* up to age 59
A
Colorectal Cancer Screen Options (one of the following):
– Barium enema and flexible sigmoidoscopy
– Cologuard DNA screening up to age 85
– Colonoscopy
– CT colonography
– Fecal occult blood test annually (series of three) with flexible sigmoidoscopy
Colorectal preop consultation
Osteoporosis screen for women
Prostate Specific Antigen (PSA) test for men up to age 75
Varicella-zoster (shingles) vaccine
Between 55-80 Low-Dose Computed Tomography Lung Cancer screening for those with smoking history
Between 65-75 Abdominal aneurysm screen for men
*Prescription required
WHEN YOUR PREVENTIVE CARE TURNS DIAGNOSTIC
If, in the course of a screening or test, your doctor diagnoses you with a health condition requiring
treatment, the services you receive may no longer be considered “preventive.” These services may
be considered diagnostic and subject to deductible, coinsurance and/or copayments. In addition,
any added tests beyond the age limits listed in the Covered Preventive Care Services chart will be
subject to deductible and coinsurance.
Mayo Clinic New Staff Guide 2021 11Mayo Medical Plan prescription drug coverage
Mayo Premier/Mayo Select* Mayo Basic*
Prescription Drug Mayo Clinic Mayo Clinic MaxorPlus Mayo Clinic Mayo Clinic MaxorPlus
Coverage Mail Service Outpatient Pharmacy Mail Service Outpatient Pharmacy
(up to 90-day Pharmacy (up to 34-day (up to 90-day Pharmacy (up to 34-day
supply) (up to 90-day supply) supply) supply)
(up to 90-day
supply except
supply)
where indicated)
Formulary generic and $10 $10 $10
maximum 5% 10% 25%
preferred drug (Tier I) maximum up to 34-day supply
maximum
Formulary Brand or 25% 30% 40%
25% 30% 40%
injectable drug (Tier II) ($25 minimum) ($25 minimum) ($25 minimum)
Non-formulary drug 50% 50% 60%
50% 50% 60%
(Tier III)** ($25 minimum) ($25 minimum) ($25 minimum)
Deductible None Combined with medical deductible
Annual out-of-pocket Combined with medical out-of-pocket maximum
maximum
* Certain specialty prescriptions are covered under the Plan only when filled by a Mayo Clinic Specialty Pharmacy, Mayo Clinic Pharmacy
Mail Service or a Mayo Clinic or Mayo Clinic Health System outpatient pharmacy.
** Non-formulary (Tier III) prescriptions do not apply to the Mayo Premier or Mayo Select plans’ out-of-pocket maximums.
Understand how each medical plan option covers prescription drug costs
At Mayo Clinic, all medical plan options include a you are responsible for the full cost of prescription
prescription plan benefit, which you receive without drugs until the plan deductible has been met, then
incurring an additional premium charge. There are you pay coinsurance. Under Mayo Premier and Mayo
some differences among the medical plan options, so Select, the plan deductible does not apply so you will
carefully review plan information. Under Mayo Basic, pay a copayment or coinsurance.
Specialty pharmaceuticals – prescription drug coverage
Under your pharmacy benefits you have access to the Mayo Clinic Specialty Pharmacy, offering pharmacy services
to people who have certain chronic health conditions that require complex or long-term therapies. If you receive a
prescription for a specialty medication, a representative from the Mayo Clinic Specialty Pharmacy will contact you
by phone to encourage you to enroll and to walk you through the process.
The pharmacy team can help optimize your treatment by coordinating services with your health care provider. In
addition, you can call 1-800-337-3736 (toll-free) to consult with pharmacists and staff if you have questions about
the program or concerns about your specialty medications.
Note: Mayo Clinic and Mayo Clinic Health System outpatient pharmacies may not have all drugs listed on the Mayo Specialty Drug List
in stock.
To learn more, contact the Mayo Clinic Specialty Pharmacy or visit: www.mayoclinic.org/specialty-pharmacy/
12 Mayo Clinic New Staff Guide 2021The amount you pay will depend on the pharmacy you use to fill your prescription and the formulary tier of the
prescription drug
he Mayo Clinic Pharmacy Mail Service generally
T Mayo Clinic’s prescription drug coverage uses the
gives you the highest benefit level and is appropriate Alluma Care Formulary in determining prescription
for long-term maintenance prescription drugs. drug coverage.
ayo Clinic and Mayo Clinic Health System
M The Alluma Care Formulary is an approved list
outpatient pharmacies generally give you a higher of drugs developed by the Mayo Clinic
benefit level than other network pharmacies outside Pharmaceutical Formulary Subcommittee.
of Mayo. Prescriptions for medications not listed in the
he Mayo Medical Plan contracts with Alluma to
T Alluma Care Formulary will have the highest
provide access to the MaxorPlus network to offer you coinsurance, regardless of the pharmacy you use.
access to more than 66,000 pharmacies across the You can access the formulary on the Mayo Intranet
country. To locate a pharmacy in the network, use the by typing “formulary” in the search bar. You can also
online pharmacy search tool, available when you sign access a PDF of the Alluma Care Formulary through the
in to your account at www.Medica.com/MemberSite. View Prescription Benefits link at www.Medica.com/
rescriptions filled at pharmacies outside the Mayo
P MemberSite or the Member tab at www.allumaco.com.
Clinic or MaxorPlus networks are not covered, except
in emergency situations.
Mayo Clinic Pharmacy Mail Service
Mayo Clinic Pharmacy offers home delivery for To order refills:
prescription drugs. You pay your cost-sharing amount
Visit: https://refill.mayoclinic.org/mail-service.
with a credit/debit card and your prescription is mailed
to your home. Mail order offers you the most convenient Calling the Mayo Clinic Pharmacy refill line at
service and is most appropriate for long-term 1-800-445-6326 and selecting the mail order option.
maintenance prescription drugs for which you typically
Please note: The refill website and phone line are only
receive more than a thirty day supply.
available for prescriptions that have been previously
You can access the Pharmacy Mail Service Registration filled by the Mayo Clinic Pharmacy Mail Service or
Form at https://refill.mayoclinic.org/mail-service. one of the outpatient pharmacies in Arizona, Florida
The registration form is also available online at or Rochester.
www.allumaco.com on the Members tab under Forms.
Once the pharmacy receives your prescription, you
should receive your medication within 7 to 10 business
days. Shipping is free, unless you request
overnight delivery.
Mayo Clinic New Staff Guide 2021 13MEDICAL EXPENSE REIMBURSEMENT PLAN (MERP)
When you enroll in Mayo Premier or Mayo Select, you are automatically eligible to receive an
employer contribution of $10,000 annually for reimbursement of eligible expenses. Each January 1
the account renews to $10,000. This plan is not available if you participate in Mayo Basic.
The $10,000 may be used for the following expenses:
Dental and orthodontic services at any provider
ifference between out-of-network and in-network coinsurance (30%) incurred under the
D
Mayo Medical Plan
sual and customary charges – the difference between the billed and the allowed amount for
U
out-of-network (tier 3) services incurred under the Mayo Medical Plan
Easy and convenient access to your MERP account:
An option for either direct deposit or check reimbursement directly to you
Reimbursements processed within three business days
24/7 access to your account online or via mobile app, including claims submission
14 Mayo Clinic New Staff Guide 2021DENTAL AND VISION
As with health care coverage, Mayo Clinic offers a choice in dental and vision plans, providing flexibility
in your benefits package. Carefully review the information to understand the coverage differences.
Mayo Reimbursement Account (MRA)
The Mayo Reimbursement Account (MRA) is a January, no more than $3,850 of your current balance
reimbursement account that Mayo Clinic contributes will be rolled-over to allow the full $1,150 contribution to
to on an annual basis. You can use the dollars in the be added. The maximum balance amount of the MRA
account to reimburse yourself for eligible dental and is $5,000.
vision expenses incurred by you and your enrolled
When you participate in the MRA, you have the flexibility
dependents. The annual contribution from Mayo Clinic
to choose any dental and vision care provider. You
is $1,150 if eligible in the month of January; for all other
will pay your provider at the time you receive services
eligibility months the contribution is prorated. If you do
and submit a claim for reimbursement through
not spend the funds in your account, they will roll-over
MedicaONESource (see page 21 for more information
from year to year as long as you remain enrolled. In
about claims submission).
Mayo Reimbursement Account (MRA)*
Deductible N/A
Annual Contribution (paid by plan) $1,150 per calendar year
Preventive (exams/cleaning) $0 after reimbursement*
Basic Services $0 after reimbursement*
Major Restorative Services (crowns/inlays) $0 after reimbursement*
Lifetime Orthodontic Maximum (paid by plan) $1,500 per individual per lifetime
Vision Expenses $0 after reimbursement*
* Results in $0 employee responsibility when services are reimbursed with MRA dollars.
Prorated allotment of MRA dollars for new hires and newly benefits-eligible employees:
Month of MRA Proration Month of MRA Proration Month of MRA Proration
Eligibility Amount Eligibility Amount Eligibility Amount
January $1,150.00 May $766.66 September $383.33
February $1,054.17 June $670.83 October $287.50
March $958.33 July $574.99 November $191.67
April $862.50 August $479.16 December $95.83
Mayo Clinic New Staff Guide 2021 15Delta Dental
The Delta Dental plan is a traditional cost-sharing plan Premier®. When you choose a dentist that participates
with two options, and a participating provider network in the Delta Dental PPO network, you receive the
in which you pay a premium based on who is enrolled highest cost savings on services due to negotiated
in the plan. Preventive exams are covered 100% by rates for services, which means your out-of-pocket
the plan twice per year. A deductible and coinsurance costs are lowered. Delta Dental Premier network also
applies for basic and major services. provides network savings, which can lower your out-of-
pocket costs, but the negotiated rates do not provide
When you select Delta Dental, you have two provider
the same level of discount as the PPO network.
networks options: Delta PPOSM and Delta Dental
Standard Option Deluxe Option
Deductible $50 per person / $150 per family $50 per person / $150 per family
Annual Maximum (paid by plan) $1,000 per person $2,000 per person
per calendar year per calendar year
Preventive (exams/cleaning) $0 $0
Basic Services 20%* 10%*
Major Restorative Services (crowns/inlays) 50%* 40%*
Lifetime Orthodontic Maximum (paid by plan) $1,500 per individual per lifetime $2,500 per individual per lifetime
Vision Expenses N/A N/A
*Percentage you pay after deductible.
Note: This is a summary of benefits only and does not guarantee coverage. For a complete list of covered
services and limitations/exclusions, please refer to the Mayo Dental Plan Summary Plan Descriptions.
16 Mayo Clinic New Staff Guide 2021Vision Care Plan
The Vision Care Plan is voluntary for you to enroll in and review the cost and coverage for the Vision Care Plan
can assist with the cost of eye exams, lenses, frames, to determine if it is right for you and your family
and contact lenses. The plan is administered by Avesis, members. If you choose not to enroll in the Vision
a national leading vision plan provider with more than Care Plan, you can continue to submit eligible vision
48,000 points of access to provide convenience expenses for reimbursement through the Mayo
and choice. Reimbursement Account (MRA), Flexible Spending
Account (FSA), and Health Savings Account (HSA). If
The plan design includes copays for in-network
you do enroll, the vision plan can work together with the
coverage and reimbursements (up to plan limits) for out-
above plans to stretch your vision benefit dollars further.
of-network coverage. Since you receive plan benefits
regardless of the network status of the provider, you Important note: Mayo Clinic Health System Optical
have greater choice and flexibility in seeking vision care. locations are in-network under the Vision Care Plan.
Mayo Clinic Optical locations in Rochester, Arizona, and
As with any benefit offering, you are encouraged to
Florida are out-of-network under the Vision Care Plan.
Vision Care Plan In-Network Coverage
Service Dollars Frequency Explanation
Exam Copay $10 Once per 12 months Includes case history, refraction evaluation,
and diagnosis and treatment plan
Material Copay – Spectacle $25 Once per 12 months Includes single vision, bifocal, trifocal,
Lenses* level 1 and 2 progressive lenses, and
enhanced lens options
Material Copay – Frames Once per 24 months Pay one copay if purchasing both lenses
and frames at same time
Frames Allowance $150 Once per 24 months Includes product up to $150 retail value
at most optical centers (less at discount
Contact Lenses Allowance** Once per 12 months retailers)
Vision Care Plan Out-of-Network Reimbursement
Exam Reimbursement $45 Once per 12 months Includes case history, refraction evaluation,
and diagnosis and treatment plan
Material Reimbursement – $25 single, Once per 12 months Member reimbursed for spectacle lenses
Spectacle Lenses* $45 bi-focal, based on type of lenses listed
$60 tri-focal
Material Reimbursement – Frames $65 Once per 24 months Member reimbursed for either, up to dollar
amounts listed
Contact Lenses Reimbursement** $130 Once per 12 months
*Lens package includes adult polycarbonate, standard scratch-resistant coating, ultra-violet screening,
solid or gradient tint, standard antireflective coating, level 1 and 2 progressives.
**In lieu of spectacle lenses and frames
Mayo Clinic New Staff Guide 2021 17Dental and vision plan premiums for 2021
Dental and vision premiums are outlined in the table below with both pre-tax monthly and per-pay-period
amounts. If you choose benefit coverage, the appropriate pre-tax premium rate will be automatically
deducted from your paycheck.
Mayo Delta Dental Delta Dental Vision Care
Reimbursement Standard Deluxe Plan
Account (MRA) Option Option
Can be elected with Vision Can be elected with Vision Can be elected with Vision Can be elected with MRA
Care Plan, but not Delta Dental Care Plan, but not MRA Care Plan, but not MRA or Delta Dental
Monthly Per Pay Period Monthly Per Pay Period Monthly Per Pay Period Monthly Per Pay Period
Full-Time Employee Premiums (0.75 -1.0 FTE)
Employee $4 $2 $15 $7.50 $30 $15 $9 $4.50
Employee + Child(ren) $4 $2 $25 $12.50 $70 $35 $16 $8
Employee + Spouse $4 $2 $35 $17.50 $60 $30 $19 $9.50
Employee + Family $4 $2 $40 $20 $105 $52.50 $24 $12
Part-Time Employee Premiums (0.50 -0.74 FTE)
Employee $4 $2 $15 $7.50 $30 $15 $9 $4.50
Employee + Child(ren) $4 $2 $35 $17.50 $105 $52.50 $16 $8
Employee + Spouse $4 $2 $45 $22.50 $89 $44.50 $19 $9.50
Employee + Family $4 $2 $55 $27.50 $160 $80 $24 $12
Note: The premium is taken out of the first two pay periods per month, so the amount shown per pay period is taken out of your
paycheck 24 times per year.
Dual coverage Orthodontic coverage
Mayo employees who are married to each other and Both the MRA and Delta Dental Standard option offer
covered under the Mayo benefits program may choose a lifetime orthodontic benefit of $1,500 per covered
either plan for dental coverage. If couples elect to have member. For dependent children, if both parents
coverage under both plans, you are required to use are benefits-eligible Mayo employees, the covered
Delta Dental as your primary plan. If double coverage dependent can use the lifetime orthodontic benefit once
is desired under the MRA, all eligible dependents will under each parent. The Delta Dental Deluxe option
be required to be enrolled in both MRA plans to ensure provides an additional $1,000 orthodontic benefit once
coverage. There is coordination of benefits for both per lifetime.
dental plan options. Double coverage is not allowed
under Delta Dental or the Vision Care Plan.
18 Mayo Clinic New Staff Guide 2021PRE-TAX SAVINGS ACCOUNTS
Health Savings Account
The Health Savings Account (HSA), combined with Health Savings Account 2021 annual
Mayo Basic, helps you meet your current health care contribution maximums*
needs while saving for future expenses. Your Fidelity Coverage Level Maximum
HSA is a savings account that is funded with
Employee $3,600
pre-tax dollars.
Employee + Child(ren) $7,200
You may use the account to pay for both current and
future qualified medical expenses as defined under the Employee + Spouse $7,200
Internal Revenue Code. The account generally covers Employee + Family $7,200
most medical care, dental services, vision care and
*If you are between the ages of 55 and 64, you can make an
prescription drugs. There is a 20% tax penalty for using additional “catch-up” contribution of $1,000 each year to your HSA.
a HSA for non-eligible expenses.
Additional features of an HSA:
For additional details on HSAs, visit www.IRS.gov,
It is portable. If you leave Mayo Clinic or change
and search for “health savings account” or view
medical plans, you can take this account with you to
Publication 969 or 502.
pay for future qualified expenses.
If you have not previously enrolled in a High-Deductible The balance in your HSA rolls over from year to year.
Health Plan at Mayo Clinic, you will have the option
It’s easy to use. Fidelity gives you several options of
to open a new Fidelity HSA. To complete the online
how to use the dollars in the account, including a
application, go to www.NetBenefits.com, log on (or
debit card, a checkbook and an online bill-pay tool.
register if you are a first-time user), click on Open HSA
link to open your HSA. You will receive a New Account Health Savings Account (HSA) IRS guidelines:
Profile from Fidelity Personal Investments confirming
You are not able to contribute to an HSA if you are
your HSA application has been approved. Fidelity HSAs
age 65 or older.
are subject to a quarterly $9 administration fee.
ou must be enrolled in Mayo Basic for a full plan year
Y
Services provided in the plan year, but prior to the in order to remain eligible to contribute to an HSA.
activation of your HSA account are not reimbursable The penalty for using a HSA for non-eligible
with HSA dollars, but do go towards the deductible for expenses is a 20 percent tax.
Mayo Basic. For additional details on HSAs, visit www.IRS.gov,
Important Note: Mayo Basic participants are not and look for publication 969 or 502.
eligible for the Medical Expense Reimbursement
Plan (MERP).
Mayo Clinic New Staff Guide 2021 19Flexible Spending Accounts
A Flexible Spending Account (FSA) is a voluntary pre- Dependent Care FSA
tax savings account that can help you stretch your A Dependent Care FSA is used to pay for certain
benefit dollars. Participation in a FSA allows you to set expenses to care for dependents who live with you,
aside pre-tax dollars to help pay for eligible expenses and dollars are available as they are contributed. Most
incurred by you or your eligible family members*. The commonly, a Dependent Care FSA is used to pay
minimum annual contribution amount is $130. The for child care up to age 13; however, it can also be
contribution amount elected is divided by 26 pay used to pay for care for another dependent living with
periods and deducted from each paycheck. you (such as a spouse or parent) who is physically or
If you decide to participate in a FSA, it is important to mentally incapable of self-care. The maximum annual
base your contribution amount on your best estimate of contribution for the Dependent Care FSA is $5,000 per
expenses for the upcoming calendar year. You may household. Expenses must be employment-related,
request reimbursement for eligible expenses incurred which means they are necessary to allow you (and
during the calendar year. Claims may be submitted up your spouse, if married) to work. With this account, no
to March 31 of the following year. rollover is allowed, so funds must be used for current
year expenses.
*Eligible family members are defined as persons who qualify as a
dependent on your federal tax returns. You may not file claims for Expenses that would qualify under the
non-tax dependents.
Internal Revenue Code include:
Health Care FSA In-home day care
If you choose a Health Care FSA, your entire contribution Nursery schools
amount is available right away to pay for eligible health
Day care centers
care expenses including but not limited to: deductible,
Other child/adult care providers
copayments, coinsurance, dental cleanings, and
eye exams. Over-the-counter medications are not
considered an eligible expense for FSA reimbursement,
unless prescribed by a physician or for insulin. For Easy and convenient access to
examples of eligible expenses, please utilize IRS
Publication 502. The maximum annual contribution for
your Flexible Spending Accounts
the Health Care FSA is $2,750. If both you and your through Medica ONESource
spouse are benefits-eligible staff members at Mayo
Convenient access to your benefits include:
Clinic, each of you may contribute up to the annual
Debit card available for eligible health care
amount.
expenses. Documentation may be required.
Use it or roll it over. Up to $500 of your unused
An option for either direct deposit or check
Health Care FSA balance can be carried over into the
reimbursement directly to you
following plan year - making enrollment in an FSA much
less risky. Any remaining balance above $500 will be 24/7 access to your account online, and by
forfeited. To be eligible for roll-over you must maintain mobile app
plan eligibility. The roll-over amount does not count
towards the IRS maximum annual contribution.
20 Mayo Clinic New Staff Guide 2021How Does a Reimbursement Account Work?
For MERP, Mayo Reimbursement Account When you incur eligible expenses, you will need to
(MRA), Health Care Flexible Spending complete a claim and submit it for reimbursement.
Account, or Dependent Care Flexible
For your convenience, we offer three choices for
Spending Account
submitting reimbursement claims:
1. E
nroll in your reimbursement account
The Medica ONESource mobile app.
2. C
hoose your contribution amount (FSA only)
nline through the Reimbursement Accounts portal
O
3. Incur eligible expenses
when you sign in to your account at
4. P
ay for eligible expenses Medica.com/MemberSite.
5. C
omplete a reimbursement account claim
he paper Reimbursement Account Claim form,
T
(claims are submitted automatically when you
use the Health Care FSA Visa debit card and available when you sign in to your account at
documentation may be required) Medica.com/MemberSite.
6. Attach documentation for your claim Note: If you enroll in a reimbursement account
7. Submit your claim but not the Mayo Medical Plan, you can access
account information online at Medica.com/
8. T
rack your account balances
ONESourceMHPSLogin.
Mayo Clinic New Staff Guide 2021 21INCOME PROTECTION
LIFE INSURANCE
Mayo Clinic understands the importance of protecting your family when the unexpected occurs.
Life Insurance, underwritten by the Prudential Insurance Company of America, is a part of the
protection that will help bring peace of mind to your family and includes:
Mayo Paid Group Variable Universal Life (GVUL) Insurance
Mayo Paid GVUL insurance pays benefits to your designated beneficiaries in the event
of your death. This life insurance pays a benefit of three times your annual salary.
Employer Paid Accidental Death & Dismemberment
Employer paid Accidental Death and Dismemberment (AD&D) coverage pays a benefit amount
equal to your annual salary to your designated beneficiaries in the event of your accidental death
or a percentage of the benefit for a qualified dismemberment based on the type of loss.
Group Universal Life Insurance (GUL)
You may purchase Group Universal Life (GUL) insurance equal to one or Premium Table
two times your annual salary. You may also apply for life insurance equal Monthly Cost per
Age
to three, four, five, or six times your annual salary by providing Evidence of $1,000 of Insurance
Insurability to Prudential. This process can be initiated by completing an Under age 25 $0.035
e-Request on the “life insurance” article in HR Connect, or by calling HR
25–29 $0.042
Connect. You may cancel the amount of your GUL coverage at any time
30–34 $0.056
by contacting the Office of Staff Services.
35–39 $0.063
You pay the cost for any GUL coverage in which you enroll. The monthly
40–44 $0.070
cost for each $1,000 of GUL coverage is based on your age. Your premium
amount is calculated as if your age changes on January 1 of each year. 45–49 $0.105
However, if you are age 65 or older, it is assumed your age changes on the 50–54 $0.161
first of the month following your birthday. A Staff Financial Planner in the 55–59 $0.302
Office of Staff Services can assist you in projecting premiums for varying 60–64 $0.463
levels of coverage.
65–69 $0.891
An Example 70—74 $1.445
Assume you are age 30, your annual salary is $200,000 and you are 75–79 $1.936
enrolled in GUL coverage for one time the amount of your annual salary.
80—84 $2.904
The monthly cost is $11.20 (200 x $.056).
85 or Older $5.612
22 Mayo Clinic New Staff Guide 2021Cash Accumulation Fund
When you enroll in Group Universal Life (GUL) insurance, Prudential sets up a cash
accumulation fund account in your name. Deposits to the account are made from your payroll
contributions and the return of excess premiums. You may increase the balance in your fund
by contributing an amount equal to one through twelve times your monthly premiums for the
GUL insurance. The minimum contribution you may make is $10 per month. You may increase
or decrease your contributions to this fund account at any time during the year.
Earns a 4 percent interest rate.
You may withdraw from your fund any time and use the money for any purpose.
eturns of excess premiums are a non-taxable return of unused contributions and are
R
automatically deposited into your cash accumulation fund.
ontributions are subject to taxation. Taxes will be deducted from each contribution at the
C
time the money is deposited into your Cash Accumulation Fund. For more information,
contact Prudential.
Certificate Fund
GVUL participants are eligible to contribute to a Certificate Fund. You can contribute to this
fund by lump sum contributions only.
Earns a 4 percent interest rate.
ou may withdraw at any time. The amount must be for at least $200 or the balance of the
Y
fund if less than $200.
ontributions are subject to taxation. Taxes will be deducted from each contribution at the
C
time the money is deposited into your Certificate Fund. For more information, refer to the
fund prospectus or contact Prudential.
Family Life Insurance
If you are enrolled in Group Universal Life (GUL) insurance, you may also enroll in Family Life
Insurance for eligible dependents. Family Life Insurance pays benefits to you in the event of your
covered family member’s death.
Cost and Coverage for Your Spouse
You may purchase coverage in the amount of one or two times your annual salary
Cost is based on your spouse’s age and your salary according to the table on page 22
Cost and Coverage for Children
Each eligible child is insured for $10,000
Cost for this coverage is 71 ½ cents per month per family
If you are unmarried, married and enrolled in Spouse coverage, or married to another
Mayo Clinic employee and both enrolled in GUL coverage, the Child Life premium is waived
Mayo Clinic New Staff Guide 2021 23Voluntary Accidental Death & Dismemberment
In addition to your Employer Paid coverage, you may purchase up to $225,000 in Voluntary
AD&D coverage. Coverage must be purchased in multiples of $10,000 or $25,000. The cost is
12 cents per $10,000 of coverage. If you do not enroll when first eligible, you may enroll at any
time.
Benefits Payable in the Event of Death: In the event your death is accidental, the full value of
your coverage under the Employer Paid AD&D coverage and any Voluntary AD&D coverage in
which you are enrolled is paid to your beneficiary.
Benefits Payable in the Event of Dismemberment: If you suffer dismemberment as a result
of an accident, the Employer Paid AD&D coverage and any Voluntary AD&D coverage in which
you are enrolled may pay you a percentage of the benefit based on the loss.
BENEFICIARIES
It’s important to designate beneficiaries for your life insurance, 403(b)/401(k) and pension benefit plans. Your
beneficiaries will receive payment of benefits provided under the plan provisions in the event of your death. Taking a
few minutes to designate your beneficiaries now will help ensure that your assets will be distributed according to your
direction. It’s also important to review your beneficiary elections on a regular basis to ensure they are updated as life
changes. Below you will find information on how to update or designate your beneficiary for each of your Mayo Clinic
benefits.
Life Coverage - Go to HR Connect, Log into Self-Service, select Bookmarks, Employee Self-Service, Benefits,
Beneficiary. Fill in your beneficiary for each coverage listed.
403(b)/401(k)/457(b) Retirement Savings Plan - Log on to NetBenefits through Fidelity to enter your beneficiary
information in the Your Profile tab.
Mayo Pension Plan – Go to HR Connect, select Your Pension Estimator. After logging in select Profile, My Pension
Beneficiaries, Add/Edit Available Beneficiaries, to update your beneficiary designation.
If you have questions regarding your beneficiary elections, contact Office of Staff Services.
DISABILITY COVERAGE
Short-Term and Long-Term Disability
If you become ill or injured, Mayo Clinic provides income protection if you are unable to work
due to a serious health condition. Short-Term Disability begins immediately and protects 100%
of your salary for the first six months. If you are unable to work beyond six months you may
be eligible for a Long-Term Disability benefit that protects 84% of gross income on your “own
occupation” until age 65.
You may be eligible for payments when either fully or partially disabled. The Long-Term
Disability payments will be offset by other employment or disability income from any source.
24 Mayo Clinic New Staff Guide 2021RETIREMENT
Defined Benefit Plan - Pension Plan
The Mayo Pension Plan is an employer sponsored Pension Plan Formula
defined benefit plan. Contributions to the plan are made The Mayo Pension Plan uses an Annual Accumulation
by Mayo Clinic, not by you. Your pension payment can formula to determine your benefit. Accruals are based
be predicted because it is determined by a formula on your annual service (hours worked) and salary not
rather than by investment results. exceeding the IRS maximum ($290,000 in 2021).
Vesting Information Pension Example
To receive a pension benefit, you must be vested. Pension Calculation = Monthly compensation x pension
Vesting means you have achieved one of two vesting percentage (2% x annual pension benefit service)
schedules and are entitled to your earned pension – covered compensation offset = monthly pension
benefit when your employment with Mayo Clinic ends. benefit at age 65 payable in a life only annuity.
Vesting requirements are at age 28 or older with three
years of pension benefit service; or age 21 or older with The example below is based on the IRS annual salary
five years of vesting service and some pension benefit limit of $290,000 and a full-time FTE (1.0) less the
service. covered compensation offset based on the Social
Security Wage Base of $142,800.
Monthly Compensation Pension Percentage Less Covered Benefit payable each month
Pension Benefit Service x 2% Compensation Offset at age 65 in a life only annuity
$290,000/12 = $24,166.67 $24,166.67 x 2% x 1.0 = $483.33 $11,900 x .6% x 1.0 = $71.40 $483.33 - $71.40 = $411.93
Supplemental Retirement Plan (SRP)
Staff are eligible to receive a non-qualified retirement
plan that provides benefits beyond the Mayo Online Resource:
Pension Plan when salary is greater than the annual Your Pension Estimator
compensation limit ($290,000 in 2021). Payment Your Pension Estimator is available to pension
percentages are based on a point system equal to a eligible employees a few weeks after your eligibility
combination of your age and years of pension benefit date. This tool will assist you in retirement planning
service in increments as follows: by allowing you to estimate your future pension at
a retirement date of your choosing.
Points Equal Age and Years of Pension Benefit Service
You can access Your Pension Estimator by visiting
Combined Under 50 50-60 60-70 Over 70
HR Connect or at mayoemployees.org.
Payment 5% 10% 15% 20%
Once you access Your Pension Estimator, you can
The percentage is applicable to the excess salary click “Estimate My Pension Benefit” in order to run
greater than the annual compensation limit multiplied by an estimate. You will be able to print any estimates
your benefit service for the plan year. Payments from you run.
the plan are made annually. To learn more about this
benefit, contact a Staff Financial Planner at the Office of
Staff Services.
Mayo Clinic New Staff Guide 2021 25Defined Contribution Plan - 403(b)*/401(k)
Mayo Clinic offers benefits-eligible employees the Financial Engines
opportunity to invest pre-tax or post-tax Roth dollars Asset management services are also available through
to an investment plan administered through Fidelity Financial Engines, LLC and you are automatically
Investments. You will be automatically enrolled enrolled in the Professional Management Program
in a Fidelity Freedom Fund account at a 4% when your account balance reaches $5.00. The first
contribution of your bi-weekly salary (after 45 $5,000 invested is managed at no charge. You may opt
days). Re-hires are not automatically enrolled and out of this service at anytime by calling 1-888-815-7558.
you must contact Fidelity Investments to begin Employer Match
the Fidelity contribution. You may also contact a
Mayo Clinic will also match up to the first 4 percent of
Staff Financial Planner in Office of Staff Services to
your contributions (on a per pay-period basis) based
assist you with the Fidelity contribution. To change your on your pension benefit service as shown in the chart
contribution amount logon to www.netbenefits.com. below. Matching will increase at intervals to recognize
You may opt out of this plan at any time. longevity at Mayo Clinic. You become vested in the
Mayo Clinic matching contributions after you have
There are many investment options to choose from,
earned three years of vesting service.
including a self-directed brokerage account. You may
generally defer up to 50% of your annual salary or the
annual IRS limit. The 2021 annual IRS limits are $19,500
if you are under age 50 and $26,000 if you are age
50 or over.
Length of pension Mayo Clinic match (%) Example Match 4% Contribution
benefit service (Salary $150,000 annually $5,769.00 per pay-period)
50% on the first 4% of $230.77 employee contribution
0-19
employee contribution $115.38 Mayo match
75% on the first 4% of $230.77 employee contribution
20-29
employee contribution $173.08 Mayo match
100% on the first 4% of $230.77 employee contribution
≥30
employee contribution $230.77 Mayo match
*Employees who participate in the Mayo 403(b) Plan and also own controlling interest (over 50%) of an outside, for-profit business, must
report any contributions made on their behalf to a qualified retirement plan through that business. Please contact HR Connect to report
outside for-profit business interests.
26 Mayo Clinic New Staff Guide 2021You can also read
