Summary Annual Reports
At the end of every plan year, Greenville University is required by the Department of Labor to provide employees with access to a Summary Annual Report (SAR) for the plans they participated in during the previous year. This report recaps the financial information filed with the Department of Labor under the Employee Retirement Income Security Act of 1974 (ERISA). Please see attached to this article the SAR2021_GREENVILLE COLLEGE_rev.pdf and the CY2021 403B SAR.pdf documents.
Premium Assistance Under Medicaid and the Children's Health Insurance Program (CHIP)
Under the Children's Health Insurance Program Reauthorization Act of 2009 (CHIPRA, Pub. L. 111-3), employers who maintain group health plans are required to notify all employees of their potential CHIPRA special rights to receive premium assistance under a state's Medicaid and/or the Children's Health Insurance Program (CHIP). This notification requirement applies to the 38 states currently providing premium assistance programs. Currently, twelve states, including Illinois and Tennessee, DO NOT offer a premium assistance program. Additional information is available by calling 1-877-KIDS NOW or (www.insurekidsnow.gov)
The following 12 states DO NOT provide a premium assistance program:
- Arizona - Connecticut - Delaware
- Hawaii - Idaho - Illinois
- Maryland - Michigan - Mississippi
- New Mexico - Ohio - Tennessee
Health Insurance Marketplace Coverage Options and Your Health Coverage
Under the Patient Protection and Affordable Care Act of 2010 (ACA for short), employers who maintain group health plans must send the attached notice to every employee to comply with the rules under the ACA. This notice provides you with the instructions on accessing information about the Health Insurance Marketplace, which are health plans offered to you by either your state or the U.S. Department of Health and Human Services.
For more information review the attached Marketplace Notice.
Medicare Modernization Act of 2003 (MMA)
Under the Medicare Modernization Act of 2003 (MMA), any plan that currently provides prescription drug coverage to Medicare-eligible participants must annually disclose whether the plan's coverage is "creditable prescription drug coverage." Attached is the notice from Greenville University about your prescription drug coverage and Medicare (see the attached 2022 Greenville University Medicare Part D_.pdf. This notice communicates that GU has determined that the prescription drug coverage offered by the GU Health Insurance Plan is, on average, for all plan participants, expected to pay out as much as the standard Medicare prescription drug coverage will pay. You may need to provide a copy of this notice when you join Medicare to show you are not required to pay a higher premium.
Universal Availability Notice
This notice relates to the Greenville University Retirement Plan and advises you of your right to participate. - Please see the attached 2022 Universal Availability Notice.pdf
While the University intends to continue each benefit plan, the University reserves the right to terminate or amend any plan at any time and for any reason.