Updates to Alternative Retirement Plan (ARP), 403(b) and 457(b) Plans
TIME SENSITIVE INFORMATION
Kent State University is pleased to announce updates to the Alternative Retirement Plan (ARP) and 403(b) and 457(b) plans, including new low-cost options.
Opportunities to plan and save for your financial future are critically important. That’s why, as part of a state-wide project, Kent State University (KSU) has been working with the Inter-University Council of Ohio and a retirement committee, consisting of faculty and staff representatives, to update and modernize the ARP, 403(b) and 457(b) plans. We also have collaborated with CAPTRUST, an independent investment advisor, to streamline the number of approved vendors, reduce plan and investment expenses, and simplify investment options. This process has led to KSU offering new lower cost investment options, which will improve the retirement savings opportunities for employees.
While the basic design of the retirement plans remain the same, including contribution rates, eligibility and vesting requirements, the following changes will take effect in May 2022.
- Retirement plan vendor choices
Vendor choices will include AIG, Equitable, TIAA, and Voya.
- New investment options, many with lower costs
New lower-cost mutual fund Investment options from several leading financial providers have been carefully reviewed and selected by the retirement committee to help you create a diversified retirement account that matches your investment goals and preferences. There will also be a new self-directed brokerage option that provides access to a broad range of mutual funds beyond the plans’ investment lineups.
- Changes to retirement plan fees
Costs for some investments will be significantly lower, and a new transparent fee structure will make it easier to understand plan costs, which will be included on your quarterly statements.
While more information is being mailed to the home address of current plan participants from their respective vendors, including details about any actions that may be needed, the HR Employee Benefits Office has created a Retirement Plan Transition webpage that houses the general and vendor-specific informational meetings to be held in March and April, FAQ’s, contact information for our continuing vendors, and more.
We recommend that plan participants carefully review this Retirement Plan Transition page, along with information being mailed to their residence, for key dates and specific action steps. We also encourage current participants, and potentially new participant employees, to register for a general CAPTRUST presentation as well as any vendor specific sessions that you may want to attend. General information meetings led by CAPTRUST will be held the week of March 21 and vendor-specific meetings will be held the week of April 4. A recording of the CAPTRUST general meeting for future viewing will be posted on the webpage by the week of March 28.
In addition to the virtual meetings, vendor one-on-one sessions can be arranged by contacting the vendor phone number listed on our Retirement Plan Transition page. If you have questions regarding your retirement options, we recommend that you work with your individual vendor. Please note that these developments have no impact on the retirement plans administered by OPERS or STRS.
For all other general questions, you may contact the Employee Benefits Office at 330-672-3107 or benefits@kent.edu.
Kognito Assists Students, Faculty and Staff
Conversations Can Change Lives
Students face increasing pressures that can lead to emotional distress, depression, substance abuse, and even thoughts of suicide. The College of Public Health wants to make sure you can recognize signs of distress and know what to say if a person needs help. Kognito is an online, self-paced simulation that allows you to practice conversations with a virtual student, so you’ll know how to respond.
Consider taking small steps that can make a big difference in someone's life.
- Complete Kognito online at your own pace
- Encourage your department to complete Kognito and then host a group discussion (facilitator guide available)
- Encourage student workers to complete Kognito
- Offer extra credit to students for completing Kognito
Beyond Compliance credit is available. For additional information and to access Kognito, please visit the Division of Mental Health and Substance Use website.
Kognito is funded by a Garrett Lee Smith Campus Suicide Prevention grant from the Substance Abuse and Mental Health Services Administration, awarded to the KSU College of Public Health.
If you have questions about Kognito at Kent State University, please email Kim Laurene at klaurene@kent.edu.
A Patriotic Classic Reimagined: Pianist Min Kwon’s America/Beautiful Project Comes to Kent
The Kent Keyboard Series continues its 2021-2022 season presenting Min Kwon’s America/Beautiful project, a collaboration with 75 American composers to write variations on “America The Beautiful,” performed by Kwon. A selection of the variations will be presented in Kent State’s Ludwig Recital Hall on Sun., March 20, at 7:30 p.m. This will be Kwon’s only Ohio performance of this internationally touring program. Tickets are $10 for adults and free for those 18 and under with a ticket reservation.
The America/Beautiful project was Kwon’s response to the COVID 19 pandemic, working to do something “positive and uplifting” in face of feelings of paralysis and powerlessness. It reimagines the quintessential patriotic piece with influence from a multitude of styles, drawing on ragtime, jazz, tango, Persian, Syrian, Indian, Jewish, and other musical genres and styles to form a unique collection of compositions reflective of the diversity of America. In a July 2021 CNet interview, Kwon said, “I wanted [my daughters] to be able to look back on this time, and not just read about what happened in the White House, or what happened in Minneapolis, or what happened in the courtrooms or in hospital beds. I wanted them to see this, this amazing compendium of American creativity that is so rich in diversity.”
Kwon’s stop in Ohio is the result of her connection to Kent State faculty member Donna Lee. They were in the same master’s program at Juilliard. Kwon says, “Donna was such a lovely human being, friend and colleague. So decades later, when I was planning a tour to introduce my project America/Beautiful, and with whom I wanted to share it first, I thought of Donna and her fine reputation as a teacher and mentor to many young pianists at Kent.”
Part of the trip includes a masterclass featuring Kent State piano students working with Kwon on Monday, March 21, in Ludwig Recital Hall from 10 a.m. to noon. This class is free and open to the public.
Acclaimed pianist Min Kwon is a leading artist, pedagogue, arts advocate and administrator. She is a graduate of The Curtis Institute of Music in Philadelphia and holds M.M. and D.M.A. degrees from The Juilliard School. She has won numerous competitions, including Juilliard’s prestigious Gina Bachauer International Piano Award, and collected accolades all over the world. Her varied career has encompassed concerti, solo recitals, and chamber music as well as extensive pedagogy. She has performed in Carnegie Hall as well as Paris, Rome, Vienna, Prague, Madrid, Copenhagen, Seoul, Singapore, Sidney, and numerous other venues. She has held professional engagements in over 60 countries on seven continents and all 50 U.S. states.
Min Kwon is currently professor of piano at Mason Gross School of the Arts at Rutgers University, and is founder and director of the Center for Musical Excellence (CME), a nonprofit committed to supporting and cultivating talented young musicians.
Advance single-ticket and subscription orders can be done online, by phone or in person through the Performing Arts Box Office, open Monday through Friday from noon - 5 p.m. in the Kent State University Center for the Performing Arts. Tickets will also be available one hour before the performance begins. Learn more about purchasing tickets.
Kimberly Edge Speaks at Mentoring Mondays Virtual Webinar
Join Kimberly Edge on March 21, to learn more about the Office of the University Registrar, evolving leadership, invaluable interpersonal skills, and creating the best work circumstances where you are and beyond.
Developed in partnership between Human Resources Training & Development and Kent Engaged and Emerging Professionals (KEEP), Mentoring Mondays provides a way for Kent State employees to connect as mentor and mentee. Join KEEP over the lunch hour for round-table-style discussions with professionals in a variety of fields.
Why group mentoring? Group mentoring allows a mentor to reach multiple mentees at once. Although structured as a group setting, each individual mentee can grow professionally through group mentoring.
A mentee can be any KSU employee dedicated to their own professional growth. All sessions are virtual. Join KEEP's Microsoft Teams channel for official communications and updates.
Spring 2022 Mentoring Mondays will be virtual. Register to receive the virtual link.
Benefits Tip of the Week
I have my health coverage through Kent State. Will my prescription coverage through CVS Caremark reimburse the costs for over-the-counter purchased COVID-19 test(s)?
Yes, however, there are limitations you should know. First, you would have had to purchase the at-home COVID-19 test after January 15, 2022. Also, there are monetary limits that apply and specific directions you must follow to be reimbursed. Lastly, in many cases you now can purchase the over-the-counter COVID-19 tests using your prescription drug card and experience no out-of-pocket costs.
For more information regarding reimbursement and purchasing over-the-counter COVID-19 tests, visit the Benefits web page.
REMINDER: Kent State Hosts Free Recycling Event
FREE ELECTRONICS RECYCLING: MARCH 16 AND 23
The 2022 E-Cycle Drive at Kent State University is open to students, faculty, staff and the Kent community. Electronics recycling will be open on March 16, and 23, from 7:30 a.m. - 3 p.m. in the Kent State University R-17 Parking lot between S. Willow and S. Lincoln Streets. The entire community can recycle used electronics through Infinite Electronics Recycling, LLC, an R2 certified recycler that handles materials in an environmentally and socially responsible way. Learn more.
Take a Tour of Impact Solutions Today
The Impact Solutions Employee Assistance & Work/Life Program provides a wide array of resources and services to Kent State University employees and their families. All employees, household members, dependents in and away from home, and parents/parents-in-law are eligible to use Impact's services. Interested in learning just how Impact can support you and your family through challenges big and small?
Join Employee Wellness today from noon – 1 p.m. for a virtual tour with our account manager, Alan Gecht, MA, LPCC, to learn more about some of Impact's features, including the MyLifeExpert member platform; TESS, Impact’s artificial intelligence chatbot; and newer services like medical advocacy; Telemental health services, and more. Get your questions answered regarding established services like eldercare support, mindfulness coaching, financial counseling, and legal consultation.
For full-time, benefits-eligible employees participating in the Wellness Your Way rewards program, this session is worth 10 points toward Tier 2. Register for this webinar.
In addition, check out Impact's March newsletter, which focuses on mindfulness and its many benefits.
Need assistance now? Call Impact Solutions at 800-227-6007 for in-the-moment support and to get connected with services. For questions related to wellness offerings for Kent State faculty and staff, please contact the Employee Wellness office at 330-672-0392 or wellness@kent.edu.