PayFlex
IMPORTANT NOTICE to UT FLEX Participants with a PayFlex Debit Card:
Effective January 1, 2008, IRS Changes That Will Affect Your PayFlex Debit Card The Internal Revenue Service (IRS) has issued new regulations that will affect where you can use your UT Flex/PayFlex Debit Card. Under the new regulations, effective January 1, 2008, the UT FLEX / PayFlex Debit Card can only be used for approved expenses at non-healthcare related merchant locations (such as grocery stores, discount stores, wholesale clubs and web-based merchants like drugstore.com) if the merchant has implemented an IRS approved inventory information approval system (IIAS).
The IIAS merchant’s point of sale system must identify eligible healthcare purchases by comparing bar coded inventory control information for the items being purchased against a pre-established list of eligible medical expenses.
Only IRS approved transactions will be chargeable to your card. If you are also purchasing non-approved items in the same transaction, you will be asked by the merchant for a second form of payment for those items.
The PayFlex Debit Card will continue to be accepted at eligible healthcare related merchants and service providers such as doctors, dentists, vision care centers and hospitals.
Drug stores and retail pharmacies will continue to accept the PayFlex Debit Card through the 2008 calendar year. These merchants have until January 1, 2009 to implement an IRS approved inventory information approval system.
To view a list of merchants who have implemented an IRS approved inventory information approval system, go to www.mypayflex.com. The list of eligible expense items is also available at the PayFlex website listed above.
If your PayFlex Debit Card is not accepted by your merchant or you have any questions, please contact PayFlex Customer Service at the following toll free number: (866) 887-3539.
Funds and Money Management
Understanding Your Fund Options
The UTRetirement Programs have an abundance of funds to invest your voluntary UTSaver DCP and UTSaver TSA contributions in. All of the funds are in four major investment categories: Asset Allocation or LifeCycle Funds, Mutual Funds, Annuities, and the Self-Directed Brokerage Option.
Each of the six authorized providers has representatives who will sit down with you in a face-to-face meeting to discuss your investment options.
Asset Allocation or LifeCycle Funds
These funds are designed for investors who want a simple yet diversified approach to investing. They are professionally managed funds that automatically rebalance their assets according to their investment objectives. Lifecycle funds are rebalanced according to a target retirement date; asset allocation funds are rebalanced based on risk objectives. So, for example, if you wish to retire in 2020, you could select a 2020 Target Lifecycle fund which would automatically allocate your funds to maximize both investments and preservation.
Mutual Funds
A mutual fund is a type of investment that pools your money with many other investors who have similar investment goals. A professional money manager invests the money in stocks, bonds, and/or short-term investments. Each fund you select is managed with a goal of achieving certain objectives —including a certain balance of risk and potential return.
Annuities
An annuity is a contract with an insurance company enabling you to accumulate contributions in a separate account under which you can select from a variety of investment options including mutual funds and guaranteed fixed interest accounts. An annuity also provides the option for you to receive a regular series of income payments for a specified period or for life in return for your contributions.
Self-Directed Brokerage Option
In addition to Lifecycle, Mutual Fund and Annuity options, a self-directed brokerage account offers thousands of additional mutual funds not otherwise available under the UT System program. In the UTSaver DCP, individual securities are also available. The broad spectrum of investments makes it a good choice for more sophisticated investors with an understanding of how to research and evaluate individual investments. There are some restrictions and additional fees for this type of account, and it is not offered through every Provider. Contact your Provider directly for more information.
Don’t worry, help is available!
Provider representatives are always available to assist you in making the right investment choices for you. To review the funds offered in the UTRetirement Programs visit http://www.utretirement.utsystem.edu/FundPerformance.html To schedule an appointment with a retirement provider representative in your area visit http://www.utretirement.utsystem.edu/Providers.html As always, you can enroll in the voluntary UTSaver DCP or UTSaver TSA at anytime. http://www.utretirement.utsystem.edu/Enroll.html
Wellness Wise
Step Up to Nutrition and Health
The food and physical activity choices made today — and everyday — affect your health today and in the future. Eating right and being physically active are the keys to a healthy lifestyle. The Dietary Guidelines for Americans can lead the way to a healthier you.
Make smart choices from every food group
Give your body the balanced nutrition it needs by eating a variety of nutrient-packed foods every day. Just be sure to stay within your daily calorie needs.
A healthy eating plan
- Emphasizes fruits, vegetables, whole grains and fat-free or low-fat milk and milk products.
- Includes lean meats, poultry, fish, beans, eggs and nuts.
- Is low in saturated fats, trans fats, cholesterol, salt (sodium) and added sugars.
Get the most nutrition out of your calories
Choose the most nutritionally rich foods you can from each food group each day—those packed with vitamins, minerals, fiber and other nutrients but lower in calories.
- Focus on fruits. Eat a variety of fruits — fresh, frozen, canned or dried. For a 2,000 calorie diet, you need 2 cups of fruit each day.
- Vary your veggies. Eat more orange and dark green vegetables such as carrots, sweet potatoes, broccoli and dark leafy greens. Include beans and peas such as pinto beans, kidney beans, split peas and lentils more often.
- Get your calcium-rich foods. Have 3 cups of low-fat or fat-free milk—or an equivalent amount of low-fat yogurt and/or low-fat cheese every day (1 1/2 ounces of cheese equals 1 cup of milk). If you don’t or can’t consume milk, choose lactose-free milk products and/or calcium-fortified foods and beverages.
- Make half your grains whole. Eat at least 3 ounces of whole-grain cereals, breads, crackers, rice or pasta every day. Look to see that grains such as wheat, rice, oats, or corn are referred to as “whole” in the list of ingredients.
- Go lean with protein. Choose lean meats and poultry. Bake it, broil it or grill it, and vary your protein choices with more fish, beans, peas, nuts and seeds.
- Know the limits on fats, salt and sugars. Read the Nutrition Facts label on foods. Look for foods low in saturated fats and trans fats. Choose and prepare foods and beverages with little salt (sodium) and/or added sugars.
Find your balance between food and physical activity
Regular physical activity is important for your overall health and fitness—plus it helps control body weight, promotes a feeling of well-being, and reduces the risk of chronic diseases.
- Be physically active for at least 30 minutes most days of the week.
- For even greater health benefits and to help control body weight, be physically active for about 60 minutes a day.
- Children and teenagers should be physically active for 60 minutes every day, or most days.
Play it safe with foods
Prepare, handle and store food properly to keep you and your family safe.
- Clean hands, food-contact surfaces, fruits and vegetables. To avoid spreading bacteria to other foods, meat and poultry should not be washed or rinsed.
- Separate raw, cooked and ready-to-eat foods while shopping, preparing or storing.
- Cook meat, poultry and fish to safe internal temperatures to kill microorganisms.
- Chill perishable foods promptly and thaw foods properly.
For more information:
- Food groups and nutrition values or to pick up some new ideas on physical activity, visit http://www.health.gov/dietaryguidelines.
- MyPyramid food guidance system, including a quick estimate of what and how much you need to eat, is located at http://www.mypyramid.gov.
- Home food safety, http://www.homefoodsafety.org.
- Additional nutrition resources, http://www.eatright.org/gnrl.
Personal Health Manager and Work–Life Balance
With a wide range of online tools and information, you can better manage every aspect of health and wellness for you and your family with programs that are for UT employees, retirees and their dependents. Start by taking the health risk assessment to better understand your current health condition, identify potential issues and reinforce what you’re doing right! See below some of our resources/services:
Online Personal Health Manager provided by Blue Cross Blue Shield- your source for health and wellness information, such as- Quitting Smoking (Ask A Life Coach to get support and answers to your smoking-related questions)
- Ask A Nurse
- Planning nutritious meals
- Recording workouts
- Keeping track of health records
- Addressing financial concerns
- Addressing relationship and family matters
- Earning Blue Points
Visit the Personal Health Manager at Blue Access® for Members today, and stay with it to manage your stress.
- Visit http://bcbstx.com/ut/
- Log onto Blue Access
- Select Personal Health Manager Icon
- Go to the top center banner
Compliance Corner
Financial Disclosure Requirements May Apply to YOU!
Each year Financial Disclosure forms are due to the President’s office by April 30th. Section (b) below explains that there may be staff positions that require completion of the form, as well as department heads and those with direct signature authority to spend funds. (Note: pecuniary transactions are transactions that require payment of money).
Financial Disclosure requirements according to UT System apply to the following individuals:
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Each employee who is authorized to execute contracts on behalf of UT System or its institutions, or who exercises discretion with regard to the award of contracts or other pecuniary transactions.
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An employee “exercises discretion” if the employee makes the final decision concerning the award of contracts or other pecuniary transactions, or if the employee’s job duties include making a recommendation that is considered by the final decision-maker in the decision to award the contract.
If you are an individual who can spend money in your department (such as using a Requisition, ProCard or Travel Card) you must complete the Financial Disclosure Statement. Forms may be obtained from the President’s office or from Caron Perkins in the office of the Vice President for Business Affairs (perkins_c@utpb.edu). Completed Financial Disclosure forms must be reviewed and signed by the Department Head and forwarded to the President’s office.