family status change

A life-changing event that allows you to make changes to your insurance and TexFlex enrollments, such as marriage, birth of a child or divorce. This is also referred to as a qualifying life event.

fiscal year

A 12 month period which defines the accounting year of the company. At the end of the fiscal year, the company must settle its accounting books.  The fiscal year for ERS is September 1st through August 31st.

Flexible Spending Account (FSA)

Authorized by Internal Revenue Code Section 125, also called “reimbursement account,” an FSA  provides a tax-advantaged way to pay certain out-of-pocket health care expenses, and work-related dependent day care expenses.  The plans allow you to pay your expenses with “pre-tax” dollars; you do not pay federal income or Social Security tax on the money you set aside in an FSA.  TexFlex is the FSA program for employees.

Former Board Member

Person who previously served as a Board member of a state entity or higher education institution.

Former COBRA Unmarried Child

Unmarried dependent over age 25 who is allowed to continue health coverage under COBRA continuation coverage.

formulary

List of drugs under a health plan’s Prescription Drug Program that includes drugs’:

• Tier classification,
• preferred or non-preferred brand-name drug status, and
• maintenance drug designation (if any).

Fort Dearborn Life Insurance Company (FDL)

Current underwriter of:

• Basic Term Life insurance
• Optional Term Life insurance,
• Dependent Term Life insurance,
• Voluntary AD&D insurance, and
• Short- and Long-term Disability insurance, and
• HealthSelect.

FDL is responsible for reviewing evidence of insurability (EOI) applications for these benefit programs.

FSA-Day Care

Flexible Spending Account for eligible day care expenses.

FSA-Health

Flexible Spending Account for eligible out-of-pocket health, dental, and vision expenses.

full-time employee

Employee regularly scheduled to work at least 40 hours a week. This does not include time off for vacation, sick time, holidays, leave without pay, or other leave.