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IBEW Local 40 NECA Plan

HRA Plan

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Exciting information about your health and welfare benefits

Effective Janary 2, 2009, your IBEW Local 40-NECA HRA Plan account will transfer to Putnam Investments (Putnam) and will be administered by WageWorks.  This transition will provide you with greater flexibility and convenience in managing your health-care reimbursement account.

Download the HRA Summary Plan Descrption.

Timing and Investments

On Wenesday, December 31, 2008, if your account balance is invested in IBEW Local 40-NECA HRA Plan Investment account, then on Friday, January 2, 2009, your account balance will be invested in Putnam Money Market Fund.

Transferring balances to Putnam will require a brief transition period of limited account access to enable Putnam to establish individual accounts and perform a plan valuation.  The transition will begin on Wednesday, December 31, 2008, and will end during the week of January 12, 2009.

Your Account at Putnam

The IBEW Local 40-NECA Plan is a health-care reimbursement account, for you and your dependents, that covers qualified medical expenses such as co-payments, perscription drugs, and medical insurance premiums.  It is funded solely by employer contributions.

An account has been esablished for you in the IBEW Local 40-NECA HRA Plan.  As determined by your collective bargaining agreement, contributions are made on your behalf to this account.  After January 2, 2009, these contributions will be forwarded to Putnam, and Putnam will invest these contributions in the Putnam Money Market Fund, as indicated above.

Putnam Money Market Fund seeks current income and safety of principal by investing in short-term high-quality money market securities.  Money market funds are not insred or guaranteed bythe Federal Deposit Insurance Corporation (FDIC) or any oter governmental agency.  Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing.  For a prospectus or an offering statement containing this and other information about any fund, please call 1-877-6644.  Read the prospectus or offering statement carefully before making any investment decisions.

Your account balance will be divided between two pools:

  • The "active" account will be available for claims reimbursement during the week of January 12, 2009
  • The "retiree" account will be available for claims reimbursement once you reach age 55, the IBEW Local 40-NECA HRA Plan's mandatory retirement age

Withdrawals for qualified medical expenses are tax free.  Claims reimbursements will be administered by WageWorks.

Claims Reimbursement

WageWorks, a leading provider o consumer-friendly, tax-advantaged spending accounts, will provide full claims administration including verification of eligible health-care expenses, payment of claims, and monthly account statements.

In January 2009, you will receive two packages in the mail:

  • An IBEW Local 40-NECA HRA Plan welcome kit containing a resource guide that details the health-care expnses eligible for reimbursement
  • A package from WageWorks containing your personalized debit card for use when paying for qualified medical expenses

In addition, you will have access to the following services:

  • The WageWorks Web site for managing your claims activity
  • Monthly WageWorks account statements that detail your claims activity

Easy Access to Account Information

Beginning the week of January 12, 2009, you will be able to get information about your IBEW Local 40-NECA HRA Plan account in several ways.

Toll-Free Telephone and Internet Access

You can check your account balance, track investment prices and performance information, and learn more about the IBEW Local 40-NECA Plan anytime - 24 hours a day, 7 days a week - through two convenient resources:

  • The IBEW Local 40-NECA HRA Plan's toll-free telephone number, 1-877-864-6644 (press "2" at the voice prompt)
  • The IBEW Local 40-NECA HRA Plan's Web site, www.ibenefitcenter.com (click on the "IBEW Local 40-NECA HRA Claim" tab)

A User Name and personal identification number (PIN) are required each time you log on to ibenefitcenter.com or call 1-877-864-6644.  Enter your Social Security number as your temporary User Name and the last four digits of your Social Security number as your PIN plus the word "WEB".  For your protection, the following time you log on to the Web site or call the toll-free number, you will be prompted to change your User Name and PIN.  If you've forgotten your User Name or PIN, call 1-877-864-6644 between 5:00am nd 7:00pm Pacific Time, any business dy, to speak with a Putnam representative.

Account Statements

You will receive comprehensive account statements from Putnam detailing the activity within your IBEW Local 40-NECA HRA Plan beginning with your first-quarter 2009 statement.  This Putnam statement is separate from the monthly statement you will receive from WageWorks.

Questions?

If you have any questions aout the new IBEW Local 40-NECA HRA Plan, please call 1-877-864-6644.