Activities

The Benefits Advisory Committee (BAC) was created in 2010 to assist HR Services with a comprehensive review of NMSU benefit programs.Since its inception, the BAC has been involved in many activities pertaining to the review of NMSU benefit programs since 2010. Many of the benefit programs reviewed are a direct result of the input provided by NMSU employees during the Fall 2009 Employee Benefits Survey conducted with the assistance of Mercer  Consulting. The committee continues to review benefits offered by NMSU and provide recommendations on how NMSU can better serve its employees through benefits.

Some of the reviews the committee has performed are as follows:

2010 – Complete

  • Reviewed NMSU Benefit Survey Results
  • Reviewed Request for Proposals from Medical, Prescription and Dental vendors
    • Included review of leaving the state insurance plans to move to a self funded plan

2011 – Complete

  • Recommended staying on the state insurance plans
  • Reviewed voluntary benefits programs
    • Reviewed vendors and plans for critical illness, accident, short term disability, hospital indemnity, group legal plans, long term care, auto & home, discount savings
    • Recommended implementation of critical illness, discount savings program, long term care
      • Implementation to occur 2012
  • Review renewal of contract with Mercer Consultant
    • Recommended continuation of agreement for an additional year

2012 – Complete

  • Reviewed financial analysis presented by Mercer Consulting to determine if NMSU should leave the state insurance plans for FY 2013
    • Recommendation in progress
  • Reviewed Requests for Proposals for life and disability insurance plans and COBRA/FSA administrative services
    • Life/Disability programs awarded to Dearborn National for the following plans to be effective January 1, 2013:
      • Basic Life and AD&D plan
      • Voluntary Life and AD&D plan
      • Long Term Disability plan
    • COBRA/FSA administrative services awarded to Stanley, Hunt, Dupree & Rhine to be effective January 1, 2013
      • COBRA implemented for NMSU Vision and Flexible Spending Accounts
        • COBRA for medical/dental provided by the State Risk Management Division (RMD)
  • Reviewed vendors for Long Term Care insurance program
    • Awarded to Genworth – implementation scheduled for May 2013

2013 – Planned or In-Progress

  • Review vendors for long term care program
    • Target date for implementation – July 2012
  • Review Requests for Proposals for life and disability insurance plans and COBRA administrative services
  • Review NMSU leave programs and make recommendations on coordinating leave plans with disability benefits
  • Review requests from Voluntary Retirement Vendors to change investment options for 403(b) and/or 457(b) plans
  • Review other benefit programs as needed or recommended