Open Enrollment | 2024 Plan Year
OCTOBER 4 - OCTOBER 25, 2023
Benefits that center around you
At Barnes, we are committed to providing industry-leading options that give you what you want from a benefits plan: a wide range of plan options and benefits that allow you to Be Well - physically, emotionally and financially - and that support you in all areas of life.
Our 2024 benefits Open Enrollment will be held from October 4 through October 25, 2023. Open Enrollment is your annual opportunity to review your options and consider the ways you use your benefits and to make decisions about the right coverage for you and your family.
This year, we will be hosting a passive Open Enrollment, which means your 2023 benefit plan elections will automatically carry over to 2024, subject to applicable premium adjustments, with the exception of the Health Care FSA, Limited Purpose FSA, and Dependent Care FSA, which requires an active election each calendar year.
> Explore this site and the tabs within this page as it provides more details on the changes and plan enhancements being made for the upcoming plan year.
> View the 2024 Open Enrollment Training video at the top of this page for highlights of What's New and What's Changing for the upcoming plan year!
> Review the 2024 Climate Setting Guide to learn more about the changes and plan enhancements being made for the upcoming plan year!
> Review the 2024 Benefits Enrollment Guide for a comprehensive understanding of all benefit plans and programs available in 2024! PLEASE NOTE: This guide is only made available online.
Remember: You can contact the MMA Benefits Service Center at 1-877-435-0260 with any questions on how to access the PlanSource/MarketLink Benefits Enrollment site or assistance in making your benefit elections during the Open Enrollment period. Representatives are available Monday – Friday, 8:30 a.m. - 5:30 p.m. EST.
We encourage you to carefully review your options and take full advantage of the Open Enrollment period to make selections that meet the specific needs of you and your family.
Note: All applicable changes completed during Open Enrollment will be effective for January 1, 2024.
- Do you need to add or remove individuals covered by your plan?
- Do you need to update or reallocate distribution percentages for your beneficiaries?
- Is it time to consider adjustments to your life insurance?
- Should you change your medical plan election to take advantage of the free employee-only HSA Max plan option for 2024?
- BarnesWorx and part-time employees are not eligible for the free employee-only HSA Max medical plan.
Coordination of Benefits
- If you, your spouse or any dependents are covered under one of the Barnes medical plans and have additional medical coverage under another plan, you will be required to disclose your additional coverage under the medical enrollment section to ensure accurate processing of claims and coordination of benefits between plans.
Option to Receive a Medical Waiver Credit
- Waiving your Barnes medical plan coverage for 2024 will entitle you to a $600 credit (payable on a pro-rata, per-pay-period basis).
- BarnesWorx and part-time employees are not eligible for the medical waiver credit.
HSA Matching Contributions
- You may wish to revisit your current HSA contribution amount to maximize the Company’s match and your pre-tax savings to the new, annual IRS limit, for 2024.
Each year, our goal in providing medical plan options is the same: to provide comprehensive health care coverage at the most affordable cost possible.
For the second straight year, we are pleased to announce that Barnes will not be making any plan design changes or employee premium increases.* This is part of our Company's ongoing commitment to prioritize our employees and investment in our plans and programs for the future.
* Medical, life insurance, long-term disability and certain voluntary benefit premiums are subject to age and/or salary-based adjustments.
The following table provides an overview of our medical plan options for 2024:
All Barnes medical plan options include 100% coverage for preventive care. For a more detailed overview of our medical plan options, check out our Medical page.
OPTING OUT OF MEDICAL COVERAGE
If you have medical coverage available through a spouse, domestic partner or parent, you can opt out of coverage through Barnes and receive a taxable credit of $600 per year. The credit is provided in equal installments on a per-pay-period basis. Please Note: BarnesWorx and part-time employees are not eligible to receive the medical waiver credit.
For the upcoming plan year, Barnes will be joining an elite group of employers - approximately 15% nationwide - that offer a free employee-only medical plan option, as part of our ongoing commitment to provide affordable coverage for ALL employees.
Effective January 1, 2024, Barnes will offer free employee-only coverage under our HSA Max medical plan.* If you elect to enroll in this coverage, you will also be eligible for up to $750 in Company HSA matching contributions.**
*BarnesWorx and part-time employees are not eligible for the free employee-only HSA Max medical plan.
**Barnes matches employee HSA contributions dollar for dollar.
For more information on the HSA Max medical plan, please visit our Medical page.
Our high-deductible health plan (HDHP) options paired with an HSA are designed to ensure you pay only for the coverage you need. Our HDHP options will give you the convenience and flexibility to manage your health care dollars in a way that works for you. You will spend less through payroll deductions and receive more from Barnes, including HSA matching contributions to help you save for future health care expenses!
UPDATED IRS HEALTH SAVINGS ACCOUNT CONTRIBUTION LIMITS FOR 2024
For 2024, HSA contribution limits are increasing as follows per IRS regulations:
- Individual: $4,150 (an increase of $300)
- Family: $8,300 (an increase of $550)
Participants age 55 or older are eligible to make an additional HSA catch-up contribution of up to $1,000 per calendar year
WHY CHOOSE A PLAN WITH AN HSA?
- It's an investment - The HSA helps you pay eligible health care expenses - and offers triple tax savings. You'll enjoy tax-free contributions, tax-free earnings from interest and investments and tax-free payments from your HSA for qualified medical expenses.
- No "use-it-or-lose-it" rule - Unlike a flexible spending account, you won't lose the money that's left over in your HSA at the end of the plan year. It keeps growing and it's always yours - even if you leave the Company.
- Company-matching contributions - Each pay period, you can make personal contributions to your HSA on a pre-tax basis. The Company will match your contributions, dollar-for-dollar (up to the specified amounts by plan). There is no vesting provision on any Company HSA dollars you receive. This money is yours to save or spend on eligible health care expenses.
For more information about Health Savings Accounts, please visit our Health Savings Account page.
Similar to an HSA, a Flexible Spending Account (FSA) provides a tax-advantaged way to pay for eligible health care expenses, such as medical, dental and vision care, or for dependent care expenses such as preschool, summer day camp, before- or after-school programs and child or elder daycare. With an FSA, however, you lose your funds if you do not use them before the end of the plan year.
ACTIVE RE-ENROLLMENT IS REQUIRED
- Failure to make an election during the designated Open Enrollment window will result in waiver of your FSA coverage (no coverage) for 2024.
The maximum FSA annual contributions for 2024 are:
- $3,050 (an increase of $200) for Health Care and Limited Purpose FSA
- $5,000 (no change) for Dependent Care FSA
Carefully estimate and only deposit only what you need for the plan year into your FSA.
For more information about Flexible Spending Accounts, check out our Flexible Spending Account page.
We are pleased to announce that beginning January 1, 2024, Barnes will be adding a Roth contribution option to our 401(k) Retirement Savings Plan.
With the addition of Roth plan features, you can begin to contribute after-tax dollars to the plan and then enjoy tax free growth and tax-free withdrawals when you retire, giving you even greater flexibility when saving for your retirement.
Register for a live, web workshop hosted by Fidelity in December 2023 to learn more about the Roth contribution feature for 2024 on our 401(k) Retirement Savings Plan page.
Open Enrollment is being held from October 4 – 25, 2023.
When you are ready to complete your enrollment:
- Log into your UKG Pro account and use the Single Sign-on (SSO), which can be found by navigating to Menu >> Myself >> Benefits >> PlanSource/MarketLink Benefits Enrollment Site OR go to https://benefits.plansource.com/logon/barnes
- Login: First initial of first name + first six letters of your last name + last four digits of your social security number
- Password: Your birthdate (YYYYMMDD)
- EXAMPLE: Rebecca Anderson, xxx-xx-2345, DOB: August 14, 1962
- Username: randers2345
- Password: 19620814
After initial log-in, you will be required to establish a new, personal password.
Be sure to confirm your elections and print a copy of your confirmation statement for your records.
You can also enroll by phone at 1-877-435-0260. A MMA Benefits Service Center representative will answer your questions and record your benefit elections. They are available Monday – Friday, 8:30 a.m. - 5:30 p.m. EST.
IMPORTANT: Individuals hired during the Open Enrollment period must enroll twice. You will be prompted to first enroll for your 2023 benefits, and then you will also need to enroll a second time for your 2024 benefits.
WHEN WILL I RECEIVE CONFIRMATION OF MY BENEFIT ELECTIONS?
You will receive confirmation of your 2024 benefit elections in November 2023 in the mail. This package may also include additional documents to be completed, such as domestic partnership forms, if applicable. Please review your benefit elections confirmation carefully to ensure it reflects the coverage you elected and notify your HR Representative by December 15, 2023 if you note any discrepancies.
Be sure to check your first paycheck in January. Verify that your plan selections are accounted for and deductions are accurate.