Retirement, Insurance, Education, Medical Benefits
Flexible Benefits Plan
The College provides each full-time employee with a Flexible Benefits Plan which gives you the freedom to create a benefits package that best meets your individual needs. The College provides you with core benefits that include medical coverage, basic long-term disability insurance, term life insurance and retirement benefits.
TIAA-CREF Retirement Plan
DEFINED CONTRIBUTION PLAN
This program is mandatory for all full-time employees, age 21 or older, upon hire. Full-time employees are those employed on a regular basis who are hired to work a full daily schedule each week (35 hours or more). The eligible employee contributes a minimum of 4% of his/her base salary. The College contributes 7% of the same salary base.
TAX-DEFERRED ANNUITY PLAN
All employees of the college (full-time and part-time) may participate in a tax deferral arrangement authorized in Section 403(b).
Available through our tax-deferred annuity plan, Voluntary Retirement Contracts provide the opportunity for all employees to make contributions to a retirement plan on a pre-tax basis through TIAA-CREF. There is neither a minimum age requirement nor any waiting period to join. The College makes no contribution to this plan. Contributions made to the Retirement Contract Plus Plans are not a substitute for participation in the regular defined contribution retirement plan when one qualifies for that Plan.
TIAA-CREF has developed a microsite for Ursinus within their website. This microsite will provide plan members with more information on the plans offered and investment options available with each plan, current performance of investment options and summary of their plan services and costs. It also provides links to tools and calculators to assist you as you plan for your retirement goals.
Basic Term Life Insurance
The College offers eligible employees a basic term life insurance policy through MetLife. Eligible employees are enrolled on the first of the month nearest their date of hire. The basic term life insurance policy provides a benefit amount of 100% of the annual base salary. The basic Accidental Death & Dismemberment (AD&D) insurance provides a benefit amount of 100% of the annual base salary. The College pays the entire cost of the monthly premium of this policy.
Group Total Disability Plan
The College offers all eligible employees a long-term disability program through MetLife. Employees who are eligible to participate are enrolled on the first of the month nearest their date of hire. The plan provides income to employees who become disabled after the 90-day waiting period. The College pays the entire cost of the monthly premium of the basic plan.
Health Insurance for Current Employees
Group Medical Insurance
The College offers a health insurance plan through Independence Blue Cross. The College’s contribution for the employee and eligible dependents varies based on the plan selected. The college contributes most of the premium for the employee for a base plan and a portion of the premium for coverage of spouse and eligible dependents. A complete listing of the plan available and the College’s and employee’s contribution levels is provided annually in advance of the open enrollment period in November during which employees may select their coverage for the new plan year.
If you have other health insurance, the College provides a monthly credit for employees who do not choose the College health insurance. This amount is added to your base pay each pay period and is taxable income. If you choose this option, you must verify that you have other insurance.
Group Dental Insurance
The College offers a dental insurance program as part of the flexible benefits plan. Employees pay the full cost to cover themselves, a spouse and/or dependent children. Details of the dental plan may be obtained in the Human Resources Office.
The College enables employees to establish a reimbursement account for medical expenses and/or dependent care costs. These accounts allow you to set aside a specified amount of your income each paycheck on a pre-tax basis to be used for any unreimbursed medical expenses and/or for the costs associated with dependent care. These accounts are administered by Benefits Allocation Systems and can be monitored online at www.MyEnroll.com. Reimbursement requests submitted by Thursday of each week will be processed and a check will be cut the following Tuesday.
Health Insurance for Retired Employees
The College participates in Emeriti Health Solution, a consortium of colleges and universities organized to address retiree health care needs.
The College will deposit funds each month in a Voluntary Employee Benefits Associations (VEBA) account for each full-time employee who is 40 years of age or older beginning January 1, 2005. The College will continue to contribute $50 each month for employees for a period of 25 years unless the employee retires or leaves the employment of the College.
The College will mandate a $50 contribution from each full-time employee who is 40 years of age or older. Employees will be vested immediately in funds deposited in the VEBA accounts by the College. Employees will not be required to pay federal taxes on either the College contributions or the mandatory contributions as the funds are deposited into the accounts; in addition, neither the College nor the mandatory contributions are subject to federal taxes as they are withdrawn for use for medical purposes. Employees may also make additional contributions to their accounts, and while the contributions would not reduce taxes as funds were deposited, the appreciation in the value of the investments would not be taxed when the funds are withdrawn.
Employees must be at least 60 years of age and have at least five years of service as a full-time employee to satisfy the requirements for retirement from the College. Retirement will mean that the employee will be eligible to participate in the Emeriti Health insurance program.
Employees who wish to leave the employment of the College will own their retirement savings in their TIAA-CREF accounts and their health care savings in their VEBA accounts.
Educational Assistance Programs
A. Full-time Employees
The Board of Directors has approved a program of educational assistance for college employees, their spouses and their dependent children for higher education tuition. Educational assistance, when granted, is limited to candidates studying for a baccalaureate degree in a fully-accredited institution of higher learning, and is applied only to tuition costs. Charges for room, board, fees, books and other administrative expenses are not included in the educational assistance program. Educational assistance is limited to a total of eight semesters per dependent child.
Aid to full-time employees may be provided in one of two ways: (1) tuition remission at Ursinus College, for employees, eligible dependent children or spouse; and (2) tuition exchange, for eligible dependent children only, at another institution. For tenured faculty members hired before January 1, 1995, a tuition grant, for eligible dependent children only, is also available.
(1) Tuition Remission at Ursinus College
After completing three months of continuous full-time service, employees may attend classes at Ursinus with full tuition remission.
After one year of continuous full-time service, a spouse and/or dependent children who qualify for admission are entitled to full tuition remission for classes at Ursinus. Forms for approving this benefit are available in the Human Resources Office.
**NOTE: After completing one year of continuous full-time service, employees are eligible to apply for MBA graduate courses at Ursinus through St. Joseph’s University with full tuition remission for any courses that are running on the Ursinus Campus as long as St. Joseph’s University continues to grant the remission. Procedures and information regarding this benefit may be obtained in the Human Resources Office.
(2) Tuition Exchange
After three years of continuous full-time service, eligible dependent children of employees may apply for a tuition grant at institutions that are members of the Tuition Exchange Program. A list of participating institutions is available at the Student Financial Services Office. The receiving institution has full jurisdiction over the award of these grants. Since each institution maintains a balance between the number of students it accepts and the number it sends out, it is not always possible for every eligible child to gain a tuition grant.
(3) Tuition Grant (Only For Tenured Faculty Hired Before 1/1/95)
Tenured faculty members who were hired prior to January 1, 1995 are eligible to receive a grant for eligible dependent children attending another institution. The grant amounts to not more than one-half of the annual tuition costs of attending Ursinus College as provided by the Ursinus College tuition exchange program. The tuition exchange amount is the tuition of the College less the amount required to support the computer laptop program.
B. Educational Assistance for Part-Time Employees
After completing three months of service, part-time employees may attend classes at Ursinus with full tuition remission.