Life Insurance, Short/Long Term Disability, and Employee Assistance Program
New York Life | www.myNYLGBS.com 800-644-5567 Life insurance is an important part of your financial security, especially if others depend on you for support. Stevens provides you with basic life coverage at no cost to you. You also have the option of purchasing supplemental life insurance. Short-term and long-term disability gives you a portion of your income if you cannot work due to a qualifying medical condition. The Employee Assistance Program (EAP) provided by Cigna provides confidential and professional assistance at no cost to eligible employees, dependents, and/or significant others.
Basic Life Insurance
As an eligible employee, Stevens provides you with company-paid basic life insurance in an amount that equals one time (1x) your annual earnings up to a maximum of $150,000.
Supplemental Life Insurance
If you need additional protection beyond the basic life insurance provided to you, you may purchase supplemental life for yourself. If you elect this coverage, you will be responsible for paying 100% of the cost and will have deductions taken from your pay on a post-tax basis.
Short Term Disability (STD)
STD benefits provide a percentage of your normal salary or wages up to the lesser of 66.67% of your weekly covered earnings rounded to the nearest dollar or your maximum disability benefit which is an amount equivalent to the amount offered under the New Jersey Temporary Disability Benefit State Plan. Employees contribute towards the cost of this plan on a post-tax basis.
Long-Term Disability (LTD)
If you are disabled for at least 180 days, you may qualify for Long Term Disability benefits. The plan provides a benefit of 60% of your salary up to a maximum of $8,000 per month. LTD benefits are generally payable up to Normal Social Security Retirement Age; however, if you become disabled at or after age 65, benefits are payable according to an age-based schedule.
Employee Assistance Program (EAP)
The EAP provided by New York Life provides confidential and professional assistance at no cost to eligible employees, dependents, and/or significant others. Services are available for a wide range of personal matters, such as:
Confidential Emotional Support
Work and Lifestyle Support
Legal Guidance
Financial Resources
Grief and loss
Digital Support
The program provides unlimited telephonic counselors and advice, referrals for up to three face-to-face sessions with a nearby counselor, child, and elder care referral services, legal resources and referral services, and financial counseling resources. Call 800-344-9752, 24 hours a day / 7 days a week, or visit www.guidanceresources.com.
Flexible Spending Accounts
Benefit Resource, Inc. | www.benefitresource.com 800-473-9595 Stevens allows employees to redirect a portion of their pay, through pre-tax payroll deductions, into flexible spending accounts (FSAs). Your FSA benefits are administered by Benefit Resource, Inc. The money that goes into your FSA is deducted from your pay before taxes are calculated. There are two types of FSAs available.
Health Care FSA
You may contribute up to $3,050 into a Health Care FSA (or up to the IRS maximum if different than what is noted in this guidebook). This type of FSA allows you to pay for eligible out-of-pocket healthcare expenses on a pre-tax basis. Examples of eligible expenses for you, your spouse, and your tax-dependent children include:
Deductibles
Copays
Coinsurance
Dental Care / Orthodontia
Eyeglasses / Contact Lenses
Over-the-Counter Medications
Hearing Exams / Hearing Aids
HSAs and Limited Healthcare FSAs
If you (and/or Stevens Institute) are contributing to an HSA and you are interested in contributing to a healthcare FSA, you can only elect to contribute on a “limited” basis. A “limited” healthcare FSA can only be used to pay for dental and vision expenses. Only the portion of the qualified dental and/or vision expense that is not covered by any other coverage can be reimbursed through a Limited FSA.
Dependent Care FSA
You may contribute up to $5,000 ($2,500 if you are married and file your taxes separately) to a Dependent Care FSA. This type of FSA allows you to pay for eligible daycare expenses on a pre-tax basis for your child, disabled spouse, or elderly parent (whom you claim on your taxes). Examples of eligible expenses include:
Payments to Day Care Centers
After-School Care
Summer Day Camp
Preschool Costs (up to, but not including, kindergarten)
Elder Care
Retirement Savings
TIAA | www.tiaa.org 800.842.2776Stevens realizes the importance of saving towards retirement and has established both a 403(b) plan and a pension plan to assist you in meeting your long-term financial goals. For more information regarding Stevens retirement plans, investment fund options, fund performance and prospectus information, please visit www.tiaa.org/Stevens.
403(B) Eligibility
All full-time regular employees, except for certain staff positions, are eligible to contribute to the 403(b) plan from their date of hire.
403(B) Employee Contributions
Through automatic payroll deductions, you may contribute a percentage of your eligible pay on a pre-tax basis up to the lesser of the annual IRS benefit maximum or 100% of compensation (some restrictions apply for highly compensated employees). You may invest your contributions and Stevens matching contributions in a variety of investments. Participants age 50 or older may also make additional catch-up contributions, subject to IRS regulations. Please note that you may stop your contributions to the 403(b) plan at any time. If you wish to change your contribution amount or resume participation, you may do so at any time.
403(B) Employer Match
Faculty, Exempt Staff or Campus Police Employees: If you make elective deferrals of at least 5% of your eligible earnings the University will make a matching contribution from 6% - 10% depending on your age as of July 1st.
Union Employees: A University fixed contribution equal to 2% of your eligible earnings will be remitted to TIAA on your behalf. If you choose to make elective deferrals of 1%, a 3% University match will be made. If you elect to defer 4% - 10%, a University match in the amount equal to your deferral will be made (maximum 10%).
Non-Exempt Employees (not Union): A University fixed contribution equal to 2% of your eligible earnings will be remitted to TIAA on your behalf. If you choose to make an elective deferral of 1% or more, a maximum 3% University match will be made.
Paid Time Off
Stevens provides eligible staff members with a generous PTO package including the following types of leave:
Vacation
All full-time support staff employees earn vacation during the first fiscal year (July 1 to June 30) of their employment on a prorated basis up to a maximum of ten vacation days. After the first year, employees receive ten vacation days annually until the fifth employment anniversary date when vacation is increased to 15 days. Twenty vacation days are earned after ten years or more of employment, and 25 vacation days are earned after 25 or more years of continuous employment.
Senior administrative, professional research and administrative/professional employees may take vacation during their first fiscal year of employment on a prorated basis up to a maximum of 20 vacation days. Four weeks of annual leave with pay is accrued by employees with one or more years of service. Five weeks of annual leave with pay is accrued by employees after 25 or more years of continuous employment. The accrual is calculated on a monthly basis.
No vacation accrual will be paid for less than six months of employment. All current fiscal year vacation must be completed before June 30 of the following year.
Vacation time must be earned and cannot be borrowed.
Permanent Part-Time Staff
All permanent part-time support staff employees earn vacation during the first fiscal year (July 1 to June 30) of their employment on a prorated basis up to a maximum of ten vacation days at their part-time rate.
Sick Leave
12 days per calendar year up to a 72-day maximum Sick Leave Policy-
Personal Leave (available following 30 days of employment)
Non-Exempt Staff:
3 days per calendar yearExempt Staff:
2 days per calendar year
Holidays
12 holidays per year
Paid Absence/Leave Policy
Tuition Assistance Programs
There are several tuition assistance programs available to full-time faculty and staff who have been employed for at least one year and to members of their immediate families. Stevens will honor years of service at another higher education institution for purposes of this benefit.
To be eligible for tuition assistance benefits, a dependent child must be an employee’s dependent on their most recent income tax return at the time of application and must remain a dependent each year that they participate in the program.
Part-time employees are not eligible to participate in these benefits.
The Tuition Remission program provides a benefit to faculty, staff, and dependents for courses taken at Stevens.
The Tuition Aid program provides a reimbursement benefit to eligible faculty, staff, and dependent children for courses taken at an institution of higher learning or any certificate or training program that is job-related.
The Tuition Exchange program is a scholarship program for the dependent children of eligible faculty and staff who are accepted and admitted as first-year students at other member institutions.
Please see below for more information on each of these programs.
Tuition Remission at Stevens
Employees: Eligible to enroll at Stevens for two courses up to six (6) credits (graduate or undergraduate) per semester at no tuition cost, provided they satisfy all admissions requirements and are accepted for admittance. The employee is responsible for any non-tuition expenses.
Spouses: Eligible for partial tuition remission for three courses up to nine (9) credits (graduate or undergraduate) at Stevens per semester, provided they satisfy all admissions requirements and are accepted for admittance. The spouse will be responsible for any non-tuition expenses and the current charge per credit.
Dependent Children (up to age 26): Eligible for full tuition remission for undergraduate and graduate programs at Stevens, provided they satisfy all admissions requirements and are accepted for admittance. The student is responsible for all non-tuition expenses.
Applying for Benefits
For each tuition remission program, the employee must submit a tuition remission request form via Workday to the Division of Human Resources. Instructions for doing so can be found here. This procedure must be followed at the beginning of each term. Employees applying for the tuition remission benefit are required to apply for federal and state financial aid but are not required to apply for student loans.
Tuition Aid for Other Institutions
Employees: Eligible for tuition aid, up to a maximum of $6,000 for two (2) job-related educational courses (up to six (6) credits per semester) at an institution of higher learning other than Stevens. These courses must be part of a degree program. Supervisor acknowledgment and Division of Human Resources approval are required before enrollment.
Employees will receive reimbursement of tuition costs only upon the successful completion of each course per semester. Employees taking courses that are not part of a degree program must receive funding and approval from their department. These courses are not eligible for the tuition aid benefit. Employees must submit within 60 days after course completion and receipt of the grade. After 60 days, reimbursement will not be processed without VP approval.
Dependent Children (up to age 26): Eligible in an amount not to exceed the regular tuition at their institution or $6,000 per semester (whichever is less) up to $12,000 a calendar year while enrolled in an accredited institution of higher learning other than Stevens and pursuing at least an associate degree. This benefit is limited to four years of undergraduate education per eligible dependent child. This benefit cannot be used for certificate programs, graduate or higher-level courses, or degree pursuits.
Applying for Benefits
The employee must submit a tuition aid request form for themselves or their dependent child to the Division of Human Resources. This procedure must be followed for each term.
Employees must submit:
Itemized tuition bill
Copy of transcript with passing grade
Dependent children must submit:
Itemized tuition bill
Tuition Exchange Program
Stevens is a member of the Tuition Exchange program, which is a reciprocal scholarship exchange program for eligible dependent children of faculty and staff. The most recent list of participating schools is available on the Tuition Exchange website.
The Tuition Exchange program operates on a balance of exported and imported students from Stevens and other member institutions. Neither acceptance into a member school nor receipt of a Tuition Exchange award is guaranteed.
The Tuition Exchange program sets a maximum award amount each year. If an eligible dependent child chooses to attend an institution with tuition exceeding this amount, the eligible dependent child will be responsible for the balance of the tuition, housing and meals, books, fees and any other charges not covered.
Incoming Stevens applicants should visit the Tuition Exchange website for more information on Stevens’ program by application year.
Eligibility
All full-time employees who have completed at least one year of full-time continuous service by September 1 of the year their dependent child will attend school as a first-year student may apply to participate in the Tuition Exchange program.
The Tuition Exchange program is limited to undergraduate tuition only. The eligible dependent child must attend school on a full-time basis, as determined by the host institution. The student must meet and maintain all the admissions requirements of the host institution and their employee parent must remain employed by Stevens during the time a Tuition Exchange award is being utilized.
Tuition Aid cannot be combined with this scholarship at the same institution for the same degree program.
Applying for Benefits
To apply for a Tuition Exchange award, the employee and their child must complete a Tuition Exchange application, which is available on the Tuition Exchange website.
Employees should apply for a Tuition Exchange award in the fall of the eligible dependent child’s senior year of high school. The employee and/or the eligible dependent child will be notified of admissions and award decisions by the schools to which the employee and the eligible dependent child have applied.
Commuter Tax Save Program
Administered by Benefit Resource, Inc
Pre-Tax Commuter/Transit Contribution Maximum – up to $300 per month.
Pre-Tax Parking (park & ride sites) Contribution Maximum – up to $300 per month.
Contributions can also be withheld on a post-tax basis to help pay for commuter expenses in excess of the pre-tax monthly maximum.
Enroll via Workday; Continuous Enrollment Cycles.
Log on to www.benefitresource.com or call 1-800-473-9595.