Life insurance is an important part of financial security. Stevens provides employees with basic life coverage at no cost. Employees also have the option of purchasing supplemental life insurance. New York Life is Stevens' life insurance carrier for all plans. They can be reached online or by phone at 800-644-5567.
For more information on life insurance, please refer to page 21 of the 2025 Benefits Guidebook.
Employees should make sure they've designated a beneficiary (or beneficiaries) for life and AD&D insurance policies in Workday. These can be changed at any time.
Basic Life Insurance and AD&D Insurance
Stevens provides eligible employees with basic life insurance in an amount that equals one times annual earnings up to a maximum of $150,000. This benefit is 100% employer paid, but the benefit may be considered as inputted income under IRS provisions.
Supplemental Life Insurance
If an employee needs additional protection beyond the basic life insurance provided to them, they may purchase supplemental life for themselves. If they elect this coverage, they will be responsible for paying 100% of the cost and will have deductions taken from their pay on a post-tax basis.
Employees may choose select additional coverage for themselves in increments of 1, 2, 3, 4, or 5 times their annual salary up to the benefit maximum of $1,000,000. After enrolling in voluntary coverage for themselves, they may additionally enroll in coverage for their spouse in increments of $5,000 up to the benefit maximum of the lesser of 50% of their own voluntary coverage or $250,000.
Voluntary life insurance has a guaranteed issue amount of $300,000 for the employee and $25,000 for their spouse. Coverage above those thresholds is subject to Evidence of Insurability (EOI) and may require additional documentation.
Stevens allows employees to redirect a portion of their pay, through pre-tax payroll deductions, into flexible spending accounts (FSAs). FSA benefits are administered by Benefit Resource, Inc (BRI). You may contact them online or by phone at 800-473-9595.
The money that goes into an FSA is deducted from an employee's pay before taxes are calculated. FSAs are 100% employee-funded.
There are two types of FSAs available: accounts to be used for healthcare related expenses and an account for dependent care related expenses. Employees must elect to contribute to an FSA each year either as a new hire or during Stevens' annual open enrollment period.
For more information on FSAs, please refer to page 23 of the 2025 Benefits Guidebook.
Healthcare FSA / Limited Purpose FSA
Healthcare FSAs allow employees to set aside money to be used for various out-of-pocket medical, prescription, dental, vision, and certain over-the-counter expenses. For a complete list, you may refer to BRI's resource page on eligible expenses.
A limited purpose healthcare FSA can only be used to pay for dental and vision expenses. If an employee (and/or Stevens Institute) is contributing to an HSA and is interested in also contributing to a healthcare FSA, they can only elect to contribute on a limited basis.
In 2025, employees may contribute up to $3,300 to either a Healthcare FSA or a Limited Purpose for use during the calendar year. If employees have unused funds remaining at the end of the year, they may rollover up to $660 to be used in 2026. Anything above that amount is forfeited.
Dependent Care FSA
Employees may contribute up to $5,000 ($2,500 if they are married and file your taxes separately) to a Dependent Care FSA for use in the current calendar year. Any unused funds at the end of the calendar year are forfeited. There is no rollover provision with the Dependent Care FSA. This type of FSA allows employees to pay for eligible daycare expenses on a pre-tax basis for their child, disabled spouse, or elderly parent (whom they claim on your taxes). For a list of eligible expenses, please refer to BRI's resource page.
The Commuter Savings program allows employees to set aside pre-tax dollars to pay for work-related transit and/or parking expenses. Commuter benefits are administered by Benefit Resource, Inc (BRI). You may contact them online or by phone at 800-473-9595.
Commuter savings are 100% employee funded. Employees may start, stop, or change your commuter benefit elections via Workday throughout the year. Funds rollover from month to month through the duration of an employee's time as an active Stevens employee.
For more information on commuter savings, please refer to page 25 of the 2025 Benefits Guidebook.
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. A library of educational resources including articles, podcasts, videos, and recorded and live webinars is available on their website.
Call 800-344-9752, 24 hours a day / 7 days a week, or visit www.guidanceresources.com.