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
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
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.