SUMMARY OF BENEFITS FOR STAFF AT MONTANA STATE UNIVERSITY

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> SUMMARY OF BENEFITS FOR STAFF AT MONTANA STATE UNIVERSITY - http://www.montana.edu/choices/index.html Leave Options Provided by When Eligible Details Annual Leave University Accrues upon employment.  Available for use after six months for classified staff, 12-month faculty may use immediately.  Employees earn vacation leave base on the number of hours worked in pay period 12-month faculty:  Accrued at 14 hours/month.

Classified staff: Accrual rate depends on the number of years of service.  Starting at 10 hours per month, pro-rated for less than full-time. At 10 years, earn at 12 hours/month, 15 years, 14 hours/month, 20 years on, earn 16 hours/month.

http://www2.montana.edu/policy/personnel/per1000.html#1010.00

Holidays University Upon employment New Year00 Day, Martin Luther King, Jr. Day, President00 Day, Memorial Day, Independence Day, Labor Day, Columbus Day, State General Election Day, Veterans Day, Thanksgiving Day, and Christmas Day.  The Board of Regents may exchange certain work days for the same number of legal holidays.

http://www2.montana.edu/policy/personnel/per900.html#920.00

Sick Leave University Accrues upon employment.  Available for use after 90 days.  Employee earns sick leave based on the number of hours worked in a pay period. Full time employee accrues 8 hours of sick leave per month, prorated for less than full-time. 

Sick leave may be used for personal or family illness and medical or dental appointments.

http://www2.montana.edu/policy/personnel/per1000.html#1015.00

Jury Duty & Witness Leave University Upon employment Leave with pay for jury duty or other required appearance before a court, legislative committee, or other public body.  Employee00 payment from the court for duty (not travel) is given to the University, or the employee may elect to take annual leave.

http://www2.montana.edu/policy/personnel/per1000.html#1040.00

Military Leave University Member of US military force who has been employed for six continuous months Eligible employees are entitled to leave of absence with pay for a period of time not to exceed working days in a calendar year for attending regular encampments or active duty training programs.  Military leave may not be taken for regular scheduled drills.

http://www2.montana.edu/policy/personnel/per1000.html#1020.00

Educational Leave University Field Faculty Field staff members may apply for educational leave at half pay for one quarter out of each eight quarters worked. No more than four quarters of educational leave eligibility may be accumulated by an individual.

http://www2.montana.edu/policy/faculty_handbook/fh1200.html#1212

Insurance Benefits Health Insurance

Self-funded plan

Cost is shared.  Employee00 share is pre-tax and based on coverage elected.  University contribution is legislated by the State of Montana Eligible to use on hire date. Eligible if employed for six months at half time or great.  May waive entire package but employer still contributes as mandated by law.  The University plan is self-insured and is currently managed by Blue Cross/Blue Shield of Montana.  There are also HMO options.  All plans have the same prescription coverage.  Elections of coverage must be made within 30 days of employment or during annual open enrollment period.

http://www.montana.edu/wochebn/

Self-funded medical coverage:  choice f $400 or $575 deductible for self, spouse, children.  Coinsurance % varies from 80/20, 75/25 or 65/35 with stop loss ranging from $1,000 to $3,500 depending on services and providers used. 

In-pharmacy Rx program for 30-day supply: $100 deductible then varying coinsurance % per drug type wit stop loss of $800.  Mail order Rx program available for 90-day supply: flat dollar co-pay amount varies per drug type.  Managed by Eckerd Health Services or Ridgeway Pharmacy.

Choice of self-funded dental coverage: Premium plan pays pre-determined amount for wide range of dental procedures.  Basic plan pays pre-determined amount for 2x/year preventive maintenance only.  Employee may elect coverage for self, spouse, children but children are covered for preventive services only.  Administered by Blue Cross/Blue Shield. Choice of Basic Life Insurance coverage: $10,000 or $20,000.  Includes accidental death and dismemberment.  Choice of Long Term Disability (LTD) coverage: 60% or pay/6 month wait; 66-2/3% of pay/6 month wait; or 66-2/3% of pay/4 month wait

 

Retirement Benefits Retirement Plan 00TIAA-CREF 00Faculty/Professional Employee & University each contribute.  Employee: 7.04%, employer 4.956% of gross salary Mandatory participation when employment is at least 960 hours per fiscal year. Defined Contribution plan available to faculty and professional staff at MSU.  Retirement annuity is based upon investment choices made by participant.

http://www.tiaa-cref.org/

Retirement Plan 00nbsp; MT TRS -Faculty/Professional Employee & University each contribute.  Employee: 7.15%, employer 7.47% of gross salary Solely available to those who are moving from a position covered by TRS into the University system.  Otherwise, new employees are covered by TIAA-CREF Teachers00Retirement System (TRS). Defined benefit plan, based upon years of service and salary. Eligible for retirement benefit when: (1) The member has attained age 60 with at least 5 full years of creditable service, or; (2) The member has been credited with 25 or more years of creditable service, in which case they are eligible for full retirement regardless of age, or; (3) The member has part-time service in 25 or more fiscal years, in which case they are eligible for a regular retirement regardless of age, or; (4) The member has at least 5 years of creditable service and has attained the age of 50 (early retirement).

A member is vested in the TRS after the completion of 5 full-time years of

membership service, or part-time service which totals 5 years of full-time service,

and on which contributions have been paid.

Retirement Plan 00Classified Employees Employee & University each contribute 6.9% of gross pay Mandatory participation when employment is at least 960 hours per fiscal year, otherwise coverage is optional.  Employee is vested after five years of service.  Employer contribution of 6.9% funds future retirements. Public Employees Retirement System (PERS).  Eligible for retirement benefit at age 65 with any number of years of service, age 60 with 5 years of service, or at any age with 30 years of service. Annuity is based upon salary and years of service.  Reduced benefit for early retirement.  Death benefits for beneficiary.  Federal income taxes on contributions are deferred until retirement or withdrawal.  This is the default plan for new employees until they are deemed eligible to elect on of the other retirement options described below. Retirement Plan Options 00Classified Employees Employee & University: 6.9% each New employees hired on or after July 1, 2002 as determined by PERS.  If eligible, irrevocable election is made during first year of employment.  If eligible, optional choice of 1) stay in PERS defined benefit plan (as described above), or 2) PERS Defined Contribution plan or 3) TIAA-CREF Defined Contribution plan.  Eligible employee has one year from date of hire to make decision.  PERS DC plan has 5 year vesting requirement.  TIAA-CREF DC plan has immediate vesting. Required Taxes/Deductions Federal Tax (0FW) 15-28% Upon employment Amount deducted dependent on income and deductions reported on W-4 State Tax (0SW) 4.4-6.1% Upon employment Amount deducted dependent on income and deductions reported on W-4 Social Security 00OASDI

Medicare

Shared

1.45%

6.2%

Upon employment Pays benefits upon retirement, disability or death if eligibility requirements are met.  Includes medical coverage under Medicare age 65 or after receiving disability benefits for two years. Optional Insurance Coverage & Additional Benefits Optional Vision Employee Within 30 days of employment, if eligible for insurance and at open enrollment Choice of coverage for employee & family.  Network providers - $10 co-pay for eye exam and 20% discount on frames and lenses. Accidental Death & Dismemberment Employee Within 30 days of employment, if eligible for insurance and at open enrollment Choice of coverage for employee only or family: $25,000 to $300,000.

http://www.montana.edu/wochebn/choices.html#optionalad&d

Supplemental Life Employee Within 30 days of employment, if eligible for insurance and at open enrollment Choice of coverage: $25,000 to $200,000.  Cost based on age.

http://www.montana.edu/wochebn/choices.html#employeelife

Optional Long Term Care Employee Within 31 days of employment, if eligible for insurance and at open enrollment Pays income when employee requires assistance with basic care functions.  Cost of insurance based on age and level of long-term care coverage.  Optional Dependent Life Employee Within 30 days of employment, if eligible for insurance and at open enrollment Choice of coverage: $2,500 Spose/$1,250 Child(ren) to $25,000 spouse/$5,000 Child(ren).

http://www.montana.edu/wochebn/life.html

Optional Reimbursement Accounts Employee Within 30 days of employment, if eligible for insurance and at open enrollment Can contribute from $10 minimum to $416.66 maximum per month for reimbursement of non-reimbursed medical, dental and dependent care expenses.  Flex deductions are not subject to federal or state income taxes or Social Security tax. http://www.montana.edu/wochebn/fsa.htm

 

Voluntary Tax Sheltered Annuity Employee Upon employment Employee may participate in a voluntary tax deferred or tax sheltered annuity retirement plan up to the maximum limit allowed by the Internal Revenue Code.  Funds are withheld from the paycheck before federal and state taxes are computed thus deferring taxation until retirement or receipt of the funds.  The contributions are then deposited in an account with one of the available choices of a life insurance 403(b) annuity or a mutual fund 403(b)(7) account.

http://www.montana.edu/wochebn/tsa.html

Deferred compensation Employee Upon employment Employee may tax defer voluntary retirement contributions up to a maximum allowed by IRS code. Family Education Savings Program Employee Upon employment MT Family Education Savings Program.  Employee may have $50 or more deducted from each pay check & deposited into an account for any college bound person.  Contributions are tax deductible in accordance with IRS limits.  Maximum $3,000 per year.

http://montana.collegesavings.com/

                                Additional benefits Tuition Fee Waiver - Employee University Eligible if working at least 0.75 FTE (3/4 time) Eligible employees are entitled to a waiver of in-state incidental fees for regular courses of study at any MUS institution, subject to supervisor and administrative approval.  Under federal law, tuition reductions granted to employees in a graduate status are considered as income and are subject to withholding taxes.  Employees who terminate during the academic semester in which they receive a waiver will be required to reimburse the university for the value of the waiver. Dependent Partial Tuition Fee Waiver University Eligible if working at least 0.75 FTE (3/4 time) for at least 5 years The dependent tuition waiver benefit is a 50% reduction in the cost of residential tuition.  This benefit is not taxable.  In no case may registration, course fees or any other mandatory fee be waived.   Dependents may utilize the dependent tuition waiver at any unit of the university system for which they have applied and been accepted as long as eligibility standards are maintained.  Students who are dually enrolled at more than one unit receive a 50% reduction in the cost of residential tuition for courses taken at each unit. If an employee terminates his/her employment prior to the end of the academic term, the employee shall be required to repay the cost of the dependent tuition waiver.

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