Moore County Schools. Employee Benefits Presentation. (Rev 08/14)

Transcription

1 Moore County Schools Employee Benefits Presentation (Rev 08/14)

2 Agenda Website Compensation Salary supplements and longevity Leave benefits Health insurance State retirement/individual retirement Other benefits (flex, life insurance, etc.) 2

3 Compensation Pay date 25 th of each month 10-month employees 12-month pay options Credit Union Summer Cash Individual bank (employee/bank manage summer cash) State installment pay-only available to teachers (State holds summer cash; employee earn -0- interest) 3

4 Compensation Salary deductions Social Security (FICA)/Medicare Federal/State Income Tax Withholding State Retirement (6% employee rate) Employee-authorized 4

5 Salary Supplements Teachers 8% (half in November; half in June) Classified employees - $100/year state service credit plus: Years of State Service Classified Supplement 0-2 $ $ $ $ $1,000 5

6 Longevity (includes 30+ hr/week employees) Years of State Service Longevity Pay Rate % 10 but less than 15 years but less than 20 years but less than 25 years or more years 4.50 Effective July 1, 2014 Longevity is now part of the Teacher Pay Scale 6

7 Professional Development Professional development program Teacher Assistants, Information Technology, Maintenance, Transportation, Office Professionals Certification $42/month up to $165/month based on certification level; $175/month for teacher assistants 7

8 Annual (Vacation) Leave Employee must be working one-half or more of the workdays in a monthly pay period Can accumulate up to 30 days Excess over 30 days rolls into sick leave 10 days of annual leave are built into the school calendar Teachers may not take annual leave on a student day 8

9 Sick Leave Employee must be working one-half or more of the workdays in a monthly pay period Sick leave granted for - Personal illness, injury or other temporary disability, or Illness in the employee s immediate family that necessitates the employee s attendance, or Death in the immediate family, or Medical appointments 9

10 Sick Leave Earned at one day per month Unused sick leave can be credited to state retirement (20 days = 1 month) For example days = 8 months of service 10

11 Other Leave Extended Sick Leave - For teachers only, less $50/day deduction for substitute (regardless of whether a substitute is actually employed) - Up to 20 days per fiscal year Holiday Leave - Established as part of the school calendar Personal Leave - For teachers only, less $50/day deduction (if taken on student day) - Earned at the rate of.2 days/month - May be accumulated to a maximum of 5 days with excess rolled into sick leave 11

12 Blue Sheet An employee who is not at work for any reason must complete a blue sheet, i.e., absence slip This includes illness (self or immediate family), death in immediate family, personal leave, professional leave or annual leave The exception is for 10-month employees and the 10 days of annual leave built into the school calendar; it is not necessary to complete a blue sheet for those 10 days of annual vacation leave 12

13 Recording hours/absences Timekeeper Sub finder Other Accuracy Established work day Excessive absences 13

14 Health Insurance State Health Plan - Blue Cross and Blue Shield of North Carolina Employee cost paid by MCS for 70/30 plan Dependent care premiums are pre-tax 14

15 State Retirement Employee pays 6% of earnings pre-tax Employer pays 15.21% Short-term and long-term disability Unused sick leave counts towards years of service 15

16 State Retirement Benefit calculation Years of state service Times 1.82% Times 4 highest years average compensation Example 30 years of service at 1.82% = 54.6% 54.6% times $30,000 avg. compensation = $16,380 annual retirement benefit 16

17 Individual Retirement 3 options 401K, 403B, 457 Supplement to State retirement and Social Security Pre-tax benefit (Roth available) Example deferring $100 will reduce net pay by only $70 to $80, depending on your tax bracket 17

18 Individual Retirement State of NC Deferred Compensation Plans Contact - Kelly Martindale, Prudential Providers - NC 401K/457 (Prudential) - Lincoln (Annuity Investors; ING; LSW) - AXA Equitable - Horace Mann - VALIC 18

19 FLEX - Pre-tax Medical and Dependent Care Example - $100/month in medical bills Fund thru the pre-tax plan Net pay will decrease by only $70 to $80 depending on tax bracket Pay medical expenses with a debit card Same concept for dependent care (except not on a debit card) 19

20 Other Benefits Group life insurance - $10,000 provided by Moore County Schools Employee option to purchase additional coverage at group rates Dental and vision plans employee paid Other voluntary coverage (disability, accident, etc.) employee paid 20

21 Other Benefits State Employees Credit Union Contact Shannon Bullard, NCSECU

22 Other Benefits Horace Mann auto insurance can be paid thru payroll deduction Contact Tito Massol, Horace Mann Agent

23 Direct Deposit Online Info 23

24 Agenda Website ncmcs.org Compensation Salary supplements and longevity Leave benefits Health insurance State retirement/individual retirement Other benefits (flex, life insurance, etc.) 24

25 Moore County Schools Thank you 25

26 Employee Benefits Quiz When is pay day? In which 2 months do we pay semiannual salary supplements? After how many years of service is an employee eligible for longevity? What happens to accrued vacation leave in excess of 30 days? 26

27 Employee Benefits Quiz How much sick leave does a full-time employee earn each month? Who manages the NC State Employees Health Plan? What is the name of our employee attendance/timekeeping system? What is the payroll deduction % for the employee share of State retirement? 27

28 Employee Benefits Quiz Which of the following is not one of our individual retirement plans? 401K; 403B; 457; Section 125 What is the Medical Flex Plan? 28

29 Individual Retirement Maximum annual deferral $16,500 (additional $5,500 if age 50 or over) By using the 457 plan with one of the other plans (401K and 403B), you can double your maximum deferral Individual retirement plan allows you to defer income to future years and a potentially lower tax bracket Investment options range from conservative to aggressive 29

30 Substitute Payroll Paperless payroll no printing/mailing of paystubs Info available on line at all school campuses Tax withholdings speak with your tax advisor as necessary Option withhold an extra $10 federal and $5 state W-4 and NC-4 tax forms 30