Faculty Faculty Benefits Overview Office of Human Resources
New Faculty Benefits Chart Within the first 30 days of employment you should Complete Medical/ Dental enrollment Form Within the first 60 days of employment you should At any time, you may Complete the Flexible Spending Account Election Form Complete an enrollment application for supplemental Life insurance to avoid proof of insurability. Review Yale Contributory Retirement Plan options if eligible, make your selection and enroll. Review and Enroll in other programs such as College savings 529 plan, long-term care programs etc Introduction 1 Eligibility Enrollment Medical Insurance 2 Dental Insurance 2 Vision Insurance 2 Flexible Spending Account 3 Commuter Benefits Program 3 Retirement Plans 3 Yale University Retirement Account Plan 4 Yale University Tax Deferred 403(b) Savings 5 457(b) Deferred Compensation Plan Retiree Medical Benefits Life Insurance 5 Group Term Life Insurance Supplemental Life Insurance Death Benefit Other Benefits 5 Long-term Disability Insurance Long-Term Care Insurance 529 College Savings Plan 6 Workers Compensation Travel / Accident Insurance Family & Education 6 Scholarship for Children of Employees Personal Development Auditing Yale Courses 7 Yale Homebuyer Program Yale Mortgage Loan Program Hearing Aid Discount Program Day Care Directory Employee Assistance Yale WorkLife Program Cultural & Recreational Benefits 8
Yale University Benefits Overview Faculty 1 Introduction Your Yale benefits have been designed to provide you and your immediate family with a full range of valuable, competitive and comprehensive services and resources. If you have any questions or need additional assistance, please do not hesitate to contact the Employee Service Center at 221 Whitney Avenue. Email employee.services@yale.edu, call (203)432-5552 or fax (203) 432-5153. Plan details, links to vendor sites, forms, and other documentation are published on the Yale HR Benefits website www.yale.edu/benefits Eligibility Faculty who have an appointment of at least half-time. Enrollment New Faculty must enroll in most benefit programs during the first 30 days of employment in order to have coverage. During our annual Open Enrollment held each Fall, changes in coverage are permitted. This includes adding or dropping dependents and/or, changing plans. Adding or dropping dependents during any other time of the year is only permitted if a qualifying event occurs. Please go to www.yale.edu/benefits for a list of qualifying events. Please note: you may not switch medical or dental insurance plans outside of annual Open Enrollment.
2 Yale University Benefits Overview Faculty Medical Insurance Eligible Faculty and their qualifying dependent(s) may enroll in one of the available medical plans. In order for coverage to begin, the appropriate application must be completed within the first 30 days of employment or following a qualifying family status change. Qualifying dependents for medical coverage include: employee s legal spouse; child up to age 19 or child age 19-25* who is either financially dependent, a full-time student, or disabled child regardless of age. Civil union partners** are eligible for coverage in a medical plan if the employee/partner is also a member of the plan and have obtained a legal civil union. Note: *Proof of Financial dependency, student status or disability will be required. ** Contact the Employee Service Center for more information and possible state income tax exemption. When does coverage start? If your date of employment is the first day of the month, your medical coverage will be effective on the first day of the month. If your date of employment is after the first day of a given month, your medical coverage will be effective on the first day of the month following your date of employment. Available Medical Plans A not-for-profit physician led HMO medical center located on the Yale campus. A comprehensive national Point of Service (POS) plan as well as, a High deductible POS plan with a Health savings account. Go to www.yale.edu/benefits for Contribution rates and Benefit plan comparison chart. Dental Insurance Enrollment in the Faculty/M&P Dental Plan is available to eligible Faculty. Legal spouse, civil union partner**, children under age 19, children 19-25* who are fulltime students, and disabled child regardless of age are eligible for coverage as dependents. *Proof of Student status or disability will be required. ** Contact the Employee Service Center for more information and possible state income tax exemption. Coverage may have limitations related to age or frequencies of service. For a general summary of services please refer to the Dental Plan brochure located online at www. yale.edu/benefits or at the Employee Service Center. You may also find the contributions rates online. Vision Insurance Yale University offers on a voluntary basis and at a reasonable cost, a materials only vision insurance plan. Savings of up to 40% off retail price on eyewear. Some exclusions apply. For more information go to www. yale.edu/benefits Flexible Spending Account Flexible Spending Accounts (FSAs) permit you to save money by reducing your taxable income to cover qualifying Medical/Dental and/or Dependent/Child Care expenses.
Yale University Benefits Overview Faculty 3 How it works Pre-tax salary reductions can be set up for dependent/child care or non-insured medical/ dental expenses. These amounts are accumulated in a reimbursement account on behalf of the participant. Qualifying expenses will be reimbursed by submitting claims to a third party administrator. Expenses are reimbursed until the cumulative total equals the annual amount designated. Participation is optional and requires annual enrollment. New employees or those who have undergone a qualifying status change may also enroll and/or appropriately revise their FSA reduction amount(s) within 30 days of date of hire or qualifying event. In addition, nearly all Yale staff pay their health, dental and life insurance premiums (if any) with pre-tax dollars to realize tax savings. During the calendar year, unless you instruct the Employee Service Center in writing not to do so, salary or wage reductions will be automatically instituted to pay your share of premiums for health, dental and the first $50,000 of Yale-sponsored life insurance. For additional information and enrollment procedures, see www.yale.edu/benefits Commuter Benefits Program The Yale plan allows employees to use pre-tax dollars to pay for mass transit or (non-yale) commuter parking. Benefit-level employees who commute to work by mass transit or park in non-yale lots may participate in the Yale pre-tax mass transit or parking benefit by enrolling through the Employee Service Center. For additional information and enrollment procedures, see www.yale.edu/ hronline/parkingandtransit Retirement Plans Yale University Retirement Account Plan (yurap) YURAP is a 403(b) defined contribution plan in which employer and employee contributions are determined by the plan. Upon hire, all Faculty as defined by the Plan will be automatically enrolled in YURAP. Under YURAP s automatic enrollment feature, Yale will automatically reduce your monthly salary by 5% and deposit that amount as a pre-tax employee contribution to YURAP. Yale will make a Core Contribution equal to 5% of your salary and a University Match equal to 5% of your salary to YURAP. Both the Faculty member and employer contributions to the plan are immediately vested, meaning that the total accumulation belongs to the participant even if the employee terminates employment. Investments may be made with either one of the following Plan vendors: TIAA-CREF at: www.tiaa-cref.org/yale The Vanguard Group at: http://yale.vanguard-education.com Additional Plan Features for YURAP Loans TIAA-CREF Participants will be eligible to take a loan on employee contributions only. There is not a loan feature available for Vanguard at this time. The number of loans is limited to two gen eral purpose loans and one hardship loan. Full distribution rights at termination and retirement The University will allow you to take your retirement account balance with you upon termination or retirement.
4 Yale University Benefits Overview Faculty In-service distributions at age 591/2 During active employment at age 591/2, you will be able to take a distribution from the plan. This is limited to employee contributions only. Ability to direct University Core and Match to different vendors (TIAA-CREF or Vanguard) You may select different vendors for the University Core and Match. There is a requirement that employee contributions and the University Match remain bundled with one vendor. Automatic escalation of savings rate of 1% per year to a maximum of 10% each July unless you provide direction to the contrary Each July, the University will increase employee contributions by 1% to a maxi mum of 10%. If you are contributing between zero and 4%, the University will reset your contribution to 5% with the option to reduce or waive. This begins July 1, 2010. Yale University Tax-Deferred 403(b) Savings Certain Faculty members who are not eligible for YURAP, may contribute to the Yale University Tax-Deferred 403(b) savings plan. This plan allows employees to place unmatched pre-tax money from their pay into a wide range of investment options. Both the monthly contributions and earnings are tax-sheltered from state and federal income tax until withdrawn at or before retirement. The University currently offers two companies through which employees may invest their pre-tax contributions: 1. TIAA-CREF at: www.tiaa-cref.org/yale 2. The Vanguard Group at: http://yale.vanguard-education.com For more information or to participate in either YURAP or a Tax-Deferred 403(b) savings plan, contact the Employee Service Center. 457(b) Deferred Compensation Retirement Plan The plan is maintained primarily for the purpose of providing deferred compensation for a select group of management and faculty. Employees must meet the eligibility requirements in order to participate in the 457b Deferred compensation plan. More information is available via the Employee Service Center. Retiree Medical Benefits All Faculty who retire are eligible to receive a full or partial subsidy for their health insurance. Retirement for this purpose is ending active service under the following conditions: Age 55 or greater, AND 5 or more years of service, AND one of the following: age 65 OR the sum of age and service is greater than or equal to 75, e.g., age 55 and 20 years of service, or age 60 and 15 years of service. Plan details are available at www.yale.edu/benefits
Yale University Benefits Overview Faculty 5 Life Insurance Group Term Life Insurance Yale University provides eligible Faculty with $25,000 of basic term life insurance at no cost to the employee. Supplemental Life Insurance The University offers eligible employees the opportunity to purchase Group Term Life Insurance in multiples of 1, 2, 3, 4 or 5 times their base salary or a flat amount of $50,000. The maximum amount of coverage is $1,500,000. New Faculty who enroll in the supplemental life insurance plan within the first 60 days of employment are eligible to purchase up to 2 times their annual base salary without proof of insurability. Faculty wishing to purchase Group Term Life Insurance above 2 times their annual base salary must complete an Medical History Statement and be approved by the insurance company. A conversion or portability option is available at termination or retirement. The monthly cost of insurance is based on the age of the employee and the amount of term life insurance selected. Monthly costs will also be adjusted as the employee s salary increases and his/her age reaches one of the designated age brackets. Premiums will be taken from the employee s paycheck as a pre-tax salary reduction on the first $50,000 of coverage and as an after-tax deduction for the cost of coverage over $50,000. Both Life Insurance plans include an accidental death and dismemberment (AD&D) feature. Insurance rates are located online at www. yale.edu/benefits. Death Benefit If a Faculty member who holds an appointment of half-time or more dies while actively employed, his or her salary is paid up to and including the date of death. In addition, the employee s estate is paid an amount equivalent to one month s salary. Other Benefits Long-term Disability Insurance Eligible Faculty are automatically enrolled in the Long-Term Disability Base Plan at no cost to employees on base salaries up to $150,000. Under the Base Plan on the first of the month following 180 days (six-month elimination period) of total disability, employees are entitled to receive 60% of their base monthly earnings to a maximum of $7,500 minus any other payments received, such as Workers Compensation or Social Security disability payments. Supplemental Long-term Disability Coverage Faculty with base annual salary levels between $150,000 and $400,000 may purchase supplemental disability coverage on a payroll deduction basis. The maximum monthly benefit is $20,000 ($7,500 base benefit plus $12,500 supplemental coverage). Applications made after 60 days from date of hire or eligibility will require proof of insurability and approval by the insurance company. Long-Term Care This plan is designed to protect your retirement assets from being depleted by the costs associated with long-term care. Faculty, spouses, and other family members are eligible to participate.
6 Yale University Benefits Overview Faculty For information, contact Retirement Guard at: 888-793-6111 or via email at helpme@ retirementguard or go to www.yale.edu/ benefits 529 College Savings Plan The 529 College Savings Plan is designed to help employees save for the cost of a college education through payroll deductions to TIAA-CREF.The program offers a choice of investment options, tax advantages and the flexibility of using the account savings at any eligible institution, both in the United States and abroad. More information can be obtained on-line at www.yale.edu/benefits or at the Employee Service Center. Workers Compensation The Connecticut Workers Compensation Act provides coverage for an employee in the event of a job-related injury, illness, or death. Yale supports the provisions of this Act. When an absent employee is entitled to payment under the Connecticut Workers Compensation Act, supplemental payments may be made from his or her sick time to the extent of the difference between Workers Compensation payments and regular base pay. When sick time allowance has been exhausted, an employee may request supplemental payments from earned vacation days and personal business days. For more information, go to www.yale.edu/ hronline/benefits/workcomp.html Travel / Accident Insurance Faculty traveling outside the New Haven area on University business are covered by MEDEX. This plan includes an accidental death and dismemberment feature. Family & Education Scholarship for Children of Employees Yale University maintains a partial scholarship grant program for sons and daughters of eligible University staff and faculty. To qualify, both employee and child must satisfy certain criteria: The student must be enrolled full-time in an accredited two- or four-year undergraduate college and must be a candidate for an associate s or a bachelor s degree. At the time of matriculation for the covered term, a parent of the student must have been a full-time employee for six years preceding the date of application. The scholarship amount is onehalf of the school tuition and general fees (except fees for room and board), up to a set maximum established by the University for each academic year. Scholarship grants are limited to eight terms of study. Students are not eligible for any term that begins after their 25th birthday. For more information, go to www.yale.edu/benefits or contact the Employee Service Center. Personal Development Through the Organizational Development and Learning Center, faculty members may select from an extensive array of courses designed to improve the capabilities of administrative staff and the University as a whole. For information about enrollment and copies of the current course catalog, call (203) 432-5660 or email learning@yale.edu. The catalog and online registration are also available at www.yale.edu/learningcenter Auditing Yale Courses Full-time faculty members are eligible to audit courses in the Graduate School and Yale College during the academic year. Faculty members require only the instructor s
Yale University Benefits Overview Faculty 7 permission to audit a course. For regulations governing the auditing of courses in the professional schools, consult the registrars of those schools directly. Yale Homebuyer Program This program provides monetary assistance to Yale employees who purchase residences in designated areas of New Haven. Program particulars and contact information may be found online at www.yale.edu/hronline/hbuyer/ Yale Worklife Program This new program includes numerous links to Yale and other web resources on issues related to: Family, Work, Education, Community, Body and Spirit. www.yale. edu/worklife Yale Mortgage Loan Program Several area banks have established special home mortgage loan programs for Yale employees. Current particulars of each program are online at: www.yale.edu/ hronline/benefits/mortgage.html Hearing Aid Discount Program American Hearing Aid Association (AHAA) has partnered with Yale University to offer discounts to you and your family members on hearing aids and supplies. For more information go to www.ahaanet.com or www.yale.edu/benefits Day Care Directory Yale University has compiled a day care directory to help employees locate appropriate day care for their children. The Child Care Directory is available online at www.yale.edu/hronline/daycare Employee Assistance The Employee Assistance Program is a benefit that allows staff, faculty and their families to obtain immediate, confidential and professional help when personal problems begin to affect home life, health or job performance. For information go to www.wellnesscorp.com or call 800-232-6092.
8 Yale University Benefits Overview Faculty Cultural & Recreational Benefits In addition to the benefits described previously, eligible Yale employees may also take advantage of a wide assortment of membership opportunities in cultural and recreational facilities and programs. Many of the programs listed below are offered free of charge to Yale community members. Some others require membership fees. Arts & Culture Your Yale employee ID card is a passport to full privileges at all University libraries, galleries and museums, as well as a host of theater, music and drama events and programs. Museums and Galleries include: Peabody Museum of Natural History Yale University Collection of Musical Instruments New Haven Colony Historical Society Yale University Art Gallery Yale Center for British Art Music and Theater include: Yale Bands: Yale Concert Band, Yale Jazz Ensemble, Yale Precision Marching Band Yale School of Music Institute of Sacred Music Yale Glee Club Yale Symphony Orchestra Yale Russian Chorus Duke Ellington Fellowship Series Norfolk Chamber Music Festival Yale Repertory Theatre Yale School of Drama Yale Dramatic Association Yale Cabaret To view an online listing of cultural opportunities around Yale campus, go to www.yale.edu/living/cultural.html University Libraries Known for its rich collections and architecturally distinguished buildings, the Yale University Library is among the finest research institutions in the world. The library stacks and resources are open to members of the Yale community. The University Library system consists of 49 school, department and college libraries. Sterling Memorial Library Beinecke Rare Book & Manuscript Library Cross Campus Library Irving S. Gilmore Music Library Seeley Mudd Library Specialized Libraries: Drama Library, Kline Science, Arts, Divinity, Engineering & Applied Science, Epidemiology & Public Health, Law, Medical, and Social Science Sports & Recreation Numerous athletic events and facilities are available to Yale employees either at no cost or for a nominal fee. Athletics and Recreational facilities include: Payne Whitney Gymnasium Yale Golf Course Yale Corinthian Yacht Club Polo and Equestrian Center Outdoor Education Center Tennis Indoor/Outdoor Courts Ingalls Rink Coxe Cage