Faculty Handbook - Fall 2008

V. A. SUMMARY OF BENEFITS

(Source: Human Resources, April 1, 2008)

Type of benefit Eligibility Employees Dependents Mandatory Brief description Paid by
Retirement plan 1 year service; 21 or over .5 FTE or more No Yes 10% of annual salary Employer
Supplemental Retirement Plan (SRA) Immediate Regular f.t./p.t. No No Section 403(b) tax-deferred annuity plan Employee
Medical insurance 30 days or less .5 FTE or more Yes Yes* Core plan: Least Expensive Plan Employer or shared
PIONEER POS         Preferred Provider Plan with deductible Employer or shared
Kaiser HMO         Health Maintenance Organization (HMO) no deductible Employer or shared
Retirees Age 55; 20 years service .5 FTE or more Yes Yes Early Retiree: same as active plans
Age 65 Medicare Supplement Plans		 Employer or shared
Retiree Medical Contribution Date of hire after 7/1/06 age 40 .5 FTE or more No Yes Fixed amount determined by the college each year Employer
Retiree Supplemental Medical Immediate .5 FTE or more No No After tax retiree medical account Employee
Dental insurance 30 days or less .5 FTE or more Yes Yes* Choice of two plans Employer or shared
Insurance waiver 30 days or less .5 FTE or more No Yes* $300 health, $60 dental/year; pro-rated p.t. Employer
COBRA 30 days or less .5 FTE or more Yes Yes Continued health/dental benefits Employee
Flexible Benefit Plan (Section 125 Plan) 30 days or less .5 FTE or more Yes No Pre-tax account for out-of-pocket expenses Employee
Disability insurance One year of service .5 FTE or more No Yes 60% of salary; self-insured first 6 months Employer
Life insurance 30 days or less .5 FTE or more No Yes 2 times annual salary + ADD Employer
AFLAC supplemental insurance 30 days or less Regular f.t./p.t. Yes No Individual Supplemental Plans Employee
Accidental Death/Dismemberment 30 days or less .5 FTE or more Yes No Up to $250,000 plus % for dependents Employee
Supplemental Life 30 days or less .5 FTE or more Yes No Up to $100,000 EE, $25,000 SP, $4000 CH Employee
Travel Insurance Immediate .5 FTE or more No Yes Up to $100,000 + ADD when traveling Employer
Tuition Remission for spouse or family partner Fac-tenure; staff-6 years .5 FTE or more Yes No Waive 2/3 tuition at Reed; pro-rated p.t. Employer
Tuition Remission for Dependent Fac-tenure; staff-6 years .5 FTE or more Yes No Full waiver for Reed; 2/3-other colleges;pro-rated p.t. Employer
Tuition Exchange for Dependent Children Fac-tenure; staff-6 years Full time only Yes No Full wavier of tuition at exchange colleges Employer
Employee Assistance Program (EAP) Immediate .5 FTE or more Yes Yes Counseling and referral service Employer
Moving Allowance Immediate Pres. Discretion Yes No Assistance with moving expenses Employer
Auto/homeowners insurance Immediate Regular f.t./p.t. No No Special group rates for auto/home insurance through The Kemper Network Program Employee
On Point Credit Union Immediate Regular f.t./p.t. Yes No Payroll deduction checking/savings/loans Employee
Savings bonds Immediate All employees No No Payroll deduction to purchase bonds Employee
MacLoan Program 6 mos-staff; immed-fac Full time only No No Loan to purchase computer through college Employee
Mortgage Loan Program 4th, 5th, 6th years-staff; 1st 6 yrs-faculty Full time only No No Loan for down payment to purchase home Employee
Family Partner Benefits Immediate All employees Yes No Some leave and other benefits  
Paid and unpaid leaves Varies Varies        
Other benefits for faculty            
Sabbatical Dean of Faculty discretion         Employer
Professional Travel Dean of Faculty discretion         Employer
Professional Development Dean of Faculty discretions         Employer
Other benefits for staff            
Vacation 6 months of service Regular f.t./p.t     22 days per fiscal year; prorated part time  
Sick leave 6 months of service Regular f.t./p.t.     12 days per year; prorated part time  
Holidays Immediate Regular f.t./p.t.     7 days: NY, MLK, Mem, 4th, Labor, Thnksg, Xmas  
Administrative Leave Days Immediate Pres. Discretion     At Pres. discretion may give addtl. days off  
Mandated benefits            
Social Security Immediate All employees Yes Yes Federal insurance program Shared
Worker’s Compensation Immediate All employees No Yes State insurance program Shared
Unemployment Immediate All employees No Yes State Insurance program Employer

This is a summary only and not a contract; refer to the Plan Document for specific information. Reed College reserves the right to change, terminate, or modify any benefit at any time.

*unless covered by spouse.