- I. TIAA/CREF Retirement
- II. TIAA/CREF-SRA (Supplemental Retirement Annuity)
- III. Long Term Disability
- IV. Life Insurance
- V. Life Style Supplement Life Insurance
- VI. Health Care Plans
- VII. Flexible Spending Account Program
- VIII. Tuition Benefits
- IX. Tuition Exchange Program
- X. Pay Day
- Benefits XI through XX
- Benefits Summary
Employees who have completed one year of service, are 21 years of age or older,
who have contributed to a 403(b) plan for one year with a previous employer are eligible to participate in the TIAA-CREF Retirement Plan
Under the plan’s contribution formula, each participant is eligible to enroll and receive a contribution from the College equal to 2% of his/her annual base salary. This contribution will be made whether or not a participant chooses to make any contributions to the plan.
This plan has a voluntary feature that enables employees to elect to make contributions on a salary reduction basis ranging from 1% to 6% of his/her annual base salary. The College will match your elective contribution (1% to 5%) at a 2/3 level. At a 6% contribution level the College will match the 6% contribution at 100%. The maximum amount that can be contributed by an employee to this plan is 6%. Additional contributions can be made to a supplemental plan (see Supplemental Retirement Annuity).
Note: The base 2% contribution will not begin until TIAA/CREF enrollment forms are completed and returned to the office of Human Resources. Base contributions will not be made retroactive due to delay of the completion of enrollment forms.
Trinity College offers the availability of a TIAA/CREF Supplemental Retirement Annuity (SRA Plan). This plan gives employees the opportunity to deposit additional contribution dollars into a tax deferred retirement account. SRA’s are an alternative to bank sponsored IRA’s. The College does not match SRA contributions. Before enrolling in an SRA, employees must request a calculation from TIAA/CREF (the Tax-Deferred Annuity Calculation Unit) to ensure compliance with the IRS regulations. The College assumes no responsibility for interpretation or accuracy of the calculation completed by TIAA/CREFF.
Employees, who have completed one year of full-time employment, at Trinity College, are insured against total disability under a Long Term Disability Plan. This plan pays 60% of your monthly salary (after being disabled for three months) up to a maximum of $6000 per month. The total cost of this benefit plan is paid by Trinity College.
Trinity College provides life insurance for all full-time employees. The benefit value of this insurance is two times your base annual salary. The College pays the total cost of this benefit. This benefit is regulated under a policy that meets the requirements of the Group Life Insurance Code, paragraph 14.516. Participation in such a plan requires that if the employer provided life insurance benefit exceeds $50,000, then the premium will be subject to taxation based on a uniform premium table (Table I), created by IRS. This insurance coverage is optional and any employee may decline this benefit.
All full-time employees have the option to enroll in the supplemental life insurance plan provided by UNUM. This plan offers a guaranteed issue of $80,000. In addition, eligible employees have the option to purchase coverage up to $500,000, with evidence of insurability. Trinity does not contribute to the cost of this benefit. This insurance coverage is optional and any employee may decline this benefit.
Trinity offers healthcare coverage through CareFirst BlueCross BlueShield Health Insurance plan for all full-time employees. Three different plan options are available. The available options are HMO, POS, and PPO. Details for each of the plan options are available in the Office of Human Resources . All plans include a discounted vision care feature.
The University also offers a voluntary Dental Plan through MetLife. The dental plan premium is cost shared by the University at 50%. Additional information regarding the dental plan is available in the Office of Human Resources .
If health care plan is elected, coverage begins on the first of the month following the month in which employment begins. The health care plan is a contributory benefit with the University paying 65% of the total premium.
Information packets (including a toll-free information number) for CareFirst Health Insurance are available in the Office of Human Resources. Visit www.carefirst.com for information regarding the most current list of participating physicians and other health care providers. You may also visit www.metlife.com for information regarding participating dentists with MetLife.
Trinity reserves the right to change any benefit offered without notice at anytime.
The Flexible Spending Account Program includes two accounts; a medical reimbursement account and a dependent care account. The medical reimbursement account allows employees to set aside up to $2,500 of their own money, pre-taxed, for expenses that are not covered by insurance. Eligible expenses include: deductibles, co-payments, vision examinations, hearing examinations, contact lenses (including contact lens solutions), eyeglasses, dental expenses, orthodontic expenses, routine physicals, and immunizations.
The dependent day care account allows you to set aside up to $5,000 ($2,500 if married and filing separate returns) for day care expenses that allow you and your spouse (if applicable) to work. Eligible expenses include: day care at a licensed facility, home-care, care provided by a relative (but not another dependent), a nursery school, before and after school care, adult day care, and day camp. Eligible dependents include children up through the age of 12 and over-age dependents that are physically or mentally incapable of self-care. Complete listings of eligible expenses are available in the Office of Human Resources.
This program offers a tremendous tax savings. These accounts allow you to set aside money on a pre-tax basis for expenses that would otherwise be paid for with after tax dollars. As a result, you are not subject to Federal, State, local (including piggyback taxes) or Social Security (FICA) taxes for these elected dollars. These elected contributions are excluded from your income for taxation purposes. Certain conditions and restrictions do apply to this program. Additional information is available in the Office of Human Resources.
Trinity provides education assistance in the form of tuition remission for all regular full-time staff and faculty. Eligible employees may use the tuition assistance credits to enroll in baccalaureate courses after six months of employment. To use the tuition credits in graduate programs, the waiting period is one year. Certain conditions and restrictions apply to this benefit. Detailed information is available in the Office of Human Resources.
Trinity College is a member of the Tuition Exchange, Inc. The Tuition Exchange provides a national scholarship exchange program for dependent children of full-time faculty and staff from among its membership of more than 600 Colleges and Universities. Admission to the institution is determined by the institution through its regular admissions process. The number of scholarships available depends on the balance between imports and exports over a 5-year period. We hope, of course, to be able to attract students, therefore having scholarships available to the dependent children of Trinity College faculty and staff. There is no guarantee that Tuition Exchange scholarships will be available.
Faculty and staff who have been employed at the College for a minimum of six months are eligible for this benefit. The Tuition Exchange Program is limited to eligible children of qualifying faculty and staff. The credits awarded through the Tuition Exchange Program may be used for first undergraduate degrees only. They may not be used for graduate study, non-degree studies or second undergraduate degrees.
The policy, application process, and procedures for this program are available in the Office of Human Resources.
Payday is the 29th of each month for all exempt employees and on a bi-weekly basis for non-exempt employees. A schedule for exempt (monthly) and non-exempt (bi-weekly) employees is available from the Payroll Office. Refer to the Payroll Schedule Main Page.