Business Affairs

Summary of Benefits

The College offers dental, health, vision, term life insurance, and long-term disability to full-time employees. The premium rates for dental, health, and vision are enclosed. The disability and life insurance rates are determined by your salary and age. Please contact the Office of Human Resources to determine the rates applicable to you.
 
Insurance Enrollment Periods
All insurance plans offer an open enrollment during the first 30 days of employment and then annually from that point forward. You can make changes to your plan only during enrollment periods or if you have a “qualifying event” throughout the year.
 
Dental Insurance (MetLife)
The College offers group dental insurance at the employee’s expense. There are two plans to choose from, high and low. The coinsurance and premiums are the only differences in plans.
 
Health Insurance (Health Alliance)
The College pays a portion of the premium for group health insurance. We have a high deductible PPO plan with a Health Reimbursement Account (HRA). The College pays the first portion of the annual deductible via the HRA which is administered by Benefits Planning Consultants (BPC).
 
Vision Insurance (VSP)
The College pays for vision insurance for all full-time employees. The employee can choose to add coverage for their dependents at their expense.
 
Life Insurance (Principal)
Illinois College offers life insurance to all full-time employees. The College pays for insurance coverage for a total of one times an employee’s annual salary at no cost to the employee. With the College life insurance, employees are also eligible for Accidental Death and Dismemberment (AD&D) which is equal to an additional one times an employee’s annual salary. Minimal dependent coverage is also offered at no cost to the employee. Employees can purchase additional coverage up to the lesser of five times the employee’s annual salary or $500,000, with a guaranteed issue of the lesser of three times annual salary or $250,000. Additionally, the employee can purchase term life insurance coverage for their spouse or domestic partner and dependents.
 
Long-Term Disability Insurance (Principal)
Illinois College offers long-term disability insurance to all full-time employees through The Hartford, www.thehartford.com pays 50% of the premium and the employee is responsible for the remaining 50%. The disability insurance benefit pays 60% of your income after the elimination period. Disability claims are determined by the company.
 
Other Insurance
The following are available at the employee’s expense: supplemental AFLAC insurance coverage including accident, hospital indemnity, and critical illness. 
  • Flexible Spending Account: Illinois College full-time employees are eligible for the Flexible Spending Account (FSA) benefit through TASC Flex system, www.tasconline.com, for medical out-of-pocket expenses, dependent care, and non-employer sponsored premiums. Benefits are tax deferred. (**Note: You are not required to participate in the College group health plan to participate in Flex.) The FSA is a cafeteria plan that allows employees to set aside pre-tax dollars to pay for qualified medical, dependent care, and non-employer sponsored premium expenses. The maximum election amounts per calendar year are:
    o Medical: $2,550
    o Dependent Care: $5,000
    o Non-Employer Sponsored Premiums: No maximum
    Contributions are taken over a 12-month period (January – December) with a $500 maximum rollover in remaining funds at the end of the calendar year.
    An employee may make changes to their annual election if there is a life changing event (i.e. birth, death, divorce, marriage, job change, etc.)
  • Retirement Plan: The College participates in the 403b retirement plan through TIAA-CREF. Participation in the retirement plan is mandatory to all eligible employees. Employees must contribute at least 5% of their gross pay per pay period and the College matches with 7%. Ineligible employees also have the option to participate in a supplemental retirement plan with no contribution from the College. All contributions are tax deferred. New employees are eligible to participate after one year of service. If an employee has worked at an eligible employer for at least 1,000 hours, then he/she may be eligible to have the one year waiting period waived. Contact the Office of Human Resources for more details. To view account information or to learn more about TIAA-CREF, visit the website at www.tiaa-cref.org.
  • Illinois College Tuition Remission/Exchange Program: The College offers tuition remission and exchange to all full-time employee and their dependents. Please contact the Office of Human Resources for more information.


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