12.07.2015 Views

Faculty Handbook & Constitution - Lee University

Faculty Handbook & Constitution - Lee University

Faculty Handbook & Constitution - Lee University

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_________________LEE UNIVERSITY FACULTY HANDBOOK & CONSTITUTION_________________questions may be discussed with our insurance plan provider directly. Contactinformation is available through Human Resources.Life InsuranceA Life/AD&D insurance policy in the amount of $50,000 is available to all full-timeemployees after 90 days of continuous employment. Dependent life coverage includes$5,000 for an employee’s spouse and coverage for dependents based on age. 100percent of the premiums are paid by the university.Long-Term Disability InsuranceLong-term Disability Insurance provides financial protection for employees in theevent of disability. Eligibility for participation is open to all full-time employees after 90days of continuous service. Fifty percent of the employee’s premium is paid by theuniversity.Optional Insurance ProgramThe university sponsors several optional insurance plans for permanent employees.Eligible employees may purchase insurance for cancer, intensive care, long-term care,accident protection, hospital indemnity, short-term disability term life, automobile andhome insurance at discounted rates. Premiums are paid 100 percent by the employeethrough payroll deduction. Enrollment materials and information are available in HumanResources.Retirement PlansTwo retirement plans are offered to employees: the Church of God Minister’sRetirement Plan and the <strong>Lee</strong> <strong>University</strong> Retirement Plan through Teachers Insurance andAnnuity Association-College Retirement Equities Fund (TIAA-CREF). Contributions toeither of these plans are matched by the institution up to 5% of the employee’s regularsalary (see schedules below). The employee may select the plan of his/her choice.Church of God Minister’s Retirement PlanThe Church of God Retirement Plan was established January 1, 1983, to providebenefits to the plan members and their surviving spouses and beneficiaries upon theretirement, disability, or death of such members in accordance with plan provisions. Eachparticipant may contribute any amount of his/her salary annually per the guidelines set bythe Internal Revenue Service through a salary-reduction agreement. The university willmatch up to 5% of the employee’s contributions and forward these contributions to theChurch of God Benefits Board.<strong>Lee</strong> <strong>University</strong> Retirement PlanAn employee becomes eligible to participate in the TIAA/CREF defined contributionretirement plan at the beginning of the 12-month period during which they are creditedwith at least 1,000 hours of service and have attained the age of 21. Students are noteligible to participate in the Plan if employment is incidental to an educational program.Plan contributions are made on a before-tax (salary reduction) basis.Compensation means the amount paid to you by the institution that is known asyour base pay, but does not include overtime, bonuses, or other types of excess pay.6 - 5 Benefits of <strong>Faculty</strong> Service

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