Faculty Handbook & Constitution - Lee University

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_________________LEE UNIVERSITY FACULTY HANDBOOK & CONSTITUTION_________________PLAN CONTRIBUTIONS AS A PERCENTAGE OF REGULAR SALARYCONTRIBUTIONS SCHEDULE BY YOU* BY YOUR INSTITUTION*0 2or 1 2or 2 2or 3 3or 4 4or 5 5*The Institution will contribute 2% for all Eligible Employees, whether or not they electto make a contribution. All employee contributions are voluntary. An opportunity is giventwice annually, January and July, for employees to change their contribution election. TheInstitution will match employee contributions beyond the 2% level if the employeecontributes 3, 4, or 5%. The University’s contribution percentage is paid on anemployee’s base pay which does not include overtime, bonuses, or other types ofadditional pay.Employees will receive an enrollment kit from Human Resources prior to theireligibility date to allow time to complete the application process. The application must becompleted in order for university contributions to begin.Tax-Deferred Annuity PlanEmployees may participate in a Tax-Deferred Annuity Plan (TDA) through TIAA-CREF. Eligibility begins immediately following employment at the university. Students arenot eligible to participate in the Plan if employment is incidental to education. Enrollmentmaterials are available in Human Resources. Contributions in excess of the matched 5%will automatically be placed in a TDA by TIAA-CREF.Flexible Benefits Plan and Health Savings AccountNew full-time employees may elect to participate in the Flexible Benefits Plan after 90days of employment. Flex consists of four types of accounts: Insurance PremiumRedirection Account, Health Care Reimbursement Account, Dependent CareReimbursement Account, and Individual Purchased Insurance Premium ReimbursementAccount.The Insurance Premium Redirection Account allows an employee to pay forinsurance premiums tax-exempt. The Health Care Reimbursement Account allows anemployee to set aside money tax-exempt to help pay for expenses not covered bymedical insurance. The Dependent Care Reimbursement Account allows an employee toset aside money tax-exempt to help pay for dependent care services that are necessaryin order for the employee or spouse to go to work. The Individual Purchased InsurancePremium Reimbursement Account offers the employee the opportunity to be reimbursedfor privately purchased insurance premiums, including health, disability, cancer, and termlife insurance. Group insurance premiums deducted from the employee’s paycheck foremployer-sponsored plans do not qualify within this category. Nor are the insurancepremiums deducted from an employee’s spouse’s employer eligible.Employees may elect to participate or make changes in their Flex accounts during themonth of October for the following plan year (November 1-October 31). This benefit planis covered under the Health Insurance Portability and Accountability Act (HIPAA) of 1996.6 - 6 Benefits of Faculty Service
_________________LEE UNIVERSITY FACULTY HANDBOOK & CONSTITUTION_________________A Privacy Statement will be disseminated to all new participants of the plan at the time ofenrollment.Employees enrolled in qualifying high deductible plans (HDHPs) may elect to open aHealth Savings Account in which they can contribute funds via payroll deduction and/or attheir own discretion up to the appropriate IRS defined limits. Money deposited into anHSA can be used for qualified medical expenses, excluding health insurance premiums,and is not subject to “use it or lose it” rules.Christmas GiftEach December if funds are available a decision may be made to provide regularemployees of Lee University a gift equal to 2% of their regular salary or equal to oneweek’s pay. The following criteria will be used to determine how a gift may be calculated.1. Employees who were employed before September 1 of each year may receivethe full amount of the Christmas gift.2. Employees who were employed after September 1 and prior to November 15may receive 50% of the gift.3. Employees who work less than forty hours per week shall receive a gift accordingto the same schedule as full-time employees based on their average weeklyhours.4. Employees must be actively employed before November 15 in order to receivethe Christmas gift.Social SecurityThe university participates in the Federal Insurance Contributions Act (SocialSecurity). Employees of the university are eligible to participate. The universitycontributes 7.65 percent of salary to match monthly employee contributions.Credit UnionTwo credit unions are available for membership by university employees and theirimmediate family members. Cleveland/Bradley County Teachers Federal Credit Unionand Pathway Credit Union offer a full range of financial services for their members.These services include but are not limited to savings accounts, draft accounts, loansand/or automobile insurance by payroll deduction. In addition, tax deferred contributionsto Individual Retirement Accounts (IRA) can be handled through payroll deduction.Applications for membership in the Pathway Credit Union are available in the Office ofHuman Resources. Membership applications are made directly to the Cleveland/BradleyCounty Teachers Federal Credit Union office at 420 Central Avenue.Tuition DiscountUndergraduate StudiesFull-time employees are eligible to take 6 undergraduate credit hours tuition-free persemester (benefit does not apply to summer sessions). The spouse and dependentchildren of full-time faculty are entitled to 100% tuition remission. Other fees are to bepaid by the employee. Disqualification may occur because of chapel probation (seeStudent Handbook). Any judgments or interpretation regarding this policy are to be made6 - 7 Benefits of Faculty Service
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Faculty Handbook & Constitution - Lee University

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