Benefits

Fringe Benefits Summary

All eligible full-time employees receive the following fringe benefits: [Note: The narrative following each benefit is intended to provide you with basic information. For complete terms and conditions of each benefit see the Employee Benefits Booklet, published annually by the Office of Human Resources.] Coverage for eligible employees begins the first day of the month coinciding with or following the date of employment. Coverage may terminate on the last day of the month that employment ends. Contact Human Resources for more information.

Comprehensive medical insurance – College pays 80% of employee premium.

This plan is administered through Blue Cross Blue Shield of Minnesota. If you are an eligible employee and elect medical coverage for yourself, you may also cover your eligible dependents. Eligible dependents include your spouse, domestic partner as defined in the Gustavus Adolphus College domestic partner policy, and children under 26 years of age. Medical plan costs vary with coverage selected (options are Employee, Employee plus Spouse/Partner, Employee plus Dependent Child(ren), and Family). There are two plans from which to choose: a $2,000 deductible Health Reimbursement Account (HRA) plan, and a $5,000 deductible HRA plan. See the Summary Plan Description booklet for a complete description of the benefits, provisions, limitations and exclusions applicable.

Dental insurance – College pays 80% of employee premium.

This plan is administered through EBSO, Inc. If you are an eligible employee and elect dental coverage for yourself, you may also cover your eligible dependents. Eligible dependents include your spouse, domestic partner as defined in the Gustavus Adolphus College domestic partner policy, and children under 26 years of age. Dental plan costs vary with coverage selected (options are Employee, Employee plus One, and Family). See the Summary Plan Description booklet for a complete description of the benefits, provisions, limitations and exclusions applicable.

Term life insurance – policy equal to 1.5 times salary.

Provided under a policy purchased by the College through Reliance Standard Life is a benefit we provide all eligible employees at no cost to you. Benefit is 1½ times your annual pay rounded to the next higher multiple of $1,000, and minimum of $10,000 to a maximum of $550,000 combined Basic Life and Optional Life Benefits (Guarantee issue up to $425,000). In the event that you terminate your employment, you may have the option to convert your basic life insurance to a whole life policy. Eligible employees may also purchase additional life insurance through the plan. If you are an eligible employee and elect Voluntary Life insurance on yourself, you may elect to purchase Voluntary Life insurance for your eligible dependents. This benefit option gives you the ability to purchase additional life insurance coverage at special reduced rates. See the Summary Plan Description booklet for a complete description of the benefits, provisions, limitations and exclusions applicable.

Short-term salary continuation (for salaried employees).

In the event you are absent from work due to an accident or illness, Gustavus Adolphus College will continue to pay 100% of your regular pre-disability earnings until you are no longer disabled or for a period of up to six months, whichever occurs first (after six months, long-term disability income insurance is in effect – see number 5 below). Employees may be required to furnish a medical certificate indicating that the employee is unable to perform their job duties.

Short-term disability (for hourly employees).

In the event you are absent from work due to an accident or illness, Gustavus Adolphus College will continue to pay 100% of your regular pre-disability earnings until you are no longer disabled or for a period of up to six months, whichever occurs first (after six months, long-term disability income insurance is in effect – see number 5 below). Benefits are payable after 45 days of continuous disability. Employees may be required to furnish a medical certificate indicating that the employee is sufficiently disabled to prevent the employee from performing their job duties.

Long-term disability income insurance.

Under a policy purchased by the College through Madison National Life Insurance Company, Inc., covered employees are protected against long-term income loss due to an accident or illness, defined as being 1) unable to perform at least one of the material duties of your job during the first 36 months of benefits (excluding the qualifying period) and, thereafter, unable to perform material duties of any job for which qualified by education, training, or experience or 2) unable to earn more than 80% of pre-disability earnings. Benefits are payable after 180 days of continuous disability. Benefits payable include 66 2/3% of monthly salary to a maximum of $17,000 per month, offset by full Social Security, Workers’ Compensation and any other Government or Employer Sponsored plans. Benefits may not be payable if disability is due to a Pre-Existing Condition.

A tax shelter retirement plan – 7% College

The Retirement Plan is a Defined Contribution, Tax-deferred Annuity Plan as allowed under section 403(b) of the Internal Revenue Code. Under this arrangement, the College can enter into salary reduction agreements with its employees in which a portion of the employee’s compensation (selected by the employee and within the limits imposed by the Internal Revenue Code) is applied on a before-tax basis to an annuity contract owned by the employee, rather than being paid directly to the employee. These amounts, together with any investment earnings, are not subject to federal income tax until they are paid to the employee (or beneficiary) in the form of benefits. Participation in this tax-deferred annuity plan is voluntary. When you begin participation in the Plan, the College will automatically make contributions to the fund sponsor. [The fund sponsor is TIAA-CREF, the principal retirement system for the nation’s education community.]

Tuition Scholarship Plan for Dependent Children.

Dependent children of employees hired after June 1, 2009 will be eligible for the full tuition benefit after four years of the parent’s full-time employment. Benefits begin at the start of the next semester after the anniversary date. The parent’s service qualifying for a tuition benefit at a higher education institution immediately preceding employment at Gustavus will be considered toward meeting this requirement. The tuition scholarship does not cover room and board or any special fees.

Employee and Spouse/Domestic Partner Tuition Benefit Plan.

The employee and spouse/domestic partner (as defined in the Gustavus Adolphus College domestic partner policy) enrolled in a course(s) on a part-time; space available basis at Gustavus will not be charged for tuition but are subject to pay any and all special fees.