Cash savings are tax-deferred and earn interest based on a competitive rate. The plan also offers an increasing death benefit that consists of term coverage plus the tax-advantaged savings fund. The plan offers a loan provision and continuation of plan after termination or retirement. Term insurance protection is available to spouses and children of enrolled employees. The university pays an amount determined by the NC General Assembly toward the cost of coverage for permanent employees who work 30 or more hours per week for 9 or more months per calendar year.
Employees are responsible for the difference paid by the university and the total premium.
Premiums for health care are paid on a pretax basis unless otherwise requested. Enrollment in the plan during the first 30 days of employment will guarantee coverage for preexisting conditions. The earliest date coverage may begin is the first day of the month following the date of hire or first of the subsequent month. This plan has a deductible which must be satisfied each Plan year before eligible medical expenses will be reimbursed. Once the deductible has been met, covered expenses are reimbursed based on a specified percentage.