The plan also provides a waiver of premium benefit for group life insurance and reduced contributions to the basic retirement plan on the employee's behalf. For non-participants of the basic retirement plan, contributions begin when disability payments start. Group Travel Accident Insurance Group travel accident insurance is automatically provided at time of hire for all employees with an FTE of .44 or greater. As the name suggests, there are set or defined levels at which both the employee and the College can contribute to this plan. The one year of service is waived for employees whose immediately previous employer was an educational or church institution.
Employees can choose contributions by full percentage points.
Employees will determine how their contributions will be invested and can change the allocations once they are on the plan. Employees who wish to participate in the basic retirement plan must complete a TIAA-CREF application and a salary reduction form. Upon hire, all regular employees may contribute before-tax dollars to a supplemental retirement annuity. The other pre-tax benefits are the basic retirement plan, health insurance, as well as the medical and dependent care reimbursement accounts. Participating employees must complete a company application form and a College salary reduction agreement.