COST Employees may elect either HMO or Comp-Care coverage for themselves at no cost. The effective rate is significantly lower for most employees as the premiums are exempt from income and payroll taxes. See the Colby College Life Insurance Benefits form for more details. Benefits for total disability are payable to age 65, subject to completion of the 180-day elimination period. Claim forms are submitted for reimbursement of expenses incurred during the Plan Year in which contributions are made.
Participation is mandatory and begins after two years of employment.
The College contributes five percent of earnings up to the Social Security wage base and ten percent on earnings above the base. Employees must contribute five percent of earnings on a tax-deferred basis. Contributions to annuity contracts are immediately vested. Participants currently may allocate contributions among ten investment options. TIAA offers a fixed dividend rate and Real Estate Account, and CREF offers Stock, Growth, Equity Index, Money Market, Social Choice, Bond Market, Inflation-Linked Bond, and Global Equities accounts .