Health Insurance
Academic employees who are part-time and work half time or more at one or more state institutions of higher education for two consecutive quarters are eligible for College provided benefits the beginning of their second consecutive quarter. For eligibility purposes, spring and fall are considered consecutive. All part-time academic employees who work fifty percent or more during the instructional fall, winter, and spring quarters are eligible for college provided benefits during the summer months of July, August and September. All part-time academic employees who are health insurance eligible and experience a break in service (i.e. missed quarters of teaching) are eligible for health insurance benefits upon return to fifty percent or more teaching if the return occurs within an 18 month period.
The College health benefits are negotiated through the State of Washington Health Care Authority. Employees can choose from a variety of health plans including a State preferred provider plan and several managed care plans. Employees pay a portion of their medical care cost through payroll deduction. The employee premium is based on the employee’s choice of plan and coverage for lawful spouses, same-sex domestic partners, and dependent children. The current monthly premiums range from $20 through $307 depending on plan choice and number of persons covered. The College’s monthly contribution for employee medical plans is $663. Employees who have other options for comprehensive medical insurance do not have to participate in the College’s plan.
Vision Insurance
Vision Insurance is included with all employee health insurance plans and is available to those individuals who are eligible for health insurance. Optical service frequency and hardware (glasses, contact lenses) vary per type of plan selected. Employees do not pay a separate premium for vision coverage. Vision coverage is included with the employee health insurance premium.
Dental Insurance
Academic employees who are eligible for health insurance benefits have a choice of dental plans. Options include a State of Washington preferred provider dental plan and two managed care plans. The coverage options vary based on plan selection. Currently, employees do not pay a premium for dental insurance.
Voluntary Employee Benefit Association (VEBA)
Post-retirement health reimbursement account plan
Upon College retirement, eligible full and part-time academic employees participate in a tax free transfer of one quarter of sick leave benefits into a health reimbursement plan in lieu of a cash sick leave payout which would be taxable compensation. This is a IRC governed plan and mandatory participation is required based on a group election. These dollars can be used for post-retirement health expenses including health insurance premiums.
Life Insurance
Academic employees who are eligible for health insurance are also eligible for term life insurance benefits. The College provides $25,000 in basic life insurance from any cause and $5,000 basic Accidental Death and Dismemberment (AD&D) insurance at no cost to the employee. Employees can apply for additional low cost optional life insurance benefits for themselves, their spouse, and dependents. Currently, employees can apply for an additional amount equal to $350,000 plus the amount of the employee’s annualized salary. Upon retirement, employee’s can apply for conversion of their term life insurance into a whole life policy.
Long Term Disability Insurance
The College provides a basic long term disability plan at no cost to academic employees who are eligible for health insurance. All academic employees who are eligible for health insurance are eligible for long-term disability coverage. This plan pays a benefit between $50 and $240 per month 90 days after disability certification or the period of accumulated sick leave, whatever is longer. Employees can also participate in an optional long-term disability plan that provides 60% of the first $10,000 of monthly predisability earnings plus the amounts that would be contributed into the employees TIAA-CREF accounts, reduced by any deductible income, plus amounts paid into the higher education retirement accounts. This is an after-tax benefit; therefore, any benefits received from this plan are tax free.
Retirement
Part time academic employees initially participate in the group retirement plan if they work a cumulative total of at least fifty percent of a full-time workload as defined by the College at one or more college districts or the state board for two consecutive quarters. The group retirement benefit begins at the beginning of the second consecutive quarter. The part-time academic employee continues group retirement participation unless he/she has a break in service. If a break in service occurs, the employee must re qualify under the two consecutive quarter rule
The TIAA-CREF group retirement annuity plan has a dollar for dollar College match. Employees begin the plan on their first date of hire. Employees are immediately 100% vested in their contributions and the College’s contributions. Percentages of contributions are age dependent.
Ages under 35 contribute 5% of their gross income with a 5% College match.
Ages 35 to age 50 contribute 7.5% of their gross income with a 7.5% College match
Ages 50 and over contribute 10% of their gross income with a 10% College match
Academic employees who currently belong to a College State sponsored plan can continue with that plan in lieu of participation in the TIAA-CREF plan (i.e. Public Employee Retiree System (PERS), Teachers Retirement System (TRS)).
Supplemental Retirement Opportunities
The College offers the opportunity to participate in supplemental retirement plans in addition to the regular matched retirement. An employee can voluntarily participate in a 403(b) plan and set aside a portion of their income in a tax deferred plan. These plans are easily set-up and provide for employee flexibility. Recent tax changes allow employees to participate in both supplemental 403(b) plans and the State of Washington’s 457 deferred compensation plan.
Deferred Compensation Plan
Employees of the College can participate in the State’s deferred compensation plan. This 457 plan allows an employee to set aside additional pre tax earnings for retirement savings. Employees can participate in the supplemental 403(b) retirement plans in addition to participation in the State plan.
Dependent Care Assistance Program
Employees can set aside pretax dollars to pay for out-of-pocket dependent care expenses. This plan provides a simple, efficient and cost-effective opportunity for savings. Employees may be able to save hundreds in dollars in taxes annually if they have children under the age of 13 or elderly parents who require care assistance. Employees can sign up to participate upon hire.
Guaranteed Education Tuition (GET) Plan
The Washington Guaranteed Education Tuition Program, or GET, is a qualified tuition program under Section 529 of the Internal Revenue Code. GET offers Washington families a safe, affordable and easy way to save for college. Since GET began in 1998, Washington families have opened more than 44,000 accounts valued at over $436 million.
GET accounts are for everyone.
GET accounts are for everyone – from newborns to senior citizens. The only requirement is that the student beneficiary live in Washington at the time of enrollment.
GET accounts can be used almost anywhere.
GET accounts can be used at almost any public or private college, university, trade or technical school in the United States, as well as some schools around the world.
GET accounts grow tax-free.
The increased value of GET accounts is tax-exempt when used for tuition and other qualified educational expenses. The IRS also allows generous gift and estate tax exemptions for contributions to GET.
GET accounts are guaranteed.
And best of all, GET is low risk. The state of Washington guarantees that 100 GET units will cover one year of tuition and state-mandated fees at the highest-priced public university in Washington – whether your child is ready for college in five years, 15 years or more.
Illness, Injury, and Emergency Leave (Sick Leave)
Academic employees participate in sick leave based upon the provisions of the TCCFT negotiated agreement. Regular full-time academic employees accrue 12 days per year. Part-time and less than regular full-time academic employees accrue sick leave on a pro rata basis.
