Summary of Fringe Benefits for Full-time Staff at the Cooper Union

1. HEALTH CARE

General Provisions  A self-insured plan with risk management administered by Group Benefit Services (GBS) covering hospital, surgical, office visits, major medical, laboratory, pharmaceutical charges and treatment of mental and nervous disorders. Dependent children covered to 23 or 26 if full-time students, with opportunity to continue group coverage under COBRA. Coverage is continued for eligible retirees on a secondary payer basis.

Preferred Provider Organization (PPO)  The Cooper Union is a member of a Preferred Provider Organization called Multiplan. This PPO does not restrict the choice of health care providers. The employee is free to choose any licensed health care professional he or she desires. If, however, the health care professional chosen is also a member of Multiplan, then a discount will apply for services rendered. This results in lower costs to both the employee and the Cooper Union. The employee should consult the Multiplan directory to determine if his or her present health care providers are participants. The directory may also be used to locate new providers.

Health Benefit Schedule (PDF)

2. GROUP LIFE INSURANCE

Administered by Group Benefit Services (GBS) carried through First Reliance Life Insurance Company with coverage equal to one and one-half (1½) times annual base salary rounded to the next thousand dollars; includes coverage for accidental death and dismemberment. May be converted to an individual policy upon termination of employment. Beneficiary changes may be made at any time. No cost to employee.

3. LONG-TERM DISABILITY

Administered by First Reliance Life Insurance Company. Insurance is effective after one full year of service. After six (6) consecutive months of continuous disability, a monthly income benefit of 60% of basic covered salary, less other income benefits. Monthly contribution of 10% of basic covered salary into employee's retirement account provides continuance of retirement plan benefit. No cost to employee.

4. DENTAL

A self-insured direct reimbursement secondary plan administered by Group Benefit Services (GBS). Children covered to age 23 or 26 if full-time students. Benefit percentages vary according to category of service from 100% for preventive to 80% basic, 60% major, 50% orthodontia. Up to $350 preliminary reimbursement over one plan year (January 1 - December 31), after which retroactive payments are made depending on remaining funds at end of each plan year.

5. VISION

A self-insured direct reimbursement secondary plan administered by Group Benefit Services (GBS). Children covered to age 23 or 26 if full-time students. Benefit provides reimbursement toward cost of eye examinations, lenses, frames and contact lenses. Up to $175 preliminary reimbursement over two years, limited to $150 for frames, (January 1 - December 31), after which retroactive payments are made depending on remaining funds at end of each period.

6. RETIREMENT PLAN

A defined contribution plan provided by Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF). Cooper Union contribution of 10% of base salary with immediate vesting whether or not the employee makes a contribution. Several account choices for premium allocation and transferability are available: TIAA's traditional fixed income annuity and CREF's variable annuity including stock, money market, bond market, social choice, global equities, etc. Cashability feature allows withdrawal up to total amount of CREF accumulations and withdrawal over 10 years for TIAA accumulations at the age of 55 and at termination of employment.

Defined Contribution Plan Description (PDF)

7. TAX-DEFERRED SALARY-TO-ANNUITY OPTION

Provided by TIAA-CREF whereby an employee may elect salary reduction with amount of reduction applied to a TIAA-CREF Regular Annuity or Supplemental Retirement Annuity (SRA), within limits set by section 403 (b) of the Internal Revenue Service. Reduced amount is exempt from Federal and State income taxes until the start of retirement annuities. A loan provision is available for SRA participants.

Tax-Deferred Plan Description (PDF)
Salary Reduction Agreement (PDF) - completed form should be submitted to the business office for processing.

8. SHORT-TERM DISABILITY INSURANCE

Temporary benefits for off-the-job injury or illness requiring absence from work of more than seven days. Statutory salary deduction is $2.60/month.

9. WORKERS' COMPENSATION

Benefits provided for on-the-job injury. No cost to employee.

10. CHILD CARE LEAVE

After one year of service, child care leave of up to one month of paid leave, plus up to two months of unpaid leave for a total of three months.

11. FAMILY MEDICAL LEAVE (FMLA)

After one year of service, leave to take care of an immediate family member or for your own serious health condition for up to twelve (12) weeks in a 12-month period.

12. TUITION ASSISTANCE

Offered to employees and dependent children after two years of full-time service. For employees attending a non-profit, accredited institution as an undergraduate matriculated student, Cooper Union pays 60% of net tuition costs up to a maximum of $4,500/year, and offers non-interest-bearing loans for up to 60% of graduate net tuition costs, up to a yearly maximum amount of $3,000. For dependent children of employees, Cooper Union awards a grant of 60% of net tuition up to $6,000 and a loan of 100% of remaining net tuition up to a maximum of $4,500 for undergraduate study; and a loan of 60% of net tuition up to a maximum of $5,300 for graduate study.

13. UNEMPLOYMENT INSURANCE

No cost to employee.

14. VACATION AND PERSONAL DAYS

During the first year of employment, the employee will accrue 10 vacation days and be entitled to two personal days per year.

During the second year of employment, the employee will accrue 12 vacation days and be entitled to two personal days per year.

During the third year of employment, the employee will accrue 14 vacation days and be entitled to two personal days per year.

During the fourth year of employment, the employee will accrue 16 vacation days and be entitled to three personal days per year.

During the fifth year of employment, the employee will accrue 18 vacation days and be entitled to three personal days per year.

During the sixth through ninth year of employment, the employee will accrue 20 vacation days and be entitled to three personal days per year.

During the tenth year of employment and onward, the employee will accrue 22 vacation days and be entitled to three personal days per year.

A maximum of 22 vacation days may be carried over per fiscal year. Personal days can not be carried over.

15. TRANSIT REIMBURSEMENT

Full-time and part-time employees may be eligible to participate in the Transit Reimbursement Program. Employees can set aside pre-taxed dollars to be reimbursed for qualified transportation expenses through payroll deductions. Contact the Business Office for current year IRS statutory limits. Three month waiting period for non-exempt full-time employees, immediate eligibility for full-time exempt employees and one year waiting period for all part-time employees.

Effective January 1, 2008, the limits are as follows:
$115 per month for transit expenses, including vouchers and reimbursement
$220 per month for qualified parking expenses

Transportation Reimbursement Enrollment Form (PDF) - completed form should be submitted to the business office for processing.
Transportation Reimbursement (PDF)

16. GYM MEMBERSHIP

Full-time and part-time employees may be eligible for a discount gym membership at The New York Health and Racquet Club. Gym membership fees are deducted directly from the employee's paycheck. Contact the Business Office for current year membership fees. Three month waiting period for non-exempt full-time employees, immediate eligibility for full-time exempt employees and one year waiting period for all part-time employees.

NYHRC Payroll Deduction Authorization (PDF) - completed form should be submitted to the business office for processing.

ELIGIBILITY/WAITING PERIODS:

For more information, please consult the Staff Handbook Health Plan Document.