Exploring your benefits….Exploring your benefits….

Core Benefits

Voluntary Benefits

MDC offers its full-time employees a comprehensive benefits package, which includes:

CORE BENEFITSCORE BENEFITSDentalDirect DepositEducational Incentive ProgramsGroup HealthHolidays & Sick LeaveLife InsurancePSAL Retirement Benefits (through Florida Retirement System)Tuition Waiver & Tuition Reimbursement Vacation

VOLUNTARY BENEFITSVOLUNTARY BENEFITSDependent LifeDisabilityLeaves of Various TypesLegalLong-Term CareMetro & Tri-RailTSA Plans (403B)

CORE BENEFITS: CORE BENEFITS: Dental & HealthDental & Health

Dental– DMO & PPO– College pays full

employee single coverage for both plans

Health -2006 changes– HMO & POS

– *HMO College pays single coverage

– POS College pays $487.80 and employee pays $36.68 per month*All new employees are enrolled in HMO for their first year

CORE BENEFITSCORE BENEFITSDirect Deposit, Life Insurance, Tuition Waiver

Direct Deposit - mandatory

– Form & copy of voided check required

Life Insurance– MDC pays half of

premium– Value: 2x annual

salary (illness) or 4x annual salary if accidental

Percent of Term Life InsuranceREMAINING IN FORCE

100%92%

84%76%

68%60%

52%44%

36%28%

20%12%

4%Reduces to $1,000

until the end of age 720%

20%

40%

60%

80%

100%

120%

Age59

Age60

Age61

Age62

Age63

Age64

Age65

Age66

Age67

Age68

Age69

Age70

Age71

Age72

Age of Retiree

Per

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es

CORE BENEFITSCORE BENEFITSEducational IncentivesEducational Incentives

Tuition waiver- Maximum credits per semester faculty: 6, PEC, PENC, SNE (non faculty): 8, dependents: unlimited– Administered by Financial Aid at your campus – For employee & dependents (spouse or dependent

children 24 yrs old or younger)

Tuition Reimbursement: Maximum credits per semester for all employees: 8 – For employee only– Reimbursement for 8 credits at FIU Fall 2004 rates

Rate per creditRate per credit– Undergraduate : $97.12Undergraduate : $97.12– Graduate: $ 227.10Graduate: $ 227.10

CORE BENEFITSCORE BENEFITSHolidays, Sick Leave, Vacation, PSAL, FLEXHolidays, Sick Leave, Vacation, PSAL, FLEX

Holidays– Average of 9 days per fiscal year [procedure 2750]– Add’l days during holiday period (Dec. - Jan.)

Sick Leave– You receive 1 day per month– 5 days consecutive days requires note from your doctor

Vacation – Up to 5 yrs: 1 day per month– 5 to 10 yrs: 1.25 day per month– 10 yrs + : 1.5 day per month

PSAL [professional staff accrued leave]– For professional exempt contractual employees – Option to cash out every April (for fiscal year accrual)– Maximum balance of 30 days

Flex : - 2 days every fiscal year (July to June)– Use or lose

CORE BENEFITSCORE BENEFITSRETIREMENTRETIREMENT

Traditional plan 7.83% College Contribution6 years vesting Benefits are computed on the basis of age and/or years of service, average final compensation, and service credit. Average final compensation (AFC) is the average of the 5 highest fiscal years

of earnings.

Investment plan7.83% College Contribution & 1.17% Pension Plan Surplus =

9.00% Total Contribution1 year vesting

MDC contributes an amount to your account every

month. You direct the investment of your account among the

investment funds available through the

Plan.

FLORIDA RETIREMENT SYSTEM [FRS]

VOLUNTARY BENEFITSVOLUNTARY BENEFITSDependent Life & Disability

Dependent Life– Employee must be enrolled in

Life Insurance– For all family members– Spouse needs underwriting but

not kids– $3.50 / month, $1.75/per pay

DisabilityIncome protection while disabled

4 plans:1) 2 yrs sick/5 yrs accident pays after 60 days2) 2 yrs sick/5 yrs accident pays after 14 days3) Retirement age/SS pays after 60 days4) Retirement age/SS pays after 14 days

Legal – provides convenient access to

attorneys and/or preventative legal services

– Monthly coverageSingle: $14.35 family $18.95

Metro Rail: – Discounted rate $73.76 (save

about $7/mo)

– Convenience of easy pick up through Bursar’s office

Tri Rail: Discount card

VOLUNTARY BENEFITSVOLUNTARY BENEFITSLegal, Metro Rail/Tri Rail

Long Term Care– Covers costs associated with home care,

assisted living, and nursing home care Illness/Injury such as results of car accident or

chronic illness  Home care example : meal preparation, assistance

with daily activities such as bathing etc. www.ltcbenefits.com password for MDC employee

only: miamiisltc

Who can apply? – Employee– Dependents

VOLUNTARY BENEFITSVOLUNTARY BENEFITSLong Term Care

–Parents–Parents-in-law–Grandparents 

– Requirements: 1 yr FT employment & Balance of 10 sick days as of October Must give 5 sick days (for 1/2006)

Personal Leave– Up to 1 year– Approval by supervisor

VOLUNTARY BENEFITSVOLUNTARY BENEFITSLeaves

Sick Leave Pool: Employees may not use more than 30 days during any 12 month period once all other leave (vacation, bank point, sick, PSAL, Flex) is exhausted.

VOLUNTARY BENEFITSVOLUNTARY BENEFITS Family Medical Leave Act [FMLA]

Eligibility: one year of service, and for 1,250 hoursNotification: 30 days advance notice requiredEntitlement: 12 weeks of unpaid, job-protected leave to “eligible” employees for family & medical reasonsReasons for taking leave:– Birth of a child, adoption or foster

care;– Employee’s spouse, child or parent’s

serious health condition– Employee’s serious health condition

VOLUNTARY BENEFITSVOLUNTARY BENEFITSTax Shelter Annuity Tax Shelter Annuity

Tax Deferred Income Program – TSA/403(b) Plans Defer tax up to 100% of gross income. Maximum limitation

for 2006 is $15,000 per taxable year. Plus $5,000 if over 50 years old (proof of age required), for a

total of $20,000 for 2006. Contact TSA company to set up account, complete the

application & beneficiary forms. Send all enrollment forms to Human Resources – attention:

Janik Collin. Four enrollment Quarters: forms due one month prior the

start of the quarter (exception for new hires: 30 days within employment date)

January 1st,

April 1st July 1st

October 1st

CHANGES TO YOUR BENEFITSCHANGES TO YOUR BENEFITS

Marriage - Divorce - Death

Birth (or) Adoption of a Child

Loss of Other Coverage due to:

– Loss of Spouse’s Employment

– Significant Change in Other Coverage–add or drop coverage

– Financial Hardship

Changes can only be made during open enrollment (Oct./Nov.) or within 31 days of a qualifying event such as:

Your Benefits TeamYour Benefits TeamLetitia Rackley: Interim Benefits Manager 7-2029

Carmen Diaz: Health, Disability Claims, Life Insurance, COBRA

7-2883

Robin Bevans: FACC, Orientation, Union Dues, Dental, Metro-Rail

7-2046

Janik Collin: Sick Leave payout ,(BENCOR) Retirement Reconciliation, TSA

7-0923

Betsy Ruiz-Medina: Tuition Reimb./Family Campaign Disability/United Way/LTC

7-2046

Denise MacIntosh: Direct Deposit/Benefit Files 7-2175