Faculty Benefits
OverviewAugustana provides a full range of contractual benefits for its faculty and other employees. The formal statement of those benefits is published each year by the Human Resources Office. In this page we’ll summarize what they have published but nothing on this page modifies or supercedes HR’s official document. Retirement Benefits Augustana contributes an amount equal to 10% of your salary to TIAA-CREF. You get to determine how that money is allocated among TIAA-CREF’s investment options. This benefit kicks in after a year unless you’re already vested in another pension plan, in which case it starts immediately. You may also allocate up to $16,500 of your salary to a 403(b) supplemental pension plan. These contributions are not subject to current federal or state taxes. Augustana has 403(b) plans in place with:
Augustana and you each contribute equally at the current legal rate of 7.65%. Total Disability Income Insurance Augustana pays for a Total Disability Insurance policy, the value of which is 60% of your base salary. It’s provided for each full time employee with at least one year of service at Augustana or for persons who are employed by Augustana within three months of leaving another group total disability insurance plan. Life Insurance Augustana pays the premium for Group Life Insurance, the value of which is 150% of your base salary. Accidental Death and Dismemberment (AD&D) Insurance Augustana pays the premium for Accidental Death and Dismemberment Insurance, the value of which is also 150% of your base salary. We’re happy to report that the accidental dismemberment of our faculty is really exceedingly rare. Accident Insurance (optional) Augustana provides an optional Accidental Death and Dismemberment Insurance policy for full time employees. The premium this year is $3.36 per year for each $10,000 of coverage. Family coverage on a pro rated basis is also available for an additional $1.68 per year. Health Care Insurance We offer a health insurance plan called, not surprisingly, the Augustana Health Care Plan. Augustana College and employees share the premium for single coverage. In addition, double or family coverage is available for those who choose to pay the additional premium. The 2010-11 plan is a $1,000 deductible health plan, which includes the Quad City Community Healthcare network of health care providers. Vision Plan (optional) Augustana offers an optional vision care plan from United HealthCare/Spectera for employees. You would pay the entire premium (around $6 a month for single coverage) with tax-free dollars through payroll deduction. The plan provides coverage for routine exams and lenses (glasses and contact lenses). Flexible Compensation Plan Augustana offers a Flexible Compensation Plan which is a tax efficient way of paying premiums for dependent medical insurance and/or AD&D insurance. This plan allows eligible employees to pay those premiums with tax free dollars. The result is a substantial annual tax saving. The Flexible Compensation Plan also includes an Expense Reimbursement Account. You’re able to set aside up to $4,000 of tax free dollars that can be used for payment of eligible health care costs not covered by insurance and $5000 for work related childcare costs. Professional Meeting Allowance Augustana provides a professional meeting allowance to each full time and joint-appointment member of the teaching faculty toward expenses incurred in attending meetings of professional associations. For 2007-08, the allowance is $750. Faculty making presentations at conferences may apply to the dean for additional supplemental funds. In general, $750 should be considered the maximum amount available. Tuition Exemption for Children and Spouse We provide a 100% tuition exemption when your children or spouse attend Augustana. In general, that benefit is available after you’ve been employed here full-time for two years. Augustana is a member of Tuition Exchange, making it possible for the children of full time employees to attend one of about 600 of other colleges or universities without paying tuition. We also participate in a tuition exchange program with the other 25 ELCA colleges. In general, the ELCA benefit kicks in after four years of full-time employment here. Benefits for Adjunct and Visiting Faculty Adjunct faculty members are eligible to participate in the group medical insurance, but must pay their own premiums. They are also eligible for participation in the Flexible Compensation Plan and for proportional tuition exemption for children and spouse. In addition, adjunct faculty members are eligible for retirement benefits after one year of service at Augustana as well as for a proportionate amount of professional meeting allowance. With the exception of Retirement Benefits and Total Disability Income Insurance for which there are one year waiting periods, full time visiting faculties are eligible for all benefits. Benefits for Faculty Members on Leave of Absence A faculty member on an approved leave of absence is eligible to receive benefits on the basis of specific agreements between Augustana and the faculty member. Miscellaneous Perks and Benefits There are a bunch of things that the college does to try to make life more enjoyable and rewarding. There’s a faculty dining room (the Wilson Center) which offers very reasonably priced hot and cold lunches and the opportunity to interact with colleagues from different departments and programs. We have 21 NCAA Division III varsity athletics teams who have won 167 conference championships between them; you get free admission to all games. Likewise, there’s discounted or free admission to many of the dozens of cultural events hosted on campus. You receive a 15% discount on clothing and supplies and 10% on in-stock books at the Runestone Bookstore, which is located in the College Center. On-campus parking is free and, mostly, you can park remarkably close to your office. The children of faculty receive a 30% tuition discount at Rivermont Collegiate, a very strong, private school just across the Mississippi in Bettendorf, Iowa. |
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Tel: 800-798-8100