Section 15: Faculty Benefits
A. Group Insurance
Centenary faculty and their dependents are covered under a self-insured group comprehensive medical plan. This plan is currently administered by Fox Everett. Group health insurance coverage is offered to the extent of an employee's full-time employment contract. As long as a person has signed a contract for the following year, he or she is covered through the summer; 9-month contracts are considered full-time contracts. Those on unpaid leave-of-absence may continue their health insurance by paying the entire amount of the insurance premium. For faculty on paid sabbatical leave, insurance continues in the same manner as if they had continued to teach. Emeritus faculty members are no longer eligible for Centenary group insurance. Retirees, however, may carry a Medicare Supplement through the Centenary group insurance, but they pay the full premiums. Faculty members must either participate in the plan or sign a waiver indicating they do not wish to do so. Centenary College will extend medical/dental coverage for 12 months beyond employment termination, with the employee paying full premiums for the coverage carried at the time of termination. The Economic Policy Committee periodically reviews this coverage and makes recommendations for change when appropriate.
Centenary College provides a self-funded Short Term Disability for full-time faculty and full-time employees. In the event a faculty member or employee becomes eligible for payment of Short Term Disability, the College will continue to pay the College's portion of health insurance and retirement until the termination of the Short Term Disability or the termination of the appointment. After termination of short-term disability, the disabled faculty member is eligible to participate in their Long-Term Disability plan. (4/02)
B. Retirement Program
A retirement plan for faculty members is provided by the College through the organization known as Teachers Insurance and Annuity Association (TIAA). TIAA is a legal reserve life insurance company organized by the Carnegie Foundation to issue annuities and life insurance especially designed for employees of colleges and universities. Faculty hired after January 1, 1996 are required to join the retirement plan after one year of service with the College. Faculty hired before that date and still not participating in the plan are "grand-fathered" in under the rules of the previous plan, which required faculty to join when reaching tenure. The one-year waiting period is waived for faculty with "active retirement plans" from other schools. To participate, employees contribute 5% of their gross earnings through a tax-sheltered payroll deduction plan. The College pays 5% (05/09) so that a total of 10% of gross earnings is paid for the purchase of an annuity contract for the employee. (04/03)
According to the desires of the individual faculty member, any percent of the total payment may be placed in CREF (College Retirement Equities Fund), where they are invested in common stock, rather than in TIAA, where they are invested mainly in bonds and mortgages. The portion placed in CREF will provide a variable annuity based on the performance of common stock. The annuity contract is the sole property of the employee, including the portion purchased by the contribution of the College, but can be drawn only at retirement or in case of death, except under special circumstances.
Benefits of the plan are dependent upon age and amounts contributed and will therefore vary in each individual case. Information concerning the computation of benefits and other details can be found in TIAA publications available at the payroll office of the College.
TIAA and CREF Supplemental Retirement Annuities are available for use by faculty members who want to set aside tax-deferred funds over and above those being accumulated in the basic retirement plan.
Effective December 1, 1997, any Post Retirement teaching faculty will not be eligible to participate in the retirement plan. Post Retirement teaching faculty is defined as any retired Centenary faculty member who elects to continue teaching at Centenary College.
Retired faculty and their dependents are entitled to identification cards that extend to them the same privileges of admission to college functions such as plays, concerts, lectures and athletics events that are enjoyed by the active faculty. This benefit applies also to surviving spouses and dependents of deceased faculty members.
C. Tuition Scholarships
Centenary College follows the following policy regarding full-time faculty/staff tuition remission. Employees hired before June 1, 1987, are covered by the policy in force at the time they were hired. Full-time faculty and staff members employed after June 1, 1987, are entitled to tuition remission the first semester after serving 12 months of continuous employment at the College. Effective January 1, 1997, dependents are entitled to a reduction of 25% of tuition costs the first year; after 12 months of employment a reduction of 50% will be given. After 24 months of employment, a reduction of 75% will be given, and after 36 months of employment, dependents may have full tuition benefits. These remission benefits take effect beginning with the first full semester after the condition for remission is satisfied. No fees are included in the remission. The percentages apply to the number of hours the dependent is taking: for example, twenty-five per cent of the cost of one course or 25% of the cost of a full load will be remitted. These benefits apply to dependents of retired or disabled employees and to dependents of full-time employees who die while employed. No tuition remission will be available for graduate training.
Those eligible for scholarship and federal aid benefits are encouraged to apply for these sources of aid that may be available to them in an effort to reduce the financial burden to the College. College tuition remission will be reduced by the amount the dependent receives from other sources designated as tuition scholarship aid.
D. Social Security
In addition to TIAA, all employees of the College are covered under the Federal Insurance Contributions Act (Social Security). Payment is made by the employee through deductions from each paycheck. In addition, the College, as employer, pays an equal amount for credit to the employee's social security account.
E. Direct Deposit
Centenary College has implemented Direct Deposit of payroll checks effective June 1, 1994. All employees hired after May 31, 1994, will be required to participate.
A system of parking regulations applies to all vehicles used on campus. Vehicle registration is available from the Department of Public Safety via web registration. (7/01)
College-owned housing may be available to faculty members through Facilities Services.. For all new rentals, the College may set a time limit on occupancy.
H. Credit Union
A Federal Credit Union is open to faculty members and their immediate families. A variety of savings and loan services are offered at rates which are usually more attractive than those available commercially.
There is a 10% faculty discount available on most items from the college bookstore.
J. Computer Purchasing Assistance
A limited number of loans are available for faculty to purchase computers to use away from their offices. Contact the Finance & Administration Office for information concerning how to apply for a loan.
Last updated July 28, 2008.