Benefits

The following general comments concerning the various benefits and programs offered by the school are for introductory purposes only. If the school employs you, the business office will provide you with detailed plan descriptions and other necessary materials. The business office is also eager to respond to further questions you may have about our benefits package. For information, contact Human Resources at (423)267-8506, ext.258.

Workmen's Compensation Insurance

Covers employee injuries sustained in the performance of their school duties. The insurance covers 100% of the injury related medical expenses in addition to weekly compensation for uncompensated time lost from work. The school pays 100% of the premium for this insurance and all employees are automatically covered.

Life Insurance

Term life insurance coverage is two times your annual base salary or wage rounded to the next highest thousand. All full-time employees are automatically covered and the school pays 100% of the premium. Limited dependent life insurance coverage is also available, if desired. The school does not participate in the cost of dependent life insurance coverage.

Disability

The school has a disability program that provides continuing financial support to an employee who becomes totally disabled from most causes other than a work-related injury covered by workmen's compensation. All full-time employees automatically become participants in the school's disability program. The school pays 100% of the cost of the program. The school's disability program is in two phases: short-term and long-term disability.

Short-Term Disability

The first six months of total disability is covered by the school's salary continuation policy. Under this policy, the disabled employee continues to receive normal base compensation for up to six months. If the duration of the disability exceeds six months, it becomes a long-term disability claim.

Long-Term Disability

Total disability in excess of six months is a long-term disability claim covered by an insurance policy. Benefits commence with the seventh month of total disability and are paid at 60% of the employee's base salary/wage (maximum of $5,000 per month) reduced by any other applicable benefit offsets.

Group Medical Insurance

The school offers full-time employees medical insurance through Cigna Health Care. The school and the employee participant share the premium cost at 50% each.

The Consolidated Omnibus Budget Reduction Act of 1985 (COBRA): Provides medical plan participants with certain options for continuation of coverage on themselves, their spouse and dependents in the event of layoff or termination of employment. The business office can provide details.

Dental Insurance

The school has an optional dental insurance plan. The school does not participate at the present time in the cost of the plan.

Cancer Insurance

The school has an optional cancer insurance plan. The school does not participate at the present time in the cost of this program.

Cafeteria Plan

Section 125 of the Internal Revenue Code enables certain types of institutions, such as Baylor, to treat insurance premiums, unreimbursed medical costs and dependent care costs as a pre-tax deduction from pay rather than a post-tax deduction, thus saving both the federal income tax and social security tax that would otherwise apply. The school administration recommends that all employees participate in the cafeteria plan.

Pension Plan

The school's pension plan is a 403(b) defined contribution plan through TIAA-CREF. The school contributes 5% of gross compensation on all participants. In addition, the school will match an optional contribution made by the participant of 3% (effective 7/1/97), bringing the total combined contribution to 11%. Although the school limits its matching to 3%, the participant does have the option of contributing more than the 3% as long as IRS limits are not exceeded. If interested in a higher contribution, ask the business office for information. A participant's contribution is pre-tax, meaning that gross pay for the pay period is reduced by the contribution prior to calculation of federal tax.

Annuity Plans

The school has an optional 403(b) tax-deferred annuity program available through Lincoln National Life Insurance Co. It is a supplemental retirement program handled on a monthly payroll deduction basis. The amount withheld from payroll is a pre-tax withholding, meaning the gross compensation for the pay period is reduced by the annuity withholding prior to calculation of federal income tax. The school makes no contribution to this program.

Blood Bank

The school is a member of a local blood bank, Blood Assurance. All employees and their dependents are assured of access to blood in a time of need. The blood is free, but the cost to administer the blood is not. All employees are encouraged to donate.

Credit Union

Membership in the Chattanooga Schools Area Federal Credit Union is an option available to employees of the school. The school allows payroll deduction as a means for members to make payments to the credit union.

Payroll Check Direct Deposit

The school can have an employee's payroll check deposited directly to the employee's bank account with any local bank that is a member of the FDIC. In some cases, this option is also available for credit unions. Any employee interested in this option should contact the payroll office.

Computer Hardware-Software Purchase Plan

To encourage computer hardware/software use and ownership by full-time employees, the school has an interest-free loan program restricted to the purchase of computer hardware and software.

Payroll Payment Dates

The school has a biweekly hourly payroll and a monthly salary payroll. Due to school breaks (Christmas, Spring, etc.) the school at times modifies payroll payment dates; however, generally, payroll payments dates for salary will be on the 25th of each month and on every other Friday for hourly employees. If the 25th of the month falls on a weekend or break, usually, the salary payroll is paid the last workday before the weekend or break.

Tuition Remission Policy

Eligible and qualified children of full-time faculty who gain admission to Baylor will receive a remission for 50% of the tuition (not including books, fees, and other related expenses). The family may apply for financial aid for assistance with the remaining 50% of tuition. The financial aid award will be based on the family's qualified need.