4.400 Health and Disability Insurance and Retirement
Subject: Health and Disability Insurance and Retirement
Date Adopted: January 1, 1991, Revised November 15, 2000, Revised August 27, 2003
All full-time employees are covered by Social Security, group health insurance, long-term disability insurance, and group term life insurance. Permanent employees who work at least half time but less than full time in a regular salary position shall have the option of being covered by these same insurance policies, on a proportional basis. The College will pay the part of the cost of the policies equivalent to the percentage of full time the employee works. For example, an employee who is 75 percent full time must pay 25 percent of the cost of these insurance policies while the College pays 75 percent of the cost. Some plans may exclude employees who are less than full time by the terms of the policies, and in that case no insurance will be provided.
Full-time employees have access to a Cafeteria Plan which makes it possible for unreimbursed medical expenses, dependent health insurance costs, and child care expenses to be tax-sheltered.
The College participates in the Arkansas Teachers' Retirement System, the Arkansas Public Employees' Retirement System, TIAA/CREF and some other optional retirement programs. Every employee has the choice of the Alternate Retirement Plan and most also have choices to the Arkansas Teachers' Retirement System and/or the Arkansas Public Employees' Retirement System. Each employee should consult with his or her Vice President or supervisor or the Business Office for current information on health, disability, and life insurance, and retirement programs.
Employees have access to Supplemental Retirement Annuity accounts which provide the opportunity for tax-sheltering additional retirement funds. These amounts are available through TIAA/CREF and Valic without regard to the employee's primary retirement plan.
Normal retirement for all faculty and staff is consistent with the guidelines provided other employees in the State of Arkansas Retirement Policies.