V. Benefits and Personnel Policies
Voluntary benefit programs include the following:
--Health care: Faculty/staff members may choose to participate in a Preferred Provider Organization (PPO). See www.ohr.psu.edu/benefits/benefits.htm for a description of the medical plan. A decision about participating in health care coverage may be elected each year in November to be effective January 1.
--Dental and vision
--Group Term Life Insurance: Premiums based on age and amount elected
--Accidental Death and Dismemberment (AD&D) (in addition to the group life insurance program)
--Long-term Disability (LTD) (provides salary protection)
--Annuity Premium Benefit (APB) (provides retirement protection in conjunction with LTD)
--Flexible benefits: Flexible spending accounts for out-of-pocket medical expenses or work-related dependent care expenses. Premiums for health, dental, vision and the first $50,000 of life insurance are automatically excluded from federal, social security, state and local income tax.
--Tax-deferred annuities, available as a result of section 403(b) of the Internal Revenue Code. Both 403(b) and 457(b) Deferred Compensation plans are available. Roth 403(b) are also available. Since contributions to a Roth 403(b) plan are made with after-tax money, those funds are not subject to federal income tax when they are withdrawn.
--Educational privileges for faculty/staff and dependents
--Maintenance prescription drug plan
Details about these options may be obtained from the human resources representative in your unit or from the director of business services at each campus. See www.ohr.psu.edu/benefits/benefits.htm for additional information.
Continuation of Medical Benefits under COBRA
Medical, dental, and vision coverage may be continued by employees or dependents, as appropriate, under the following circumstances:
--Termination or layoff--coverage may be continued for up to eighteen months
--Death or divorce--coverage may be continued for up to thirty-six months
--Dependent child reaches maximum age--coverage may be continued for up to thirty-six months
Continuation of Benefits at Retirement
Full-Time Employees Hired before January 1, 2010:
Faculty and staff members may continue medical coverage and $5,000 of life insurance into retirement upon reaching:
a. Their sixtieth birthday, and have at least fifteen years continuous of regular full-time employment, and participation in a University-sponsored medical plan immediately preceding retirement,
b. Twenty-five years of regular full-time University employment, with ten years of continuous participation in a University-sponsored health care plan immediately preceding retirement.
Full-Time Employees Hired on or after January 1, 2010:
The University will contribute funds each month on your behalf to a retirement healthcare savings plan to help you pay for qualified medical and health-related expenses in retirement, including the purchase of a health insurance policy.
You will be eligible to access your Penn State Retirement Savings Account when you are no longer actively employed at Penn State AND have:
a. Completed twenty-five years of continuous full-time service and are age sixty or older,
b. Completed a minimum of fifteen years of continuous full-time service and are age sixty-five or older.
Liability Insurance Coverage
Human Resources Services
Disability Services for Faculty
Transportation and Parking