V. Benefits and Personnel Policies
Voluntary Programs
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. The decision about health care coverage can be changed annually.
--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.
--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
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,
-OR-
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.
Penn State Faculty Handbook
Introduction
I. The Pennsylvania State University
II. Academic Policies
III. Instruction
IV. Research, Scholarship, and Creative Endeavors
V. Benefits and Personnel Policies
Mandatory Programs
Voluntary Programs
Workers' Compensation
Liability Insurance Coverage
Unemployment Compensation
Human Resources Services
Disability Services for Faculty
Personnel Policies
Transportation Services
Parking
Publications of Interest and Sources of Further Information
Appendix 1. University College
Contact
201 Old Main, University Park, PA 16802
Phone: (814) 865-2505
Fax: (814) 863-8583
Web page last modified October 10, 2008