Employee Benefits Booklet

EMPLOYEE BENEFITS

HEALTH BENEFITS

Medical Insurance

Millikin offers several major medical plans that include a hospital-based Preferred Provider Organization (PPO). Coverage becomes effective the first of the month following one month of full-time employment.

Millikin recognizes the importance of regular examinations and tests and how they contribute to health maintenance, early detection of problems and proactive treatments. Well Child & Routine Adult Care includes routine examinations and diagnostic services and immunizations.

Dental Insurance

Millikin offers a dental insurance plan that provides coverage for preventative services, minor restorative services, major services and orthodontics. Coverage becomes effective the first of the month following one month of full-time employment.

Vision Insurance

Millikin offers a vision insurance plan that provides discounts and copays for In-Network costs and reimbursement for Out-of-Network costs, including annual exams, contact lenses, single vision lenses and frames for employees, as well as their dependents.

Flexible Benefit Plan

Under Section 125 of the IRS code, Millikin employees are allowed to set aside before-tax dollars in a reimbursement account not subject to Social Security, federal or state taxes. From this account employees may pay:

» Medical and dental insurance premiums

» Health expenses not covered by insurance

» Dependent childcare expenses

» Dependent eldercare expenses

Requests for Flex Plan money must be submitted by March 31 for charges incurred before December 31 of the previous year. The Healthcare Flexible Spending Account (FSA) allows a specific amount to be rolled over from the unused balances from the previous plan year. Any unused dependent care expense is forfeited.

INSURANCE BENEFITS

Group Life Insurance

Our group plan provides a death benefit of $50,000. Coverage becomes effective the first of the month following one month of full-time employment. The premium is paid in full by the University. Also, the University offers voluntary life insurance, which allows employees to purchase additional insurance for themselves and their dependents.

Accidental Death & Dismemberment Insurance

All full-time employees are covered by a $50,000 Accidental Death and Dismemberment insurance policy. Coverage becomes effective the first of the month following one month of full-time employment. The premium is paid in full by the University.

Long-Term Disability

The University pays the premium for Long-Term Disability insurance. Coverage becomes effective the first of the month following one month of full-time employment. The benefit amount is 60% of the employee’s monthly salary or wage, not exceeding $8,000. Benefits are coordinated with Social Security. Payments begin on the first day of the month following six months of continuous total disability and continue during the entire period of disability or to age 65, whichever occurs first. This may change as federal and state regulations change.

Critical Illness & Cancer Insurance

Critical Illness and Cancer Insurance helps reduce daily stress about money, so you can focus on getting better. This plan pays a lump sum cash benefit directly to you, after your claim is approved, for a variety of covered conditions such as heart attack, stroke and cancer. Full-time employees can choose between $5,000 and $20,000 of coverage, in $5,000 increments, with a $20,000 guaranteed issue. If you elect coverage for yourself, you may also elect coverage for your spouse and eligible children.

RETIREMENT BENEFITS

Social Security

Each employee’s retirement plan at Millikin University is comprised of Social Security and TIAA.

All employees of Millikin University are required by law to participate in Social Security. The University matches the 7.65% contribution made by the employee.

IICU MEP

Millikin University’s retirement plan is with TIAA and the Illinois Independent Colleges and University Multiple Employee Plan (IICU MEP). Initial participation in Millikin’s retirement plan is voluntary; however, participation becomes mandatory for employees after six years of full-time employment.

Eligible employees may participate in this plan on the first of the month after they attain age 21 and complete one (1) year of service at the University. After one (1) year of eligible service, the University will contribute a discretionary amount (currently 5%) of the employee’s base salary, when an employee contributes a required percentage. The one (1) year waiting period may be waived under certain circumstances. A 403(b) retirement annuity is designed to provide the employee with a lifetime income throughout their retirement years.

Eligible employees may make pre-tax contributions to the IICU MEP 403(b) plan where TIAA is the custodian and recordkeeper. Investment options include:

» Choosing from a diversified mix of best-in-class funds

» IICU MEP Target Date Models

» Professional Management offered by Millennium Advisory Services

All Millikin employees are eligible to make additional contributions above the amount required for participation in the basic retirement program, up to the maximum allowed by law. These contributions will be added to your account.

UNIVERSITY BENEFITS

Academic Leave

Any member of the faculty with the rank of assistant professor or higher, who has seven years of full-time service at Millikin is eligible to apply for academic leave. Faculty may take a full-year leave at two-thirds salary or a one-semester leave at full salary. Faculty members participating in this program are obligated to teach at Millikin for a minimum of two years upon their return to campus.

Junior Academic Leave

A maximum of three one-semester leaves at full pay are available annually to untenured, tenure-line faculty who have completed two years of full-time service. Faculty members participating in this program are obligated to teach at Millikin for a minimum of two years upon their return to campus.

Tuition Waiver for Employees & Dependents

Millikin grants full-courtesy tuition waivers to full-time employees, their spouses and dependent children. All students must meet Millikin admission requirements and maintain satisfactory academic progress standards. Through Millikin’s participation in collegiate exchange programs, dependent children may attend select colleges other than Millikin with no tuition if certain conditions are met. For more information, contact Human Resources.

Domestic Partners

Qualified domestic partners of employees (same-sex and opposite-sex) and dependent children of domestic partners are eligible for coverage for certain allowed policies. Contact Human Resources for eligibility requirements.

Employee Assistance Program (EAP)

Millikin offers both full-time and part-time employees, as well as their dependents, an Employee Assistance Program (EAP). The EAP offers confidential, professional counseling to help employees and their dependents resolve personal problems that may affect their health, personal well-being or job performance. For more information, refer to the EAP brochure or contact Human Resources.

Sports, Fitness, Theatre & More

Millikin employees receive complimentary passes to regular season Millikin athletic events, access to tennis courts and to an all-weather track and field complex. Millikin employees are eligible for discounted membership at the Decatur Indoor Sports Center (DISC) at Millikin, as well as discounts on selected performances at the Kirkland Fine Arts Center. All employees have access to Staley Library and receive discounts at several dining locations throughout campus.