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Retirement Program - Premium Waiver

Scope

Full-time faculty and administrative employees.

Policy

Albion College provides for a "Waiver of Premium" insurance through TIAA (Teachers Insurance and Annuity Association) for all full-time faculty and administrative employees who are participating in the TIAA/CREF retirement plan.

Upon total disability, the "Annuity Premium Benefit" is credited as monthly premiums on the employee's annuity. (This does not apply to TIAA/CREF Supplemental Retirement Annuities.)

Employees must be in the TIAA disability and retirement programs to receive this benefit.

Procedure

If totally disabled as defined under the plan for more than six (6) months, an employee is eligible to receive this benefit upon notifying the Human Resources office and completing the necessary forms to be submitted to TIAA.

Cabinet reviewed 7/97

Pension (See - Retirement Program)

Scope

Full-time faculty and salaried administrative employees.

Policy

All full time faculty and administrative employees become eligible for and are required to participate in the Teachers Insurance and Annuity Association /College Retirement Equities Fund (TIAA/CREF) retirement program the first day of the month following two years of employment. Faculty or administrative employees who, upon hire, have already established and have current an appropriate TIAA/CREF annuity contract through another institution, will be immediately eligible for participation in the College’s retirement program. Contributions under this retirement plan will be made on a monthly basis and deposited to the employee’s TIAA/CREF Retirement Annuity in accordance with the following schedule:

Contributions as a Percent of Regular Salary


By the Participant By the College
On salary up to $15,700 6.0% 6.3%
On salary above $15,700 6.0% 12.0%


Accumulations under this retirement plan may be withdrawn upon attainment of age 60 or if an employee becomes totally disabled. Withdrawals are subject to any restrictions placed on the funding vehicles offered by TIAA/CREF. An employee’s accumulations in TIAA/CREF Retirement Annuities may be received in a single sum prior to age 60 through “repurchase” if certain conditions are met. If the employee in this retirement plan terminates employment with the College and requests that TIAA/CREF repurchase his/her Retirement Annuities, the College will approve such repurchase if, at the time of the request, all of the following conditions apply:

  1. the total TIAA Traditional Annuity accumulation in all Retirement Annuities owned by the employee is not over $2,000.00 and the employee’s total value of all Retirement Annuities is less than $4,000.00.

  2. the participant does not have a TIAA Transfer Payout Annuity (TPA)  in effect.

Procedure

After completing two years of employment, an employee is contacted by the Payroll Office to enroll in the retirement program. (Eligibility start date is the first of a month following two years of employment.) The employee is required to complete the forms necessary for enrollment, including the naming of a beneficiary and allocation of premiums to TIAA (fixed annuity) or CREF (variable annuity).

Further information is available through the Business Office, the Payroll Office, or by contacting TIAA/CREF directly using the 800 phone number on your TIAA/CREF statement.

Adm. Council approved/effective 3/1/01

Pension (See - Retirement Program)

Scope

Full-time faculty and salaried administrative employees.

Policy

All full time faculty and administrative employees become eligible for and are required to participate in the Teachers Insurance and Annuity Association /College Retirement Equities Fund (TIAA/CREF) retirement program the first day of the month following two years of employment. Faculty or administrative employees who, upon hire, have already established and have current an appropriate TIAA/CREF annuity contract through another institution, will be immediately eligible for participation in the College’s retirement program. Contributions under this retirement plan will be made on a monthly basis and deposited to the employee’s TIAA/CREF Retirement Annuity in accordance with the following schedule:

Contributions as a Percent of Regular Salary


By the Participant By the College
On salary up to $15,700 6.0% 6.3%
On salary above $15,700 6.0% 12.0%


Accumulations under this retirement plan may be withdrawn upon attainment of age 60 or if an employee becomes totally disabled. Withdrawals are subject to any restrictions placed on the funding vehicles offered by TIAA/CREF. An employee’s accumulations in TIAA/CREF Retirement Annuities may be received in a single sum prior to age 60 through “repurchase” if certain conditions are met. If the employee in this retirement plan terminates employment with the College and requests that TIAA/CREF repurchase his/her Retirement Annuities, the College will approve such repurchase if, at the time of the request, all of the following conditions apply:

  1. the total TIAA Traditional Annuity accumulation in all Retirement Annuities owned by the employee is not over $2,000.00 and the employee’s total value of all Retirement Annuities is less than $4,000.00.

  2. the participant does not have a TIAA Transfer Payout Annuity (TPA)  in effect.

Procedure

After completing two years of employment, an employee is contacted by the Payroll Office to enroll in the retirement program. (Eligibility start date is the first of a month following two years of employment.) The employee is required to complete the forms necessary for enrollment, including the naming of a beneficiary and allocation of premiums to TIAA (fixed annuity) or CREF (variable annuity).

Further information is available through the Business Office, the Payroll Office, or by contacting TIAA/CREF directly using the 800 phone number on your TIAA/CREF statement.

Adm. Council approved/effective 3/1/01

Prescriptions

Hourly Plans Co-Pay rates: (In-Network)


For the BCBS PPO Plan the prescription co-pays are as follows:
All  Drugs - $7
Mail Order Prescription Drugs (up-to 90 day supply)
All Drugs - $7

For the BCBS Community Blue Plan the prescription co-pays are as follows:
Generic Drugs - $10
Brand Name Drugs - $40
Mail Order Prescription Drugs (up-to 90 day supply)
Generic Drugs - $10
Brand Name Drugs - $40

Salaried Plans Co-Pay rates:  (In-Network)

For the BCBS Community Blue Plan the prescription co-pays are as follows:
Generic Drugs - $10
Preferred Brand Name Drugs - $20
Non-Preferred Brand Name Drugs - $40
Mail Order Prescription Drugs (up-to 90 day supply)
Generic Drugs - $10
Preferred Brand Name Drugs - $20
Non-Preferred Brand Name Drugs - $40

For the BCBS Community Blue High Deductible Plan the prescription co-pays are as follows:
Generic Drugs - $10
Brand Name Drugs - $40
Mail Order Prescription Drugs (up-to 90 day supply)
Generic Drugs - $10
Brand Name Drugs - $40

Enrollment and additional information for Mail Order Prescriptions contact:

www.medcohealth.com or 1-800-903-8346

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