Employees Benefits Plans Policy
Section: Benefits & Wellness
Responsible Office(s): Human Resources
Effective Date: 2/1/1997
Revised: 12/15/2017, 1/19/2018
This policy applies to all active and retired employees of Iona College (“the College”).
The Employee Benefits Policy describes the general eligibility requirements that employees must satisfy in order to participate in the Iona College Employee Benefits Program, subject to special eligibility requirements that exist in certain of those plans, including the TIAA Retirement Plan and Disability Plans. Further information about the special eligibility requirements that exist in certain of the College’s benefit plans is available from the office of Human Resources.
- A. Eligibility: All regular full-time employees and their eligible dependents of Iona College who are scheduled to work no less than 35 hours in a normal workweek are eligible to participate in all fringe benefits offered by Iona College including medical, dental, vision, life insurance, disability, and certain leave plans. All employees, with the exception of students, are eligible for short-term disability (STD) and certain plans with the TIAA Retirement Plan, subject to eligibility requirements. Employees whose hours vary and are not regularly scheduled to work the minimum hours per week as described in this policy may be eligible for medical benefits under the Affordable Care Act if they are determined to work an average of at least 30 hours per week within a certain measurement period, as determined by the College. Details regarding employee eligibility for all benefits offered by Iona College are available in the Office of Human Resources.
- B. Enrollment: Regular full-time employees are eligible to participate in the Iona College Benefit Program beginning the first of the month after the date of hire. Coverage for an individual’s elective coverage during the College’s “Open Enrollment Period” will begin on January 1 of the effective plan year. Certain qualified family status changes may allow benefits-eligible employees to update their benefit elections within 30 days of the qualified event date.
- C. Retiree Health Benefits: For employees retiring at age 65 with ten (10) years of full time, continuous service on or after January 1, 1998, the College will share the cost of health care coverage for the employee, spouse, eligible dependents and surviving spouses. The employee will be responsible to pay a certain portion of the plan cost in order to receive coverage.
After you retire, Medicare will become your primary insurance carrier, and your medical coverage through Iona will become secondary. Retirees must also contact Social Security to discuss Medicare coverage and Social Security pension income benefits.
Employees who plan to retire must contact TIAA directly to discuss annuity withdrawal options.
- Human Resources (914) 633-2049
- TIAA (800) 842-2776
- Social Security Administration (800) 772-1213; www.ssa.gov
- D. Disclaimer:
- The Employee Benefits Program is reviewed frequently to ensure competitiveness with other colleges and to meet the requirements of Federal tax laws, anti-discrimination laws, and New York State laws.
- This policy does not create a contract of employment between Iona College and any employee. The College reserves the right to amend, suspend, or terminate any and all benefit programs at any time.
- In all instances, the plan documents and summary plan descriptions will govern benefit determinations.