Employee Benefits

The college offers all regular, full-time employees with a comprehensive benefits program. In addition to paid and unpaid leave time, some of the other benefits include:

• Medical insurance
• Dental insurance
• Flexible spending accounts
• Life insurance
• Short-term disability insurance
• Long-term disability insurance
• Travel accident insurance
• Retirement annuity
• Group supplemental retirement annuity
• Tuition remission
• Tuition exchange
• Service and appreciation awards

These benefits are subject to termination or modification by NYIT at any time, without notice. The inclusion of a benefit on this list does not assure that it will be available to you for the duration of your employment.

Medical Insurance

All regular, full-time employees and their eligible dependents may choose to be covered under a medical insurance program. Your medical insurance coverage becomes active on the first day of the month following your first 60 days of employment. Eligible dependents may include your spouse and children up to age 26, regardless of student or marital status, residence with the employee, or financial dependence on the employee. Certain other employees who meet the definition of full-time under the provisions of the Affordable Care Act and their eligible dependents can also choose to be covered under a medical insurance program. Eligible dependents under the Affordable Care Act only include children up to age 26, regardless of student or marital status, residence with the employee, or financial dependence on the employee.

At the time of hire, eligible employees will be required to complete the necessary enrollment information in order to be covered. Information concerning available plans, provider directories, claim forms, or any other information concerning medical insurance is available by contacting the benefits unit of the Office of Human Resources.

Dental Insurance

All regular, full-time employees and their eligible dependents may choose to be covered under a dental insurance program. Your dental insurance coverage becomes active on the first day of the month following the one-year anniversary of your employment. Eligible dependents may include your spouse, unmarried children up to age 19, and unmarried children ages 19-25 who are full-time students and dependent on you for financial support. You will be required to provide periodic proof of your child's full-time student status in order to continue his or her coverage.

The dental plan provides coverage for preventive, basic, and major dental services, subject to deductibles, co-insurance, and caps. As soon as you become eligible for dental insurance, you will automatically receive a plan description and claim forms from the Office of Human Resources. You may request additional information or forms from Human Resources at any time.

Waiver of Benefits Bonus

The college offers a waiver bonus program for all regular, full-time employees who would otherwise be eligible for the medical plan, but who instead have coverage under another group insurance program. In order to decline coverage through NYIT, you must provide a copy of your identification card from your other insurance.

You are eligible for the waiver bonus on the first day of the month following your first 60 days of employment, and the bonus will be pro-rated for the remainder of your first year. If you are covered under NYIT's medical plan and acquire coverage from another source (for example, you marry and choose coverage under your spouse's plan), you may waive NYIT's coverage at the next annual enrollment period; you will begin receiving waiver bonuses at that time. Waiver bonuses are paid on a semi-monthly basis and are taxable.

Flexible Spending Accounts

Healthcare

The Healthcare Flexible Spending Account (FSA) program allows regular, full-time employees the opportunity to use pre-tax dollars to pay for certain un-reimbursed medical and dental expenses, certain over-the-counter items, and vision and hearing expenses. You are eligible to participate in the FSA on the first day of the month following your first 60 days of employment. The Health Care FSA is not available to participants in the High Deductible Health Plan/HSA Programs.

To participate in the Healthcare FSA, you select a specific dollar amount to be deducted on a pre-tax basis (based on maximums set by the IRS) from each paycheck and deposited into your Healthcare FSA. You must enroll in the FSA during the annual enrollment period (new employees may enroll at the time of their employment). You may not change your payroll deduction until the next annual enrollment period, unless there is a life event change including marriage, birth or adoption of a child, divorce, death of a spouse, or child. Additional eligible life event changes include termination, commencement or a change of employment between full-time or part-time status by you or your spouse, child, or eligible dependent; an unpaid leave of absence taken by you or your spouse; your spouse's enrollment as a full-time student; or other events as determined by the IRS. Any funds remaining in your FSA at the end of a calendar year may be forfeited, so you should choose your payroll deduction amount carefully. You must re-enroll for FSA coverage during each annual enrollment period; the payroll deductions are not automatically carried over.

Dependent Care

The Dependent Care Flexible Spending Account (FSA) program allows regular, full-time employees the opportunity to use pre-tax dollars to pay for certain child care and adult care expenses incurred to allow you and your spouse to work. The Dependent Care FSA is available to participants in the High Deductible Health Plan/HSA Programs. You are eligible to participate in the FSA on the first day of the month following your first 60 days of employment. To participate in the Dependent Care FSA, you select a specific dollar amount to be deducted on a pre-tax basis (based on maximums set by the IRS) from each paycheck and deposited into your FSA. You must enroll in the FSA during the annual enrollment period (new employees may enroll at the time of their employment).

You may not change your payroll deduction until the next annual enrollment period, unless there is a life event change as outlined in the above section regarding the health care account. Any funds remaining in your Dependent Care FSA at the end of the calendar year will be forfeited, so you should choose your payroll deduction amount carefully. You must re-enroll for FSA coverage during each annual enrollment period; the payroll deductions are not automatically carried over.

Life Insurance

All regular, full-time employees receive life insurance through NYIT at no cost. Your life insurance coverage becomes active on the first day of the month after you begin full-time employment.

Your life insurance is valued at two times your regular annual base salary, up to a maximum value of $225,000 to age 60. The amount of insurance in effect at age sixty (60) will then be reduced by thirty-five (35) percent to a maximum of $146,250 until age 65. At age 65 the amount of life insurance will be reduced by 50% to a maximum of $112,500, until age 70. At age 70 the amount of life insurance will be reduced by 65% to a maximum of $78,750. The value will not decrease below a minimum of $35,000. New hires will automatically be enrolled in this program; however, an enrollment form should be completed by all employees to designate beneficiaries. In the case of death or dismemberment due to an accident, the value of the insurance benefit doubles. In accordance with IRS regulations, the cost of employer-provided life insurance valued in excess of $50,000 is considered a taxable fringe benefit and is considered part of your taxable income for the calendar year.

Short-term Disability Insurance

Employees are required to apply for short-term disability benefits if they become medically disabled and are unable to work for more than seven consecutive calendar days due to a non-work related illness or injury (including maternity). The Office of Human Resources will assist you in filling out and processing the necessary forms.

If your claim is approved by NYIT's insurance carrier, you will receive payments effective the eighth calendar day of your absence; the first seven days are considered a waiting period. The weekly short-term disability benefit is equal to 50 percent of your weekly base salary, up to a maximum of $170 per week, payable for up to 26 weeks per 52-week period. You must use any accrued sick time during a sick leave. If you are being paid your full salary during a short-term disability period by using accrued sick time, NYIT will receive your disability payments from the insurance carrier. These payments will be converted into additional sick time for you, based on your daily rate of pay. This "converted" sick time will be available to you when you return to work. If you do not have sufficient accrued sick time to cover your disability period, you will receive the benefit payments directly from the insurance carrier.

The physician who completes your disability insurance claim form is required to indicate your expected date of return to work. At the time you are ready to return to work, your physician is required to provide appropriate documentation.

Long-term Disability Insurance

All regular, full-time employees are eligible for coverage under NYIT's long-term disability program, effective on the first day of the month following the one-year anniversary of your employment. A new employee may be eligible for long-term disability benefits immediately if his or her most recent previous employer provided this coverage to him or her under an employer-sponsored long-term disability insurance plan. Written proof of this prior eligibility must be provided for consideration. Long-term disability insurance benefits are available for eligible employees who are disabled for six months and who satisfy the insurance carrier's disability determination.

Upon approval for long-term disability benefits, you will be eligible for payments equal to a percentage of your monthly base salary up to a maximum of $10,000.

Travel Accident Insurance

NYIT provides travel accident insurance for full-time employees who travel on NYIT business. Details can be obtained from the benefits unit of the Office of Human Resources.

Worker's Compensation

All NYIT employees are covered by worker's compensation for illness, injury, or death arising out of and in the course of employment. If you become ill or injured on the job and the illness or injury results in an absence from work in excess of seven calendar days, worker's compensation may provide weekly benefits. Medical expenses resulting from an on-the-job illness or injury may also be covered. It is imperative that you report any on-the-job illnesses or injuries to the Office of Human Resources within three days of the incident, either in person or by telephone. Failure to do so may result in the forfeiture of worker's compensation benefits. The Office of Human Resources is responsible for filing the worker's compensation claim on your behalf.

403(b) Retirement Savings Plan

All regular, full-time employees may choose to participate in a 403(b) retirement savings plan through Teachers Insurance and Annuity Association (TIAA). You are eligible to participate in this program on the first day of the month following the one-year anniversary of your employment. However, a year of full-time service with any institution of higher education, research organization, or teaching hospital immediately preceding employment at NYIT will be counted for satisfying the one-year of service requirement.

To participate in the plan, you must contribute a minimum of three percent of your annual base salary on a pre-tax basis. NYIT will contribute seven percent of your base salary into your account during the first seven years of employment if you contribute at least the minimum percentage. NYIT will contribute one additional percent for each year of your service after you have completed seven years of continuous full-time employment, up to a maximum of ten percent. All employee contributions are processed as payroll deductions on a pre-tax basis, thereby reducing your taxable income. The plan includes a loan feature that permits you to borrow money against your accumulated savings based on the maximum allowable by TIAA. In addition, employees age 59½ and over may take a withdrawal from their accumulated savings, to the extent permitted by law; however, you will be required to pay taxes on the amount withdrawn.

You may obtain additional details and enrollment materials from the benefits unit of the Office of Human Resources.

Group Supplemental 403(b) Retirement Savings Plan

All regular full-time and part-time employees and adjunct faculty members may choose to participate in a Group Supplemental 403(b) retirement savings plan through TIAA. You may join this program immediately upon your employment and may contribute a percentage of your base salary on a pre-tax basis. There is no employer contribution to the supplemental plan. In addition, the supplemental plan includes a loan feature that permits you to borrow money against your accumulated retirement savings. You may obtain additional details and enrollment materials from the Office of Human Resources.

Tuition Remission

All regular, full-time United States-based employees are eligible for tuition remission for courses taken at NYIT that begin on or after their date of full-time hire.

In addition, spouses, parents, and dependent children are eligible for tuition remission. In order for a dependent child to be eligible for this benefit, the child must meet IRS dependent eligibility—the customary age for tuition remission eligibility for children is age 25 (once a child turns age 26, unless they are a dependent for tax purposes, they are no longer eligible). If a dependent child who applies for tuition remission is over the customary age for benefit plan eligibility as a dependent, the employee will need to provide proof of dependent status.

You can apply for tuition remission by filling out a form available on the Human Resources Self-Service Portal (login required). Your coursework may not exceed two classes or six credits per term, whichever is higher (fall, spring, summer) for a total of 18 credits per academic year. In the final term prior to receiving a degree, you may make a one-time request for permission to take up to three classes or nine credits, whichever is higher. All applications for tuition remission must be submitted for approval a minimum of two weeks prior to the beginning of the term. Applications that are not submitted a minimum of two weeks prior to the beginning of the term will not be approved.

All recipients must meet current academic standards (Satisfactory Academic Progress, as defined in the NYIT Catalog) in order to continue to receive tuition remission. Graduate tuition remission for job-related courses (as confirmed by your supervisor) for the employee only will not be a taxable fringe benefit. However, non-job related courses for the employee and all graduate courses for family members is a taxable fringe benefit and added to the employee's taxable income (in excess of the limit established by IRS regulations on a calendar year basis).

Fees will be covered by tuition remission. Extended education courses, NYIT College of Osteopathic Medicine courses, certificate programs (including credit-bearing programs), and pre-college programs are not eligible for tuition remission. Coursework must not interfere with regular duties, and the employee shall not take courses during scheduled hours of work or lunch hours.

Upon applying for tuition remission, all full- and part-time students are encouraged to complete a FAFSA application. In addition, all full-time undergraduate students are encouraged to file for the TAP award. Information on these financial aid programs is available from the Office of Financial Aid. Although employees are not required to complete the FAFSA or TAP applications, federal or private loans and grants may pay certain non-tuition expenses not covered by tuition remission. Other "tuition only" awards such as outside scholarships and grants, plus tuition remission cannot exceed the full cost of tuition; if it does, tuition remission will be reduced accordingly. Tuition remission awards will not be replaced by institutional scholarships. If an individual no longer qualifies for tuition remission, institutional scholarships may become available to the student.

If you have questions regarding financial aid programs, please contact the Office of Financial Aid. If you have any questions regarding eligibility for tuition remission, please contact the benefits unit of the Office of Human Resources.

Continuation of Benefits

The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 establishes guidelines under which NYIT offers an opportunity to continue medical and/or dental coverage, at a specific cost, to terminating employees and, in certain cases, their eligible dependents for a set period of time.

If you leave your employment via either resignation or termination (except in cases of gross misconduct), or if your coverage terminates due to a reduction in hours, and you are covered by NYIT's group medical and/or dental plans, you may choose to continue your coverage under COBRA. If you participated in the Healthcare Flexible Spending Account plan only (the Dependent Care Flexible Spending Account is not eligible for continuation under COBRA), you may elect to continue this plan under COBRA on an after-tax basis. Your spouse and dependent children may also elect to continue coverage under COBRA if you lose your coverage as a result of resignation, termination, or reduction in hours (as outlined above). Other conditions under which your spouse or children may continue coverage include your death, a divorce, your eligibility for Medicare, and a dependent child ceasing to be covered under the plan. Benefits coverage under COBRA may be extended for a maximum of either 18 or 36 months, depending on the conditions under which regular coverage ended. For more specific information and rates, please contact the Office of Human Resources.

Retirement Benefits

Employees who leave their employment after 15 years of continuous full-time service and at an age making them eligible for Medicare (defined as "Retirees") are eligible for certain retirement benefits, as described below.

Tuition Remission

Retirees (as defined above) are eligible for tuition remission, in accordance with the policies set forth above, except that retirees may attend classes full-time.

Retirement Bonus

Retirees (as defined above) who are non-professional administrative staff are entitled to a retirement bonus of $100 for every full year of service up to a maximum of $2,000.

Unused Sick Time

Retirees (as defined above) who have twenty or more years of continuous full-time service will be paid for 1/2 of their accrued unused sick leave, up to a maximum of 45 days.

Medical Plan Subsidy

Retirees (as defined above) who were hired prior to September 1, 2013, are entitled to reimbursement for the cost of a Medicare Supplement medical plan, Medicare Part D prescription drug plan, and/or other medical insurance for a period of up to ten (10) years from the date of retirement, with a maximum payment of $3,000 per year ($250 per month). This subsidy is available to purchase a program for the retiree as well as spouses and/or eligible dependents.

Termination of Benefits upon Employee's Death

If you should die while actively employed by NYIT, medical and/or medical and dental insurance coverage for your spouse and children (children are eligible until they reach age 26) covered by the plan(s) at the time of your death will be extended for a six-month period following your death. This coverage, which will be provided at no cost, will end on the last day of the month of the six-month anniversary of your death. At the conclusion of this six-month period, your spouse and children under age 26 will be offered the option to continue their benefits under COBRA.

Tuition Exchange

NYIT participates in the Tuition Exchange program, which provides the opportunity for dependents of eligible employees to apply for tuition exchange scholarships at other participating colleges and universities. Scholarships are provided for undergraduate, bachelor's degree programs only. Eligible employees are considered regular, full-time employees with a minimum of two years of service with NYIT. The number of scholarships available to dependents of NYIT employees will vary each year and all eligible employees will be notified annually of the number of scholarships that are offered. For information regarding this program, please contact the benefits unit of the Office of Human Resources.

Service Awards

Longevity bonuses recognize the long-term commitment, contribution, and dedication of support staff that complete 10, 15, or 20 years of full-time continuous service. Excluded are professional employees and/or employees who are in a supervisory position. These bonuses are awarded once a year to eligible employees who have completed one of these service anniversaries during that calendar year. Eligible employees who have completed 10 or 15 years of full-time continuous service will receive a $500 bonus; eligible employees who have completed 20 years of full-time continuous service will receive a $1,000 bonus. All awards are subject to normal tax withholding. For the purposes of the longevity bonus, service must be continuous. If you have any questions about how your years of service are being calculated, please contact the Office of Human Resources.