Benefits Information

This summary is designed to provide you with an overview of Bank Street College's benefits. Please contact the Human Resources Office if any of this information is not clear to you, or if you need further information. Bank Street employees are entitled to retirement benefits; participation in a municipal credit union and flexible spending accounts; qualified transportation expenses; health, dental, and long-term disability insurance; vacation days; and other benefits. Please see below for details.

TIAA-CREF RETIREMENT PLAN
Participation in the retirement plan for benefit eligible professional employees on appointment of 70% or more is mandatory after one year of service. The College contributes 7.5 percent of the staff member's regular monthly salary to the plan; the staff member must contribute 5 percent of his/her monthly salary, but may elect to contribute a larger percentage under a tax shelter plan. This additional contribution may be made to the Supplemental Retirement Annuity. (You may voluntarily begin to contribute to this tax-deferred plan before the one year waiting period.) Visit the web site at http://www.tiaacref.org/ New Staff members who have TIAA plan from a prior employer can participate from first month of employment.

FLEXIBLE SPENDING ACCOUNT
Medical/Dependent Care Spending Account
We have flexible spending accounts which allow for pre-tax salary reductions for dependent child care and/or eligible medical expenses not covered by the Health Insurance policy. Information is available in the Human Resources Office. (Benefit-eligible staff only)
Qualified Transportation Expense Account
You cans et aside pre-tax dollars on a monthly basis of up to $115 for mass transit and $220 for parking. Information is available in the Human Resources Office. (Benefit-eligible staff only)

LONG-TERM DISABILITY INSURANCE
Long-Term Disability Insurance (LTD) is currently provided for eligible staff members on appointment of 70% or more at the College's expense. All eligible professional staff members are covered after one year of service. Long-Term Disability Insurance provides a monthly income benefit, commencing after six consecutive months of total disability, of 60 percent of covered monthly salary up to $8000 maximum.

PARENTAL LEAVE POLICY
Parental leave (maternity and paternity) is provided to all benefit eligible Professional Staff with 1-year of service. Paid leave shall be a maximum of three months prorated to appointment conditions. For details about the Family and Medical Leave Act, please see the Human Resources Office.

HOLIDAY SCHEDULE 2008-2009
Labor Day, September 1 (Monday)
Columbus Day, October 13 (Monday)
Presidential Election Day, November 4 (Tuesday)
Thanksgiving Holiday, November 27 - 28 (Thursday - Friday)
Winter Holiday, December 24 - January 2 (Wednesday - Friday)
Martin Luther King Day, January 19 (Monday)
Presidents' Day, February 16 (Monday)
Spring Holiday, Entitlement - 2 work days
Memorial Day, May 25 (Monday)
Independence Day, July 3 (Friday)

TUITION - BANK STREET COLLEGE - FREE COURSES
All professional staff members, except assistant teachers, who are at 70% work load or greater are eligible to enroll in two (2) free courses in the Graduate School or the Divison of Continuing Education. The two courses shall not exceed twelve (12) credits per academic year. You are allowed to bank up to two courses (9 credits) which must be used in the next immediate academic year. Please request a "Course Banking Request Form" in the Human Resources Office, room 713.

MUNICIPAL CREDIT UNION
Bank Street employees are eligible to enroll in the Municipal Credit Union. Savings can easily be made through payroll deductions. You may borrow against money you have in your share account or take advantage of a range of other loans and a low interest VISA. Borrowing against the money you have on deposit is an excellent way for employees to finance their summer plans. Please contact Human Resources for more written information.

SALARY CHECKS
Professional payroll checks are distributed on the 25th of each month (somewhat earlier in December) or, if this date falls on a Saturday or Sunday, on the preceding Friday. Staff members may pick up their checks in the Controller's Office or arrange to have salary checks sent directly to their bank. Forms are available in Human Resources Office. Staff members on 10-month base who would like to be paid in 12 installments should see Cathy Coleman in the Business Office. Please note: If you have DIRECT DEPOSIT of your paycheck and you terminate your employment with the College, your last paycheck will be in the form of a check and must be picked up in the Business Office.

VACATION
Professional staff on ten-month contracts complete their assignments within that period do not accrue vacation. Staff members on twelve-month contracts are paid over a twelve month period and accrue 2 days of vacation per work month for a total of 22 days per year. Part-time twelve month staff accrue vacation days in proportion to their load.

VACATION ACCRUAL
It is expected that a benefit eligible staff member will take his or her vacation during the contract year. September 1st - August 31st. If a staff member does not take all accrued vacation during the contract period, it must be taken during the next four months, September 1st - December 31st of that year. Accrued vacation can only be used during the four months following the contract period. There is no financial reimbursement for unused vacation, except in the case of termination within a contract period at which time vacation is prorated. In the case of the non-reappointment, it is expected that vacation will be taken within the contract period. For exceptions to this policy, a request must be made in writing to the staff member's supervisor who must review it and forward it to the division head or director and then to the Vice President for Finance and Administration for final approval.

Related infomation on health benefit available at:
http://www.health.net/
http://www.glic.com/healthcare_providers/