Prospective Full-Time Employee
Full-Time Employee Benefits Summary (January 1, 2020 – December 31, 2020)
Pace University provides a competitive benefit program designed to offer:
- Medical and dental insurance for preventive care or diagnostic and surgical procedures;
- The opportunity to save for financial security in retirement;
- Income protection in the event an employee is not actively at work, due to illness;
- Programs and services that assist in balancing work and personal life;
- Educational opportunities for the employee and eligible members of his/her family to pursue a degree at Pace or another higher education institution.
Choice of 3 different plans accessing the Cigna Open Access Plus network. Choices include two in-network only plans (the Network Core plan and the Consumer Core HDHP/HSA plan) and one POS plan (the Choice PPO plan), which offers in- and out-of-network coverage. Specialist referrals are not required and all plans offer pharmacy and vision benefits.
- $1,800 cash reimbursement for one year, payable in semi-monthly installments of $75.00, if medical coverage is waived (due to other existing coverage) for the first time. After one year, the reimbursement reduces to $750 per plan year, payable in semi-monthly installments of $31.25.
- Choice of two plan options through Cigna Dental (Cigna Dental DHMO and Cigna Dental PPO).
- University contributes up to 50% of the cost of individual coverage.
403b Defined Contribution Retirement Plan
Note: Effective June 1, 2020, the University temporarily suspended the “employer” contribution to all employees’ 403(b) retirement plans. The University will evaluate the feasibility of reinstating the employer contribution in the spring/summer of 2021.
- University contributes 9% of base salary with a 3% matching employee contribution (once age and years of service requirements have been satisfied).
- TIAA is the sole service provider.
- Immediate vesting with first contribution.
Health and Dependent Child Care Flexible Spending Accounts
You may elect to direct part of your before-tax pay into an account to use throughout the year to help pay for eligible expenses.
- Provides reimbursement from your account for eligible health care and dependent child care expenses on a pre-tax basis.
- Healthcare annual maximum is $2,750, Dependent Child Care annual maximum is $5,000 ($2,500 if both spouses contribute via separate employers).
Commuter Reimbursement Accounts
- You may elect to direct part of your before-tax pay into an account to use throughout the year to help pay for your eligible mass transit and parking expenses.
- Provides mass transit reimbursement from your account of up to $270/month ($135/paycheck) and parking reimbursement of up to $265 per month ($135/paycheck) on a pre-tax basis for 2020.
- University provides paid (i.e. short-term disability) and unpaid leaves, once eligibility requirements have been satisfied, to assist in addressing work/life needs.
Life Insurance and AD&D
- University pays for basic coverage (1X salary to a maximum of $100,000).
- Employee has option to purchase additional voluntary coverage for self (1X, 2X or 3X salary up to $750,000 maximum including basic coverage) and for dependents (up to $10,000 for a spouse or $5,000 for eligible children).
Short-Term Disability (STD)
- University pays full cost of coverage.
- Full salary and benefits continuation after one year of continuous full-time service to a maximum of 26 weeks within a 52-week period.
Long-Term Disability (LTD)
- University pays full cost of coverage.
- Employee eligible to participate after one year of continuous full-time service.
- University pays full premium.
- Salary and benefits continuation as defined above in Short-Term Disability (STD).
Long Term Care Insurance
- Voluntary benefit through UNUM Provident available to employees, their spouse/domestic partner, children, parents, and in-laws.
- Medical questionnaire for certain Long Term Care options is waived for employee only if he/she applies during the first 31 days as a full-time new hire.
- Medical questionnaire for certain Long Term Care options is waived for employee only if he/she applies during the first 31 days as a full-time new hire (unless he or she applies for an unlimited duration, then medical evidence is required).
- Portable upon separation from the University.
On-Campus Tuition Remission, Off-Campus Tuition Reimbursement, NY 529 College Savings Program
- Up to 100% on-campus remission for employee, spouse/domestic partner and dependent children under age 24 (24 to 30 receive 50%).
- Up to 50% on-campus remission for Special Programs: for example, Law School, eMBA, Masters in Finance for Professionals, and all doctoral programs (children from 24 to 30 receive 25%).
- On-campus tuition remission benefits for dependent children end at age 30.
- Employee off-campus tuition benefit for job related graduate programs not offered at Pace, maximum annual benefit is $1,000 for a public institution and $1,500 for a private institution, benefit has maximum duration of 3 years.
- Off-campus undergraduate tuition for dependents up to age 24, $300 per semester, $2,400 lifetime maximum per child.
- University participates in two Tuition Exchange Programs, Tuition Exchange, Inc. and Council of Independent Colleges (CIC). Years of service requirements must be satisfied prior to participation.
- Employee can voluntarily contribute to New York College Savings Program.
Vacation Days (Staff Only)
- Up to a maximum of 25 vacation days, per fiscal year, depending upon position level.
Holidays (Staff Only)
- Up to 16 paid holidays, including the break from Christmas Eve through New Year's Day.