Faculty and Staff Benefits for Texas State Employees Effective September 1, 2007

 

	* Retirement Programs
	a.	Optional Retirement Program (ORP). Elective for full-time faculty and executive staff. Employee contributes 6.65% of monthly salary. State contributes 6.58% employer matching. Vested in one (1) year and one day. Tax-deferred until withdrawal - 403b defined contribution plan.
	b.	Teacher Retirement System (TRS). Staff, faculty, and executive staff. Employee contributes 6.4% of monthly salary. State contributes 6.58%. Vested in five (5) years. Tax-deferred until withdrawal - 401a defined benefit plan.
	* Retirees with the rule-of-80 or age 65 with a minimum of 10 years combined credited state service in TRS, ERS or ORP at a GIP participating agency, retain free health and $2,500 life insurance
	* Tax-Sheltered Annuity Program (TSA) - 403b Voluntary savings plan. All employees, faculty and staff, may contribute on a tax-sheltered basis, minimum $200 – maximum $15,500.
	* Texa$aver – (457) Deferred Compensation Savings Plan -tax sheltered voluntary contributions up to $15,500 annually, administered by Citistreet.
	* State provides $360.54 per month per full-time employee for health/life plus an additional $343.98 to help defer cost of family medical insurance. Presently, the $360.54 per month per employee provides health coverage, $5,000 life insurance and $5,000 AD&D insurance. Part-time employees receive ˝ state contribution.
	* State Kids Insurance Program (SKIP): Eligible employees pay $15 or $25 per month for children’s health insurance.
	* Elective Benefits Available at a Reduced Rate: (i.e., dental, dependent health and life, disability, accidental death and dismemberment, employee optional term life, and long term care).
	*Davis Vision: Free program provides discounts on eyewear through participating providers. *Tru Hearing Discount Program: Provides digital hearing aids at a reduced price.
	* Premium Conversion. All employee out-of-pocket insurance premiums except for disability and dependent life are paid with pre-tax dollars.
	*TEX-FLEX (Cafeteria Plan).Permits employees to pay unreimbursed medical expenses, and dependent care expenses with pre-tax dollars.
	* Longevity Pay. State pays $20.00 per month for each two years of service completed up to $420.00 per month (full-time staff only). Policy 3.225
	* Sick Leave. Staff and faculty accrue eight (8) hours of sick leave eligibility for each month or partial month worked.
	* Vacation Time. Staff only, based on length of service, receive monthly from eight (8) to twenty-one (21) hours of vacation leave accrual for each month or partial months worked. Policy 3.217.
	* Holiday Time. Staff receive 14 paid holidays in 2007-2008; faculty have these 14 days plus additional time off.
	* Sick Leave Pool. After six months MSU employment and depletion of available accrued leave, up to 90 work days of sick leave with pay may be requested to cover catastrophic illnesses. Policy 3.223
	*Staff Educational Incentive Program. Benefit Eligible staff members are reimbursed for tuition costs for MSU credit courses depending on grades earned. Policy 3.223
	* Educational Assistance Program for Employee Dependents.  Eligible dependents of retirement eligible staff and faculty receive credit for local board approved tuition cost.
	* Free automobile registration hang tags.
	* Free Admission to most MSU activities and athletic events. Both active and retired employees may receive two tickets to most MSU general entertainment functions. Employees also have use of the Moffett Library, MSU Wellness Center, and the Wichita Falls Museum of Art at MSU.
	* Automatic payroll deduction for purchase of series EE bonds; loan payments or savings deductions to MSU Credit Union; and charitable contributions, MSU Foundation and M-Club.
	* Employee and all family members may join MSU Credit Union * Free Campus Card ID offers ATM & Banking Services
	* Automatic deposit of Payroll Checks.  *MSU Clinic Services provides discounted Flu Shots and Dental Hygiene Cleanings