Faculty Senate > Attachment Minutes February 6, 2002
 

Executive Summary of 2002 Benefit Changes
Presentation to Faculty Senate By:
Curtis Powell, Vice President of Human Resources
February 2002

Basic Life Insurance - Carrier Change
Rensselaer's Experience - (l)Unfavorable (2)Accumulated large funding deficit (3)Premiums increase
!The AIG Life Insurance Company replaces MetLife

New Supplemental Life Insurance Plan Offered to Employees
!The AIG Life Insurance Company replaces MetLife
!AIG offers industry standard aged-based premiums for coverage up to 4.5 x Pay

Supplemental Spousal / Dependent Life
!The AIG Life Insurance Company replaces MetLife
!Flat monthly insurance premiums reduced from $2.54 to $2.05

Medical Plans
!RHP-Clarified Annual Out of Pocket Maximum to ease tracking and stabilize
administrative cost
!Separate out-of-pocket maximums established each for Medical and Rx
! CDPHP-Introduced Same Sex Domestic Partners coverage

Supplemental Retirement Program-Government Mandated Changes
Maximum Exclusion Allowance - $11,000 plus $1,000 if Age 50+
!Catch-Up Contributions for 15 years service
!Eligible Pension Compensation increased to $200k
!SS Wage Base increased to $84,900
!Age 701/2 Required Distributions - New calculation more tax favorable
!Rollovers allowed between 403(b) and 401(k) Plans

Employee Graduate Tuition Tax
!Law change regarding taxation of value of graduate courses taken by faculty and staff
!Graduate level courses taxed only on value above $5,250 for employee only

 
February 22, 2002