A basic five-part package insurance plan through Deseret Mutual Benefit Administrators is available for personnel and their spouses and eligible dependent children. The university pays a substantial portion of the premium. The exact amount varies with the plan selected. The plan includes coverage in the following areas:
Medical Insurance Four medical insurance plan options are available with varied plan designs, coverages, and premiums.
Dental insurance is provided with each of the medical insurance options. Coverage varies according to the option chosen.
Group Term Life Insurance Coverage for the employee is $50,000. For active employees, coverage reduces at age 65. The employee's spouse and dependent children are also provided a small amount of life insurance coverage of $2,000 under this policy.
Occupational Accidental Death and Dismemberment Insurance (Employee coverage only) Coverage is provided if the employee dies or is dismembered as a result of an accident that ocurs while actively on the job.
Long-Term Disability Income (Employee coverage only) Coverage provides an amount of income protection if the employee is temporarily, partially, or permanently disabled.
The following programs are available to provide additional insurance coverage for personnel and their spouses and dependent children. If selected, the total premium is paid by the participant.
Deseret Mutual Programs (www.dmba.com)
Supplemental Group Term Life Insurance This makes additional life insurance protection available at group rates. An employee can apply for up to six times the annual salary to a maximum of $1,000,000. For active employees, coverage begins to reduce at age 60. The employee's spouse can apply for a maximum of $200,000 and dependents can apply for $3,000, $5,000, or $10,000.
24-Hour Accidental Death and Dismemberment Insurance This policy provides around-the-clock protection, on or off the job, for loss of life, limb, hearing, sight, or voice because of an accident. Amounts available range from $20,000 to $400,000.
Metpay (www.metpay.com)
This is a voluntary auto, home and personal property insurance program available to faculty, staff, and retirees of the university. Coverage is provided by Metropolitan Property and Casualty Insurance Company and its Affiliates. Quotes can be obtained for auto, home, and other METPAY coverages by calling 1-800-GET-MET1 (1-800-438-6381).
Long-term Care insurance can be purchased for employees, their spouses, parents, parents-in-law, grandparents and children over the age of 18. Long-term care provides coverage to pay for skilled, intermediate, and custodial care in a nursing home, adult day-care center, or at home. Participating BYU personnel may take advantage of payroll deductions and group rates. More information can be found on DMBA's website under Value Benefits. www.dmba.com
Liberty Mutual (http://libertymutualinsurance.com)
Group Savings Plus is a comprehensive program from Liberty Mutual that features auto, home owners, renters and other personal insurance. Coverage is provided by Liberty Mutual and its affiliates. Quotes can be obtained by calling 1-800-526-1547 or online at www.libertymutualinsurance.com.
TIAA Programs
Teacher's Life Insurance Options include the following:
Annual Renewable Term Life Insurance
5-Year Renewable Term Life Insurance
20 and 30-Year Decreasing Term Life Insurance
Ordinary Life Insurance
20 Payment Life Insurance
For information regarding the TIAA programs, call 1-800-842-2776.
Pension Plan: The Deseret Mutual Master Retirement Plan is a university-funded "defined benefit" plan. Five years of eligible employment is required for vesting, i.e., ownership. At retirement, benefits are calculated based on the employee's age, salary history, and years of service. It is intended to be combined with Social Security, supplemental retirement programs, and personal savings to provide an overall retirement income.
Supplemental Retirement Plans Supplemental retirement plans that provide excellent opportunities to build a supplemental retirement income or long-term savings are available. Employees may participate in one or all of the plans, depending on eligibility. Total participant contributions may not exceed 92% of salary or the tax-deferred dollars limit for the year. A new limit is established each year by the federal government. A contribution of at least 1% to 5% of salary for a given pay period will qualify the eligible employee for a "matching" contribution of 1% to 4% of salary from the University to the Deseret Mutual Thrift Plan. Legal and plan restrictions apply to the plans in regard to participation, eligibility, contribution limits, and withdrawals. Plans available include the following:
Deseret Mutual Thrift Plan
The Deseret Mutual Thrift Plan is a 401(k) savings plan. Employees may contribute from 1% to 92% of their salary to the plan on either a before-tax or an after-tax basis. A Roth 401k plan is also available. There are a variety of investment options .
TIAA/CREF (www.tiaa-cref.org)
The TIAA/CREF plans are 403(b) savings plans. Employees may contribute from 1% to 96% of their salary to TIAA/CREF accounts on a before-tax basis. A variety of investment accounts are available. However, contributions made by employees to TIAA-CREF are not matched by the University.
Loan Provisions The IRS restricts withdrawals from the before-tax funds. However, loan provisions allow access to the Deseret Mutual Thrift and TIAA/CREF plan savings while the participant is employed.
Social Security
All full-time BYU employees participate in the Social Security System. BYU and each employee contribute 7.65% of the employee's salary (up to the annual Social Security maximum). Social Security provides the following benefits to participants: retirement income, disability income, death benefit, and Medicare.
Deseret Mutual offers a program for a reserve spending account that allows a person to pay, with pretax dollars, some dependent day care and medical/dental expenses not covered by the employee benefit plans.
Educational Benefits at BYU Provo Campus
Regular full-time faculty, staff, and administrative personnel may register for up to a maximum of six credit hours per semester and will not be required to pay the cost of tuition. This benefit is applicable to regular undergraduate or graduate courses; however, graduate tuition may be taxable. Special approval is required for classes taken during normal work hours (7:00 a.m. to 5:00 p.m.).
After personnel have completed one year of full-time employment and have reached age 30, or have completed five years of employment (whichever comes first), their spouse and dependent children may be eligible for tuition benefits. Spouses are eligible for a full tuition benefit, undergraduate or graduate, for an unlimited number of credit hours. Graduate credit hours taken by a spouse may be a taxable benefit. Dependent children are eligible for a half-tuition benefit for undergraduate work only, regardless of marital status. Benefits for dependent children cease when they receive an undergraduate degree, accumulate 152 BYU credit hours, or reach age 30, whichever occurs first.
Other Benefits
Vacation
New staff personnel accrue 3.69 hours of vacation for each pay period worked. Vacation time increases with length of time employed.
Administrative personnel accrue 14.67 hours of vacation for each month worked, resulting in the employee being credited for 22 days of vacation per year (176 hours).
Depending on arrangements made with their respective deans, faculty members may teach or use the spring and/or summer terms for vacation.
Holidays
The university grants several paid holidays each year (New Year's Day, Martin Luther King Day, President's Day, Memorial Day, July 4th and 24th, Labor Day, Thanksgiving and the day following, and Christmas).
Sick Leave
Staff personnel accrue 3.69 hours of sick leave for each pay period. Administrative personnel accrue one day of sick leave for each month of service. Sick leave may only be used for illness of an employee and for an illness of members of the employee's immediate family living in the employee's home.
Additional Benefits
- Use of University library
- Time off due to death in the family
- Bookstore discount
- Parking permit issued in accordance with Traffic Office guidelines
- Reduced rates on tickets to athletic and cultural events on campus
- Identification card
- Use of athletic facilities by full-time personnel and eligible dependents
University personnel and their immediate family members who receive ID cards agree to abide by the BYU Honor Code and Dress and Grooming Standards.