62-220 BOT 12-21-02, 5-22-03, 6-29-06, 09-04-08, 03-01-12, 08-30-12, 11-19-13 EMPLOYEE BENEFITS (POLICY) It shall be a policy of the Oglala Lakota College Board of Trustees to provide employees of the Oglala Lakota College with health and annuity program fringe benefits, within budget limitations; approved annual health and annuity program; shall meet legal restrictions regulated and legislated by the Internal Revenue Code in addition to other applicable regulations so as to provide the optimum legal obligations of the institution and its employees. It shall also be a policy of the Oglala Lakota College Board of Trustees to establish a procedure which ensures college personnel input into the development of initial specifications for the health and annuity programs on an annual basis, to include types of coverage, types of service (claims processing, booklet of coverage, on-site assistance), and other appropriate recommendations for consideration, with such recommendations to be processed through established decision-making procedures of the Oglala Lakota College. It shall be an annual charge of the Institutional Development Committee to implement established procedures regarding this Health and Annuity Program policy. Current Benefits Fringe benefits are established, periodically, by the Board of Trustees as a percentage of salary. Current fringe benefits are 30% of the gross salary and include Social Security and Medicare as a required federal deduction, along with unemployment insurance as required by state law. Employee life insurance and disability are OLC mandated coverage for employees to be paid from their fringe. You are eligible for life insurance and disability when all the completed paperwork is received by the Personnel Office. The following are optional benefits available for purchase with an employee’s fringe benefits: Health Insurance, Vision Care, Prescription Drugs, Family Life Insurance, Dental, and Retirement Plan. Your are eligible for employee health insurance, vision, dental and family life insurance when all the completed paperwork is received by the Personnel Office. Any unspent balance of the 30% fringe benefit will be deposited into the employee’s annuity account. The only annuity account provider is TIAA-CREFF. Employees are not eligible for retirement or annuity plans until they have completed and passed their probationary period and all the properly completed paperwork is received by the personnel office. For the retirement and annuity plans, it is the employee’s responsibility to return all forms to the personnel office before the end of their probationary period. Failure to return the documentation will mean a loss of the benefits until the open enrollment period except for retirement and annuity plans. If an employee closes their annuity account, any annuity payments not posted to their annuity account will mean a loss of the benefit. The optional benefits will take effect the month following receipt of the properly filled out required forms. If an employee elects to purchase more benefits than he/she has fringe benefits available, the difference will be deducted as a fringe overpayment from the employee’s wages. Benefits for existing employees can only be changed/added/deleted during the open season in September with the exception of the TIAA Retirement accounts. An employee may begin contributions at any time. The matching contribution will not begin until an employee has been employed with OLC for one contract year. After the year OLC will match the employee contribution in accordance with approved BOT scale for retirement matching. 1-2 Years 2% 12-14 Years 8% 2-4 Years 3% 14-16 Years 9% 4-6 Years 4% 16-18 Years 10% 6-8 Years 5% 18-20 Years 11% 8-10 Years 6% 20+Years 12% 10-12 Years 7% The employee’s years of service must be verified through personnel before contributions will begin. OLC employees are also eligible to visit, audit, or take for credit classes at OLC free of tuition (see policy and procedures 67-300-1). Courses taken during regular working hours must be approved by the employee's supervisor in line with a specific individual upgrade plan.
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