AMP / FACULTY / POST DOC BENEFITS SUMMARY
This information is designed to be a brief highlight of the benefits offered for employment with Florida Atlantic University and is subject to change. For additional information or details on any of these benefit items, please contact the Office of Human Resources, Benefits and Retirement Section at 561-297-3071, 561-297-2061, or 561-297-0242.
Employees enjoy eight paid holidays each calendar year and AMP staff will receive one personal holiday each fiscal year. (Not-applicable for faculty and Post Docs) Additional paid leave during Winter Break is at the discretion of the President.
Annual Leave for AMP and 12 Month Faculty
Full-time employees appointed for more than nine (9) months shall accrue 6.77 hours per bi-weekly pay period regardless of years of service with proportionate accrual for less than full-time. Annual leave shall be accrued prior to use. There is a maximum accrual of 352 hours as of December 31. Employees may accrue in excess of the year end maximum during a calendar year, however accrued leave over 352 hours as of December 31 shall be converted to sick leave. Upon separation, an employee shall be paid for up to 352 hours of unused annual leave, unless otherwise provided in the policies of any given unit, department or college. An academic year (39 weeks) employee and an employee appointed for less than nine (9) months shall not accrue annual leave.
* Postdoctoral Fellows (Hired after July 28th, 2018): Ten (10) days of annual leave per calendar year, accrued per pay period, which if not used, will be forfeited. In addition, there will be no payout of any unused annual leave at the end of the employment appointment.
Employees accrue four hours per bi-weekly pay period. (Proportional accrual for less than full-time employees.) No maximum accrual. Employees who separate from employment after 10 years of creditable Florida Atlantic University service, will be paid for one-fourth of his/her unused accumulated sick leave, up to a maximum of 480 hours
* Postdoctoral Fellows (Hired after July 28th, 2018): Five (5) days of sick leave per calendar year, accrued per pay period, which if not used, will be forfeited. In addition, there will be no payout of any unused sick leave at the end of the employment appointment. All federal or state leave programs provided they meet eligibility requirements.
Sick Leave Pool
Employees are eligible to enroll in the Sick Leave Pool after 1 year of continuous employment and must have at least 64 hours of accrued sick leave.Ìý When eligibility is met, eligible employees will receive an invitation to enroll in the Pool.Ìý Pool members who experience catastrophic illnesses or off-the-job injuries are eligible to draw sick leave pool hours after their own leave is exhausted.
Health Insurance- Pre-tax
Group insurance plans are offered with a significant employer contribution.Ìý Employee contributions are payroll deducted on a pre-tax basis.Ìý Health insurance and pharmacy coverage is provided by the State of Florida Group Health Insurance à£à£Ö±²¥Ðã.Ìý Family or single coverage is available from a Preferred Provider Organization (PPO) or a choice of Health Maintenance Organizations (HMO). Currently full time employees pay $50/month for single coverage or $180/month for family.Ìý FAU paysÌý$684.42 and $1,473.18 respectively.
State Basic Term Life Insurance
A $25,000 group term life and accidental death and dismemberment policy. The university pays 100% of the cost of the coverage for full-time employees and contributes toward coverage for part-time employees on a pro-rated basis according to their percentage of employment.
Supplemental insurances include Group Term Basic Life ($25,000 Policy is Free), Optional Life, Vision, Legal, Short or Long-Term Disability, Dental, Cancer Insurance, Long Term Care, Hospital Insurance and Accident Insurance. Premiums vary depending on selected coverage.
Medical and Dependent Day Care Reimbursement Plans- Pre-tax
Lets you pay for eligible medical and/or eligible dependent day-care expenses on a pre-tax basis. The annual election amount you choose to set aside is automatically deducted from your gross salary and is deducted for the remaining pay periods for the calendar year. The annual maximum contribution is $2,750 for medical reimbursement. The annual maximum contribution is $5,000 for Dependent Day Care if you are single, or married and filing jointly on your income tax, or $2,550 if you are married filing separately on your income tax. The federal government has placed restrictions on reimbursement accounts. One restriction, referred to as "Use It or Lose It," requires that the amount in excess of the maximum carryover limit, $550, after you have submitted all your claims for the Plan Year will be forfeited. Employees must enroll within 60 days of your employment, during open enrollment period or within 31 days of a change in family/employment status.
Employee Educational Scholarship à£à£Ö±²¥Ðã
Ìý FAU offers eligible employees tuition assistance for up to 6 credit hours per semester after 6 months full time employment.
Employee Assistance à£à£Ö±²¥Ðã (EAP)
Ìý A free, confidential service designed to assist employees with personal, family or workplace issues.
ÌýEmployees are eligible to join any of 3 local federal credit unions and enjoy all associated benefits.
Enjoy the convenience and peace of mind of electronically deposited payroll funds into an account of your choice.Ìý Payday is every other Friday.
Faculty, Postdoctoral and AMP employees may choose between the following retirement plans.
Optional Retirement Plan (ORP)
- Available to all Faculty and AMP employees. Each pay period, the University contributes a percentage based on an employee's gross earnings to a state approved investment provider. The employee is required to contribute a mandatory 3% of their gross earnings. Employees can elect to contribute an additional percentage of earnings on a voluntary basis subject to IRS regulations.
Florida Retirement System (FRS)
The FRS provides two retirement options: theÌý FRS Pension Plan Ìýand theÌý FRS Investment Plan.
FRS Pension Plan
- TheÌýFRS Pension PlanÌý is a defined benefit plan. Contributions are made to the Pension Plan by the University based on the employee's FRS membership class. Employees are required to make a 3% contribution. The Pension Plan requires 8 years of creditable service to vest and receive a retirement benefit. This system is combined with Social Security to assist you by providing an income for your later years or for an unforeseen disability. Once vested, you may retire at age 65 and receive full benefits or at an earlier age with reduced benefits. You may retire at any age after 33 years of service with no reduction in benefit. The monthly benefit payment you will receive when you retire depends on your years of creditable service and the average income of the eight highest years (fiscal year) during your covered employment.
FRS Investment Plan
- TheÌýFRS Investment PlanÌý is a defined contribution plan. The University contributions are based on your salary and your FRS membership class (Regular Class, Special Risk Class, etc.) Employees are required to make a 3% contribution. The Investment Plan requires 1 year of creditable service to vest (i.e. own the assets in your Investment Plan account.) The Investment Plan directs contributions to individual member accounts, and you allocate your contributions and account balance among various investment funds. Your Investment Plan retirement benefit is based on the value of your account. Unlike the Pension Plan, there is no guaranteed benefit level at retirement.
*Any employment with a Florida Retirement System (FRS) participating employer may impact their retirement benefits including a membersâ€™ eligibility for a refund of contributions.
Tax Deferred Annuities- Pre-tax
The university offers a tax sheltered annuity program which allows employees the opportunity to save an amount from each salary warrant and postpone payment of taxes on that amount until a later date. Brochures are available for VALIC, TIAA-CREF, Jefferson National, Voya, MetLife. The name of company representatives may be obtained from Human Resources.
State Deferred Compensation- Pre-tax
Voluntary supplemental retirement (457) plan offered by the State of Florida. You are allowed to shelter a portion of your annual gross salary from Federal taxes, while your money is forwarded to your chosen Investment Provider. Your Investment Provider directs your money to your chosen investment vehicle, where your account grows tax-free.