Employee Benefits

Retirement

With TIAACREF, the College will contribute 14% of your gross salary and your required contribution is 6%.

With Valic, the College will contribute 14% of your gross salary and your required contribution is 6%.

Note: Both TIAA-CREF and VALIC are annuity plans offered by the College to all full time employees.

As an employee you may participate in an employee only contribution to the Retirement Program through Supplemental Retirement Annuity (SRA). By participating in an SRA, employees can set aside tax-deferred (salary reduction) monies to save for retirement. Employees pay no taxes on their contribution and no taxes on earning until it is received as income.

To participate in an SRA, you must complete all necessary paperwork no later than the last working day of the month prior to the month in which you wish to start contributions.

Within the IRS limits you may enroll, end, increase, decrease, or suspend your contributions at any time

TIAA-CREF and/or VALIC offer participation in the SRA. For more information, please contact Personnel or Payroll.

For more information on TIAA and VALIC plan provisions, review the 403b Summary of Benefits.

Employees are vested in the retirement plan as follows:

• 2 years of service - 25% vested
• 3 years of service - 50% vested
• 4 years of service - 75% vested
• 5 or more service years - 100% vested

Medical

Life Insurance

Lincoln Financial provides a $20,000 life policy for the employee at no cost. Additional life insurance is available for the employee and their dependents through Lincoln Financial.

Linconln Financial also provides a $15,000 life policy for the employee at no cost. Lincoln Financial offers a $5,000 dependent life policy and $2,000 child policy. The cost is $30 per year.

Long-term Disability

Long-term disability coverage is provided by the college. The employee becomes eligible for this benefit on the 13th month of full-time employment and enrollment is automatic.

Cafeteria Plan

NPC offers a cafeteria plan that is available to pre-tax medical premiums which are deducted through payroll authorization, out of pocket medical expenses, and dependent care expenses. There is a ninety-day waiting period for the out-of-pocket medical expense option. The medical premium and dependent care options are available immediately.

Dental & Vision

Optional dental and vision plans are available.