Faculty Benefit Summary
Summary of Benefits and Services for Regular MSU Faculty
| Benefit | Who Pays | When Effective | What You Receive |
|---|---|---|---|
| Family Medical Leave | MSU (consists of health insurance continuation) | After at least one year of employment at MSU and 1250 hours in last 12 months | Unpaid leave of absence with health insurance continued for up to 12 weeks for the birth, adoption, or foster placement of a child or for the serious health condition of the employee, the employee's parent, child, or spouse. |
| Health Insurance | MSU | Effective month after employment with completed application | Provides group hospital, surgical and medical protection. |
| Prudential Life Insurance | MSU pays for basic policy, employee pays for additional | Effective month after employment with completed application | MSU provides for a basic $1,300 term policy. Employees may purchase additional term life insurance for themselves, spouses, or dependents at group rates. |
| Flexcomp Program | Employee through salary reduction | Upon employment | Must enroll within 30 days of employment, annual enrollment thereafter. Allows employees to pay for health care and dependent expenses with pre-tax dollars. Premium conversion is also available. |
| Retirement (TIAA/CREF) | Shared contributions based on salary. Years 0-2: you .5%, MSU 4.5%/Years 3-10: you 1.5%, MSU 9.5%/Years 10+: you 2%, MSU 10% | Upon employment | Defined contribution plan features immediate vesting and allocation choices. Annuity amount determined by dollars contributed, earnings and age at retirement. (Want to see a copy of the plan? Click here.) |
| Supplemental Retirement Annuity | Employee through payroll deduction | Upon employment | All contributed dollars are tax sheltered. Annuity amount determined by dollars contributed, earnings and age at retirement. |
| Long Term Total Disability (The Standard) | MSU | Upon employment | Provides income of 60% to 70% of annual salary to maximum of $10,000 per month after 6 months of disability, minus other disability payments. |
| Social Security | Employee and MSU each pay 7.65% of salary | Upon employment | Retirement benefits at age 65, reduced benefits at 62. Life income for total permanent disability. Lump sum payment on death. Monthly income for qualified survivors. Medical benefits for those 65 or older. |
| Workers Compensation | MSU | Upon employment | Compensation for job-related injury or death. Provides medical expense coverage for job-related injury or illness. Partial salary payment if work time lost exceeds 5 days. |
| Jury Duty | MSU | Upon employment | Paid time for jury service. |
| Educational Opportunities | MSU-Tuition Waiver Employee-fees, books, materials | Upon employment | Tuition waiver limited to 3 classes per calendar year. Release time for one class each semester if absence does not interfere with essential work. |
| Spouse & Dependent Tuition Waivers | MSU 50% | Upon Employment | Tuition waiver of 50% for spouse & dependents |