Health Insurance:  The health benefits options consist of Carefirst Blue PPO (single/family); Carefirst Blue Choice POS (single/family); CareFirst/Blue Choice Open Access HMO (single/family); and Kaiser Permanente (single/family).  The specific terms of coverage, exclusions and limitations are contained in the Summary Plan Descriptions for each plan. Premiums are collected on a pay period/bi-weekly basis.

Dental Insurance:  This insurance is offered through Delta Dental for the employees and for their families.  The exact terms of the coverage are contained in the plan summary (single/family paycheck).

Vision Insurance: This insurance is offered through Vision Services Plan (for employee/for employee and spouse/for employee plus children/for employee plus family per pay check).

Pre-tax Medical Premiums: This plan allows employees to elect to have their health care coverage deducted from their pay on a before-tax basis.  Since these premiums are not taxed for Federal, State, and Social Security taxes, it will result in lower taxes, and therefore additional take home pay for the employee.

Flexible Spending Accounts (Health and Dependent Care):  Flexible Spending Accounts (FSA) allows you to set aside a portion of your salary to be used to reimburse yourself for qualified health and dependent care expenses. Your taxable salary is reduced by the amount you set aside in your accounts.

• Health Care Account – The Health Care FSA covers expenses that are not covered or reimbursed by your health insurance, such as:  co-pays and deductibles, prescription lenses and/or contact lenses, contact lens solution, laser eye surgery, prescription drugs, some over the counter medications, orthodontic expenses, and much more.  You can set aside as much as $2,500 in pre-tax dollars to pay for your uncovered health care expenses.
• Dependent Care Account – The Dependent Care FSA covers expenses related to caring for your dependent, such as before and/or after school care for children under age 13, nursery or pre-school and summer day camps.

Retirement:  The Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) serves as the Center’s trust fund retirement plan.  Contributions will begin the pay period following the one in which your enrollment forms are received.

• Defined Contribution Retirement Plan:   To be eligible for these employer contributions to the Plan, an employee must be age 35 or older, hold an indefinite appointment with a tour of duty of at least 40 hours per pay period or hold a temporary appointment of one year or more (or aggregate series of temporary appointments that total one year or more) with a tour of duty of at least 40 hours per pay period.  If under age 35, the employee must hold an indefinite appointment with a tour of duty of at least 40 hours per pay period and have completed two years of eligible trust fund service or hold a temporary appointment of one year or more (or aggregate series of temporary appointments that total one year or more) with a tour of duty of at least 40 hours per pay period and have completed two years of service.  For new employees, the Center contributes 12% of base salary up to the Social Security Wage Base and 17% of base salary above the Social Security Wage Base up to a maximum salary of $265,000.
• There is also a Tax-Deferred Annuity Plan (TDA), available to all trust fund employees, which has no age or service requirements, but is subject to IRS limitations.  You may enroll in this program at any time, but must sign a Salary Reduction Agreement to defer income from your earnings.

Social Security:  Your Social Security tax consists of two components – Old Age, Survivors and Disability Insurance (OASDI) and Medicare Part A – Hospitalization Insurance Tax (HITS).  For OASDI in 2013, employee will pay 6.2% (temporary tax relief) of their wage earnings up to the Social Security Wage Base.  For the Medicare tax, the Center and you contribute an amount equal to 1.45% of your pay.

Life Insurance:  The Center covers you for an amount equal to one times your salary rounded up to the next nearest thousand, at no cost to you. The IRS requires you to be taxed on the value of employer-provided group term life insurance over $50,000.  The taxable value of this life insurance coverage is called “imputed income.”  Even though you don’t receive cash, you are taxed as if you received cash in an amount equal to the value of this coverage. You may sign up for additional coverage, the cost of which depends on your age and the amount of coverage chosen.

Disability Insurance:  The Center pays the full cost of this program.  In the event of total disability, the Long-Term Disability (LTD) plan provides for the replacement of at least 60 percent of your monthly base salary up to a maximum monthly benefit of $6,000.  Disability benefits, when approved, are payable following 180 days of continuous disability as defined in the plan summary.  The disability plan is an off-set plan, meaning that benefits will be reduced by amounts you receive from other sources, such as Social Security, Worker’s Compensation, and/or the Center’s/Smithsonian’s retirement plan, should you begin to receive your retirement annuity. Any benefits you receive from this plan are subject to applicable income taxes.

Voluntary Accidental Death and Dismemberment Insurance:  This is additional insurance available in multiples of $50,000 with a maximum of $500,000 (amounts in excess of $250,000 are not to exceed 10 times your salary).  The biweekly cost per $50,000 of coverage is:  $0.50 employee only/$0.60 for employee plus children; $0.70 for employee plus spouse; and $0.85 for family.  Family members are covered as follows:  Spouse: 60% of employee amount; and eligible child/children: 20% of the employee amount.