NSU Faculty Handbook
Material appearing in this Handbook in bold italics is quoted from the Regional University System of Oklahoma's Policy Manual. (see General Information)
7.0 INSURANCE AND RETIREMENT
7.1 Insurance
Insurance provided by the University will continue during the summer months for full-time faculty who do not work during the summer and plan to return in the fall. Faculty members who have dependent coverage or other optional insurance may choose to have an amount withheld from their last pay check sufficient to pay the summer premiums or submit a monthly premium to the Office of Business Affairs. Payroll deducted health insurance premiums may be tax-sheltered. All full-time employees must complete a Section 125 Election Form prior to the beginning of each calendar year. Specific details of University provided insurance plans are available in the Office of Human Resources.
7.11 Group Health Insurance Program
The Regional University System of Oklahoma provides continuous group health insurance coverage for all full-time employees and, at the employee's option, eligible dependents. Depending on the plan chosen, employee coverage is provided at the employer's expense and eligible dependents may be covered, at the employee's option, at the insured employee's expense. Dependent coverage is subject to timely enrollment and payment of premiums.
The University provides health and vision insurance for the employee. Dental insurance is available at the employee's expense. At the employee's expense health, vision, and dental insurance is available for eligible dependents. Coverage for University-provided insurance is effective the first day of the month after employment begins. Employees may be required to pay a portion of their premium depending on their plan selection.
The University shall extend the option of continuing group health coverage to employees and/or dependents at their own cost for a specified period of time after their date of termination in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Contact the Office of Human Resources for specific information regarding insurance coverage and COBRA continuation and cost.
7.12 Group Life Insurance Program
The University provides group life insurance for all full-time employees. Life insurance coverage is double the amount of the faculty's annual salary, with a $250,000 maximum per employee. Salaries for a summer contract are not considered in determining the amount of an employee's insurance.
The effective date of coverage is the first day of the month after employment begins.
7.13 Group Long-Term Disability Insurance Program
The University provides group long-term disability insurance coverage on all full-time employees after six full months of continuous full-time employment. An optional "buy-down" benefit is available to provide coverage beginning 90 days after employment.
The monthly benefit will be sixty percent of the insured employee's monthly salary, not to exceed a maximum benefit of $6,000 per month. Benefits are integrated with workers' compensation insurance, social security, and Oklahoma Teachers' Retirement System disability benefits subject to a $100 minimum monthly benefit.
7.14 Workers' Compensation Insurance
The University provides workers' compensation insurance for all faculty. Faculty members sustaining a job-related injury or illness may qualify for medical coverage and temporary compensation. Faculty members should not seek medical treatment (except in emergency situations) without first notifying their immediate supervisor. Contact the Office of Human Resources for specific information and filing instructions.
7.15 Unemployment Compensation
The University is self-insured with the Oklahoma State Employment Security Commission to provide Unemployment Compensation benefits for eligible employees who are terminated or laid off. Information concerning Unemployment Compensation can be found in "Information for Workers Who are Unemployed Concerning their Rights to Receive Unemployment Compensation," obtainable from the Oklahoma State Employment Security Commission.
7.16 Governmental Tort Claims Act
Oklahoma's Governmental Tort Claims Act maintains sovereign immunity for state employees. When an employee of the University and the State of Oklahoma acts within the scope of employment, the employee is immune from liability for torts.
7.2 Retirement
7.21 Oklahoma Teachers' Retirement System (OTRS)
Membership in the Oklahoma Teachers' Retirement System is mandatory for all full-time faculty under the age of 55. Retirement benefits are calculated on a combination of the final average salary and years of creditable service as defined by OTRS (see Teachers' Retirement System of Oklahoma, Rules and Laws). Detailed information is available in the Office of Human Resources. Faculty members should contact Human Resources at least four months before a planned retirement.
To be eligible for full OTRS retirement benefits, faculty members must be at least 62 years of age and have five (5) full years of contributing membership OR faculty who joined OTRS prior to July 1, 1992 are eligible for full retirement when creditable service years and age total 80. For faculty employed after June 30, 1992, the total for creditable years and age is 90.
Reduced retirement benefits are available for members from ages 55 through 61, with at least five (5) years of Oklahoma creditable service, but who do not have the 80 or 90 "points" above, OR have 30 years or more of creditable years of service regardless of age.
Refer to the OTRS manual, "Teachers' Retirement System of Oklahoma: Rules and Laws," for details.
7.22 Supplement Retirement Plan
The purpose of the Board of Regents of the Regional University System of Oklahoma Retirement Plan is to provide supplemental retirement benefits for all eligible faculty members. The benefits provided by this plan will be paid from an Annuity Contract and will be in addition to any benefits eligible faculty members are entitled to receive under Social Security. A faculty member whose full-time date of employment was prior to July 1,1995, and who was a member of the Oklahoma Teachers' Retirement System prior to July 1, 1995, shall be eligible for the plan calculation. For details, contact the Office of Human Resources.
For a retiring employee who has been employed full-time in the Oklahoma State System of Higher Education for not less than ten (10) years immediately preceding the date of retirement, and has been a member of OTRS during that time, and has elected to receive a vested benefit under the provisions permitted by OTRS laws, the University shall continue to pay the group health insurance premiums and the group life insurance premiums through the month in which he/she becomes Medicare-eligible. The retiring employee shall have the option of continuing to pay group health insurance premiums for his or her dependents.
Compulsory Retirement. In accordance with the Age Discrimination in Employment Act, it shall be the policy of the Board to prohibit compulsory retirement based on age of employees forty (40) years of age or over.
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