Employees are required to contribute 6% of all wages, and the institution matches at 6%. The plan is a Defined Contribution Plan and is fully vested immediately. Contributions are invested in various stocks, bonds, and other funds chosen by the employee. Upon hire, employees enroll with TIAA. Contributions are pre-tax.
A small percentage of our employees are enrolled in the WV State Teachers Retirement plan. The WV plan is a Defined Benefit plan whereby the income is determined by a formula (final average salary x years of service x 2%).
All employees are eligible to contribute to either or both: 403(b) or a 457(b) plan to save additional money thru tax deferral for retirement. TIAA also offers a Roth 403(b) after-tax plan option. No matching for these plans.
The plan provides a non-taxable income benefit after 7 consecutive days of illness or the end of sick leave. The plan will pay up to 26 weeks of disability. The income benefit is 60% of base salary.
The plan provides a nontaxable monthly income benefit for total disability after six full months of continuous disability and the end of sick leave. The monthly income benefit replaces 60% of monthly base salary up to a maximum of $10,000 before offsets.
Continues to pay a monthly retirement benefit to the employee’s TIAA-CREF basic retirement account, which equals 12% of your monthly wage base.
Offers a choice of health plans for employees and their dependents to age 26. The plan covers medical, hospital and prescription benefits. PEIA offers the PEIA Preferred Provider Plans A, B, C, D; and The Health Plan has Managed Care Plans A, B, C (HMO).
Basic term life insurance $10,000 to age 65 is paid by the institution (amount decreases to $6,500 at age 65).
Is available to employees from $5,000 to $500,000 to age 65. It is decreasing term insurance and doubles for accidental death. It requires a statement of health 60 days after hire.
Five plans are available to insure the employee’s spouse and children.
Provided by PEIA and administered by Fringe Benefits Management Co. These plans are available during the yearly Open Enrollment period (April). Employees may enroll their spouses and dependents up to age 26. These plans are available during the yearly Open Enrollment period (April), or with a qualifying family event. 1-855-569-3262