50 Fringe Benefits

Policy Statement (Board Approval Date:  03/22/11)

The Board has a fringe benefit package for employees which meets current state and federal laws; provides various types of leave and holidays; and establishes and maintains plans for tenure and retirement of employees at the College and for payment of deferred compensation of such employees; and provides hospital and medical benefits, accident health and life insurance, and annuity contracts, for such employees and their dependents.  The Board may also pay for all or a part of the cost thereof for employees with funds available from the operation of the College.  Amounts payable by an employee for insurance or annuity contracts may, with the consent of the employee, be deducted from his/her salary.

Procedure (Updated 10/15/15):

1. Mandated Benefits: All employees participate in state or federally mandated benefits such as social security, worker’s compensation, and Oklahoma Teachers’ Retirement System (OTRS) (for those faculty/professional staff working at least half-time; this is optional for classified employees working at least half-time).
2. Paid Fringe Benefits:
   1. Life Insurance: Full-time employees are provided life insurance including accidental death and dismemberment at no cost to the employee.  Coverage is double the individual’s annual salary.
   2. Individual Medical Insurance: Full-time employees are provided individual medical coverage at no cost to the employee.
   3. Retirement Contributions: Beginning with the employee’s first year of service, MSC pays the employer’s OTRS contribution up to the maximum amount required by law.  As of July 1, 1999, the College will pay the total cost of the employee’s share of OTRS costs for any employee with one (1) year of full-time service with the institution.  Current and future staff employed for less than (1) one year receive a $500 annual benefit paid toward their cost of OTRS contributions until the time they are eligible for the full benefit.
   4. Long-Term Disability (LT) Insurance: Full-time employees are provided coverage at no cost to the employee. The coverage amount equals up to 60% of the employee’s pre-disability earnings.
   5. 403b: The College matches employee contributions for full-time employees up to specified amounts determined by length of service to the College.
3. Post-Retirement Health Insurance Benefit: Employees eligible for retirement as defined by OTRS are eligible for the Post-Retirement Health Insurance Benefit until they are Medicare eligible.  The health insurance premium, minus the OTRS contribution, will be paid by MSC for employees who retire with 20 years of service with MSC and who qualify for unreduced benefits with OTRS.  However, if MSC reduces the percentage of the health insurance premium it pays for employees’ individual coverage, the retirees’ percentage would reflect the same reduction.  This benefit continues until the retiree is eligible for Medicare Insurance.
4. Ancillary Benefits: Other benefits are available at the option of the employee, such as:
   1. Dental Insurance: Optional dental insurance for full-time employees and their dependents is available at the employee’s expense.
   2. Dependent Medical Insurance: Optional medical coverage for dependents of full-time employees is available at the employee’s expense.
   3. Part-time Employee’s Medical Insurance: Those part-time employees who qualify under the insurance carrier’s program may elect to pay their own insurance premiums.
   4. Tax Sheltered Annuity:  All employees who participate in the OTRS are eligible to participate in the OTRS Tax-Sheltered Annuity Plan or from another approved provider at the employee’s own expense.
   5. Credit Union: Eligible staff may participate in the Oklahoma Education Association (OEA) Credit Union under conditions set forth by OEA.  The Credit Union is a nonprofit organization for employees and educational institutions.
   6. Partial Tuition Waiver: Partial enrollment fee waivers may be provided for those full-time employees enrolled in for-credit courses at MSC.  The half-tuition waiver benefit for full-time employees is extended to their spouses and children who have completed high school or GED and are currently residing in the home may also be eligible for this benefit, with the stipulation that the benefit is available up to two years from the date of high school or GED completion.