Faculty Handbook

• Medical and surgical coverage administered by United Health Care. Coverage under the Participating Provider network, or the Basic Medical Program if you choose a non-participating provider. • Home care services, diabetic supplies, durable medical equipment, and certain medical supplies through the Home Care Advocacy Program (HCAP). • Physical medicine (chiropractic and physical therapy) coverage administered by Managed Physical Medicine Program (MPMP). • Mental health and substance abuse coverage administered by Carelon Behavioral Health, Inc • Prescription drug coverage, administered by CVS Caremark. The Human Resources/Affirmative Action Office will provide informational booklets describing each of these options. Employees should read the materials on their specific plan and keep them for future reference. 2. Retirement (Enrollment is mandatory for all full-time employees) Full-time faculty or professional employees of the State College of Optometry; and those part-time faculty or professional employees with "Term Appointments," are eligible to elect one of three retirement programs: • New York State Teachers' Retirement System (TRS), defined benefit plan -- State pension based on years of service and final average salary. Vesting period: 5 years of New York State service. • New York State Employees' Retirement System (ERS), defined benefit plan -- State pension based on years of service and final average salary. Vesting period: 5 years of New York State service. • The Optional Retirement Program (ORP), a defined contribution plan. Employer contributes 8% of gross calendar year earnings for the first seven years of employment and 10% of gross calendar year earnings thereafter. Vesting period: 366 days. Part-time employees with other than "Term Appointments," are eligible to join the Employees' Retirement System (ERS) or the Teachers' Retirement System (TRS). These employees are not, however, eligible to join the ORP. Full-time employees must elect to participate in one of these programs within thirty (30) days of their appointment. If an election is not made within this period, employees will be required to join TRS, and will have no further opportunity to change their program. The Human Resources/Affirmative Action Office will provide informational booklets on each retirement plan and will meet with new employees to discuss the election. 3. Tax Deferred Annuity Programs (Optional) The Tax Deferred Annuity and Supplemental Retirement Annuity programs for employees of the State College of Optometry permits employees to reduce the current tax burden by setting aside a portion of salary toward the purchase of annuities. The income tax is deferred until benefits are withdrawn, usually at retirement. The amount that may be set aside by a staff member from the annual salary will vary according to their salary, years of service, and retirement program. Employees can choose four different Investment Providers offering annuity* investment products (TIAA-CREF, VOYA, Fidelity, and Corebridge (formerly AIG Retirement Services))

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