New Employee Orientation Guide 2013
Page 7 of 8
New Employee Orientation Guide….Page 5
Employee contribution earns interest and is available for distribution at any time 100 % vesting after 5 years of Maine Maritime Academy service Disability retirement available
TIAA/CREF
Supplemental TIAA/CREF retirement (employee only contributions are available)
Life Insurance Options
1.Employee and dependent life insurance coverage is available through the Maine PERS. The cost of employee coverage is .21 cents per $1,000 of coverage deducted from your bi-weekly pay check. An employee may choose any of the following coverage combinations (Age based for supplemental coverage).
Basic coverage: 1 x the base annual salary
Supplemental 1: Basic plus 1 x salary
Supplemental 2: Basic plus 2 x salary
Supplemental 3: Basic plus 3 x salary
All employees are eligible for the Maine Municipal
Life Insurance Plan which Maine Maritime Academy
purchases 1x the annual salary for each faculty member.
Dependent Coverage:
Plan A - .89 per pay check
*Spouse 5,000
*Full-time unmarried student to the age of 22 5,000
* Children, six months to age 19 5,000
* Children 0 to six months 1,000
Plan B – 1.57 per pay check