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Teacher Retirement Fund

MSD pays the mandatory 3% employer share of the employee’s gross pay.   For teachers hired after 7/1/95 MSD also picks up the employee’s share of 7.5%.   (The state picks up the employee share for teachers employed prior to 7/1/95). TRF offers options for investments and additional deductions by the employee. Here is an overview of TRF. For information go to TRF.

Section 125

Employer Flex Plan
You may elect to have the following deductions made on a pre-tax basis from your pay;
 
1.    Up to $2,550.00 of health expenses not covered by the insurance plan.  Not all expenses qualify. Be sure to check beforehand.  This amount may change each year.
2.    Dependent care expenses up to $5,000.00 ($2,550.00 if single)
 
You must sign an Employee Benefit Election/Salary Reduction Agreement form each year.  American Fidelity will be at each building to help with that process.  

Click here for the American Fidelity website.

Benefits Overview
Expense Reimbursement Rules for Participation
Reimbursement Guidelines
Expense Reimbursement Voucher
Flex Debit Card Information
Accident Claim
Beneficiary Change/Change of Ownership

Life and Long Term Disability Insurance

MSD of Steuben County provides Life and Long Term Disability insurance for qualified employees.   All certified staff are covered.   Beginning August 1, 2010 non-certified employees must work a minimum of 35 hours per week for 220 days per year or work 260 days per year to be eligible to receive this benefit. 
 
Life Insurance - $50,000 for certified employees and $45,000 for non-certified employees at an annual cost of $0.12 (twelve cents) to the employee. An employee may also purchase additional Supplemental Life insurance at any time through Madison National Life at their own expense. A medical questionnaire may be required if purchasing after 31 days of employment.  Contact Brigelle Strang at EXT 1200 for application forms.
 
Long Term Disability - provided at an annual cost of $0.12 (twelve cents) to the employee.   60 calendar day elimination period. LTD then pays 2/3’s of the employee’s salary. MSD will continue to pay the employer share of health and dental insurance for 6 months. If disability continues beyond this time, the employee must pay the entire health and dental insurance premiums. Must come to Business Office to apply for Long Term Disability.
 
Click here for Madison National Life website.

Health, Dental, and Vision Insurance

MSD of Steuben County is a member of the Northeast Indiana School Insurance Consortium. The insurance carrier for the Consortium is United Healthcare. An employee may choose a family or single health coverage policy from the 4 options on the attached Benefit Plan Option page. As of 8/1/19 we will now have open enrollment for Health, Dental and Vision Benefits. To qualify for insurance, you will have to work 30 hours or more per week. To change insurance throughout the year, you must have a HIPAA (Health Insurance Portability and Accountability Act) qualifiying event.  Examples of these events are:

  1. Change in Marital Status
  2. Birth or Adoption of a Child
  3. A Loss of Coverage by Spouse
  4. Death of Covered Dependents
  5. Expiration of Cobra Coverage

MSD pays $6500 of the cost of a single health plan and $13,000 of the cost of a family health  plan. To see the employee share of costs for each health plan view the attached Insurance Rates page.
  

Delta Dental is the company offering dental coverage. You can either have a single dental plan or a family dental plan. The annual cost of a single dental plan is currently $402.60   MSD pays $264.00 of this plan.   The annual cost of a family dental plan is currently $1,151.64. MSD pays $450.00 of this plan.
 
Employees may purchase vision insurance at their own cost through VSP. Current annual cost for vision plans are $107.76 for single coverage and $297.36 for family coverage.
 
Insurance deductions are made equally over 24 pays.   
 
 
The only way an employee can completely drop any type of coverage outside the Open Enrollment Period is if they do NOT section 125 their premiums.
 

HEALTH, DENTAL, VISION INSURANCE AFTER MSD
You may be able to stay on MSD’s insurance plan after leaving MSD depending on the circumstances surrounding your departure.
 
Retirement: When you retire at the end of a school year you will remain on insurance until September 30 of the year you retire. That is because your pay runs through August.   (You will receive a lump sum payout at the end of June for TRF/PERF purposes, but we withhold 3 months of insurance payments from that last check.) After September 30 you may stay on MSD’s insurance until you reach the age of 65 providing you have 20 years of public service (10 consecutive), and you have 15 years of PERF/TRF eligibility but you will pay the full premium.   MSD does not contribute anything after August 31. Your insurance coverage will stop the month you reach age 65 because you are then eligible for Medicare. If your spouse has not yet reached age 65 also, he/she may remain on the insurance until they reach age 65.

Resignation/Termination: If you resign or are terminated you will receive insurance until the last day of the month in which you left. At that time you will be offered COBRA through the insurance consortium at your cost.   You may carry COBRA for 18 months.

Long Term Disability: If you become eligible for long term disability, you will remain on MSD’s insurance for 6 months and MSD will pick up the employer share of your premiums. After that you may choose to stay on the insurance but it will be at full cost to you.   MSD will no longer contribute to your insurance. 

Other Employee Benefits

MSD contributes 1.75% of all qualifying employees salary into a 401(a) with VALIC. Beginning August 1, 2010 non-certified employees must work a minimum of 35 hours per week for 220 days per year or work 260 days per year to be eligible to receive this benefit. This money can only be accessed when the employee separates service with MSD and has met the vesting requirements which are as follows:
 
1.    The employee was hired on or before June 1, 2000
2.    If hired after June 1, 2000, they must have 5 years of service
3.    If an Administrator or teacher, vesting is 100% upon employment
 
If the employee leaves MSD and is vested in the employer matching contributions, they have the following options with their 401(a) match account:
 
1.    Keep the money with VALIC and use at retirement
2.    Rollover the money to another retirement plan or IRA outside of VALIC
3.    Cash in the match account and pay taxes and a potential IRS penalty if employee is not of retirement age
 
 
MSD of Steuben County also has a 403(b) plan.   Each qualified employee may have money withheld from their pay and deposited into the vendors authorized by the plan. No employer money is contributed to these accounts.   This is a voluntary plan.   The 2 approved vendors for the plan are VALIC and 403(b)ASP which is Edward Jones.   The current representatives for these 2 vendors are This email address is being protected from spambots. You need JavaScript enabled to view it.(800-892-5558 Ext 87618) and This email address is being protected from spambots. You need JavaScript enabled to view it.(668-8800 or toll free 866-668-8801). The Business Office has some preliminary information for both vendors but you would need to contact the representatives to set up your own accounts.
 
Each vendor does have a website where you can view your account information. Click here to access  VALIC and here forEdward Jones .
  
If you sign up for the plan you must notify the Business Office by October 1, January 1, April 1, or July 1 depending on which quarter you sign up.   To have the complete 24 deductions for the school year, notify by September 1.
 
Loans and Hardship withdrawals – the 403(b) plan does allow for loans and hardship withdrawals.   There is paperwork that must be completed and approved. For information please click here Retirement Manager.
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