Full-Time Employee Benefits Summary
(January 1, 2023 – December 31, 2023)
Pace University provides a competitive benefit program designed to offer:
- Medical and dental insurance for preventive care or diagnostic and surgical procedures;
- The opportunity to save for financial security in retirement;
- Income protection in the event an employee is not actively at work, due to illness;
- Programs and services that assist in balancing work and personal life;
- Educational opportunities for the employee and eligible members of his/her family to pursue a degree at Pace or another higher education institution.
In addition, all faculty and staff can participate in our award-winning health and wellness program, Pace Yourself to Wellness, which is designed to inspire employees to engage in healthy habits while optimizing health care resources.
Choice of 3 different plans accessing the Aetna Elect Choice Network or the Aetna Managed Choice Network. Choices include two in-network only plans (the Network Core plan and the Consumer Core HDHP/HSA plan) and one POS plan (the Choice plan), which offers in- and out-of-network coverage. Specialist referrals are not required and all plans offer pharmacy and vision benefits.
- $1,800 cash reimbursement for one year, payable in semi-monthly installments of $75.00, if medical coverage is waived (due to other existing coverage) for the first time. After one year, the reimbursement reduces to $750 per plan year, payable in semi-monthly installments of $31.25.
- Choice of two plan options through Aetna Dental (Dental DMO and Dental PPO).
- University contributes up to 50% of the cost of individual coverage.
403b Defined Contribution Retirement Plan
- University contributes 9% of base salary with a 3% matching employee contribution (once age and years of service requirements have been satisfied).
- TIAA is the sole service provider.
- Immediate vesting with first contribution.
Health and Dependent Child Care Flexible Spending Accounts
You may elect to direct part of your before-tax pay into an account to use throughout the year to help pay for eligible expenses.
- Provides reimbursement from your account for eligible health care and dependent child care expenses on a pre-tax basis.
- Healthcare annual maximum is $3,050, Dependent Child Care annual maximum is $5,000 ($2,500 if both spouses contribute via separate employers).
Commuter Reimbursement Accounts
- You may elect to direct part of your before-tax pay into an account to use throughout the year to help pay for your eligible mass transit and parking expenses.
- Provides mass transit reimbursement from your account of up to $300/month ($150/paycheck) and parking reimbursement of up to $300 per month ($150/paycheck) on a pre-tax basis for 2023.
- University provides paid (i.e. short-term disability) and unpaid leaves, once eligibility requirements have been satisfied, to assist in addressing work/life needs.
Life Insurance and AD&D
- University pays for basic coverage (1X salary to a maximum of $100,000).
- Employee has option to purchase additional voluntary coverage for self (1X, 2X or 3X salary up to $750,000 maximum including basic coverage) and for dependents (up to $10,000 for a spouse or $5,000 for eligible children).
Short-Term Disability (STD)
- University pays full cost of coverage.
- Full salary and benefits continuation after one year of continuous full-time service to a maximum of 26 weeks within a 52-week period.
Long-Term Disability (LTD)
- University pays full cost of coverage.
- Employee eligible to participate after one year of continuous full-time service.
- University pays full premium.
- Salary and benefits continuation as defined above in Short-Term Disability (STD).
Long Term Care Insurance
- Voluntary benefit through UNUM Provident available to employees, their spouse/domestic partner, children, parents, and in-laws.
- Medical questionnaire for certain Long Term Care options is waived for employee only if he/she applies during the first 31 days as a full-time new hire.
- Medical questionnaire for certain Long Term Care options is waived for employee only if he/she applies during the first 31 days as a full-time new hire (unless he or she applies for an unlimited duration, then medical evidence is required).
- Portable upon separation from the University.
On-Campus Tuition Remission, Off-Campus Tuition Reimbursement, NY 529 College Savings Program
- Up to 100% on-campus remission for employee, spouse/domestic partner and dependent children under age 24 (24 to 30 receive 50%).
- Up to 50% on-campus remission for Special Programs: for example, Law School, eMBA, Masters in Finance for Professionals, and all doctoral programs (children from 24 to 30 receive 25%).
- On-campus tuition remission benefits for dependent children end at age 30.
- Employee off-campus tuition benefit for job related graduate programs not offered at Pace, maximum annual benefit is $1,000 for a public institution and $1,500 for a private institution, benefit has maximum duration of 3 years.
- Off-campus undergraduate tuition for dependents up to age 24, $300 per semester, $2,400 lifetime maximum per child.
- University participates in two Tuition Exchange Programs, Tuition Exchange, Inc. and Council of Independent Colleges (CIC). Years of service requirements must be satisfied prior to participation.
- Employee can voluntarily contribute to New York College Savings Program.
Vacation Days (Staff Only)
- Up to a maximum of 25 vacation days, per fiscal year, depending upon position level.
Holidays (Staff Only)
- Up to 16 paid holidays, including the break from Christmas Eve through New Year's Day.