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The Research Foundation Employee Services Department


The Research Foundation Employee Services Department Sandra Cochran Courtney Cox Sharon Bessinger Barbara Bardak Stephanie Gruarin – PowerPoint PPT presentation

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Title: The Research Foundation Employee Services Department

The Research Foundation Employee Services
  • Sandra Cochran
  • Courtney Cox
  • Sharon Bessinger
  • Barbara Bardak
  • Stephanie Gruarin

The Importance of Timesheets
  • The Research Foundation must comply with the
    F.L.S.A.- Fair Labor Standards Act, New York
    State Labor laws and the Federal Office of
    Management and Budget (OMB) circular-21
    (Principals for Determining Costs applicable to
    Grants, Contracts, and Other Agreements with
    Educational Institutions.

The Importance of Timesheets
  • OMB-Circular 21 requires educational institutions
    to report and certify the actual distribution of
    effort of all employees performing on federally
    sponsored projects.

The Importance of Timesheets
  • All non-exempt ( from the F.L.S.A.) Research
    Foundation employees must complete an hourly or a
    bi-weekly attendance report showing each hour
    worked in order to fulfill the overtime
    calculation requirements of the F.L.S.A.

The Importance of Timesheets
  • The F.L.S.A. also specifies record-keeping
    requirements for exempt employees-those who are
    in bona fide executive, administrative and
    professional positions

The Importance of Timesheets
  • All hourly and biweekly salaried nonexempt
    employees must complete a timesheet that gives an
    accurate distribution of hours based on their
    Full Time Equivalent (FTE).
  • Example .7 FTE of a 40 hour week 28 hours
    weekly, 56 biweekly.

The Importance of Timesheets
  • All exempt employees must complete an exception
    report for each calendar month.
  • Time off is to be recorded in quarter day
    increments only.
  • Anytime off less then a quarter day should be
    handled however the supervisor decides, yet
    should be reported as .25, ( if reported)
  • Example April 21- 1.0
  • April 24- .25
  • Total based on 8 hour day-10 hours or 1.25

The Importance of Timesheets
  • Non-exempt employees that work more than a six
    hour period must show time off for a minimum of a
    half hour break. This applies to any overtime
    over six hours as well.

The Importance of Timesheets
  • If the sponsor has approved overtime, and it is
    in the budget, and the project director has
    approved it then
  • The break rule applies to overtime as well.
  • Example In 800am
  • Out 100pm
  • In 130pm
  • Out 730pm
  • In 800pm
  • Out 900pm

The Importance of Timesheets
  • Requests for overtime to be paid must be made in
  • Example Please pay me the 6 hours of overtime
    in my September 25 paycheck

The Importance of Timesheets
  • Sponsors periodically audit the personnel
    appointments to assure that guidelines are being
    adhered to.

Vacation, Sick, and Personnel Leave Policy
  • Vacation leave must have prior approval and may
    be used at any time during the calendar year
  • Personal leave (for non-exempt employees) must
    have prior approval and may be used at any time
    during the calendar year

Vacation, Sick, and Personnel Leave Policy
  • Sick leave is to provide a reasonable measure of
    protection against loss of income due to illness
    or disability. If you call in sick and do not
    have accrued sick time, you will be charged Leave
    Without Pay, therefore you cant call in vacation
    or personal time since it requires prior approval

Vacation, Sick, and Personnel Leave Policy
  • An employee absent on sick leave for five or more
    consecutive days is required to produce a return
    to work form filled out by a physician before
    returning to work.

Vacation, Sick, and Personnel Leave Policy
  • Doctor/ Dentist Appointments
  • Employees are encouraged to schedule medical
    appointments during non-working time. However,
    if necessary, sick leave may be charged

Vacation, Sick, and Personnel Leave Policy
  • Sick Children or Family Member
  • Employees can charge family sick (15 accrued
    sick days maximum), personal or vacation time if
    a family member is ill.
  • If the leave becomes longer term, then the leave
    may fall under the Family and Medical Leave Act.

Family and Medical Leave Act
  • The FMLA is a federal law that requires certain
    employers to allow eligible employees to take up
    to 12 weeks of unpaid job-protected leave during
    a 12 month period for various health and
    family-related reasons.
  • To be eligible for FMLA, an employee must have at
    least 12 months of service and must have worked
    over 1250 hours over the previous 12 months.

Family and Medical Leave Act
  • Eligible employees may take leave for
  • the birth of a child
  • the adoption of a child
  • the provision of foster care to a child
  • the serious health condition of the employee, or
    the serious health condition of an immediate
    family member

Family and Medical Leave Act
  • If possible, the employee should request leave at
    least 30 days before it is to begin.
  • The Employee Services Department at the Research
    Foundation has the necessary forms for an
    employee who wishes to formally request leave
    under the F.M.L.A.

Family and Medical Leave Act
  • Employees on unpaid FMLA electing to continue
    health insurance must pay their share of the
    premiums, and if they elect to continue life
    insurance, they must pay the full premium

Family and Medical Leave Act
  • Employees may elect to take unpaid leave, or to
    use paid accruals in the form of (1) an absence
    from work of up to 12 consecutive weeks, (2) an
    equivalent amount of time taken intermittently,
    or (3) a reduced work schedule. Note Leave may
    not be taken intermittently or in the form of a
    reduced work schedule for the birth or placement
    of a child

Disability Insurance
  • The New York State Disability Law requires that
    the Research Foundation provide partial income
    replacement to employees for up to 26 weeks for
    an off-the-job illness or injury. (Maternity is 6
  • An employee will receive 50 of his/her average
    weekly salary up to the 170 maximum set by the
    NYS disability Benefits Law. FICA taxes are also
    deducted by law.

Disability Insurance
  • Sick leave must be exhausted to qualify for
  • The disability payment may be supplemented with
    partial vacation accruals and personal leave in
    order to maintain the employees normal salary.
  • A seven calendar day waiting period applies
  • Benefit coverage will continue during the period
    of time that the employee receives partial income

Disability Insurance
  • If an employee has been absent from work for
    three days, this may signal an impending
    disability claim. If the supervisor feels that
    the employee may need an extended leave,
    (particularly if the employee doesnt have enough
    sick time accrued,) then the supervisor should
    contact Sharon Bessinger at the Research
    Foundation Employee Services Department to
    determine the employees status.

Disability Insurance
  • The Research Foundation also provides coverage
    for long term disability .
  • When 26 weeks of disability through the Zurich
    Insurance Company has been exhausted, the long
    term carrier takes over the claim
  • Employees can obtain the necessary information by
    contacting the Research Foundation Employee
    Services Department

Workers Compensation
  • The Research Foundation provides income
    replacement and payments for medical expenses for
    a work related injury or illness.
  • An employee will receive up to two-thirds of
    his/her average weekly salary, but no more than
    the maximum benefits set by the N.Y. State
    Workers Comp Board.

Workers CompensationHow do I file a claim?
  • Obtain the necessary medical treatment
  • Report the injury/illness to the employer/
    supervisor in writing, who then should contact
    the Research Foundation immediately
  • If necessary, the R.F. will contact the employee
    and take a statement detailing the incident
  • The R.F. will phone a report in to Chubb
    Insurance Group (the R.F. Workers Comp insurer)

Workers Compensation
  • Workers compensation income replacement benefits
    end when the employee is no longer disabled and
    his/her physician approves a return to work.
  • Medical expense coverage is on-going for as long
    as recovery from the injury or illness requires.

Workers Compensation
  • If the employees work-related injury or illness
    results in more than a 7-consecutive day absence
    from work, income replacement benefits begin on
    the 8th day.
  • If the injury exceeds 14 consecutive days, the 7-
    day waiting period is waived and income
    replacement benefits are paid from the first day
    the employee was unable to work.

Flexible Spending Account
  • An FSA is an IRS approved tax-free account that
    saves the participant money on eligible medical
    and dependent care expenses not covered by other
  • Each plan year at open enrollment the participant
    can contribute a maximum of 3,000 to the Medical
    Expense Flexible Spending Account and 5,000 to
    the Dependent Care Flexible Spending Account.

Flexible Spending Accounts
  • The participant needs to estimate their expenses
    for the upcoming plan year carefully so as not to
    forfeit any unclaimed funds set aside. The
    deduction is taken biweekly from their paycheck.
  • When a participant incurs eligible expenses they
    simply submit a claim for to the Fringe Benefit
    Management Company with a receipt and a check is
    either mailed or directly deposited into the
    participants checking or savings account.

Flexible Spending Accounts
  • Examples of reimbursable expenses for the Medical
    Flex Plan
  • fees for physicians, surgeons, dentists,
    ophthalmologists, and chiropractors
  • Medical, dental, vision and prescription drug
    plan deductibles or co-payments

Flexible Spending Accounts
  • Examples of Dependent Care Expenses
  • Child, adult and elder care costs that allow the
    participant and spouse to work or actively look
    for work
  • Day care facility fees for qualified dependents
    (children under the age of 12 or adults mentally
    or physically incapable for self-care who live
    with the participant)

Retirement Issues
  • The Research Foundation Basic Retirement Plan is
    a defined contribution plan.
  • The Optional Retirement Plan is a voluntary
    program designed to provide you with additional

Retirement IssuesVesting
  • Vesting is when an employee gains full ownership
    to the retirement contributions the Research
    Foundation has set aside during the previous five
    years in the defined contribution plan.

Retirement IssuesVesting Requirements
  • There is a one year waiting period beginning with
    the date of employment, during which no
    contributions are made.

Retirement Issues Vesting Requirements
  • In the previous calendar year an employee had to
    work 975 hours (based on a 37.5 hour work week)
    or 1000 hours (based on a 40 hour work week) in
    order for the full year to be counted. This is
    called qualified service.

Retirement IssuesVesting Requirements
  • After the 1 year waiting period (in which no
    contributions were made) the R.F. sets aside
    contributions for that employee from years 2 to 5
    (4 years total).This is called service credit.
  • After year 5 an employee is vested the
    employee now has rights to the retirement account

Retirement IssuesVesting Requirements
  • You must return an application in order for your
    pension benefits to be allocated to the TIAA-CREF
    funds you desire. This application will be mailed
    to you several weeks after your vesting
    anniversary date.

Retirement IssuesVesting Requirements
  • Presently, for employees hired after July 1,
    1994, the R.F. contribution rate is 8 for the
    first 7 years of foundation eligible service and
    10 of earnings thereafter. (Contributions stay
    at 10 for the duration of employment.)

Retirement IssuesPrior Service
  • Prior service is employment as a non-student
    employee immediately preceding employment with
    the Research Foundation.

Retirement IssuesPrior Service
  • The previous employment must have been with an
    accredited college or university or a non-profit
    501 (c) 3 research organization .
  • The Research Foundation will take into
    consideration the amount of time of prior service
    and credit it toward retirement accordingly.

Retirement IssuesRollover Assets
  • If you had assets from one eligible retirement
    plan you can make a rollover to the Research
    Foundation plan.
  • You can do an indirect rollover which is made
    directly to you for the purpose of transferring
    the payment to another plan. This may have
    taxation implications and there is a 60 day limit
    to make the transfer of funds.

Retirement Issues Rollover Assets
  • You may also do a direct rollover in which your
    prior plan transfers the assets directly to the
    Research Foundation qualified plan.
  • This method is a safer way to transfer assets and
    protect them from taxation by the IRS.

Retirement Definitions
  • Annuity-A contract that provides an income for a
    lifetime or for a specified number of years
  • Annuitant-A person receiving annuity payments
  • Annuitize-Conversion of retirement plan
    accumulations to regular income payments
  • Participant-A current eligible employee who has
    met the service requirements or a former employee
    who has full ownership rights to retirement

TIAA-CREF What is it?
  • TIAA- Teachers Insurance and Annuity Association
  • The third largest insurance company whose goal is
    to provide employees in education and research
    with their own personal retirement association by
    providing annuities .

TIAA-CREF What is it?
  • CREF-College Retirement Equities Fund
  • An investment company that offers eight distinct
    investment accounts accounts. All CREF accounts
    are variable annuities, so their accumulation
    will fluctuate with the performance of the
    underlying investments.

CREF Contract SettlementsOptions for Lifetime
Annuity Income
  • Single Life Annuity-pays an income for as long as
    the annuitant lives. All payments stop at his or
    her death. Payments will not be made to a
    beneficiary unless a guaranteed period has been

CREF Contract SettlementsOptions for Lifetime
Annuity Income
  • Two-Life Annuity-pays the annuitant and his or
    her partner income for as long as either lives.
    Payments may be made to a beneficiary by electing
    a guaranteed period feature.

Retirement IssuesOptional Retirement Accounts
  • SRAs (Supplemental Retirement Accounts lower
    your current tax bill. The only way to save
    money on a tight budget is to pay yourself first.
    With SRAs, your contributions come from your
    salary automatically at a percentage or amount
    that you specify.

Optional Retirement Accounts
  • Before you get your paycheck and before taxes are
    taken out, the SRA deductions are taken out.
    Because you report a lower amount of income to
    the IRS, youll pay less in taxes on your current
    pay. Your SRA contributions go straight toward
    your retirement, free of federal taxes and, in
    most cases, state or local taxes as well, until
    you begin receiving your income later on.

Optional Retirement Accounts
  • Your earnings are also tax deferred. Up front
    tax deferral is just the start. You also pay no
    taxes on your SRA earnings until you receive them
    as income and at that point you may be in a lower
    tax bracket. So year by year, your earnings
    compound without the drain of taxes.

Optional Retirement Accounts
  • The Research Foundation offers two options for
    retirement investment savings.
  • Fidelity

  • The Salary Reduction Agreement indicates the
    percentage of salary you would like to contribute
    and lets you stipulate when the contributions
    should begin

  • The Designation of Investment indicates the
    TIAA-CREF or Fidelity tax deferred program(s)you
    wish to contribute to.
  • TDA-Tax deferred Retirement Annuity Contract for
    employee tax deferred funds
  • Group supplemental Retirement Annuity Contract
    for employee tax deferred funds
  • Fidelity Investments 403(b) Custodial Account(s)
    which are Mutual Funds

Optional Retirement Accounts
  • For investment direction call the
  • 1-800-842-2888
  • Stocks, bonds or short-term investments
  • 1-888-836-7655
  • Provides investment opportunities in mutual funds

FAQ -Retirement Accounts
  • Whats the most I can contribute to my TIAA-CREF
    retirement plan or SRA in any given year?

FAQ -Retirement Accounts
  • The ceiling for all contributions (yours and your
    employers) to all tax-favored retirement plans
    (your retirement and SRAs, IRAs etc. ) is
    40,000. The overall limit includes after-tax
    contributions as well as pre-tax. (This is
    subject to change due to IRS regulations)

Contribution Limitations
For Calendar Year Total Contributions Cannot Exceed If age 50 or older by the end of the calendar year total contributions cannot exceed
2002 11,000 12,000
2003 12,000 14,000
2004 13,000 16,000
2005 14,000 18,000
2006 15,000 20,000
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