Your Guide to Vanderbilt s Flexible Paid Time Off Benefits Program

Transcription

1 flexpto Your Guide to Vanderbilt s Flexible Paid Time Off Benefits Program Launching in 014 included in this overview Introducing flexpto 3 How flexpto Works 4 How Much Paid Time Off Will I Accrue? 5 What Happens to My Current Vacation and Sick Time? 6 Enhanced Short-Term Disability Insurance More About flexpto; Timing and Transition 8 FAQs 10 Accrual Rate and Flex Bank Limit Schedules 1 Scenarios 13 Need Help? Have Questions?

2 Introducing flexpto In 014, Vanderbilt University eligible staff members will transition to a flexible paid time off program that allows you to use your time off in ways that suit you best. The program includes A centralized bank of time off. Enhanced short-term disability, including a free base benefit and low-cost buy-up option. * Items Requiring Action: Review flexpto program. Check vacation balance in CHR and compare to the flexpto bank limit (see page 11). If you are near or above the bank limit, check with your manager about scheduling time off in the year ahead. coming soon: Look for your automatic enrollment in base and buy-up short-term disability insurance during Open Enrollment. Stay tuned for reminders in the fall and spring. flexpto timeline flexpto announced Reminder and instructions on how to use flexpto PHASE : flexpto takes effect for University Central Final flexpto bank accrual limit for Medical Center and University Central (see page 11) July 013 Oct. 013 Dec. 013 Jan. 014 July 014 Auto-enrollment in short-term disability insurance during Open Enrollment PHASE 1: flexpto takes effect for Medical Center flexpto bank accrual limit for Medical Center (see page 11) Enhanced short-term disability insurance begins for all eligible staff Parental leave begins for all eligible staff Questions? Contact the Employee Service Center at or human.resources@vanderbilt.edu

3 How flexpto Works Personal Vacation Vacation, sick, holiday and personal time will combine into one flexpto bank. You can use this bank for planned time off, brief illnesses and Vanderbilt holidays. Holiday Sick Time Your combined flexpto bank will accrue each period. You ll accrue the same amount of vacation, personal and holiday time as you do today, as well as a portion of hours that would have been counted as sick in the past. Enhanced short-term disability insurance with base and buy-up coverage will start in January 014 for all eligible staff, providing a safety net for salary continuation in the event of a covered medical condition (see page 6 for details). Paid parental leave will start in January 014 for eligible staff for two weeks for the birth parent, spouse/partner to birth parent, and adoptive parents. If you decide to leave Vanderbilt, you may cash out all earned time from your flexpto bank. Earned vacation time will transfer automatically to your flexpto bank when flexpto begins. No vacation or sick time already earned will be taken away. Current sick days will be grandfathered. You can use these days if you have a brief illness or need to care for a sick family member. flexpto staff eligibility Benefits-eligible staff (non-union). It does not apply to faculty, house staff and postdoctoral fellows.* *Faculty, house staff and post-docs should refer to their manuals and programs for guidance on disability and leave time. Those with house staff benefits are eligible for short-term disability. 3

4 How Much Paid Time Off Will I Accrue? For your flexpto accruals, see the schedule. example of an exempt (monthly paid) staff member with seven years of service, in days 1 current accrual - days - Vacation 0 flexpto bank: planned time off and occasional illness 34 days total (.8 days per month accrue) flexpto program: extended absences Holidays Personal Sick time 1 up to 10 days + parental leave + grandfathered sick time example of a non-exempt (biweekly paid) staff member with seven years of service, in hours current accrual - hours - Vacation 18 flexpto bank: planned time off and occasional illness 40 hours total (0 hours per month accrue) flexpto program: extended absences Holidays Personal Sick time up to 0 hours + parental leave + grandfathered sick time 1 A portion of days or hours that would have been counted as sick time in the past will transfer to the flexpto bank. Exempt staff: When you check your vacation balance in CHR, you ll notice your time is shown in hours. To convert to the days shown here, simply divide by 8. 4

5 What Happens to My Current Vacation and Sick Time? SAMPLE EMPLOYEE: CORNELIUS For your current vacation days or hours, check CHR. Month before flexpto First month of flexpto 10 days vacation becomes 10 days of flexpto 10 days (80 hours) of vacation + future accruals 30 days (40 hours) of sick time 30 sick days are grandfathered* personal and holiday time is transferred Equivalent time for those days is factored into Cornelius s monthly accrual of flexpto. *Use for occasional sick days to care for yourself or family members. 5

6 Enhanced Short-Term Disability Insurance Short-term disability insurance provides salary continuation if you are unable to work for an extended period due to an approved medical condition. Vanderbilt will make it easy and more affordable to enroll in or keep short-term disability insurance. With flexpto, you ll be enrolled automatically in base and buy-up coverage starting in January. Vanderbilt pays for your base coverage, which covers up to $4,000/year of your salary with only a two-week waiting period. Similar to long-term disability insurance, you can cover the remainder of your salary, called buy-up, at a better rate. Costs for buy-up depend on your annual salary (see chart). With both basic and buy-up coverage, your benefit would pay nearly your full take home salary in the event of a covered medical condition, once you have fulfilled the two week waiting period (time before benefit payments begin). Time from your flexpto bank or grandfathered sick time can cover the waiting period as well as time after your benefit ends. Short-term disability also acts as a safety net that will replenish as soon as you return to work (as op- sample short-term disability costs Short-term disability insurance provides income protection for up to 66.% of your salary. Because a portion of the benefit payments are tax-free, the basic short-term disability insurance plus the buy-up coverage provide approximately 90% of your after-tax salary. posed to sick time, which requires a gradual accrual). In the event of another approved disability, you will be covered. While you will be enrolled automatically in the base (paid by Vanderbilt) and buy-up (paid by you) coverage during Open Enrollment in October, you can opt-out of the buy-up. To encourage more staff to take advantage of the buy-up coverage, your automatic enrollment will occur regardless of current health status. This applies during Open Enrollment in October 013. If you opt-out and decide to enroll in the buy-up program later, you will need to submit health information and coverage may be denied. If you currently have short-term disability coverage, you ll pay less in 014 than you do now for the comparable 013 plan. Your existing coverage will convert automatically into the new buy-up program. flexpto first $4,000 of salary paid by Vanderbilt Buy-up plan monthly cost Savings compared to 013 plan Benefit per year 66.% of salary (buy-up portion is tax free) annual income: $45,000 $60,000 $100,000 $13.04 save 65% $.35 save 55% $4.18 save 43% $30,015 $40,00 $66,00 You are free to opt out of the buy-up coverage at any time during or after Open Enrollment, but we encourage you to take advantage of it. 6

7 More About flexpto Why change to flexpto? Flexible paid time off programs are valued in many organizations because they meet the needs of today s diverse workforce, offering employees choice and flexibility at every life phase. timing and transition The transition to flexpto will occur in two phases. The Medical Center will transition to flexpto in January 014 and University Central will transition in July 014. This phased approach allows us to move all staff to a single time reporting system, which is necessary for the technical programming of flexpto. The enhanced short-term disability program will be provided to all eligible staff starting in January 014. Staff will be enrolled automatically in shortterm disability insurance during this year s Open Enrollment, October -31, for free base coverage and the buy-up option. flexpto: think of it in terms of absences type of absence short absences planned time off Vanderbilt holidays illness lasting a few days caring for a sick family member extended absences Approved disability lasting several weeks or months Birth Adoption what to use flexpto bank short-term disability parental leave and short-term disability parental leave The flexpto bank has new accrual limits that will take effect in July 014 for Medical Center and University Central. To minimize the impact on individuals and operations, the new accrual limit will be reset in two phases: Phase 1: January & July 014 for Medical Center Phase : July 014 for University Central See page 11 for the new flexpto bank limit schedule. While the key flexpto program details are summarized in this guide, you ll receive follow-up communications in the fall and spring before each important transition. Here s what stays the same The flexpto program gives you more flexibility to use your paid days off of work however suit you best. It will simplify the way you manage your time, but not everything is changing. Here are a few practices that will stay the same, even after the transition to flexpto. Pay practices: If you work a holiday, you will be compensated the way you are now. Scheduling time off: Continue to schedule your time off as you normally do. Holidays: Vanderbilt still recognizes seven official holidays each year. New Year s Day Memorial Day Independence Day Labor Day Thanksgiving Day Christmas Eve Christmas Day flexpto bank limits are based on years of service, just like vacation. Grandfathered Sick Time: If you have sick time, it will be grandfathered and you can use it as you have in the past.

8 FAQs the basics 1. What is flexpto? FlexPTO is Vanderbilt s new paid time off program for eligible staff that combines your vacation, personal, holiday and sick days into one bank of time. You can use flexpto for planned time off, including vacations and holiday, and brief illnesses. Use the time as you need it or get paid 100% of its value when you leave Vanderbilt.. Which staff members are eligible for flexpto? Benefits-eligible staff (non-union). FlexPTO does not apply to faculty, house staff and post-doctoral fellows. 3. Why is Vanderbilt moving to flexpto? Flexible paid time off programs meet the needs of today s diverse workforce, offering choice and flexibility at every life phase. This more modern benefits approach allows you to use your time off to fit your lifestyle. Because this approach is employee-friendly, local and national organizations like ours are implementing similar programs. 4. When will flexpto start? As part of phase 1, Medical Center staff will convert to flexpto in January 014. In phase, University Central staff will convert to flexpto in July Why is the Medical Center launching flexpto first? The Medical Center will transition to flexpto in January 014 and University Central will transition in July 014. This phased approach allows us to move all staff to a single time-reporting system, which is necessary for the technical programming of flexpto. 6. How much time off will I have with flexpto? Earned time off will vary according to the number of years you have worked at Vanderbilt. See the schedule of rates and limits, on pages 10 and 11, for non-exempt (biweekly paid) or exempt staff (monthly paid) for details.. When flexpto begins, how much of my existing time will convert to flexpto? Vacation and sick time already earned will not be taken away. Please be reassured that you re not losing any time you have already earned. You will continue to accrue the same number of vacation, personal and holidays as you do today, as well as a portion of hours that would have been counted as sick in the past. 8. What happens to my existing sick time? Your existing sick time will be grandfathered. It won t accrue time, but you can use it as permitted under the current sick policy. Once flexpto begins, employees will not earn sick time. 9. Will this change the way I request time off? The way you schedule your time off will stay the same. 10. What happens to my earned flexpto time off if I leave Vanderbilt? If you decide to leave Vanderbilt, you may cash out all earned time from your flexpto bank. 11. Is there a flexpto bank limit? Yes, there are new bank limits. While you will continue to keep the time you earn until you use it as you do in the current system, there are new bank limits. Your limit will vary according to the number of years you have worked at Vanderbilt. See the schedule of limits, on page 11, for non-exempt (biweekly paid) or exempt staff (monthly paid) for details. New limits will be reset in the system in two phases: January 014 (Medical Center only) and to final limits in July 014 (Medical Center and University Central). 1. What happens if I exceed the bank limit? Once you reach your bank limit, you will not accrue any additional time in your flexpto bank. You will not lose any time you have already earned - you just won t accrue additional time. Once you get below your current limit, you will start accruing time again. 13. Which bank of time should I use if a family member is ill? Use time in your flexpto bank or grandfathered sick time. Resource tip: Vanderbilt s Health & Wellness program offers Parents in a Pinch Back-Up Adult Care, Parents in a Pinch Back-Up Childcare, Vanderbilt Home Care Services and Vanderbilt Sitter Service. 14. Do I keep accruing vacation and sick time between now and when flexpto begins? Yes, you will continue to accrue vacation and sick time. enhanced short-term disability insurance 1. How does short-term disability insurance work with flexpto? FlexPTO and short-term disability cannot be used at the same time to supplement each other. You would use time in your flex- PTO bank or grandfathered sick time to cover the -week waiting period required before short-term disability begins payment.. If I already have short-term disability insurance, is there anything I need to do? No, your existing short-term disability coverage will convert automatically into the new base and buy up program at a better rate than the 013 comparable plan. FAQs continue on page 8 8

9 FAQs, continued 3. If I don t already have short-term disability insurance, is there anything I need to do? During Open Enrollment in October, you will be enrolled in both the free base coverage (paid by Vanderbilt) and the buy up coverage (paid by you) automatically. You can opt out of the buy up coverage. During this year s Open Enrollment only, the insurer will waive medical evaluation. After Open Enrollment, your ability to sign up for buy up coverage may be denied due to your medical history. 4. Do I have to wait a certain amount of time before the shortterm disability benefit begins? How does that work? Yes, 10 working days. You can use your grandfathered sick time, or your flexpto bank, until the short-term disability benefit begins. Short-term disability can last for up to 10 workdays. You will need to a file a claim to receive the benefit and have your physician complete paperwork before you return work. 5. Can I use short-term disability for my spouse s or child s illness? No, short-term disability is only for an employee s covered medical condition. 6. If I stop employment with Vanderbilt, will my short-term disability end? If you are on leave and receiving short-term disability income, it will continue after your employment ends as long as you are eligible and within the window of 10 work days.. I m expecting a new addition to the family. How does flexpto impact my paid time off? Starting January 1, 014, a two-week paid parental leave will be available to eligible birth and adoptive parents/spouses/partners. For birth mothers who qualify for FMLA, this will serve as the twoweek short-term disability waiting period (the time that must pass before benefits are paid). Birth mothers then may access up to six additional weeks of paid time off for a normal delivery through the short-term disability benefit. managing your time 1. What s the minimum number of days I should have in my flexpto bank? Plan to set aside about 10 days to ensure you have time available for holidays or the short-term disability waiting period (two weeks of time that must pass before benefits are paid).. What if I run out of time off and need it for a holiday, shortterm disability waiting period or emergency? Keeping a cushion of 10-plus days in your bank should be a priority, but if necessary you can talk to your manager about borrowing up to five days. 3. When I record my time, will I record the number of vacation, sick, personal and holiday days? No, with flexpto, recording time is easy. You ll simply record time off as scheduled or unscheduled paid time off. More details on this will come before the transition periods. 4. There s a holiday right after we switch to flexpto. What do I do? To smooth the transition, Medical Center staff mark January 1, New Year s Day 014, as a holiday. The next official holiday will be Memorial Day which will be marked as scheduled time off under flexpto. University Central staff will mark July 4, 014, as a holiday. The next official holiday will be Labor Day and it will be marked as scheduled time off under flexpto. 5. What if I work on a holiday? If you work on a holiday, you will record your time as you have in the past. Your flexpto time stays in your bank until you are ready to use it. 6. Do I have to use my flexpto in full day increments? Or can I take a half day of flexpto? Exempt staff (monthly paid) record time off only full days. Non-exempt (biweekly paid) staff record it in hours.. Will bereavement and jury duty stay the same? Yes, bereavement and jury duty will be separate from flexpto. 9

10 Accrual Rate Schedule The combined flexpto bank will accrue each pay period. You ll earn the same amount of vacation, personal and holiday time as you do today, as well as a portion of hours that would have been counted as sick in the past. EXEMPT (FULL-TIME EMPLOYEES 40 hours per week, PAID MONTHLY) years of service 1-5 years more than 5 years current vacation days 15 0 current bank flexpto bank current current current holiday total flexpto flexpto personal sick days days + days = current years days + = service of holiday days 1-5 years more than 5 years bank days total flexpto days 9 34 Short term dis. days NON-EXEMPT (FULL-TIME EMPLOYEES 40 hours per week, PAID BIWEEKLY) years of service 1 current vacation hours 80 current bank flexpto bank current current current holiday flexpto hours hours bank flexpto personal sick hours hours current total years + = hours + = service of holiday hours total flexpto hours 19 Short term dis. hours more than more than

11 Flex Bank Limit Schedule Maximum vacation/flexpto bank limits EXEMPT (FULL-TIME EMPLOYEES 40 hours per week, PAID MONTHLY) years of service current vacation bank limit in days January 014 Medical Center flexpto bank limit in days July 014 Med. Ctr./Univ. Central flexpto bank limit in days 1-5 years 30 more than 5 years NON-EXEMPT (FULL-TIME EMPLOYEES 40 hours per week, PAID BIWEEKLY) years of service current vacation bank limit in hours January 014 Medical Center flexpto bank limit in hours July 014 Med. Ctr./Univ. Central flexpto bank limit in hours more than

12 flexpto Scenarios Your time, the way you need it flexpto means you can use your time off the ways that suit you best. What if I work for vacations? I am rarely sick, so I have more time to relax! I ll have extra time to spend with family and friends. If I get sick, my grandfathered sick bank is a great back-up plan. What if I am sick frequently? I don t have much time in my bank. Now all the time I accrue can go toward any need I have. Enhanced short-term disability can protect my pay if my condition continues. What if I want a safety net? I worry about the what-ifs. Short-term and longterm disability will protect my income if I get sick or disabled. My sick time is grandfathered. What if I am a caregiver? I need time to care for my family. With flexpto I can use my time to help those who need me. When my life situation changes, I ll use my time off differently. 1

13 Need Help? Have Questions? Your HR colleagues at the Employee Service Center are here to help. Call :00 am 5:00 pm, Monday Friday Chat online with a representative Walk-in: HR Express (4 locations) West End Ave., nd Floor Monday Friday, :30 am 5:30 pm Vanderbilt Health One Hundred Oaks, 19 Thompson Lane, Administration Hall, Suite Monday, Wednesday and Friday from 8:00 am 5:00 pm (closed 1:00 :00 pm). Tuesday and Thursday from 8:00 9:45 am and 3:30 5:00 pm Medical Center North, D-101 (HR window) Monday Friday, 8:00 am 4:30 pm Children s Hospital, Room 10 (HR window) Tuesday Thursday, :30 am 4:00 pm 13