Eligibility. All employees who work half time or more (.50 F.T.E. or greater which is 20 hours per week or more) with an anticipated term of employment of more than six months are eligible to participate in any of the University insurance programs. Student workers, including graduate assistants, are not eligible to participate.
NU Flex. NU Flex is the term given to the University of Nebraska flexible insured benefits program.
The following link directs you to the university-wide benefits website
http://www.nebraska.edu/faculty-and-staff/benefits.html 
Complete Current Benefits Information
NU Credits. Each year the University provides you with an allowance of NU Credits. This allowance represents part of the money the University contributes for your benefits. Under NU Flex this money is yours to utilize according to your individual needs.
If your insured benefits and Reimbursement Account choices add up to less than your allowance of NU Credits, you will receive the remaining amount as taxable cash, paid in your regular paycheck.
If you choose a level of benefits that adds up to more than the amount of NU Credits, part of your regular pay may be converted to pretax dollars to pay for benefits and to reduce taxable income. The exception to this is the dependent life insurance benefit, additional individual life insurance, family accidental death & dismemberment and long term care insurance, which is most beneficial if premiums are paid with after-tax dollars.
Under NU Flex each benefit option has a price tag, allowing you to choose coverage according to your individual needs.
It is important to note that the benefit choices you make will be in effect for the entire calendar year in most cases.
Retirement (Savings). Eligibility and Enrollment Requirements. All employees who are age 30 and over, have two year of service in an educational setting, and an employment status equal to at least one-half full-time equivalency (.50 FTE) must participate in the Basic Retirement Plan as a condition of employment. Participation begins the first day of the month following attainment of eligibility.
In addition, those employees who are age 26 and over with two years service in an educational setting, an employment status of .50 FTE or greater, may participate voluntarily. Participation begins on the 1st of the month following attainment of eligibility. Employees eligible for voluntary participation who do not wish to participate at the time of eligibility will not be eligible for enrollment until the 1st of the month following the attainment of age 30, when participation becomes mandatory.
Once an employee enrolls in the University Retirement Basic Plan, either through voluntary or mandatory entry, there is no right to withdraw and they must continue to participate in the Plan so long as employment with the University continues.
Employees who are not eligible to participate upon initial employment will be notified when they are eligible to participate.
Basic Retirement Plan. The University and each participating employee make minimum monthly payments to purchase retirement income for the employee. The minimum percentage of gross salary contributed by the employee and by the University is as follows:
| |
Employee Contributes
|
University Contributes
|
Total
|
| Tier 1 |
3.5%
|
6.5%
|
10.0%
|
| Tier 2 |
5.5%
|
8.0%
|
13.5%
|
Anyone initially electing the Tier 1 may, at a later date, change to the Tier 2. You may make this change on July 1st each year. (No change will be permitted from Tier 2 to Tier 1). You are 100% invested from day one.
Supplemental Retirement Plans (403b). All employees with a .50 F.T.E. or greater can participate in a Supplemental Retirement Annuity Plan regardless of years of service or level of participation in the basic retirement plan. Contact the Human Resources Office for more information.
Additional Retirement Plan (457b). Employees who are on track to maximize their Supplemental Retirement Account can also participate in the Additional Retirement Program (457 b). Contact Human Resources for more information.
Tax Sheltering. Contributions to the Basic, Supplemental Retirement and 457 (b) Plans are made on a pretax basis, thus reducing employees' Federal and State income taxes.
Various investment options are available on a pre-tax basis for employees from TIAA-CREF & Fidelity including: IRA's, mutual funds, personal annuities and many more. For more information contact Human Resources.
Reimbursement Accounts. All regular employees working at least half-time (.50 FTE) and benefit eligible are eligible to participate in the Employee Reimbursement Accounts. The Reimbursement Accounts allow employees to set aside pre-tax dollars, which can later be used to pay for certain health care, and/or dependent care expenses. Examples include: deductibles, co-insurance amounts, and items not covered by the health care, dental care or vision care plans. By utilizing this plan staff are spared the tax consequences on the money put in to the account for these purposes. However, staff cannot utilize the reimbursement accounts and also claim the same amounts on their tax returns. Staff must also sign up for this benefit each year and the amount must be used in the calendar year or it will be forfeited. For more information contact the Human Resources Office.
1/2013