QUALITY, VARIETY AND PEACE OF MIND
Benefits at the University of Michigan
In addition to a career filled with purpose and
opportunity, The University of Michigan offers a comprehensive benefits
package including:
- generous time-off
- a retirement plan that provides matching contributions with immediate vesting
- many choices for comprehensive medical insurance
- life insurance
- a long-term disability option
- as well as several other features that contribute to peace of mind.
(Full-time employees and part-time employees appointed
to work at least 20 hours/week in a regular non-temporary position
qualify for our benefits program. For comprehensive information about
benefits for prospective employees, click
here.)
Time Away from Work
Staff and faculty on the University’s
three campuses receive a combination of a generous vacation package
and sick time that generally is available for use immediately as
it is accrued. Depending on the position and your length of service,
1, 1.5 or 2 paid vacation days are accrued each month. Staff in The
University of Michigan Health System acquire more than 3 weeks paid
time-off per year. Over time, the annual
accrual grows to more than 6 weeks of paid time-off. (Terms may vary
for staff covered by collective bargaining agreements.) Regular staff
members also receive generous time off when absent
due to extended illness or injury.
University Observed Holidays: New Year's Day, Memorial Day, Fourth of July, Labor Day, Thanksgiving Day and the day after Thanksgiving, as well as Christmas Day. We also offer the flexibility to substitute holidays when needed or when the nature of your job requires work on a designated holiday.
Retirement Plan
The University offers Fidelity
and TIAA-CREF retirement savings options. Employees can
choose to use either or both for their 403(b) Basic Retirement Plan
investments. Features of the U-M retirement savings plan include:
- Self-managed – You
can meet with Fidelity Investments or TIAA-CREF financial advisors
to manage your 403(b) as you see fit or manage your account(s)
online.
- 2-for-1 Matching – With a 5 percent employee contribution, the University automatically contributes double that amount (10 percent of your salary). For example, an employee with a salary of $40,000 would designate $2,000 (5 percent) to the 403(b); the University would contribute $4,000 (10 percent) annually.
- Immediate Vesting – The entirety of the University’s 10 percent contribution is added to the 403 (b) immediately and is the property of the employee.
- Supplemental Retirement Account – If you would like to invest more than 5 percent of your salary, you have the option of setting up a supplemental account for additional contributions (employer match doesn’t apply to supplemental accounts).
Health Insurance
As an employee, you have immediate access
to medical insurance and prescription drug coverage beginning on
your first day of employment with no exclusions for pre-existing
conditions. The University regularly reviews all plans to
ensure quality and value.
Medical Insurance
Options
The University of Michigan offers a choice among several plans and plan types including:
- Preferred Provider Organization (PPO)
- Health Maintenance Organizations (HMOs)
- Comprehensive Major Medical traditional
plan
Coverage also is available for dependents who meet age and other guidelines.
Dental Plan
The University of Michigan Dental Plan is administered through
the Metropolitan Life Insurance company (MetLife). The Plan offers
a choice of three coverage levels. The University contributes
toward the cost of dental insurance after one year of employment.
Vision Plan
Vision coverage is offered to eligible staff through Davis Vision, a preferred provider organization (PPO). As a plan participant, you receive one eye examination and one pair of eyeglasses every year.
Prescription Drug Plan
All eligible participants in University medical insurance plans
are automatically enrolled in the U-M Prescription Drug Plan,
which covers most prescription drugs with a minimal co-pay and
no deductible.
Additional Benefits
Long-Term Disability
Group Term Life Insurance
Dependent Group Term Life Insurance
Flexible Spending Accounts
Long-Term Care Insurance
Group Legal Services
Travel Accident Insurance
For comprehensive information about benefits, click here. |
