We are pleased to provide the following summary of health and welfare benefits to full-time and part-time (30 hours +/week) employees of Randolph-Macon Academy. Benefits may be subject to changes.
Medical Insurance
R-MA participates in 2 medical insurance plans provided by Aetna Healthcare. Coverage is available from a preferred national network of providers. Coverage is available for the employee and eligible dependents with premiums paid on a pre-tax basis. Randolph-Macon Academy pays for a percentage of the employee premium costs only. Enrollment is possible after hire, during our annual open enrollment, or upon a qualifying life or employment event. One plan is high deductible plan and one plan is a point-of-service plan.
Dental Insurance
Dental Insurance is provided through Delta Dental Premier. Covered expenses include Preventive, Basic and Major Services with premiums paid on a pre-tax basis. Enrollment is possible after hire, during our annual open enrollment, or upon a qualifying life or employment event.
Vision Coverage
Employees may enroll in a separate vision plan through Guardian Life. Members must use participating providers. The premium is separate and enrollment is possible after hire, during our annual open enrollment, or upon a qualifying life or employment event.
Flexible Spending Accounts/Dependent Care
Employees may enroll in our Flexible Spending Account (FSA) or our Dependent Care Account. Both plans are designed to allow pre-tax payroll deductions to help you plan for your expenses during the year in heath care or dependent care.
HSA plan
Employees enrolled in the high deductible medical plan may enroll in an HSA plan. Eligible expenses can be processed through this plan up to a certain limit.
Life Insurance
A life insurance benefit is provided at one times employee’s base salary with the premium paid 100% by the Academy. Optional life coverage up to five times the employee’s base salary is available. This group life coverage is provided by Guardian Life Insurance and covers Common Carrier and Accidental Death and Dismemberment protection as well. Enrollment is automatic and coverage is fully paid for one times employee’s base salary, optional coverage is fully paid by the employee on a pre-tax basis.
Spouse Life Insurance
Employees may enroll in spouse life insurance up to the lesser of 50% of employee’s elected optional life coverage or $250,000. The premium is based on the employee’s age and is totally employee paid.
Child Life Insurance
Employees may enroll in child life insurance in increments of $2,000 up to a maximum of $10,000. The premium is fully paid by the employee.
Tax Deferred Multiple Employer 403(b) Plan
Under Section 403(b) of the Internal Revenue Code, employees of educational institutions or tax-exempt organizations can set aside money for retirement on a pre-tax basis. The employee decides the amount of money to contribute to the program during each pay period, up to a determined maximum amount (the IRS sets an annual dollar limit). The amount the employee contributes is deducted from pay before federal, state and local income taxes are taken out.
With Randolph-Macon Academy’s 403(b) program, the employee can select to invest in a choice of investment options through TIAA through salary reduction contributions. Randolph-Macon Academy deducts contributions from pay, as elected by the employee, and forwards the money to TIAA, our designated investment company. Currently Randolph-Macon Academy matches dollar-for-dollar up to 4% of salary. Vesting for the employer’s matching portion is based on a 3 year cliff vesting. Each year of service is based on 1000 hours per calendar year and an employee must be employed for 3 years to be vested.
Roth After-Tax IRA
Randolph-Macon Academy offers the option to participate in a Roth After-Tax IRA up to the IRS maximum. Contributions go directly to TIAA.
Voluntary BenefitsRandolph-Macon Academy extends the offer to participate in other types of voluntary benefits at the employee’s cost. These include: cancer insurance, critical illness, accident, and hospital indemnity.
Short-term and Long-term disability
The Academy offers short-term and long-term disability to full time employees. These are fully funded by the employee and eligibility is upon hire or during open enrollment, subject to plan provisions.
Employee Leave
Randolph-Macon Academy provides sick day leave, funeral leave, military leave, personal days (2) per calendar year, and FMLA as authorized upon request.
Vacation and Holidays
Randolph-Macon Academy provides vacation to all eligible employees. A vacation schedule is available in our policy manual and differs with job positions. Faculty and Staff members who work directly with our students are provided time off in correlation with our academic calendar and student’s supervision needs. Holidays are provided to our full-time employees. We also may provide additional time off throughout the year, at the discretion of the President.
R-MA provides a safe and friendly workplace. We encourage participation by all employees for any special events, daily dining services, and any field trips. We encourage a diverse workforce and we value our students, customers, parents, and the community through all efforts of our actions.
This is a brief overview of the majority of our employee benefits and these may be subject to change upon annual review. More information on procedures or specifics about the plans can be provided from our Human Resources Department. R-MA is an EOE.
