FY 2011 Benefits Package for all Full-Time Employees
1. Social Security:
As the Newton County School System does not participate in the Social Security System, 6.2% additional income is available to the employee. Individuals employed after March 31, 1986 are required to pay the 1.45% Medicare tax.
2. Retirement Plan:
A. Teacher Retirement System:
All professional and clerical employees of school systems are covered under the Teachers Retirement System of Georgia (TRS). The cost to the employee is 6.0% of salary and Newton County Schools pays 11.41% of salary into the retirement account.
Employees may retire after completing 30 years of creditable service regardless of age, or after completing 10 years of creditable service and an attainment of 60 years of age. An example of retirement benefits is as follows:
An individual 62 years of age with 30 years of creditable service and a $50,000 average salary base would have an annual retirement benefit of 60% of the average salary base, or $30,000. Details are available in the member's guide to the Teachers Retirement System of Georgia and at the TRS website at www.trsga.com.
Teachers Retirement System contributions are sheltered from Federal and State income taxes.
B. Public School Employees Retirement System
Certain employees, (custodial, maintenance, school food service, bus driver, bus monitor), are covered under the Public School Employees Retirement System. The school system will contribute an additional 6.5% of the employee's salary to his/her Retirement Savings Plan. Employees hired after July 1, 2012 contribute $10 a month.
Employees under this retirement system may retire after completing at least ten years of creditable service and must be age 65 for Normal Retirement or Age 60 for Early Retirement.
Click on the links below for additional information:
Overview of the Public School Employees Retirement System
Retirement Application for Public School Employees Retirement System
Public School Employees Retirement System--Understanding Your Benefits
C. Supplemental Retirement Savings Program
Beginning in October, 1988, the Newton County Board of Education began a supplemental retirement program for all full-time employees. Effective July 1, 2011, the board contributes 1/2 percent and the employee contributes a mandatory 1/2 percent.All employees are required to participate in the Supplemental Retirement Savings Program.
3. Dental, Hearing and Optical Reimbursement Plans:
The Newton County School System provides an optional Direct Reimbursement Plan for all full-time employees which covers 50% of most dental, hearing, and optical expenses up to a maximum of $2,000 in annual reimbursements for a monthly premium of $16.80. The Newton County School System also provides an optional reimbursement plan for dependents. The cost is $52 for employee plus one dependent and $74 for employee plus two or more dependents.
4. Life Insurance:
The Newton County School System provides free life insurance for each full-time employee in an amount equal to an employee's annual salary (rounded up to the next thousand) plus $5,000. Furthermore, in the event of an accidental death an additional $5,000 benefit is provided. This coverage provides a benefit in the event of dismemberment or loss of sight due to an accident. In addition to the coverage provided by the Newton County School System, a full-time employee may purchase an additional 1 to 3 times annual salary coverage at a cost of $0.15 per month per thousand. An employee may elect to provide coverage on dependent children and a spouse in the amount of $10,000 for $3.70 per month. The amount of benefit coverage from live birth to age 6 months is limited to $100.
Click on link for Summary of Life Insurance Benefits
5. Disability Insurance:
At no cost to the employee, Newton County School system provides long-term disability insurance for all full-time employees. A disabled employee would begin receiving benefits 180 days after the date the disability begins. If an employee is disabled the benefits would last until age 65. The amount of a disability benefit would be the lesser of 60% of monthly earnings to a maximum of $6,000 or 70% of monthly earnings less any deductible sources of income.
Click on link for Summary of Long-Term Disability Benefits
At a low-cost premium, Newton County School System provides short-term disability insurance for all full-time employees. The employee may select from two different levels of coverage.
Click on link for Summary of Short-Term Disability Benefits
6. Health and Hospitalization Insurance:
Health and hospitalization insurance benefits are available to all full-time employees through the State Health Benefit Plan.
7. Leave Benefits:
Sick leave is earned at the rate of 1 1/4 days per month times the number of months worked. Leave is credited at the beginning of each month that it is earned. For teachers this is 12 1/2 days per year (1 1/4 times 10 months). Three of the above leave days per year may be taken as personal leave in compliance with board policy and the adopted school calendar. Employees who retire from the Newton County School System may sell back to the system up to 120 sick leave days when they retire, unless unused sick leave is used for retirement purposes. The rate of payment is the basic substitute teacher daily pay for the year in which the employee retires. As an alternative, employees may use leave to add to their TRS retirement credit. See www.trsga.com for more information.
8. Worker's Compensation:
Employment related injuries or illnesses are covered under Worker's Compensation. Benefits include medical expenses and disability income. Work related injuries must be reported immediately to the principal or supervisor and filed with the insurance carrier within 10 days of injury.
9. Professional Liability Insurance:
All full-time employees are protected against civil lawsuits for wrongful acts up to $1,000,000 per occurrence. Included are damage claims such as bodily injury, property damage, slander, libel, an others arising out of school system duties.
10. Reimbursement Accounts:
This plan enables the employee to set aside a portion of his/her salary - most importantly, pre-tax salary - into an account from which the employee can later be reimbursed for certain family expenses for medical or dependent care. The money set aside in the Reimbursement Account is not subject to federal or state income taxes under current rules and Medical Savings set aside is not subject to the Medicare tax. The employee pays for their eligible expenses with "before-tax" dollars. As a result the taxable income is reduced and the employee pays less income tax. The maximum annual contribution to a Medical Savings Account is $2,500 and the maximum annual contribution to a Dependent Care account is $5,000.
11. Credit Union:
The Newton County School System is a participant in the Georgia Federal Credit Union. Services include share savings accounts, share draft checking, insured money market accounts, a variety of loan programs including mortgage and home equity loans, access to the AVAIL automated teller machine network, convenient payroll deductions and more
12. Direct Deposit and Payroll Deduction Services:
As a convenience to full-time employees the school system provides for direct deposit of monthly payroll checks to employees' bank accounts. Also, payroll deductions are permitted for contributions to the Credit Union, the Covington-Newton County United Way, the Georgia Association of Educators, and the Professional Association of Georgia Educators.
13. Critical Illness/Cancer Insurance:
The system provides, through ALLSTATE, an optional premium-based critical illness policy for employees and their dependents. Critical illness includes heart attack, stroke, and cancer