As a partner in supporting employees and their families, RAND is dedicated to providing comprehensive benefits for retirement, health, continuing education, career development, and family welfare.
The following information highlights our current benefits program for regular and term employees scheduled to work at least 20 hours per week.
Sabbatic Pay. Sabbatic pay is a unique and extremely attractive benefit to exempt employees, reflecting RAND's strong belief that employees should take paid time off to ensure their health and well-being. When an eligible employee takes a vacation day, he or she receives sabbatic pay in addition to his or her regular salary. The pay for each sabbatic day is equal to 3 percent of the monthly base salary. If an eligible employee takes all 20 vacation days over the course of the year, the total sabbatic pay will amount to an additional 5 percent of the employee's annual salary.
Vacation. Eligible exempt employees such as researchers, executives, and administrators accrue 20 days of vacation per year. Eligible nonexempt employees such as administrative assistants and clerical staff accrue 15 to 20 vacation days per year, depending on their RAND service.
Retirement. RAND's contributions to employee retirement savings are significant and a major attraction of our benefits package. Contributions to the Qualified Retirement Plan are fully vested after four years of RAND service. RAND contributes the amounts shown below. Additionally, employees may contribute on a tax-deferred basis to a Supplemental Retirement Annuity [403(b) Plan]. RAND also offers retiree medical coverage to eligible employees.
RAND's Annual Contributions to the Retirement Plan (this is not a savings plan)
|Employee Age||On Earnings Under SSWB||On Earnings Over SSWB*|
|Under age 35:||5%||10%|
|Ages 45 or over:||9%||14%|
* Up to the maximum permitted by federal law. (SSWB: Social Security Wage Base)
Health Insurance. RAND pays a generous share of the cost of health insurance coverage for eligible employees and their covered dependents. The employee's cost of coverage varies with the medical plan selected and full-time or part-time status.
A comprehensive PPO medical plan is available at all RAND locations. The plan includes both retail and mail-order pharmacy networks as well as preferred provider hospital and physician networks. Health Maintenance Organization (HMO) plans are also available at our California, Washington, D.C., and Pennsylvania locations.
Eligible employees may select the type of coverage they prefer from these options.
Dental Insurance. RAND pays a significant share of the cost of eligible employees' and dependents' coverage; coverage is voluntary. The plan reimburses 50-100 percent of reasonable and customary dental expenses up to $1,500 per person per year. A $100 deductible applies to some expenses. Child orthodontia is covered. Certain procedures are not covered.
Vision Insurance. RAND pays a significant share of the cost of eligible employees' and dependents' coverage; coverage is voluntary.
Life Insurance. RAND pays the full cost of eligible employees' coverage.
- For employees under age 65, coverage is equal to 1.5 times basic annual earnings.
- For employees age 65 or over, coverage declines on a percentage basis.
- Employees whose coverage amount is greater than $50,000 will have imputed taxable income on coverage in excess of $50,000. These employees may elect to reduce coverage to $50,000.
Supplemental Life Insurance. Additional coverage is available for eligible employees and their families on a voluntary basis, paid for by the employee.
Accidental Death and Dismemberment Insurance. This is also available, paid for by the employee.
Travel Accident Insurance. In addition to other life and accident insurance coverage, eligible employees receive accidental death and dismemberment coverage up to $100,000 while they are in authorized travel status. The full cost of this insurance is paid by RAND.
Disability Insurance. There are two types of disability coverage.
- Short-term disability insurance provides benefits if employees cannot work because of nonoccupational illness or injury. This coverage provides benefits after one week of disability for up to 52 weeks, and RAND pays the full cost of this coverage.
- Long-term disability insurance also is available to eligible employees; RAND pays the cost for a basic level of coverage and employees can elect to purchase supplemental coverage.
Workers' Compensation. Workers Compensation, which covers occupational illness or injury, and Unemployment Insurance are paid by RAND.
Tuition Aid Program. Eligible employees may, upon approval, receive reimbursement for courses taken and satisfactorily completed, provided that the courses are required for an academic degree in one of RAND's areas of interest or are directly related to any RAND job classification. The maximum reimbursement is $4,000 per fiscal year. The class must be taken for a letter grade; pass/fail; or credit/no credit.
Employee Assistance Program (EAP). Non-RAND counselors may be contacted directly by eligible employees and members of their households for confidential, short-term counseling on personal as well as work-related problems. The full cost is paid by RAND.
Life Balance Resource and Referral Service. Assistance with family issues and with locating care for family members is available at no cost to eligible employees.
Holidays. RAND's U.S. locations have nine paid holidays each year. Eight follow a common schedule, and the ninth is a "floating holiday" of the employee's choice.
Sick and Other Leave. Sick pay (up to 10 days annually) is available on an annual basis for occasional illness. Sick pay can also be used for medical appointments, and up to half of the annual allowance may be used to care for ill family members. Paid personal time off is also available for maternity, paternity, adoption, jury duty, bereavement, and emergencies.
For additional information on the Family and Medical Leave Act (FMLA), see www.dol.gov (PDF).
Flexible Spending Accounts (Pre-Tax). Employees who incur certain costs for the care of eligible dependents may contribute toward those costs on a tax-favored basis. Employees may also contribute toward expenses not covered by health, dental and vision plans on a tax-favored basis.
Credit Union. The RAND branch of the Premier America Federal Credit Union offers exceptionally attractive savings-deposit services and low-interest loans.
This brief summary is intended as an overview of RAND benefits.
Note: All coverage is governed by the benefit plan documents and summary plan descriptions shall govern in the event of any discrepancy.
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