Colby provides a competitive array of benefits. We offer health, vision, retirement, life, long term disability, employee assistance programs, and flexible spending programs. Colby also provides very generous paid time off for holidays, vacation, and sick days. The benefit plans run from January 1 to December 31. Health Insurance
Employees have a choice of two plans or may opt out and receive a one time payment of $300 (pro-rated for partial year): Vision Insurance
Vision Service Plan (VSP) is the national leader in providing eye health management. VSP will complement our current benefits by providing examinations, lenses, frames or contact lenses with reasonable co-pays. The individual monthly rate is $7.35 and family is $15.81 - Eye Examination - $10.00 copay then 100%
- Lenses - $25.00 copay then 100%
- Frames - $25 combined lens/frame copay then up to $140 allowance, 20% discount off balance over allowance
- Contact Lenses - $0 copay then up to $135 allowance, 20% discount off balance over allowance
- Discounts averaging 20-30% are also available on glass and sunglasses lens options such as scratch resistant and anti-reflective coatings and progressives. The cost for optional coverage is shown on your personalized election form.
- Out of Network options are available - for example eye exams are reimbursed up to $52, bifocal lens to $75, frames to $45, and contact lenses up to $105.
- Click here to find participating network doctors.
- Click here for more detailed information about Colby' VSP plan.
Retirement Plan Life Insurance - Basic life insurance coverage for employees is paid for by Colby. Coverage amounts are as follows:
| Age | Amount | | 30 | $50,000 | | 30-34 | $45,000 | | 35-39 | $40,000 | | 40-44 | $35,000 | | 45-49 | $30,000 | | 50-54 | $25,000 | | 55-59 | $20,000 | | 60+ | $15,000 | - Optional life insurance coverage may be purchased from Hartford Life through payroll deduction.
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- Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
- Example - For $100,000 of additional coverage for a 35 year old, the employee would pay $9.00/month or $4.50/bi-weekly
| Monthly Rate by Age Group | <30 | 30-34 | 35-39 | 40-44 | 45-49 | 50-54 | 55-59 | 60-64 | 65+ | | Option I | $50,000 | 3.00 | 3.00 | 4.50 | 7.00 | 11.00 | 19.00 | 30.50 | 39.50 | 63.50 | | Option II Level 1 | $100,000 | 6.00 | 6.00 | 9.00 | 14.00 | 22.00 | 38.00 | 61.00 | 79.00 | 127.00 | | Option II Level 2 | $150,000 | 9.00 | 9.00 | 13.50 | 21.00 | 33.00 | 57.00 | 91.50 | 118.50 | 190.50 | | Option II Level 3 | $200,000 | 12.00 | 12.00 | 18.00 | 28.00 | 44.00 | 76.00 | 122.00 | 158.00 | 254.00 | | Option II Level 3 | $250,000 | 15.00 | 15.00 | 22.50 | 35.00 | 55.00 | 95.00 | 152.50 | 197.50 | 317.50 | - Spousal or domestic partner life insurance may be purchased from Hartford Life through payroll deduction. It is available in increments of $10,000 up to a maximum of $50,000. An affidavit of domestic partnership must be completed.
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- Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
- Example - For $100,000 of coverage for a 35 year old spouse/partner, the employee would pay $9.00/month or $4.50/bi-weekly
| Rate by Age Group | <35 | 35-39 | 40-44 | 45-49 | 50-54 | 55-59 | 60-64 | 65-69 | 70-74 | 75+ | | Monthly Rate per $10,000 | .60 | .90 | 1.40 | 2.20 | 3.80 | 6.10 | 7.90 | 12.70 | 22.50 | 38.30 | - Dependent life insurance may be purchased from Hartford Life through payroll deduction.
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- Dependents birth to six months - there is a maximum of $2,000 coverage
- Dependents six months up to 19 years old - see rate table below
- Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed.
- Example - For $10,000 of coverage for each six month to 18 year old dependent, the employee would pay $1.40/month or .70/bi-weekly
| Coverage Amount | $2,000 | $4,000 | $6,000 | $8,000 | $10,000 | | Monthly Rate | .28 | .56 | .84 | 1.12 | 1.40 | Long Term Disability Insurance - Colby’s long-term disability benefit provides a monthly benefit equal to 60 percent of covered salary, subject to completion of the 180-day elimination period. In the event of disability after 2 years of service, the insurance program will contribute 12 percent of covered salary to the retirement plan, normally until age 65. The disability plan is underwritten by Hartford Life.
Employee Assistance Programs (EAP) - Cigna Behavioral Health administers Colby' s EAP program. EAP offers support information on a broad range of issues such as depression, grief, stress, and child rearing.
- Cigna offers a free, confidential service available 24 hours a day, 7 days a week, at no cost to you or your dependent family members.
Please call 1-800-554-6931. - Eligible members may use the service up to eight sessions per issue.
- Resources can also be found at www.cignabehavioral.com
- Brochures on a variety of these topics can also be found outside the Office of Human Resources.
Flexible Spending Account - Group Dynamic, Inc. administers Colby's Flexible Spending Accounts (FSA's). FSA's provide employees the opportunity to make pre-tax contributions to an account in their name, from which reimbursements are made for dependent care expenses and eligible medical expenses such as co-payments, deductibles, dental, and eye expenses.
- Click here for more detailed information.
Paid Time Off - Colby provides for paid time off for holidays, vacation, and sick days.
| | - Holiday pay is currently offered for nine holidays. Please see the holiday schedule for specific dates. After satisfactory completion of the six month probation period, employees earn two floating holidays. They must be taken in the current fiscal year.
| - Vacation is earned at the rate of two days per month and can be accrued up to a maximum of 36 days (for full-time, fiscal-year appointments).
| - Sick leave is earned at the rate of one day per month and may be accrued to a maximum of 130 days. Sick leave may be used for illness, injury, and in some cases may be used for medical appointments.
| | | - Holiday pay is currently offered for nine holidays. Please see the holiday schedule for specific dates. After satisfactory completion of the six month probation period, employees earn two floating holidays. They must be taken in the current fiscal year.
| - Vacation is earned on a monthly basis at the annual rate of 10 days during the first four years, 15 days after four years, 20 days after nine years, and 24 days after twenty years of employment (for full-time, fiscal-year appointments). Vacation may be accrued up to a maximum of one and one-half times the annual accrual amount.
| - Sick leave is earned at the rate of one day per month and may be accrued to a maximum of 130 days. Sick leave may be used for illness, injury, and in some cases may be used for medical appointments.
| This website is only a summary of your benefits. If there is any inconsistency between this website and any plan, contract, or policy relating to your benefits, the actual terms of the plan, contract, or policy will govern. If you have specific benefit questions, you should review your summary plan description, insurance certificate, or policy, or contact Mary Nelson (x5503) in the Office of Human Resources. |
