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Benefits of Working at the UICCU
What's important to our employees is important to us! The University of Iowa Community Credit Union is pleased to provide benefits that contribute greatly not only to your total compensation, but also to your personal well-being and that of your family. From comprehensive health care coverage to a generous retirement plan to discounted logo-wear, the UICCU's benefits take care of the people who take care of our organization!
The UICCU is honored to be a Blue Zones Worksite®. From on-site wellness assessments to planning fun activities, we strive to facilitate a "culture of well-being" through the UICCU Wellness program. In this journey, we have partnered with Health Solutions, a third party wellness provider, who operates as a confidential resources for our staff to help improve overall health and reduce risk. To us...a modest investment in Wellness is a significant investment in the health and future of our staff as well as our community! All staff who participate in the Wellness program have the opportunity to receive a discounted rate for their participation.
The UICCU's health insurance plan benefits offer comprehensive coverage and provider network choices as well as out-of-pocket maximums to provide financial protection from expensive medical bills due to an illness or injury. A key focus of our health insurance plan is preventive care and wellness benefits. The UICCU offers two plans: a Preferred Provider Organization (PPO) and a High Deductible Health Plan (HDHP). Both plans offer financial incentives for employees to receive health care services from a participating network of physicians, hospitals and health care professionals.
Health benefits are available to full-time employees. Coverage begins on the first of the month following the completion of 60 days of employment. The UICCU shares in the monthly insurance premium cost for both plans. All insurance participants new to our plan start with preferred insurance rates. Those who elect to participate in Wellness will remain at the preferred rates; those who choose not to participate in wellness will see medical premium rates to the non-preferred rates annually in July.
Key features of the PPO include:
- Preventive: Preventive care, including one vision exam per year, is paid at 100% for in-network providers.
- Co-pay: A $20 co-pay is charged for eligible in-network office visits to a Primary Care Provider. A $40 co-pay is charged for office visits to Non-Primary Care providers.
- Co-insurance: A 20% co-insurance is charged for care received within the network. A 30% co-insurance is charged for care received outside of the network.
- Deductible: The benefit period deductible (January 1-December 31) is $1,500 for a single contract and $3,000 for any other contract type.
- Medical Out-of-pocket maximum: Once the out-of-pocket maximum is met, Wellmark covers 100% of eligible expenses for the remainder of the Plan Year. The out-of-pocket maximum is $3,000 for a single contract and $6,000 for any other contract.
- Prescriptions: Coverage for prescription drugs is provided through BlueRX. Employees will pay $4 for generic, $25 for preferred brand, $40 for non-preferred brand drugs, and $150 for select non-preferred brand drugs. A $100 (Single) / $200 (Family) deductible applies for all non-generic brand drugs.
- Prescription Out-of-pocket maximum: A separate out of pocket maximum of $3,000 (Single)/ $6,000 (Family) applies for prescription expenses.
Key features of the HDHP include:
- Preventive: Preventive care is paid at 100% for in-network providers.
- Deductible: The benefit period deductible (January 1-December 31) is $3,000 for a single contract and $6,000 for any other contract type.
- Combined Medical and Prescription Out-of-pocket maximum: Once the out-of-pocket maximum is met, Wellmark covers 100% of eligible expenses for the remainder of the Plan Year. The out-of-pocket maximum is $3,000 for a single contract and $6,000 for any other contract.
The UICCU offers dental insurance coverage through Delta Dental of Iowa. This plan offers care through a network of dental providers who have agreed to discounted rates. You can choose the provider that is right for you. You may elect dental coverage independently of health insurance coverage.
Dental benefits are available to full-time employees. Coverage for full-time new hires begins on the first of the month following the completion of 60 days of employment. The Credit Union pays a portion of the insurance premium, depending on the type of contract coverage chosen.
Here are the key features:
- Prevention: Delta pays 100% of the cost of teeth cleanings and exams twice per year.
- Co-insurance: You pay 20% for most other dental services including cavities, root canals, etc.
- Orthodontia: Orthodontia benefits are provided for dependent children up to the age of 19.
- Out-of-pocket Maximum: Delta pays up to $1500 per person per year for dental expenses. Once this maximum has been met, you pay the remainder of your dental bills for the calendar year
The UICCU offers vision insurance coverage through VSP. This plan has been designed to encourage the best care at the lowest out-of-pocket cost for employees and their families and provides benefits toward the cost of an annual eye exam, lenses, and frames or contacts. Coverage for full-time new hires begins on the first of the month following the completion of 60 days of employment. Employees pay the full cost of the premium.
Supplemental Insurance Coverage
Full-time staff are eligible to participate in a supplementary option for coverage as an extra measure of financial protection. Benefits provided by Allstate include Accident, Cancer, Critical Illness and Hospital Indemnity. When you're sick or hurt, these plans pay cash benefits to help you and your family with unexpected expenses. The benefits are predetermined and paid regardless of any other insurance you have. New employees are eligible to participate in this supplemental coverage on the first of the month following 60 days of service.
Flexible Spending Account (FSA) Plan
All health and dental insurance premiums are automatically deducted with pre-tax dollars through the Flexible Spending Account (FSA) program. The FSA program also offers additional voluntary opportunities for staff to pay for select out of pocket expenses with pre-tax dollars, including both Medical Expenses and Dependent Care. By paying for these expenses on a pre-tax basis, taxable income is lowered resulting in more take-home pay for participating staff. New employees are eligible to participate in Dependent Care Reimbursement on the first of the month following 60 days of service. Staff are eligible to enroll in the medical care reimbursement program each year during open enrollment at the end of the calendar year.
Medical Reimbursement Program
Through the Medical Reimbursement Program, you can set aside a portion of your regular income from each paycheck before most payroll taxes are taken out to pay for eligible health care expenses for you and your dependents, such as: medical, dental or vision deductibles and co-pays
- Eyeglasses, contact lenses and contact lens supplies
- Over-the-counter drugs and medical supplies such as cold medicine and bandages
- Prescription drugs
- Laser eye surgery
- And much more!
The money you put into your Medical Reimbursement account is never taxed, and your tax savings can add up to hundreds of dollars per year.
Dependent Care Reimbursement Program
This benefit allows staff to pay for eligible dependent care expenses with pre-tax dollars, including nursery, daycare, or home care expenses for dependent children under the age of 13, as well as expenses for a dependent disabled child regardless of age. Additionally, benefits through this plan are also available to employees who provide at least 51% of the support for a disabled spouse or parent. Coverage for full-time new hires begins on the first of the month following the completion of 60 days of employment.
Health Savings Account (HSA) Plan
Staff enrolled in the High Deductible Health Plan (HDHP) can elect to contribute to a Health Savings Account (HSA) to pay for qualified out-of-pocket medical, dental, or vision expenses. The HSA is a personal account separate from an employee's UICCU benefits that allows for pre-tax contributions. By paying for these expenses on a pre-tax basis, taxable income is lowered resulting in more take-home pay for participating staff. New employees are eligible to participate in the HSA if they enroll in the HDHP on the first of the month following 60 days of service.
Peace of Mind
The UICCU provides all full-time employees with Group Life Insurance coverage. The benefit value is 1.25 times total compensation for Mortgage Loan Officers and exempt Wealth Management staff and 2.5 times annual base pay for all other staff up to a maximum of $500,000. Life insurance coverage begins on the first of the month following the completion of 60 days employment. Beneficiaries are appointed by the employee and can be changed at any time. There is no cost to the employee as premiums are paid by the Credit Union.
Accidental Death and Dismemberment Insurance
In addition to Group Life Insurance coverage, the UICCU provides all full-time employees with additional coverage and protection in the event of accidental death or bodily injury. Accidental Death and Dismemberment Insurance (AD&D) provides 1.25 to an additional 2.5 times an employee's annual base salary in the event of an accidental death and will cover for specified bodily injury losses subject to policy limitations. Coverage begins on the first of the month following the completion of 60 days employment. There is no cost to the employee as premiums are paid by the Credit Union.
The UICCU provides all full-time employees with protection against loss of income due to illness or injury with Long Term Disability Insurance (LTD). The LTD benefit provides income to employees who are disabled and unable to work for a period of time. Benefits begin after 90 days of disability and will cover 55% of an employee's monthly salary up to a maximum of $10,000. (Offsets may include retirement or government plans, other group disability plans, settlements and payments received, no-fault benefits and return-to-work earnings.) Coverage begins on the first of the month following the completion of 60 days employment. There is no cost to the employee as premiums are paid by the Credit Union.
A Helping Hand
Employee Assistance Program
The Employee Assistance Program (EAP) is a free and confidential counseling service to help staff, their dependents and other household members resolve personal issues. Through this program, experienced, licensed mental health professionals (including psychologists, clinical social workers and marriage, family and child counselors) are available to help with:
- Marital, family or relationship problems
- Stress, anxiety or depression
- Adolescent behavior problems
- Alcoholism or drug dependency
- Conflicts at work or at home (occupational issues, balancing work and life, etc.)
- Eating disorders
- Stress from financial or legal difficulties
The EAP has trained specialists on staff 24-hours a day, seven days a week. Assistance sought is held in the strictest of confidence; the employee's right to privacy is one of the most crucial aspects of this program. The cost of initial assessments and short-term counseling is covered by the Credit Union. Continued treatment or additional services are at the expense of the employee or family member, but may be covered by health insurance plans.
EAP benefits are available to all full-time and part-time employees, their dependents, and any other household member.
EAP benefits begin upon your hire date.
True to the UICCU's mission of "We improve the quality of life in our communities by promoting the financial well being of our residents" … our own employees' credit worthiness is of utmost importance to us! To that end, the UICCU works with all new and existing employees in review of their personal financial well-being to ensure that any financial products they have in hand, regardless of origin, are competitive and provided at an affordable rate. True to our value of "trust", our employees can place their vote of confidence in the UICCU as their preferred financial institution!
• Student Loans Interest Reimbursement – The UICCU is offering 100% reimbursement of student loan interests for all employees after they’ve been employed for one year.
• Mortgage Closing Cost – Employees see a discount of $500 off of their closing costs
• UICCU Wealth Management - Employees receive a 10% annual discount on Comprehensive UICCU Wealth Management services
• Home Equity Loans and Lines of Credit – Employees see a discount of $225 off of their closing costs
• Loan Rate Reductions – Employees see a 1.00% rate reduction off of the standard loan rate
Business Casual Wear
Staff have the option to dress professionally or in business casual attire 6 days a week, Monday through Saturday and are encouraged to "dress for their day". The UICCU is pleased to share half of the cost of any Credit Union logo wear shirt or sweater ordered, and there is no limit to the number of items can be ordered. This is a great opportunity for you to not only represent the Credit Union but also to enhance wardrobes at a very affordable cost!
Preparing for the Future
401(K) Retirement Plan
The UICCU's 401(k) plan is a great way to save for retirement by providing staff with an opportunity to set aside money from each paycheck either before or after taxes are taken out through Standard or Roth contributions.
Staff are eligible and begin to participate in this plan on the first payroll following 30 days of service and attainment of age 18. Participants may elect to contribute up to the IRS elective deferral limit each calendar year. The Credit Union offers a Safe Harbor Match for all participating staff. The UICCU also provides a discretionary match opportunity based on both employee contribution levels and years of service. For staff that have participated in the plan for less than five years, the total match opportunity is 5% (safe harbor plus discretionary.) For staff that have participated in the plan for five years or longer, the total match opportunity is 11% (safe harbor plus discretionary.)
Employees are always 100% vested in the contributions they choose to defer. Employees are vested in Credit Union contributions after being employed for three (3) or more years in which 1000 hours or more have been worked. All full-time and part-time staff are eligible to participate in this benefit.
Paid Time Off (PTO)
The UICCU recognizes that employees need time for rest, relaxation, and other personal and family needs. The focus of PTO is not on managing the reasons for the absence, but rather giving staff the freedom to use time as they see fit thus providing more flexibility in utilizing time off benefits.
All full-time employees begin to accrue paid time off on their initial date of full-time employment. An employee's full-time employment date is considered their "anniversary date" for annual paid time off accruals. Full-time employees accrue PTO on a monthly basis according to the following schedule:
Anniversary Date...........................Annual Accrual
Until 2nd.........................................15 days (120 hours)
Beginning 2nd................................19 days (152 hours)
Beginning 5th.................................22 days (176 hours)
Beginning 10th...............................26 days (208 hours)
Beginning 20th...............................30 days (240 hours)
Part-time employees begin to accrue paid time off following six months of service. The qualification date (six month anniversary) is considered a part-time employee's "anniversary date" for paid time off accruals. Part-time employees accrue PTO on a monthly basis according to the following schedule.
Anniversary Date...........................Annual Accrual
Until 2nd.........................................7.5 days (60 hours)
Beginning 2nd................................9.5 days (76 hours)
Beginning 5th.................................11 days (88 hours)
Beginning 10th...............................13 days (104 hours)
Beginning 20th...............................15 days (120 hours)
Major Medical Leave (MML)
The UICCU sympathizes with an employee when a family member passes away and recognizes the need for time off. Bereavement leave allows staff to take up to 5 days of leave for the loss of an immediate family member and up to three days of leave for extended family.
The funeral leave policy allows up to three days off due to the death of a qualifying family member. These three days of accruals will be charged to employee sick leave banks. Full-time employees are eligible for this benefit upon hire. Part-time employees are eligible on the first of the month following six months of service.
If chosen for jury duty or deposition during regularly scheduled work hours, employees will be paid for time spent in court at their regular rate of pay without charge to sick or vacation leave accruals. All full-time and part-time employees are eligible for this benefit.
All full-time and eligible part-time employees receive the equivalent of 10 paid holidays each calendar year. Full-time employees are eligible for this benefit upon hire. Part-time employees are eligible on the first of the month following six months of service.