Retirement Savings Plan
Ann and Nate Levine Academy maintains a voluntary 403(b) retirement plan through TIAA/CREF for its employees. All employees are eligible to contribute to the plan from the date of their employment. Taxable income is reduced by the amount you contribute through salary deferral. At this time Levine does match 3% contribute to an employee’s retirement plan with TIAA/CREF. A complete Summary Plan Description with detailed information about the plan is available from Human Resources.
Flexible Spending Account (FSA)
Levine Academy provides a Flexible Spending Account (FSA) program that allows all employees (regardless of number of hours worked or full-time or part-time status) to have pre-tax dollars deducted from their salaries to pay for eligible out-of-pocket expenses. The pre-tax contributions made to the FSA can be used to pay for predictable non-reimbursed health care expenses and dependent care expenses during the plan year. Through the FSA program, you can reduce your taxable income without reducing your real income, so that you can keep more of the money you earn. An employee is eligible to participate in the FSA regardless of whether or not they take part in the company-offered health plan(s). Participation in the Health Care and/or Dependent Care FSA is optional and determined on an annual basis for the plan year. You must enroll for each plan year. You determine how much to contribute to the account, up to a specified maximum, based on anticipated expenses during the plan year. Contributions are directed to the FSA through salary reduction on a pre-tax basis. This tax-free money is then available to you for reimbursement of out-of- pocket expenses. Since the amounts that remain in the account at the end of the plan year are forfeited, you should take care not to over-fund your account. Details of the Flexible Spending Account program are described in the Summary Plan Description (SPD). Contact Human Resources for more information on the Flexible Spending Account program and to obtain enrollment and reimbursement forms and worksheets with examples of reimbursable and non- reimbursable expenses. SECTION 7 OTHER BENEFITS
Tuition Discount
Tuition discounts are available to all regular full-time and part-time Levine Academy employees who work and average of 15 hours a week or more. Employee children must meet the same student eligibility requirements as other Levine Academy students.
The tuition discount is 25% per child.
The tuition discount is available only during the existence of the employment relationship. Individuals hired on or after the beginning of the school’s academic year are not automatically granted a tuition discount. The Head of School has the discretion, based upon existing budgetary considerations, to exclude such newly hired employee from the tuition discount program during that employee’s first school year of employment.
Children in the policy mean biological children, legally adopted children, and step-child(ren) only if and while such step-child(ren) is in permanent residence in the home of the employee.
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