Caltech Employee Benefits

Benefit	Who Pays	Eligibility	Description of Benefit
Vacation	Caltech	Upon Employment	a) From the first month through the end of fourth year of employment = 1-¹/₄ days per month b) Upon completion of the fourth year through the end of the ninth year = 1-¹/₂ days per month c) Upon completion of the ninth year and thereafter = 1-³/₄ days per month
Holidays	Caltech	Upon Employment	Twelve paid holidays per year: New Year's Day, Martin Luther King's Day, President's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, day after Thanksgiving, Christmas Day, two floating holidays, and one personal day.
Sick Leave	Caltech	Upon Employment	Sick leave is earned at the rate of one "day" per month. The actual hours accrued for sick leave are determined by the number of hours paid. Part-time staff will have sick leave pro-rated.
Retirement	Caltech	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Contributions are made by the Institute to the TIAA-CREF Retirement Plan based on a percentage of salary, and varies according to years of service and age. Vesting is immediate.
Medical Plans	Caltech/Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Caltech offers a choice of three health care plans: Blue Cross PPO, Blue Cross HMO and Kaiser Permanente.
Dental Insurance	Caltech/Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Caltech offers a choice of dental plans: Delta Dental or Safeguard.
Life Insurance	Caltech/Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Caltech provides basic Life Insurance at no cost to eligible employees in an amount equal to one times annual salary to a maximum of $50,000. Additional supplemental coverage is available for 1,2,3,4, or 5 times annual salary to a maximum of $1,000,000. Cost for voluntary coverage is based on age, and is fully paid by the employee. Coverage is also available for spouse and children.
Long-Term Disability	Caltech pays 100% of basic LTD and the employee pays 100% of the supplemental coverage	First day of the month following hire date, or on the hire date if it falls on the first of the month.	After six months of disability, this plan provides income replacement of 40% of regular salary if employee has Basic LTD coverage or 60% of regular salary if employee has Supplemental LTD coverage. Caltech pays the full cost of coverage for Basic LTD and the employee pays 100% of the cost of supplemental coverage.
Personal Accident Insurance	Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Coverage can be elected in one of fourteen amounts ranging from $10,000 to $500,000. Employees pay the cost. Dependents may also be covered under the plan.
Health Care Spending Account	Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Employees may elect to make voluntary pre-tax contributions to a Health Care Spending Account. The money you direct Caltech to set aside for your spending account is not subject to federal or state income taxes, or social security tax. You may use money in these accounts to pay for eligible expenses with tax-free dollars.
Dependent Care Spending Account	Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Employees may elect to make voluntary pre-tax contributions to a Dependent Care (Day Care) Spending Account. The money you direct Caltech to set aside for your spending account is not subject to federal or state income taxes, or social security tax. You may use monies in these accounts to pay for eligible expenses with tax-free dollars.
Tax Deferred Accounts	Employee	First day of the month following hire date, or on the hire date if it falls on the first of the month.	Employees may elect to make voluntary pre-tax contributions to the Tax Deferred Accounts. Employees are permitted to tax-defer a portion of their salary into a TDA plan and pay current Federal and State taxes on the reduced salary only.
Tuition Support	Caltech	Probation completion	Tuition support available, as specified in the tuition reimbursement policy.
Childcare Assistance Program		Need based. Require application approval.	This program allows eligible applicants to receive up to $4,000 per year in 2007 to help defray childcare costs. Awards are available to eligible faculty, postdoctoral scholars, students, and campus staff with dependant children ages 10 and under.
Child Care On Site		Upon Employment	The Children Center at Caltech and the Child Educational Center in La Canada are two Caltech affiliates that provide child care services.
Computer Store (Caltech Wired)		Upon Employment	All current staff and departments are eligible to receive significant discounts at the Computer Store on the most popular hardware, software, and supplies.
Credit Union		Upon Employment	The credit union is available to all regular employees and their immediate families.
Direct Payroll Deposit		Upon Employment	Staff may have their paycheck deposited directly into a personal checking account. Virtually all of the banks in the region accept direct deposits from Caltech.

NOTE: To permit a brief summary of benefits and services, use of actual contract language has been minimized. The summary does not replace the legal documents that establish the plans. Final interpretation of any provision of the plans will be governed by the master policies and service agreements, which are on file at the office of the Administrator of the plans.