Section 6 - Benefits
XIV. Health Plan
XV. Retirement, Retirement Plan, Group Life Insurance For Retired Employees
Article XIV - Health Plan
Section 1 (a). The University will provide medical coverage for all members, their spouses and dependents under twenty-six (26) years of age pursuant with the Affordable Care Act (ACA) with certain welfare benefits which may include Group Life, accidental Death and Dismemberment, Hospital, Surgical, Vision Care, DHMO Dental, DPPO Dental and both Short and Long Term Disability. (Booklets with the above benefits will be provided to all employees). In addition, all Local 153 full-time and part-time members will be eligible to participate in the University’s Flexible Spending Plan.
(b) Employees are eligible to participate in the medical vision and DHMO/DPPO dental plan once they have satisfactorily completed their probationary period. Such coverage will begin the 1st of the month following the completion of their probationary period.
(c) Employees are responsible for a percentage of the established medical plan premium equivalent for each year of the contract as set forth in Table 1 below, (less any off-set as provided for in Table 2) except that if the premium rate increase exceeds 17%, the members’ cost-share will be capped at the rate reflecting only a 17% increase in that year.
Effective January 1, 2018 both full and part-time members are eligible for a reduction from the full cost of the premium. The University’s off-set, that is associated with the Enhanced Standard Option and the HIO option for single and family coverage, has been incorporated into the bi-weekly premium. (See Table 2)
The University will contribute HRA and HSA funds as per Table 3, below. The University’s contribution towards the HRA for the Enhanced Standard Plan shall sunset after CY 2026.
Table 1: Employee Premium Cost Share
| CY25 | CY26 | CY27 | CY28 | CY29 |
| 16% | 16.5% | 17% | 17.5% | 18% |
Table 2: Offset - Reduction from the premium
| Single | Family | |
| Enhanced Standard Plan | $250 | $400 |
| HIO Plan | $300 | $500 |
Table 3 - Employer HRA/HSA Contributions
| Enhanced Standard Plan (HRA) | Health Investment Option (HSA) | |||
| Single | Family | Single | Family | |
| CY25 | $400 | $800 | $750 | $1500 |
| CY26 | $400 | $800 | $750 | $1500 |
| CY27 | $0 | $0 | $750 | $1500 |
| CY28 | $0 | $0 | $750 | $1500 |
| CY29 | $0 | $0 | $750 | $1500 |
(d) Effective January 1, 2022, members will be eligible for dental and vision coverages. Members will be able to elect a DHMO Dental Plan with no employee cost or a DPPO Dental plan with an employee cost-share of 50% the cost of the plan. The Vision plan will be at the employee’s cost.
Section 2. Effective January 1, 2015 all 153 members will have the option of voluntarily waiving their right to medical coverage. To invoke this option an employee must provide the University with proof of coverage annually.
In consideration for the medical waiver, the University will provide the employee with a $75.00 bi-weekly stipend that will be considered as income. The University reserves the right to review and adjust the stipend on an annual basis prior to the annual “Open Enrollment” period. Only employees who have a medical waiver in force will receive the stipend.
Employees who have elected the medical waiver option will have the opportunity to rejoin the University’s medical program if either of the two conditions exist; 1) Annual Open Enrollment, or 2) A “Qualifying Event” occurs, as outlined by the guidelines set forth by Federal Government (contact the Human Resources Benefits Department for more detailed information).
Section 3. This section intentionally left blank.
Section 4. This section intentionally left blank.
Section 5. The Flexible Spending Account is a benefit that enables employees to use pre-tax dollars for certain health care (medical and dental expenses) and dependent/child care expenses. Each Fall you may elect to deduct from your salary, over the course of the following calendar year, a minimum of $120.00 up to a maximum amount as designated by the IRS to be deposited in each of two Flexible Spending Accounts; one for Health Care and second for Dependent or Child care . Any unused portion of your contribution which remains after the year ends will be forfeited.
Section 6. After this collective bargaining agreement expires, the employer agrees to continue to make contributions to the Local 153 Health Fund. During the period between the expiration of this agreement and the execution of a successor contract, should the Trustees determine that the contribution rate must be increased to maintain the level of benefits provided by the Fund, the employer agrees to pay that additional amount.
Section 7. The Fund is to be administered by an equal number of employer and union trustees, governed by an agreement and Declaration of Trust. The employer accepts the employer trustees designated in that Agreement and Declaration of Trust is bound by its provisions. In the event the employer is delinquent in contributions to the Health Fund, it agrees to be subject to expedited arbitration pursuant to the rules of The American Arbitration Association and will be liable for all penalties provided for in the Trust Agreement including, but not limited to the cost of arbitration, interest, liquidated damages, cost of collection and attorneys’ fees.
Section 8. The records of the Funds are to be available to the employer for his review at the Fund Office, 265 West 14th Street, 6th Floor, New York, New York 10011.
Article XV - Retirement, Retirement Plan, Group Life Insurance For Retired Employees
Section 1. Effective January 1, 2014 active employee payroll deductions to the Fordham Retirement Plan can be made only to TIAA-CREF or Fidelity Investments, or a combination of the two. Fordham University decided to freeze all new contributions to Prudential Investments on December 31, 2013. Any existing investments in Prudential may be left there or transferred to Fidelity Investments or TIAA-CREF. Employees may not transfer investments from another provider into Prudential or transfer any qualified rollover investments into Prudential after December 31, 2013.
Section 2.(a) Employee Contributions. Local 153 members, including new hires, may enroll in the Fordham University Retirement Plan and begin making voluntary elective deferral contributions as soon as administratively feasible following their service date.
(b) University Contributions. The University will make the following contributions on behalf of Local 153 members who have completed two (2) years of continuous service:
| University Contributions as a Percentage of Compensation | |
|---|---|
| Years of Service | University Contribution |
| 0-2 years of service | none |
| 2+ years of service | 5% |
| 3+ years of service | 5.25% |
| 5+ years of service | 6.25% |
(c) Matching Contributions. The University will make the following matching contributions on behalf of Local 153 members who have completed two (2) years of continuous service, provided the eligible member makes the minimum pre-tax elective deferral:
| Matching Contributions as a Percentage of Compensation | ||
|---|---|---|
| Elective Deferral | Matching Contribution | |
| 0-2 years of service | not applicable | none |
| 2+ years of service on or after July 1, 2021 | 0.5% or 1% or 1.25% | 0.5% or 1% or 1.25% |
| 2+ years of service on or after July 1, 2022 | 0.5% or 1% or 1.25% or 1.50% | 0.5% or 1% or 1.25% or 1.50% |
| 2+ years of service on or after July 1, 2023 | 0.5% or 1% or 1.25% or 1.50% or 1.75% | 0.5% or 1% or 1.25% or 1.50% or 1.75% |
Section 3. In the case of all employees participating in the Equitable Plan as of June 30, 1979, all earned benefits in that plan as of that date become fully vested in the employee regardless of the length of service.
Section 4. The University agrees to continue its practice of providing full-time employees between the ages of 62 and 69 who have ten years of seniority with paid-up life insurance in the amount of $7,500 upon retirement. At age 70, the coverage amount will revert to $2,000.
Section 5. All active employees will receive $10,000 of Life Insurance while employed by the University.
Section 6. (a) Effective July 1, 2000, all Local 153 members who retire at age 62 with ten years of service are eligible to continue their medical coverage at group rates, through a designated University carrier. This coverage will remain in effect until age 65, after which time Medicare will become the primary insurer. Local 153 members are responsible for the entire premium in effect, subject to cost of living increases. Payments will be made monthly through the University’s third party vendor.
(b) Effective July 1, 2017, all Local 153 members who retire at age 65 with 10 years of service are eligible to participate in the University’s post 65 retiree medical plan that is in effect. Local 153 members will be responsible for the entire premium in effect and must have opted into Medicare Part B. Payments will be made monthly through the University’s third party vendor.