Full Employee Benefits Summary
Iowa Student Loan strives to maintain a competitive benefit package for the welfare of its employees. Please review the competitive employee benefits below.
Medical, Dental and Vision Plans
Medical, dental, and vision plans are available to employees on the first of the month following the date of hire.
HMO
| Monthly Employee Contribution |
| Employee |
$8.00 |
| Employee/Spouse |
$202.21 |
| Employee/Child(ren) |
$186.91 |
| Family |
$252.31 |
|
PPO
| Monthly Employee Contribution |
| Employee |
$63.50 |
| Employee/Spouse |
$319.23 |
| Employee/Child(ren) |
$295.08 |
| Family |
$391.10 |
|
Dental
| Monthly Employee Contribution |
| Employee |
$1.00 |
| Employee/Spouse |
$18.52 |
| Employee/Child(ren) |
$20.84 |
| Family |
$27.02 |
|
Vision
| Monthly Employee Contribution |
| Employee |
$1.00 |
| Employee/Spouse |
$6.53 |
| Employee/Child(ren) |
$6.76 |
| Family |
$11.27 |
|
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Life Insurance
Full-time employees will receive benefit coverage equal to two times their base salary to a $500,000 maximum benefit. Dependent coverage is also provided as a percentage of an employee’s benefit coverage. This coverage is 100% paid by Iowa Student Loan.
Accidental Death and Dismemberment
Full-time employees will receive benefit coverage equal to two times their base salary to a $500,000 maximum benefit. Accidental death is paid at 100% of benefit coverage, and dismemberment is paid at lesser percentages. This coverage is 100% paid by Iowa Student Loan.
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Long-Term Disability
Long-term disability coverage is provided for full-time employees. Benefits equal 60% of basic monthly earnings, subject to reductions and a maximum monthly benefit of $12,500 and a 180-day elimination period. This coverage is 100% paid by Iowa Student Loan.
Short-Term Disability
Short-term disability coverage is available to each full-time employee after 90 days of employment. Benefits are paid as a percentage of salary based on years of service. This coverage is 100% paid by Iowa Student Loan.
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Pension Plan
Iowa Student Loan contributes a certain percentage of each employee’s salary to this retirement plan. The exact contribution percentage is determined annually by the board of directors. Historically, it has been equal to 7.5% of an employee’s annual salary. Vesting occurs in 20% increments between the second and sixth anniversary dates. This is 100% paid by the corporation. There is a one-year waiting period to be eligible.
401(k) Retirement Plan
Eligible employees may defer pretax wages up to $16,500 annually. Employee contributions are immediately 100% vested. There is a 90-day waiting period to be eligible.
Employer Match
Iowa Student Loan also provides a dollar-for-dollar matching contribution up to 3.5% maximum of an employee’s salary. A one-year waiting period and 1,000 work hours are required to be eligible.
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Vacation
Employees are credited with paid vacation hours on their anniversary date at the following rate:
| Anniversary |
Hours of Paid Vacation |
| 6 months |
56 hours |
| 1 year |
56 hours |
| 2 years |
120 hours |
| 3 years |
128 hours |
| 4 years |
136 hours |
| 5 — 9 years |
176 hours |
| 10+ years |
216 hours |
Employees may sell back up to 40 hours of vacation each year. Employees may carry over 40 hours of vacation each year.
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Sick Leave
Full-time employees will accrue sick leave at the rate of 3.2 hours per pay period. Employees are not paid for sick time during their first 90 days of employment. Employees may accumulate a maximum of 30 days of sick leave.
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Holidays
Iowa Student Loan will be closed on 10 designated holidays:
- New Year's Day
- Martin Luther King Jr. Day
- Memorial Day
- Independence Day
- Labor Day
- Columbus Day
- Thanksgiving and Friday after Thanksgiving
- Christmas Eve and Christmas
Specific eligibility requirements apply.
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Bereavement
Iowa Student Loan offers a tiered bereavement leave policy.
| Family Member |
Days of Paid Leave |
| Immediate |
Five days |
| Extended |
Three days |
| Other |
One day |
In the event of the death of a current Iowa Student Loan employee, other employees are allowed four hours of paid leave. Specific eligibility requirements apply.
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Tuition Reimbursement
Employees with at least six months of service may apply for tuition reimbursement. Reimbursement may be up to 75% of tuition and books (certain requirements and limits may apply). A grade of "C" or higher is required for reimbursement along with written approval prior to enrollment.
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Flexible Spending Program
Employees may contribute pretax dollars to a Health Flexible Spending Account (maximum of $4,000 per year) and to a Dependent Care Account (maximum of $5,000 annually) to cover eligible expenses.
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Casual Dress Policy
The company offers a year-round casual dress policy.
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Employee Assistance Program
Employees and their families are provided with free confidential counseling and referral services. Iowa Student Loan utilizes the Assistance Centre, a service of Iowa Methodist Medical Center.
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Wellness Program
In support of good health, Iowa Student Loan will reimburse up to $25 per month for employees' dues in a health club, weight loss program or smoking cessation program.
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Social Functions
The company provides various social functions to encourage employee interaction beyond the normal scope of business. This includes sporting events, cultural events, parties, community involvement projects and others.
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Iowa Student Loan strives to maintain a competitive benefits package for the welfare of its employees. Additional clarification of benefits is available from the human resources department. You may send an email with your questions to
bkrueger@studentloan.org. Benefits listed may have individual eligibility requirements. Iowa Student Loan reserves the right to amend, terminate or change any or all of its benefits at any time without prior notice.
Revised April 2011
