Iowa Student Loan Full Employee Benefits Summary

Iowa Student Loan strives to maintain a competitive benefit package for the welfare of its employees. Please evaluate our competitive employee benefits below.

Medical Plans

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 the corporation.

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 lesser percentages for dismemberment. This coverage is 100% paid by the corporation.

Long-Term Disability

Long-term Disability coverage is provided for full-time employees. Plan design calls for a 60% benefit 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 the corporation.

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 the Corporation.

Pension Plan

The Corporation contributes a certain percentage of your 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 salary. Vesting occurs in 20% increments between your second and sixth anniversary dates. This is 100% paid by the corporation. There are 17 different funds that monies may be invested. There is a one year waiting period to be eligible.

401(k) Retirement Plan

Eligible employees may defer up to $15,000 of their gross salary on a pretax basis. All contributions are immediately 100% vested. There are 17 different funds that monies may be invested in. There is a 90 day waiting period to be eligible. The Corporation also provides a matching contribution dollar for dollar up to 3.5% maximum of an employee's salary. There is a one year waiting period and 1,000 work hours required to be eligible.

Vacation

Employees will be credited with vacation on their anniversary date at the following rate: 1 year = 112 hours; 2 years = 120 hours; 3 years = 128 hours; 4 years = 136 hours; 5-9 years = 176 hours; and 10+ years = 216 hours. New employees will be able to use 56 hours (one-half of their first year’s allotment) after six months of employment. Employees may sell back up to 40 hours of vacation each year. Employees may carryover 40 hours of vacation each year.

Sick Leave

Full-time employees will accrue sick leave at the rate of 3.2 hours per pay period. Employees will not be paid for sick time during their first 90 days of employment. A maximum of 30 days of sick leave may be accumulated.

Holidays

Iowa Student Loan will be closed on eight designated holidays: New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Friday after Thanksgiving, Christmas Eve Day and Christmas. Specific eligibility requirements apply.

Bereavement

Iowa Student Loan offers a tiered bereavement leave policy. In the event of the death of an Immediate Family Member, the employee is allowed up to five days of paid leave. In the event of the death of an Extended Family Member, the employee is allowed up to three days of paid leave. In the event of the death of an Other Family Member, the employee is allowed one day of paid leave. In the event of the death of a current Iowa Student Loan employee, the employee is allowed four hours of paid leave. Specific eligibility requirements apply.

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 (see detailed tuition policy for specific dollar limits and "job-related" definitions). A grade of "C" or higher is required for reimbursement along with written approval prior to enrollment.

Salary Performance Adjustments

Based on established criteria, eligible employees may receive a salary performance adjustment that is earned on a companywide basis. Specific eligibility requirements apply.

Flexible Spending Program

Employees may choose to have any health/dental/vision premium contributions deducted from their check on a pretax basis. Additionally, both dependent care ($5,000 maximum) and medical spending ($4,000 maximum) accounts are available on a pretax basis to help pay for care of dependents or unreimbursed medical expenses.

Casual Dress Policy

We offer a year-round casual dress policy. We urge employees to use good judgment in determining the appropriateness of their dress (see dress code policy for specific guidelines).

Employee Assistance Program

Employees are provided free confidential counseling and referral services for themselves and their families. We utilize the Assistance Centre, a service of Iowa Methodist Medical Center.

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.

Social Functions

The Corporation provides various social functions to encourage employee interaction beyond the normal scope of business. This includes sporting events, cultural events, parties, community involvement projects, etc.

Iowa Student Loan strives to maintain a competitive benefits package for the welfare of its employees. Additional clarification of benefits is available from Human Resources. You can send an e-mail 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 anytime without prior notice.

Revised March 2007