Benefits

Medical Insurance

The University offers a group major medical plan that includes a hospital-based Preferred Provider Organization (PPO). Coverage becomes effective the first of the month following one month of full-time employment. Part-time employees who work an average of 30 hours per week may also be eligible.

Under the Transparency in Coverage Final Rule, plans and issuers will disclose pricing information to the public through machine readable files.  The file for Millikin’s plan is accessible here:  https://www.bcbsil.com/asomrf?EIN=370706154

Dental Insurance

The University's dental plan provides coverage for preventative services, minor restorative services, major services, and orthodontics. Coverage becomes effective the first of the month following one month of full-time employment.

Vision Insurance

The University offers a vision insurance plan. The plan provides discounts and co-pays for In-Network costs and reimbursement for Out-of-Network costs, including annual exams, contact lenses, single vision lenses and frames for employees, as well as, their dependents.

Critical Illness & Cancer Insurance

The University offers critical illness and cancer insurance that helps reduce daily stress about money, so an individual can focus on getting better. This plan pays a lump sum cash benefit directly to the employee, after a claim is approved, for a variety of covered conditions such as heart attack, stroke, and cancer. Full-time employees can choose between $5,000 and $20,000 of coverage, in $5,000 increments with a $20,000 guaranteed issue. If an employee elects coverage for themselves, they also have the opportunity to elect coverage for a spouse and eligible children.

Life insurance

The University provides life insurance equal to $50,000. Coverage becomes effective the first of the month following one month of full-time employment. The premium is paid in full by the University. The University also offers supplemental life insurance, which allows employees to purchase additional insurance for themselves and their dependents.

Long-term Disability Insurance

The plan pays 60% of your base salary up to a maximum benefit of $8,000 per month. This plan is paid in full by the University. Coverage becomes effective the first of the month following one month of full-time employment.

Defined Contribution Retirement Plan

The University-sponsored retirement plan is with IICU-MEP. Initial participation in Millikin's retirement plan is voluntary; however, participation becomes mandatory for full-time employees after six years of employment. After one year of eligible service, the University will contribute 5% of the employee's base annual salary, when the employee contributes 5%. (Part-time employees who work at least 1000 hours per year may also be eligible.)

Tax-Deferred Annuity

The University provides a tax-efficient way to supplement retirement savings by offering a tax-deferred annuity. Generally, all employees are eligible to participate and may begin participating at any time, up to the IRS limits.