Compensation
In year one of EAA, all teachers will be paid by years of service. Base salary will be assigned in the following ways:
| Years of Experience | Salary |
|---|---|
| Less than 3 years | $50,000 |
| 3-5 years | $55,000 |
| 6 years or more | $60,000 |
At the end of year one, EAA will use the teacher evaluation system to determine which teachers qualify for additional compensation as "teacher-leader" or "master teacher." In this way, the EAA salary schedule is different than most district systems that simply award salary based on years of service and level of education.
All full time EAA of Michigan employees are eligible to participate in a Code Section 125 - Cafeteria Plan. The purpose of the plan is to provide employees with the opportunity to select among various combinations of taxable and non-taxable benefits and taxable compensation. This includes the option of pre-tax premium payments for coverage under the EAA of Michigan's medical, dental, and vision plan, and a pre-tax State of Michigan 401K retirement plan.
Features of our Benefits Package include:
- 60/40 Split - EAA of Michigan covers 60%, and the Employee is responsible for 40%
- Health, dental, vision through BCBS of Michigan
- PPO Plan
- HMO Plan
- One year contract: Nov 2011 - Nov 2012
- Voluntary Life Insurance and Long Term Disability coverage is also available
For more details about Benefits, read this PDF document.
The EAA of Michigan will participate in a 401K retirement system. The employee may contribute up to $17,000 annually if below the age of 50 and up to $22,500 annually if above age 50. The EAA of Michigan will match up to 7.5% of the employee contribution. Full vesting is achieved after the 4th year of employment with the EAA. The employee will be eligible to receive 50% of the matching funds after 2 years; 75% of the matching funds after 3 years; 100% of the matching funds after 4 years.
If currently in the Michigan State Retirement System, the employee may hold his or her current funds in escrow within the retirement system. If vested in state retirement after four years in the EAA's 401K plan, the employee can use proceeds from his or her 401K to purchase state retirement time (up to 5 years).
The state retirement and 401K are separate plans. 401K funds can be used to purchase state retirement funds and state retirement fund may be rolled into the 401k plan in cases where the employee is vested.