Seven Percent Special Benefit

Policy ID

032-0040

Effective Date

Thursday, July 7, 2011

Division

Finance & Administration

Office of Primary Responsibility

Office of Human Resources (HR)

Summary of Policy

Policy defines eligibility for the Seven Percent Special Benefit.

Affected Parties

All Groups

Policy Statement

Dartmouth College
Employment Policies and Procedures
Policy last updated:  July 7, 2011

Applies to: See specific eligibility under policy

7% Special Benefit

Under this benefit, faculty and salaried staff age 40 and older on June 30, 2010, receive an additional seven percent of base pay. Salaried employees between 35 and 39 years of age on June 30, 2010, will be eligible to receive the seven percent in the future, so long as they are still working in an eligible position and turn age 40 before December 31, 2015. Faculty will continue to be eligible for the seven percent benefit at age 40. This money is paid monthly and appears as a separate line item on the employee's paycheck. The employee can take the seven percent as taxable income or contribute it to a Supplemental Retirement Account (SRA) on a pre-tax basis.