Benefits

List of 4 frequently asked questions.

• BENEFITS EFFECTIVE ON THE FIRST OF THE MONTH

  The following benefits are effective on the 1st day of the month following your 1st day of employment. For most teachers, this will be September 1.
  
  

  • Medical/Rx/Vision Insurance The School offers 3 medical plans (drug and vision included), and contributes between 70% - 95% of the cost of coverage depending on the plan and level of coverage elected (e.g. single, two-party, or family).
  • Dental Insurance The School offers the choice between a high-option and base-option plan. Depending on the plan and level of coverage elected, the School will cover between 23% - 85% of the cost of coverage.
  • Pre-Tax Dependent Care Spending Account Dependent Care Flexible Spending Accounts allow employees to accumulate pre-tax funds to reimburse for childcare expenses who are under age 13 or day care expenses for a disabled or elderly/disabled dependent. The IRS limit for 2024 is $5,000. Punahou offers a subsidy for dependents under 36 months.
  • Pre-Tax Health Care Spending Account Healthcare Flexible Spending Accounts allow employees to be reimbursed for medical expenses not covered or reimbursed by other insurances. All expenses must be for qualified medical, vision, pharmacy, or dental services as defined in Section 213(d) of the IRS Code. The IRS limit for 2024 is $3,200.
  • Group Life and Accidental Death and Dismemberment (AD&D) Insurance (2x pay)
  • Optional Life and Voluntary AD&D (1-3x pay) The group term Life and Accidental Death and Dismemberment (AD&D) insurance available through Punahou School provides an extra protection for you and your family. Life and AD&D insurance provides you with coverage in case of an untimely death or an accident that destroys your income-earning ability.
  • Optional Spouse Life $10,000 - $50,000 and Child(ren) $5,000 Life Insurance
  • Long Term Disability 60% of earnings up to $8,000 per month
  • Accident Insurance You'll receive payment(s) associated with a covered injury and related services. You can use the payment in any way you choose -- from expenses not covered by your major medical plan to day-to-day costs of living such as the mortgage or your utility bills.
  • Critical Illness Insurance ($10,000 - $30,000 in increments of $10,000) Facing a serious illness at any age can be challenging -- physically, emotionally, and financially. Primary health insurance may pick up some or most of the tab but can still leave medical and other recovery expenses that add up quickly. Critical Illness insurance can provide a lump-sum cash benefit upon diagnosis of a covered illness that can be used however you choose.
  • Hospital Insurance Hospital Indemnity Hospital Indemnity insurance pays a cash benefit if you or an insured dependent (spouse or child) are confined in a hospital for a covered illness or injury. It also provides additional daily benefits for related services.
  • Punahou School Tuition Reduction Eligible employees will receive an annual tuition benefit of 50% for one qualifying dependent at a time. For qualifying dependents enrolled in Punahou Summer School, the benefit will be extended to include one academic tuition (4 hours), or the equivalent for a Punahou Summer School course. For the 2023 – 2024 school year, eligible employees will receive an annual tuition benefit of $10,000 for one qualifying dependent at a time. 

• BENEFITS EFFECTIVE IN THE NEW CALENDAR YEAR

  For employees hired August 30, 2023 - September 1, 2024, the following benefits are effective on January 1, 2025.
  
  

  • Group Long Term Care $1,000/month for facility or $750/month for home care up to 2 years. Includes 5% simple inflation
  • Optional Long Term Care A buy up is available for regular full-time employees, spouses, and family members.

• BENEFITS EFFECTIVE UPON HIRE

  • 18 days of Holiday (may vary per year)
  • 8 days of Sick Leave per year
  • 2 or 3 days of Personal Leave per year
  • 10 days of Parental Leave
  • Vacation (12-month regular staff only)
  • Bereavement Leave
  • Temporary Disability Insurance Employee Assistance Program
  • Credit Union
  • Financial Educational Services
  • 529 College Savings Plan
  • Savi Student Loan Forgiveness Solution

• RETIREMENT BENEFITS

  ELIGIBLE UPON HIRE

  • 403(b) Supplemental Retirement Annuity or ROTH Automatic enrollment of 3% of compensation with a 1% escalation annually up to 6% (regular FT and PT only) Punahou School employees are invited to voluntarily contribute to a 403(b)

  AFTER 2 CONSECUTIVE YEARS OF ELIGIBLE SERVICE

  • Group Retirement Annuity (GRA) 8% of pay (no match required) for employees who work 1,000+ hours per year

  AFTER 15 CONSECUTIVE YEARS OF ELIGIBLE SERVICE

  • Group Retirement Annuity (GRA) 10% of pay (no match required) for employees who work 1000+ hours per year

  AFTER AGE 60 AND 15 YEARS OF ELIGIBLE SERVICE

  • Post Retirement Medical/Dental Benefits The Plan benefit is a flat dollar subsidy based on your age and years of eligible service at retirement. If you are eligible and retire:
    
    • Between age 60 and 65, your benefit is $240 per year of service (up to 20 year max)
    • At age 65 or older, your benefit is $120 per year of service (up to 20 year max)