Benefits

PHDC sponsors a comprehensive benefits program for eligible employees, which includes, but is not limited to the following:

  • Medical and Prescription Drug Coverage – choice of either Personal Choice PPO or Keystone POS, both administered by Independence Blue Cross
  • Dental Coverage – administered by MetLife Dental: All employees and retirees enrolling in Medical are automatically enrolled in Dental coverage at no cost. https://www.metlife.com/mybenefits and select your organization ”Philadelphia Housing Development Corporation.” Use this guide: How to use your new plan
  • $100 Vision Reimbursement every two years
  • Additional Voluntary Vision Coverage – administered by Vision Benefits of America
  • Life, Accidental Death and Dismemberment Insurance equal to your annual salary rounded to the next $1,000 with a maximum of $100,000 – administered by The Standard
  • Flexible Spending Accounts (FSAs) – administered by Discovery Benefits
  • Defined Benefit Pension Plan – for all employees hired before 1/16/15
  • Defined Contribution Pension Plan – for all employees hired 1/16/15 or later
  • Voluntary 457 Deferred Compensation Plan – administered by ICMA-RC
  • Tuition Reimbursement – Regular full-time employees may be eligible for partial reimbursement (up to $3,000 per calendar year) for career-related education courses or training that is directly related to any work performed by the PRA. In order to request reimbursement, a Tuition Reimbursement Information form and promissory note must be completed and returned to the Human Resources Office.
  • Transportation Reimbursement Benefit – administered by Discovery Benefits

Health Insurance

Regular full-time employees may choose health insurance, which includes prescription coverage, from among two different Independence Blue Cross medical plans:

  • Keystone POS
  • Personal Choice PPO

Your health insurance will be effective on the 1st day of the month following your hire date. Each year you may make changes to your health insurance coverage during the open enrollment period, with all changes becoming effective on August 1st of that same year. Should you experience a major life event or should your existing coverage be changed or eliminated, you may change your medical coverage to another PRA-offered plan without waiting for the open enrollment period. You may opt out of coverage under a PRA-offered plan if you demonstrate that you are covered under another health plan. If you choose not to be covered, you will receive two $450 payments annually, provided you demonstrate your other coverage annually, one in the last pay of the January following the decision to opt out and the other in the last pay of the following July.

Employees will share in the cost of the health insurance premium as follows:

  • Keystone POS – 3% of the full cost of the premium
  • Personal Choice PPO – 5% of the full cost of the premium
  • The premium will be deducted from your biweekly paycheck on a pre-tax basis.

Resources

Life Insurance

Basic Life and AD&D insurance  – PHDC provides life insurance and AD&D insurance both at no cost to to the employees equal to your annual salary, rounded to the next highest $1,000 up to a maximum of $100,000.

  • You may also purchase additional life insurance for yourself in increments of $10,000 from $10,000 through $300,000.
  • If you purchase additional life insurance for yourself, you can also purchase it for your dependents (spouse in increments of $5,000 from $5,000 to $150,000 and your dependent children in increments of $2,000 from $2,000 to $10,000).
  • If you do not apply for additional life insurance for yourself or your dependent at the time that you are initially eligible or for certain increases in your insurance, you will be required to complete and submit a Medical History Statement to be considered.
  • Employer provided group term life insurance in excess of $50,000 for employees is considered by the Internal Revenue Service (IRS) to be a benefit that is taxable as income.f your PHDC provided group term life insurance is in excess of $50,000, you will see an earning on your paystubs for imputed income (EMGTL). It is your “taxable premium” for life insurance that is paid for any insurance over $50,000 of value. The imputed income amount is displayed only to reflect your taxable earnings.  It does not affect your gross pay, it only affects your gross taxable earnings.  We are required to calculate taxable income for employees that receive more than $50,000 in term life coverage, which must be reported on the employee’s W-2 form. This means that employees who are covered by an employer provided benefit of more than $50,000 must pay taxes for the “value” of the excess benefits. The “value” is determined by your age and schedule established by the IRS. The premium paid by the employer for the excess coverage, less any after-tax payment the employee contributes toward the coverage, is the value of the excess benefits that must be included in the taxable compensation for the employee each year.

Resources

Vision Benefits

PHDC offers optional vision insurance through Vision Benefits of America (VBA). This plan allows you to receive a free eye exam every 12 months, and provides a substantial savings on your eye care purchases.

Resources

Pre-Tax Benefit Accounts

Pre-tax benefit accounts allow you to set aside a portion of your salary, before taxes, to pay for qualified expenses. Because that portion of your income is not taxed, you end up with more money in your pocket. PHDC offers three types of pre-tax benefit accounts administerd by Wex Benefits to assist you with your out-of-pocket expenses:

Health Care Flexible Spending Account (HCFSA)
Used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected. Except for limited circumstances, eligible employees can only enroll in this plan or make changes to their election amount during the open enrollment period prior to the beginning of each new plan year which runs from 8/1 -7/31 of each year. The annual HCFSA maximum is $3,050.

Dependent Care Flexible Spending Account (DCFSA)
Used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare. A Wex Dependent Care FSA is a smart, simple way to save money while taking care of your loved ones so that you can continue to work. Except for limited circumstances, eligible employees can only enroll in this plan or make changes to their election amount during the open enrollment period prior to the beginning of each new plan year which runs from 1/1 – 12/31 of each year. The annual DCFSA maximum is $5,000.

Transportation Savings Account (TSA)
Used to pay for public transit or parking as part of your daily commute to and from work. It’s a great way to put extra money in your pocket each month and make your commute more convenient and affordable. Eligible employees can enroll in this plan or make changes to their election amount on a month by month basis. The monthly maximum for both transit and parking is $255.