Educational Benefits

Cash Award


ELIGIBILITY

The Cash Award benefit is for legally dependent children of eligible employees. The child must be under the age of 25 and be pursuing their first baccalaureate degree at an accredited institution other than Ithaca College. To be eligible for this benefit, employees must have completed three years of benefits-eligible service (defined in the Eligibility Requirements section of the Introduction) by the first day of the semester for which a Cash Award benefit is requested.

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GOVERNING GUIDELINES AND RESTRICTIONS

An employee's maximum cash award benefit is $500 per semester or summer term, up to a total of $4,000 per child. The cash award benefit is paid directly to the institution for tuition only; it does not cover any other fees or costs.

If both parents are benefits-eligible Ithaca College employees, the maximum benefit is $1,000 per semester, up to a total lifetime benefit of $8,000 per child. The total Cash Award benefit cannot exceed the actual tuition charges incurred.

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COORDINATION WITH TUITION REMISSION BENEFIT

Students who transfer to another institution after receiving Tuition Remission benefits at Ithaca College will have their Cash Award benefit adjusted. Each credit hour of Ithaca College Tuition Remission will reduce the lifetime maximum Cash Award benefit by $33.33 ($66.66 if both parents are eligible for the benefit). For example, if a student enrolls for 6 credit hours at Ithaca College in the summer and receives Tuition Remission, the maximum cash award benefit is reduced by $200 (6 x $33.33).

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COORDINATION WITH TUITION ASSISTANCE THROUGH OTHER EMPLOYERS

Ithaca College Tuition Remission benefits are distributed after all other benefits are awarded. Therefore, if an employee's legal dependent is entitled to tuition assistance benefits through another employer, those benefits must be applied first.

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EFFECT ON BENEFIT WHEN ACTIVE EMPLOYMENT CEASES

Death, Total Disability, Retirement
If an employee retires, dies, or receives benefits through the College's long-term disability plan any dependents who are currently enrolled at another institution will continue to receive the Cash Award benefit in effect at the time.

Termination for Other Reasons
If an employee terminates employment for reasons other than retirement, death, or eligibility to receive benefits under Ithaca College's long-term disability plan, the College reserves the right to prorate the cash award benefit for that semester.

The College reserves the right to amend or terminate its benefit program at any time. Revised 5/2008

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CASH AWARD APPLICATION

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