Hi,
Can anyone guide me how to create a Tuition remission employee benefit provided by Higher Ed universities. Can you help me how to achieve this in Fusion?
Process in Tuition Remission
- The employee must be eligible for the benefit and enrolled in an accredited institution
- The child must meet the IRS dependency test (see Dependent Eligibility Requirements) in order to qualify.
- The child must be enrolled in undergraduate courses, leading to the student's first baccalaureate degree.
- The employee must have 5 or more years of eligible service.
- Plan for those employed prior to 9/1/2012 - Your benefit will be the greater of the following, but not to exceed 70% of what university would charge for similar level coursework:
- 100% of up to $2,000 of the total tuition per semester, or
- 70% of the total tuition.
- Plan for those employed on or after 9/1/2012 - Your benefit will be the greater of the following, but not to exceed 55% of what university would charge for similar level coursework:
- 100% of up to $2,000 of the total tuition per semester, or
- 55% of the total tuition.
- Each eligible dependent child may receive tuition assistance for up to 8 academic semesters or 12 academic quarters of undergraduate courses.
- The maximum family tuition benefit is 24 semesters or 36 quarters for all of the employee’s children; or a maximum of 48 semesters or 72 quarters for all of the children if university employs the eligible employee and his/her eligible spouse or eligible same-sex domestic partner.
- Fees, books, room and board, the remaining amount of tuition, etc., are the responsibility of the employee.
- Dependent children who apply to university are subject to the same competition for admission as other applicants.
Thanks in advance for your help