Chapter 1: Benefits
A: Salary Supplement
Eligible full-status Vanderbilt University faculty, whether employed by VU or VUMC, receive a taxable salary supplement equal to five percent (5%) of their salary up to $10,500.
The salary supplement is a benefit intended for retirement planning purposes. This supplement is not considered a part of the base salary, and no other fringe benefits will be attached to the supplement. The salary supplement must be treated as taxable income, unless the participant elects to defer all or a portion of the salary supplement through a salary reduction agreement.
B: Faculty Home Purchase Plan
Vanderbilt University and Vanderbilt University Medical Center assist eligible employees in their purchase of a principal place of residence in the Nashville area. Those eligible for this benefit include tenured and tenure-track faculty whose appointments began on or after September 1, 2000. Their eligibility extends for eight years following the date of initial faculty appointment at Vanderbilt.
The University or Medical Center will provide one-time funding of up to one-half of one percent of the value of the mortgage for eligible employees. The University or Medical Center’s contribution is limited to a payment of no more than $2,500 (a mortgage of $500,000), except as noted below:
A. The University or Medical Center will contribute an additional one-half of one percent of the value of the mortgage (limited to a payment of no more than $2,500) to eligible employees who purchase a principal place of residence in the West End-Hillsboro-Belmont neighborhood. This is the area enclosed by a path along West End Avenue from 31st Avenue to the 1-440 Interstate, then eastward to Belmont Boulevard, then to the north, along Belmont Boulevard and around Belmont University to Wedgewood/Blakemore, and then westward to the intersection of Blakemore/31st Avenue and West End Avenue.
B. If both partners of a marriage are eligible employees and they jointly purchase a principal place of residence under this plan, Vanderbilt University’s or Medical Center’s contribution of one-half of one percent of the value of the mortgage will be available to each of the partners. The total one-time payment is limited to no more than $2,500 for each of the partners. If the principal place of residence purchased by these eligible partners is located within the geographic area (as defined above in section (A)), an additional one-half of one percent of the value of the mortgage will be available for each of the partners (limited to a payment of no more than $2,500 for each of them) and will be contributed by the University or Medical Center
The one-time payments described in the previous section will be made by the school or division that is the primary base of the borrower. In the event that two eligible partners (as described in section (B), above) jointly purchase a principal place of residence under this plan and they are based in different schools or divisions, the one-time payments will be divided equally between those schools or divisions. These one-time payments will be made no more than once during the lifetime of any eligible employee.
Such benefits shall be subject to all appropriate taxes, including income and employment taxes, and the tax liability shall be reported to the eligible employee on their/her/his Form W-2, Wage and Income Statement, or an equivalent form.
The provisions of the home purchase plan are reviewed from time to time and are subject to change by the Board of Trust.
C: Tuition Benefit Programs
For complete information on the Tuition Benefit Programs, faculty should visit the employer’s HR website; Vanderbilt HR Tuition Benefits for faculty employed by Vanderbilt University or VUMC Employee Tuition Benefit for faculty employed by Vanderbilt University Medical Center.