This is a section of Cooper Union's Financial FAQ. Click here to read the rest of the document.
- Why is the Administration examining greater cost sharing for benefits given to Cooper employees?
- How do the health benefits of Cooper employees compare with benefits given by other non-profits?
- What is “post-retirement health benefit cost”?
Cooper Union spends about $9 million a year for employee benefits. The cost of health benefits is generally shared between employees and employers. Cooper Union employees pay a median of $40 per month for individual coverage, and $90 per month for family coverage, while Cooper Union as an institution pays the balance, a median of $683 per month for individuals and $1,776 per month for families. Costs to Cooper have increased significantly over the years.
At most non-profit educational institutions, the employee’s share for health benefits is 25-35 percent (v. 6 percent at Cooper) and the employer share is 65-75 percent (v. 94 percent at Cooper). Cooper pays a far higher percentage of its employees’ health benefits than is common at other non-profits. Benefits are negotiated with Cooper’s unions.
Cooper Union’s audited financial statement for FY 11 shows a $23 million liability to provide future benefits to retirees; that liability is currently unfunded.