Tuition Reimbursement

OBJECTIVE

The objective of the tuition reimbursement benefit is to assist employees in furthering their education while enhancing current skills to improve future career development and add value to the company.

POLICY

Advantus may reimburse full-time regular employees for the cost of educational courses approved by the Company. The approval for reimbursement will be dependent upon the course, its relevance to the employee’s current or future potential career development, and the final grade received upon completion of the course.

Approval for reimbursement must be obtained prior to commencement of each course per semester.  Failure to do so will jeopardize the reimbursement opportunity.

PROCEDURES

Courses Leading to a Degree

Undergraduate and graduate degrees will be reimbursed up to 80%, assuming that the individual does not already have a degree and that the degree pursued is relevant to the employee’s current and/or future career development within Advantus Corp.

Advantus will not reimburse for a degree that is not relevant to the industry in which it operates.  This would apply regardless of the position the individual holds within the company.

Non-Degree Related Courses

Reimbursement will be made up to 80% for coursework applicable to the employee’s current position. Courses applicable to potential future assignment may be approved at percentages ranging from 0% to 80% depending upon the perceived value to the Company. Accordingly, the employee’s department manager will review each application on a course by course basis.

Second undergraduate degrees will be reimbursed at 80% only if it is a degree in the field of study applicable to the employee’s current or a future position. Graduate degrees will be reimbursed at the rate of up to 80% provided that the degree has bona fide application to the industry in which Advantus operates.  Any exception to the above requires approval of the President of Advantus.

Employees will be limited to a maximum of two courses per semester for reimbursement.  Employees are encouraged to be prudent in the selection of the number of courses attempted each semester so as not to overburden themselves. Employees must be actively employed by the Company when reimbursement is sought as well as when reimbursement is paid.

Employees completing coursework will be reimbursed according to the grade achieved in the course as follows:

                              A= 80% reimbursement

B= 70% reimbursement

                              C= 50% reimbursement

                              D or below = no reimbursement

Reimbursement will be paid at a maximum of up to $260 per credit hour for undergraduate degree coursework and up to $520 per credit hour for graduate degree coursework.  This maximum amount will be evaluated and adjusted on a regular basis as tuition costs change.  The company reserves the right to limit the amount of tuition reimbursed on an annual basis.

Reimbursement is for tuition and registration costs only.  All other fees such as lab fees, books, administrative fees, parking, etc. are not covered under this reimbursement plan.

It is the responsibility of the employee to inform Advantus if there are any scholarships, grants or other financial assistance awarded with regard to the course(s) approved for reimbursement.  Any assistance from another source will be taken into account when determining the amount of reimbursement provided by Advantus.  In this case,   Advantus will reimburse a percentage of the remaining balance after the other source of assistance is factored out.   Failure to notify Advantus of other forms of financial assistance will cancel reimbursement for the course currently in progress as well as jeopardize any future use of this benefit.

Initial approval of a course of study does not obligate the Company to future/continued approval of courses. Approvals are only valid for the course and semester in which it is given.

Seminars, non-degree coursework and technical training will be considered on a case by case basis and approval will be contingent on business needs and relevance to the employee’s current position or career progression.

Advantus reserves the right to modify or adjust this plan at any time.

ELIGIBILITY FOR PARTICIPATION

• Full time employee (35 or more hours per week).
• Employed by Advantus for a minimum of two (2) years for reimbursement of undergraduate course work.
• Employed by Advantus for a minimum of four (4) years to be eligible for graduate coursework.
• Employees must have a satisfactory performance record as evidenced by their most recent performance review and as validated by their current manager.
• Employees cannot be on any type of performance improvement plan at the time of request or at the time of reimbursement.
• Employees subject to any type of disciplinary action will not be eligible to participate in the plan.

REPAYMENT AGREEMENT

• Employees requesting reimbursement will be required to sign a repayment agreement prior to receiving reimbursement.
• Employees who separate from the company less than 12 months from the date of reimbursement will be required to return 100% of the amount of reimbursement to the company.
• Employees who separate from the company after 12 months, but before 24 months, from the date of reimbursement will be required to return 80% of the amount of reimbursement to the company.
• Employees who separate from the company more than 24 months, but less than 36 months, from the date of reimbursement will be required to return 60% of the amount of reimbursement to the company.
• Employees who separate from the company more than 36 months, but less than 48 months, from the date of reimbursement will be required to return 40% of the amount of reimbursement to the company.
• Employees who separate from the company more than 48 months, but less than 60 months, from the date of reimbursement will be required to return 20% of the amount of reimbursement to the company.

STEPS FOR REQUESTING REIMBURSEMENT

1. All courses must be approved in advance and prior to the actual commencement of the course.  Employee fills out a Request for Educational Reimbursement form and turns it in to their department manager at least 2 weeks prior to the start of the class.  The submission must include an objective statement, explaining why the employee is seeking the degree, and what benefit it will be to the individual and the company.  Attach copies of the registration form reflecting the cost of the course/program.
2. Department manager reviews the request, discusses the request with the employee and indicates recommendation or denial of request.
3. Department manager forwards request to EC member for approval.
4. Approved request is forwarded to Human Resources department.
5. Upon completion of the course, employee will submit a valid grade report showing the final grade received for the course to their department manager, as well as a detailed account statement for the semester in which seeking reimbursement.  The statement must include the course list, fees and any financial assistance received.
6. Manager will forward documentation to the Human Resources Department for reimbursement approval.
7. Human Resources will forward all supporting documentation to the Accounting Department for check disbursement.
8. Accounting department issues reimbursement to the employee.