Optional Employee Benefits
TBR offers a wide range of optional or voluntary benefits to employees and their families . Optional benefits available include:
Deferred Compensation Plans
TBR employees are eligible for are three optional, tax-deferred retirement savings plans: a 457 plan, 403 (b) and a 401(k) plan. If you choose to participate in either or both of these plans, you make contributions through regular payroll deductions. You may compare plans and obtain prospectuses and fund profile sheets for the available investment options from the Tennesee Department of Treasury's Deferred Compensation Program.
College Savings Plans
College Savings Plans offers parents, family and friends an opportunity to set aside funds for a child's future education costs.
Flexible Spending Accounts
Flexible Spending Accounts (FSAs) to help you save money on your eligible medical and dependent care expenses. A Flexible Spending Account (FSA) is an IRS-approved, tax-free account that saves you money on eligible medical and dependent care expenses. By enrolling in Flexible Spending Accounts, you authorize per-pay-period deposits to your FSA from your before-tax salary. Then, as you incur eligible expenses, you request tax-free withdrawals from your account to reimburse yourself. There are two kinds of FSAs: a Medical Expense FSA and a Dependent Care FSA. If you incur both types of expenses, you can establish both accounts. You never have to pay federal or state income and Social Security taxes on the money you contribute to your FSA. Since you pay less in taxes, you have more spendable income.
Flexible Spending Account (FSA)
**If you terminate employment during the year, your period of coverage under the FSA, Dependent Care FSA, or Limited Purpose FSA will end on your employment termination date. Expenses incurred only during your period of coverage can continue to be submitted for reimbursement until 90 days after your termination date.
To look up items eligible for the Flexible Spending Account (FSA) and Health Savings Account (HSA), please visit Optum Now: Navigate your health with confidence
Disability
Short-term disability and long-term disability insurance are available to full-time higher education employees through MetLife.
Disability insurance helps cover your living expenses by protecting a portion of your pre-disability income lost due to sickness, pregnancy or as a direct result of accidental injury. All accrued sick leave, annual leave, comp time and paid parental leave must be used before benefits are payable.
https://www.tn.gov/partnersforhealth/other-benefits/disability.html
Life Insurance
Basic Group Term and Basic Accidental Death and Dismemberment Life Insurance
The state pays 100% of the premiums for employee basic term life/basic accidental death and dismemberment insurance for higher education employees.
https://www.tn.gov/partnersforhealth/other-benefits/life.html
- Basic Term Life: Designated beneficiaries receive 1X the employee’s base annual salary rounded to the next highest thousand ($50K minimum/$250K maximum, except when reduced at age milestones.
- Basic accidental death and dismemberment: Employee coverage will be 1X basic term life insurance coverage.
- Basic term life/basic AD&D coverage amounts decrease at ages 65 and over.
Voluntary Accidental Death and Dismemberment Insurance
Employees can buy voluntary accidental death and dismemberment insurance to give additional protection if the employee’s or covered dependent’s death or dismemberment is due to an accident. This is in addition to the employee basic AD&D coverage. The employee will pay the full monthly premium. Employees may enroll and keep their beneficiary information current in Edison.
Voluntary Term Life Insurance
Enroll in coverage and update beneficiaries on the Securian website.
Higher education employees can buy additional voluntary term life insurance for themselves, their spouses, and their children. Enrollment is not automatic. An employee must apply for this coverage. This insurance is in addition to the employee basic term life and basic accidental death and dismemberment insurance. The employee’s spouse may apply for enrollment in this coverage even if the employee does not enroll. A child term rider may be added to the employee’s or spouse’s certificate, but not to both. If the employee’s spouse is also a state employee, the spouse must apply for coverage as an employee, not as the other employee’s spouse.