RETIREMENT
- New agents are eligible to join either the defined benefit Tennessee Consolidated Retirement System (TCRS) or the defined contribution Optional Retirement Program (ORP). TCRS uses a formula based upon your high 5 years of salary and the amount of service you have at retirement to determine your benefit. The ORP offers multiple companies and several funds from which you may choose to invest. The retirement benefit from the ORP is determined by your total accumulations and your age (and that of any beneficiary) at retirement.
- The University of Tennessee has several voluntary tax deferred plans in which you may choose to participate. These include a 403(b), 401(k) or the 457. The University will match the first $50.00 you contribute to a 401(k) account.
COMPENSATION
The Federal Employees’ Compensation Act provides for payment of hospital bills and physicians fees for accidents occurring in the line of official duty. Loss of salary, disability and death benefits are also provided.
OTHER BENEFITS
- State group life insurance;
- group health insurance;
- optional dental, disability, vision, and long term care plans;
- federal tax savings on medical and dependent care expenses through flexible benefit plans;
- employee educational opportunities plus a ½ waiver of undergraduate tuition for immediate family members at UT or Tennessee Board of Regents Institutions;
- membership privilege in professional organizations;
- participation options in university services (i.e.- library, credit union, etc.);
- and reduced rates to UT athletic events for you and your family.
UT Extension is administered through The University of Tennessee and is financed by federal, state and county governments.
Funds are appropriated annually from each government branch. Staff benefits are regulated in accordance with federal, state and county laws and are subject to change.
As of: 01-07-2016