A Flexible Benefits Plan is a benefit program designed to help employees reduce taxes. Authorized under Section 125 of the Internal Revenue Code, this program allows you to pay certain specific expenses from your pre-tax rather than your after-tax income.
All Regular employees are eligible to participate in the Flexible Benefits Plan. Any premiums you pay for state group medical or dental insurance will automatically be paid with tax-free earnings through the Flexible Benefits Plan.
Additionally, you may enroll in a Medical Reimbursement Account and/or a Dependent Care Reimbursement Account. Reimbursement accounts are accounts established by you to exclude your out-of-pocket medical and/or dependent care expenses from both Social Security and Federal Income taxes.
You make deposits to the accounts through a tax-free salary reduction agreement, and you will be reimbursed for incurred medical and/or dependent care expenses upon submission of a claim for reimbursement. Your reimbursement will be paid to you on your next payroll check.
Use of the plan to pay other eligible expenses other than medical and dental insurance premiums is not automatic. In order to pay medical expenses or dependent care expenses through the Flexible Benefits Plan, you must file an Election Form each year. Elections filed for previous years do not continue automatically. Election forms should be turned in to your departmental personnel officer before your annual enrollment deadline.
You must enroll each year during the open enrollment period between November 1 and December 15 each year to become effective on January 1. New employees must enroll during the first 30 days of employment. Employees on leave of absence during open enrollment must enroll within 30 days of the return from leave.
FOR MORE INFORMATION
and SEND FORMS to:
Payroll/Insurance
P115 Andy Holt Tower
Knoxville, TN 37996-0100
(865) 974-5251
Other Links:
(State, except where noted)
-Deferred Compensation
-Deferred Compensation (Great West site)
-Optional Retirement Program (ORP)
-Tennessee Consolidated Retirement System (TCRS)
-Office of Personnel Management (OPM)
CSRS & FERS
