FOR MORE INFORMATION CONTACT: Payroll/Insurance
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.
The Flexible Benefits Plan established by the University is an important part of the overall benefits package for regular employees and medical residents. Under this Plan the University is permitted to exclude, from both Federal Income and Social Security taxes, amounts you contribute to a medical and/or dependent care reimbursement accounts and the parking and transportation accounts. These reimbursement accounts provide an opportunity for additional tax savings if you choose to participate. By enrolling in one or all of the reimbursement accounts, you can designate a fixed dollar amount to be set aside annually for medical and/or dependent care expenses, as well as parking and transportation expenses (if you already have a pretax parking deduction for university parking lots you are not eligible to enroll in the parking flex plan). Subsequently, as expenses are incurred, the University reimburses you, through your payroll check for those expenses.
FOR MORE INFORMATION
and SEND FORMS to:
P115 Andy Holt Tower
Knoxville, TN 37996-0100
(State, except where noted)
-Deferred Compensation (Great West site)
-Optional Retirement Program (ORP)
-Tennessee Consolidated Retirement System (TCRS)
-Office of Personnel Management (OPM)
CSRS & FERS