Supplemental Insurance Benefits
At their own expense, employees may enroll in supplemental insurance programs for life, disability, vision, dental, cancer, hospital indemnity, accident, sickness, and intensive care insurance. Premiums for these programs can be paid by payroll deduction.
Cafeteria Plan Benefits (Section 125)
Employees may be eligible to participate in the Cafeteria Plan (Section 125) and, under IRS regulations, must either accept or reject this benefit. This plan enables eligible employees to pay certain insurance premiums on a pretax basis (i.e. medical reimbursement, childcare reimbursement, health, vision, cancer, dental, hospital indemnity, accident, sickness, and intensive care). A third-party administrator handles employee claims made on these accounts.
New employees must accept or reject this benefit during their first month of employment. All employees must accept or reject this benefit on an annual basis and during the specified time period.
Teacher Retirement
All personnel employed on a regular basis for at least one-half of the normal work schedule are members of the Texas Teacher Retirement System (TRS). Substitutes not receiving TRS service retirement benefits who work at least 90 days a year are also eligible for TRS membership and are eligible to purchase a year of creditable service. TRS provides members with an annual statement of their account showing all deposits and the total account balance for the year ending August 31, as well as an estimate of their retirement benefits.
Employees who plan to retire under TRS should notify the Business Office in writing as soon as possible. It is also the employee's responsibility to contact TRS as soon as possible. Inquiries should be addressed to: Teacher Retirement System of Texas, 1000 Red River Street, Austin, TX 78701-2698, or call 800-223-8778 or 512-397-6400. TRS information is also available on the web at http://www.trs.state.tx.us/.
403b Retirement Plan
All employees of Cushing ISD are eligible to set up a 403b Retirement Plan. Information on setting up a retirement plan can be obtained in the business office.