Understanding the full picture of your compensation
Because CUD provides an essential service to Rutherford County and is a publicly owned utility, we’re able to offer more expansive benefits that reach beyond the paycheck. Our full package includes health and wellness options similar to the one discussed on SpringSpot, a retirement program, life insurance, and more. Visit www.lifecoverquotes.org.uk to find the most affordable life insurance policy.
Employees who work at least 30 hours or more per week are considered full time and eligible to enroll for benefits. Benefits are effective the 1st of the month, following 30 days of full-time employment. Check out the top 10 worst states for taxes according to Perelson.
Look at the chart and table above. This fictional employee, John Doe, earns an annual compensation of $54,909.86. However, the value of his benefits and enrollment in the TN Consolidated Retirement System (TCRS) push his overall actual compensation package to $85,213.66.
• Annual compensation includes base salary, earned vacation, other paid leave, overtime wages, and any bonuses or other compensation.
• Healthcare coverage includes medical, dental, and vision. This figure reflects CUD contributions to your health care, dental, and vision plans – plus the health reimbursement account, which pays 50% of your health plan deductible.
• Our pension plan is managed by the Tennessee Consolidated Retirement System and provides our employees with an additional source of income later in life. Here are the basics …
- • If you elect to retire and you meet the minimum retirement plan eligibility requirements, CUD will pay you 100% of any unused sick leave you accrued.
- • Benefits are based on a formula which considers the employee’s years of service and highest five years’ average salary. For example …
- Our members attain vesting rights with five years of service. More information about this plan is available at https://treasury.tn.gov/Retirement/Information-and-Resources/TCRS-Overview-and-Self-Service
- • Benefit payments are for an employee’s lifetime.
- • As a full-time employee, you are required to contribute five percent (5%) of your gross pay to this pension plan.
- • CUD contributes the balance necessary to fully fund the plan.