TEP is pleased to provide a complete package of benefits to its teachers and other employees. TEP's benefits package includes the following:
Medical, Dental, & Vision Coverage
TEP provides quality medical, dental, and vision coverage for each employee. TEP currently covers approximately 90% of the premium cost, leaving each employee with a small monthly contribution. TEP also offers each employee the option to purchase a higher-benefit plan at an increased fee. In addition, TEP contributes towards the cost of medical, dental, and vision coverage for an employee's family.
TEP Retirement Plan
TEP has a 403b (similar to a 401K) retirement plan for employees. A 403b is a tax-deferred retirement plan available to employees of educational non-profits. For comprehensive information on 403b plans, click here. In brief, a 403b plan allows an eligible TEP employee to contribute money each year (deducted on a pre-tax basis from the employee's salary) into an investment account that grows tax-free until the employee withdraws the funds at retirement. There are 3 primary benefits to this retirement plan:
(1) TEP's Matching Program: For every $2 that the employee contributes to his/her 403b investment account, TEP Charter School contributes an additional $1 to that employee's account. This means that TEP is directly funding your retirement savings. TEP's annual contribution to each employee's 403b account is capped at a certain percentage of the employee's salary (currently 3%).
(2) Immediate Tax Savings: Any contributions you make to your 403b account are made on a pre-tax basis, significantly reducing your annual tax bill. For example, if you contribute $10,000 of your salary in a given year to your 403b retirement account, you will not be required to pay taxes that year on this $10,000 portion of your salary. Assuming a federal tax rate of 30%, this means that you will save approximately $3,000 in taxes for the year.
(3) Long Term Tax Savings: The money that you contribute into your 403b account is invested in annuities and mutual funds with the aim of growing your contributions at a solid rate of return. (You decide the parameters of how your money is invested from a variety of options available in the 403b plan.) Your money grows tax-free until the time of your withdrawal (presumably, when you retire). This means that while your money is growing in your 403b account, you pay no taxes on the dividends, interest, and capital gains that are accumulating.
Note about NY State Teacher Retirement System: TEP offers a 403b retirement plan in lieu of participation in the pension offered by the New York State Teachers' Retirement System (TRS). If you are already a vested member of NY State TRS ( vested means that you have been in the system for at least 5 years), then you remain entitled to receive your TRS pension upon retirement, in addition to receiving the benefits you accrue through TEP's retirement plan.
Short Term & Long Term Disability
TEP covers the full cost of short-term and long-term disability insurance for each employee.
TEP covers the full cost of term life insurance for each employee.