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New Hire Orientation - Asset Accumulation plan

If you are a new employee or if your hours have increased to at least the minimum amount of 18.5 hours per week; you will automatically become a participant in the Knox County Employee Benefit System.

Depending on where you work (Knox County Government, Knox County Sheriff’s Dept. (non-sworn officer), Knox County Elected Officials or Knox County Schools (classified) your supervisor will have you attend an orientation session for completion of benefits administered by our office.

Retirement Enrollment

Mandatory Retirement Contributions

Eligible employees include new hires and anyone with an eligible status change. All eligible employees will have a mandatory 6% withheld for retirement and the employer matches 100%.

As an employee eligible for retirement:

  • Indicate how you would like your account invested (if you don’t make a selection, your investments will automatically be invested in the Balanced Investment Style and will remain there until you make a change).
  • Name a beneficiary. This is the person who will receive your money in the event of your death while you are a plan participant. If you are married, your beneficiary must be your spouse unless he or she consents in writing to the person(s) you designate.

Voluntary Retirement 457 Plan Contributions

You will be asked to indicate any additional voluntary contribution (above the mandatory 6%) you want directed into your choice of "Board Approved 457 Plans". The “Board Approved Plans” are listed below:

1. Knox County Voluntary 457 Plan:

  • Indicate how you would like your account invested (if you don’t make a selection, your investments will automatically be invested in the Balanced Investment Style and will remain there until you make a change).
  • Name a beneficiary. This is the person who will receive your money in the event of your death while you are a plan participant. If you are married, your beneficiary must be your spouse unless he or she consents in writing to the person(s) you designate.

2. Knoxville Teachers Federal Credit Union 457 Plan (KTFCU):
     You will be required to complete 2 enrollment forms:

    • Knox County Retirement Enrollment Form giving us authorization to deduct your contribution and
    • KTFCU enrollment form (you will be naming your beneficiary)

(As a requirement of KTFCU, you or family member must be a member of the KTFCU before enrolling; you will also be required to contact the KTFCU Representative to complete the enrollment process)

3. Security Benefit 457 Plan:
You will be required to complete 2 enrollment forms:

    1. Knox County Retirement Enrollment Form giving us authorization to deduct your contribution and
    2. Security Benefit enrollment form (you will be electing your investment direction and naming your beneficiary)

You will also be required to contact the Security Benefit Representative to complete the enrollment process

4. Nationwide Retirement Solutions:
You will be required to complete 2 enrollment forms:

    1. Knox County Retirement Enrollment Form giving us authorization to deduct your contribution and
    2. Nationwide Retirement Solutions enrollment form (you will be electing your investment direction and naming your beneficiary)

You will also be required to contact the Nationwide Representative to complete the enrollment process

 


Life Insurance  and Accidental Death & Dismemberment Enrollment
As an employee eligible for life insurance:

  • Knox County provides Basic Life Insurance of 1 ½ times your base salary up to a maximum of $50,000 at no cost to you.
  • You will be asked if you would like Supplemental Life Insurance in addition to your Life Insurance, the cost of Supplemental Life is dependent upon coverage and age.
  • Indicate if you want Supplemental Life Insurance for your spouse and child (ren).
  • Knox County provides Accidental Death & Dismemberment coverage through MetLife at not cost to you. This benefit will provide 2 times the basic coverage amount up to a maximum benefit of $100,000. If your death is due to an on the job accident, an additional benefit may be paid up to the plan maximum of $100,000.
  • Name a beneficiary. Your beneficiary may be anyone you wish, and you can name a primary beneficiary or contingent beneficiary.

 

You are not required to enroll in any Supplemental Life Insurance plan.

What you will need:
To properly name your beneficiary, you will need the following information:
Name
Date of Birth
Address
Social Security Number

Questions
If you have any questions or concerns regarding any of the benefits administered by the Knox County Retirement & Pension Board Office you may contact us at (865) 215-2323.

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Retirement Services

City County Building
400 Main Street
Suite 371
Knoxville, TN 37902
Phone: 865-215-2323
Fax: 865-215-2421
Hours:
Monday - Friday
8:00 am - 4:30 pm
Department Email