Page 43 - TMCF 2025 HR Team Manual

Employees enrolled in a high-deductible health plan are eligible for a health savings account (HSA). There are no federal taxes on pretax contributions made to your HSA and the money in your HSA is tax-free when used for qualified health care expenses. Plus, you keep what you save, any unused funds remain in your account from year to year, earning tax-free.
HEALTH REIMBURSEMENT ACCOUNT (HIGGINBOTHAM)
TMCF offers a health reimbursement account (HRA), a unique health benefit. This is an employer-funded arrangement that helps team members cover out-of-pocket medical expenses. Employees can access these funds through a designated card for approved medical purposes. This HRA benefit is exclusively available for TMCF employees participating in our organization’s sponsored medical plans.
GROUP LIFE INSURANCE
TMCF offers full-time team members immediate eligibility to an employer-paid, basic group term-life policy along with an accidental death and dismemberment policy.
403(B) PLAN
TMCF offers a voluntary 403(b) retirement savings plan, allowing team members to make pre-tax or Roth salary deferral contributions. Full-time team members who are 21 years of age or older are eligible to participate beginning with the first administratively feasible payroll period following their date of hire. Team members may adjust their contribution amount either by dollar value or percentage at any time. If funding is available, TMCF may provide an annual matching contribution of up to 6% of a team member’s annual salary. Matching contributions are subject to a tiered vesting schedule. After three years of service, team members become fully vested, at which point TMCF will match their annual contributions dollar for dollar (100%), up to the designated limit.
Long-Term Part-Time Employees (effective Jan. 1, 2025): In accordance with the SECURE 2.0 Act of 2022, long-term part-time employees are eligible to participate if they:
• Are at least 21 years of age, and
• Have worked at least 500 hours per year for two consecutive years
Long-term part-time employees who meet the above criteria will be eligible to make elective deferrals into the plan. TMCF may, but is not required to, provide employer matching contributions for part-time participants.
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