Overview of SEC Benefits
April 11, 2016
Supplemental Benefits Program
SEC Select is the SEC’s supplemental benefits program. It provides employees and their eligible dependents with core dental/vision insurance (premiums fully paid by the SEC), as well as the following optional benefits with premiums paid by the employee: buy-up dental and vision plans, short- and long-term disability insurance, optional life with AD&D, legal plans, auto and home insurance, pet insurance, and critical illness, hospital indemnity, and accident insurances.
This program is currently administered and insured through Metropolitan Life Insurance (MetLife).
The Core Option offers:
- $3,275 annual maximum
- $4,000 lifetime orthodontia maximum
- Individual and family deductibles of $25 and $50 for the calendar year
- High insurance levels:
- 100 percent for preventative and diagnostic care (not subject to the deductible)
- 80 percent for minor restorative, endodontic, and periodontal care
- 60 percent for major restorative, periodontics, prosthodontic, and implant care
- 60 percent for orthodontia care (child and adult)
The Buy-Up Option offers all of the Core Option coverage, plus:
- $10,950 annual maximum
- $6,000 lifetime orthodontia maximum for children ($4,000 for adults)
- 90 percent insurance level for minor restorative, endodontic, and periodontal care
The Core Option offers:
- Exam with dilation – $5 co-pay
- Eyeglass frames and lenses – $210 allowance after $20 co-pay and $70 frame allowance and additional lens allowances by lens type out-of-network
- Contact lenses – $145 allowance in-network and $105 allowance out-of-network, in lieu of frames and lenses
The Buy-Up Option offers:
- A $210 in-network contact lens allowance
- A “second pair” allowance which can be used toward:
- two pairs of frames and lenses
- one pair of frames and lenses and one contact lens allowance
- two contact lens allowances
This offering provides 60 percent income replacement protection of your pre-disability weekly earnings in the event of a qualifying illness or injury on/after your coverage effective date. Benefits begin on the eighth day of a qualifying disability and continue for as long as the condition qualifies, up to a total of 12 weeks. Premium is based on age and annual salary.
This offering provides 60 percent income replacement protection of your pre-disability monthly earnings up to $15,000. Benefits begin 90 days after the start of a qualifying disability. Two plan options are available. Benefits can continue for as long as the condition qualifies, until reaching the limit under the plan option. Premium is based on age and annual salary.
Optional Life with Accidental Death and Dismemberment (AD&D)
New employees may enroll:
- Themselves for the lesser of three times annual salary up to $500,000 of coverage guaranteed without medical underwriting, during the new hire period (higher coverage amounts are available with medical evidence of insurability)
- A spouse/domestic partner for up to $20,000 of coverage guaranteed without medical underwriting, and up to $100,000 with medical evidence of insurability
- Dependent children for $10,000 per child without medical underwriting
Two legal plans are offered with access to over 17,500 plan attorneys for unlimited covered legal services, including wills, trusts, buying or selling a home, and more. The Plus Parents Plan is offered to cover your parents and parent-in-laws for a subset of services.
Auto and Home Insurance
This offering provides access to individually underwritten auto and home insurance, as well as a variety of other insurance policies, including boat, motorcycle, renters, and more.
This offering covers dogs and cats of all ages and breeds for accidents, illnesses, exam fees, medication, and more.
Critical Illness Insurance
This offering provides a lump sum payment for over 20 covered critical illnesses, such as cancer, heart attack, stroke, and kidney failure.
This offering provides payments for 150 covered events, such as fractures, dislocations, concussions, and second- or third-degree burns.
Hospital Indemnity Insurance
This offering provides payments when a person is admitted and confined to a hospital
Other SEC Benefits
The SEC’s supplemental retirement benefit provides you with additional retirement contributions beyond those that are received under your Thrift Savings Plan (TSP), the Federal Employees Retirement System (FERS), or the Civil Service Retirement System (CSRS).
The SEC's contributions to the Supplemental Retirement Plan (SRP) are triggered by your personal contributions to the TSP. The SEC will match employee contributions up to a maximum of three percent of your biweekly gross salary.
FERS-covered employees need to contribute more than five percent into the TSP to receive agency matching contributions to the SRP. The SEC will contribute an amount equal to the amount by which your TSP contributions exceed five percent to a maximum contribution equal to three percent.
CSRS-covered employees who contribute up to three percent into the TSP will receive matching contributions to the SRP.
Domestic Partner Health Insurance Premium Reimbursement
Employees who are in a committed relationship with a domestic partner can receive a subsidy of up to 85% of the cost toward premiums paid for privately obtained nonsubsidized health insurance coverage for domestic partners and the eligible children of domestic partners.
Federal Employees Health Benefits (FEHB) Subsidy
The SEC pays approximately 77 percent of the FEHB premium. The FEHB subsidy is provided on a biweekly basis, reducing your FEHB premium. For 2022, the FEHB biweekly subsidy will be $34.72 for Self Only, $64.86 for Self Plus One, and $69.42 for Self and Family. The SEC’s FEHB subsidy is subtracted from OPM’s biweekly premiums.
Professional Dues Reimbursement (PDR)
The Professional Dues Reimbursement (PDR) program allows the SEC to reimburse qualified employees for up to a maximum of $400 a year for the cost incurred for professional licenses and/or credentials that will be used in the performance of their job duties.
Professional Liability Insurance Reimbursement (PLIR)
The Professional Liability Insurance Reimbursement (PLIR) program allows the SEC to reimburse qualified supervisors, managers, and law enforcement officers for up to one-half the cost incurred for professional liability insurance.
The Transit Benefit is a non-taxable subsidy provided to assist employees in paying for their commute to and from work using public transportation. Employees are encouraged to use public transportation as a means of reducing traffic congestion, energy consumption, and pollution.
The Bicycle Benefit Program assists cyclists with bicycle commuting expenses. The benefit is provided to employees who regularly use a non-motorized bicycle for a substantial portion of their commute.
The Pre-Tax Parking Benefit Program helps employees save on payroll taxes based on their qualified parking expense. The program allows employees to reduce gross taxable wages by saving on biweekly federal income tax and federal insurance contributions act (FICA) taxes.