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, critical illness, hospital indemnity and accident insurances.
This program is currently administered and insured through Metropolitan Life Insurance (MetLife).
Core Option offers:
$3,200 annual maximum
$4,000 lifetime orthodontia maximum
Individual and family calendar year deductibles of $25 and $50
High insurance levels:
- 100% - preventative and diagnostic care (not subject to the deductible)
- 80% - minor restorative, endodontic and periodontal care
- 60% - major restorative, periodontics, prosthodontic and implant care
- 60% - orthodontia care (child and adult)
Buy-Up Option offers:
All of the Core Option Coverage Plus:
- $10,700 annual maximum
- $6,000 lifetime orthodontia maximum for children (Adults $4,000)
- 90% - insurance level for minor restorative, endodontic and periodontal care
Core Option offers:
- Exam with dilation - fully covered
- Eyeglass frames & lenses - $205 allowance after $20 co-pay and 20% off after allowance has been used in-network & $70 frame allowance and additional lens allowances by lens type out-of-network
- Contact lenses - $135 allowance in-network $105 out-of-network allowance in lieu of frames and lenses
Buy-Up Option offers:
- a $205 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 & one contact lens allowance
- Two contact lens allowances
Provides 60% 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.
Provides 60% 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 3 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.
- 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 Child for $10,000 per child without medical underwriting.
Two Legal plans with access to over 17,500 plan attorneys for unlimited covered legal services including; wills, trusts, buying or selling a home and much more. The Plus Parents Plan is offered to cover your parents and parent-in-laws for a subset of services.
Auto & Home Insurance
Provides access to individually underwritten auto and home insurance, as well as a variety of other insurance policies, including boat, motorcycle, renters and more.
Covers dogs and cats of all ages and breeds for accidents, illnesses, exam fees, medication and more.
Critical Illness Insurance
Provides a lump sum payment for over 20 covered critical illnesses, such as cancer, heart attack, stroke and kidney failure.
Provides payments for 150 covered events such as fractures, dislocations, concussions, second or third degree burns.
Hospital Indemnity Insurance
Provides payments when a person is admitted and confined to a hospital.
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 3 percent of your bi-weekly gross salary.
FERS-covered employees need to contribute more than 5 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 5 percent to a maximum contribution equal to 3 percent.
CSRS-covered employees who contribute up to 3 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 toward premiums paid for privately obtained non-subsidized health insurance coverage for domestic partners and the eligible children of domestic partners.
Federal Employees Health Benefits Subsidy
The SEC pays approximately 77 percent of the FEHB premium. The FEHB subsidy is provided on a bi-weekly basis reducing your FEHB premium. For 2021, the FEHB bi-weekly subsidy will be $33.45 for Self Only; $62.49 for Self Plus One and $66.99 for Self & Family. The SEC’s FEHB subsidy is subtracted from OPM’s biweekly premiums.
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
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.