Due to funds being set aside by the legislature, a one-time bonus will be paid on October 1, 2008, to employees who meet the eligibility guidelines below:
- Regular employees in an active pay status on October 1, 2008, with three or more years of eligible service will receive a one-time bonus based on the employee’s percentage of appointment:
1% – 25% will receive $100.00
26% – 50% will receive $200.00
51% – 75% will receive $300.00
76% – 100% will receive $400.00 - The bonus payment will be issued by means of the employee’s usual payment method-either by check or direct deposit-and is subject to federal income and social security withholding tax.
- The bonus is included as compensation for retirement purposes, with the exception of university employees participating in federal retirement plans.
- The bonus payment may be deferred through the Deferred Compensation Program using the same provisions as those for longevity pay. Forms are available at http://www.tennessee.edu/retirement and should be returned to the Office of Benefits and Retirement no later than September 19, 2008. Please contact the Office of Benefits and Retirement Services at (865) 974-4341 or by e-mail at benefits@tennessee.edu with questions.
If you have any questions or concerns regarding the bonus, please contact your campus or institute human resources department. Human resources contact information, as well as all HR-related news and information, can be located online by going to http://www.tennessee.edu/system and clicking the human resources link.
Thank you for your service to the University of Tennessee.
Linda Hendricks is UT Vice President and Chief Human Resources Officer.