Knoxville TVA Employees Credit Union
"Our employees are excited about our benefits package."
– Elizabeth Lange, PHR, human resources director, Knoxville TVA Employees Credit Union
Company Facts
- Location: Knoxville, TN
- Type of business: Credit union
- Number of employees: 280
- Founded: 1934
- Web site: www.tvacreditunion.com
Benefit highlights
- 100% employer-paid medical insurance premiums for employees and dependents
- 401(k) plan with an employer match of 50% up to 6% of pay deferred; average employee deferral of 6% percent
- Defined benefit plan
- 100% employer-paid premiums for long-term disability insurance
Percent of employees participating in 401(k) plan: 82%
How they've continued to protect the financial security of employees in this economy: The credit union is committed to continuing its generous benefit program and has increased employee education about the 401(k) plan. "We want to make sure our employees are informed and think of the plan with a long-term perspective so they don't panic," said Elizabeth Lange, PHR, the credit union's human resources director.
Other interesting facts:
- Added defined benefit plan in 2004, even as many other organizations discontinued their defined benefit plans
- 401(k) plan includes a Roth 401(k) feature
Why Judges Selected Knoxville TVA Employees Credit Union
Watch a video of comments from 10 Best judge Corey Rosen.
Read the transcript
"There were three things that particularly struck the judges this year. One was that they still have a defined benefit plan. That's becoming increasingly unusual both among the competitors as well of course as in the economy generally. The second is that they have a very strong health insurance plan and a lot of the competitors did but we thought theirs was particularly strong. Given the cost of health insurance nationally, that's a big issue. And finally, they have opportunities for one-on-one interface between a financial advisor and employees. (They) really help employees walk through what financial security means."
— Corey Rosen, 10 Best judge and executive director & founder of the National Center for Employee Ownership
