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A Supplemental Unemployment Benefits (SUB) Plan administered by TSI is smart alternative to traditional severance. It provides the greatest cost-efficiency to our clients while maintaining the weekly income of released employees during their period of unemployment.
Under a SUB Plan, the employer-paid severance benefit is offset by the amount of State Unemployment the employee is eligible to receive, generating approximately 30-50% in savings when compared to traditional severance. SUB Plans are IRS–approved, employment tax-exempt, and may be used for both permanently and temporarily displaced employees.
TSI offers comprehensive SUB Plan design and administration services aimed at making your challenging transitional time as efficient and simple as possible. We assume the bulk of administrative responsibilities, from implementation to administrative duties, and work diligently to ensure a seamless and compassionate experience for the displaced employees of our clients. Our services include:
- Communicating with plan participants using TSI’s customer service call center with 24 hour web and voice-automated support.
- Calculating and reporting the individual benefit amounts to be paid each pay period in conjunction with State UI.
- Monitoring eligibility and unemployment status of participants.
- Legal and regulatory compliance support.
- Quarterly reporting on participant satisfaction and plan savings achieved.
TSI will partner with your organization every step of the way to build a successful program that achieves your business goals while supporting and promoting goodwill with your exiting employees.