Touro College and University System (“Touro”) has a Qualified Tuition Reduction (“QTR”) Program (the “Program”) pursuant to Section 117(d) of the Internal Revenue Code for eligible full-time employees. Under the Program, the QTR may be used to pay the tuition (but not fees or other incidental expenses such as registration, room, board, travel, etc.) of the employee or their dependent(s) at Touro or any other educational organizations for education below the graduate level or, in the case of teaching or research assistants, at the graduate level as well.
Touro extends a wonderful opportunity to its full-time employees, their spouses, and their children under the age of thirty (30) to pursue a Touro College and University system degree at no cost or at reduced costs through Touro's tuition exemption program.
Touro University Nevada has implemented a tax-deferred savings program known as a 4038 Retirement Savings Plan (RSP). This program allows employees to contribute part of their income into one or more investment plans offered by the University on a pre-tax and/or post-tax basis through payroll deductions. Eligible employees may contribute up to a maximum amount determined annually by the IRS and may participate in the RSP on a pre-tax basis immediately following their first pay cycle. Following 12 months of employment, employees may be eligible for University matching.
Touro College implemented a Flexible Spending Account. Regular, full-time employees may set aside an amount of money to be taken out of their paycheck, before taxes, for a medical or dependent care account. This money can be used for two purposes:
- For medical expenses, not covered by insurance, such as deductibles and co-pay, dental care, eyeglasses or contact lenses. The employee must estimate what their out- of-pocket, health-related expenses will be for the plan year. This amount is deducted from your paychecks all year long and deposited in a spending account. The employee may draw upon this account when you have eligible expenses. If this money is not used, it is lost. Therefore, estimate your yearly out-of-pocket expenses very carefully.
- For dependent care, for a child under the age of 13, such as expenses paid for licensed nursery schools, day care centers or summer day camps and centers that provide adult day care. A dependent can also be a child older than 13 or a dependent parent who is disabled, physically or mentally.
Life insurance coverage is paid for in full by the University on the first of the month following three months of employment. The total dollar amount of the insurance is equal to the employee’s base annual salary, up to a maximum of $300,000.
