Understanding your Benefits. Payroll. Office of Human Resources 2007. Benefits. www.esc.edu/hr. Benefits Topics. Orientation Topics. Retirement Plans Payroll Benefits Tax Advantaged Savings Programs Option Change Period and Pretax Contribution Program Tuition/Professional Development
For checking account, attach voided check
For savings account, your bank/credit union completes the direct deposit form
Deposit money in up to 8 different accounts
Find the form online at Direct Deposit Form
Funds are credited to your account(s) by 9 a.m. on payday
Direct Deposit is reliable, private & convenient.
If closing accounts, notify the Payroll Office at least 3 weeks before check is due to avoid delays in receiving funds
State Employees’ Federal Credit Union offers commercial-type options
Find a location near you at SEFCU
Can save more money toward retirement on a tax-deferred basis
Can make changes up to four times a year
Can start or discontinue at any time
Must submit a salary reduction agreement to Payroll office
Payroll deduction of any amount toward purchase
When purchase price is reached, bond is issued.
For up to 30 years (or until the bond is cashed), savings bond interest is exempt from state tax.
Federal income tax is deferred until bonds are cashed. For details, call National Bond and Trust Company at: 800-426-9314 or go to their website at: www.nbtco.com
Flex Spending Accounts
College Savings Accounts
Portion of pay may be placed in the New York State 529 College Savings Account. Call 1-877-NYSAVES (1-877-697-2837)
Up to $5K annually is deductible from NYS income taxes for single filers, $10K for married filing jointly .
Find out more (and how your money can grow faster using UPromise) at NY 529 Savings Plan
518-587-2100, ext. 2240
1 Union Ave.
Saratoga Springs, NY 12866