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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

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understanding your benefits

Understanding your Benefits

Payroll

Office of

Human Resources

2007

Benefits

www.esc.edu/hr

benefits topics
Understanding Your BenefitsBenefits Topics

Orientation Topics

Retirement Plans

Payroll Benefits

Tax Advantaged Savings Programs

Option Change Period and Pretax Contribution Program

Tuition/Professional Development

Other programs

health benefits eligibility
Understanding Your Benefits Health Benefits Eligibility
  • Work at least half time
  • Adjuncts must teach at least two group studies with 6 or more students in each group per semester to be eligible for state support for health benefits (for 13 pay periods of coverage)
  • UUP represented part-time staff earning $12,205 or more are also eligible for state support.
  • Those UUP represented who are not eligible for can pay for health, dental and vision at the full-pay share.
slide4
Understanding Your Benefits

Retirement

Plan Comparison

  • ERS and TRS are Defined Benefit Plans that take into account your final average salary and years of service when calculating retirement benefits
  • ORP is a Defined Contribution Plan
    • How much your retirement account is worth depends on employer/employee contributions and the success of your investments
retirement plan eligibility full time employees
Understanding Your BenefitsRetirement Plan EligibilityFull-Time Employees
  • Membership for full-time employees is mandatory.
  • All full-time employees are eligible to elect ERS.
  • Full-time employees represented by UUP and unrepresented M/C unclassified employees are eligible to join SUNY ORP
retirement plan eligibility
Understanding Your BenefitsRetirement Plan Eligibility
  • All employees in Faculty, Librarian, Provost, Dean, Associate and Assistant Dean titles are eligible for TRS
  • If you transfer to a different title or NU you may be eligible to join a different plan.
retirement plan eligibility part time employees
Understanding Your BenefitsRetirement Plan EligibilityPart-Time Employees
  • All part-time employees are eligible for ERS.
  • Part-time unclassified M/C employees are eligible to join the SUNY ORP.
  • UUP Part-time employees with term, as opposed to temporary, appointments are also eligible for the SUNY ORP.
retirement plan eligibility8
Understanding Your BenefitsRetirement Plan Eligibility
  • Membership is optional for part-time employees, except those appointees who have current membership in one of these plans must continue to participate, if eligible.
loans from retirement systems
Understanding Your BenefitsLoans from Retirement Systems
  • ERS and TRS members
    • With a minimum 1 year of service
    • May borrow up to 75% of your contribution balance.
  • ORP
    • Can borrow up to 50% of the accumulated value of contracts
  • Subject to IRS regulations
2007 optional retirement plan orp enhancements
Understanding Your Benefits2007 Optional Retirement Plan (ORP) Enhancements
  • New ‘target-date’ retirement funds have been added.
    • Funds based on anticipated date of retirement, where they are rebalanced automatically to become more conservative as retirement date approaches.
    • Funds are a mix of cash, bonds and stocks
2007 optional retirement plan orp enhancements11
Understanding Your Benefits2007 Optional Retirement Plan (ORP) Enhancements
  • Benefits of new ORP Target Date Funds
    • Help eliminate some confusion when faced with wide array of fund choices
    • Automatically changing allocations provide stability and growth
    • Funds have been added to TIAA-CREF and ING
  • Other (non-target date funds) were added to ensure appropriate mix of fund exists for allocation strategies
2007 optional retirement plan orp enhancements12
Understanding Your Benefits2007 Optional Retirement Plan (ORP) Enhancements
  • The Governor recently signed legislation where the State will pick up 3% employee contribution after 10 years ORP membership
  • Current Employees in ORP who have 10 years of membership will contribute only:
      • 2% Beginning 4/1/08 (state contributes +1%)
      • 1% Beginning 4/1/09 (state contributes +2%)
      • 0% Effective 4/1/10 (state contributes +3%)
2007 optional retirement plan orp enhancements13
Understanding Your Benefits2007 Optional Retirement Plan (ORP) Enhancements
  • Each provider now offers professional investment advice (may be costs associated with this).
  • If you are interested in electing these new fund options, contact your investment provider directly.
slide15
Understanding Your Benefits

VOID

Payroll

Direct Deposit

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

slide16
Understanding Your Benefits

VOID

Payroll

Direct Deposit

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

slide17
Understanding Your Benefits

Payroll

SEFCU

State Employees’ Federal Credit Union offers commercial-type options

Direct deposit

Find a location near you at SEFCU

payroll
Understanding Your BenefitsPayroll

QUESTIONS???

Next topic:

Pre-tax Savings Opportunities

opportunities for tax savings
Understanding Your BenefitsOpportunities for Tax Savings
  • State offers many benefits where you contribute the cost of the benefit on a pre-tax basis.
  • Having these costs deducted from your wages before taxes are withheld may help lower your taxes.
opportunities for tax savings20
Understanding Your BenefitsOpportunities for Tax Savings
  • Tax deferred retirement savings
    • 403b and 457 savings plans
  • Flexible Spending Accounts
  • Pre-tax contribution program for health insurance premiums
  • New York Rides
  • Savings Bonds
  • 529 College Savings
slide21
Understanding Your Benefits

Retirement

Tax-Deferred Savings

Can save more money toward retirement on a tax-deferred basis

Investment options

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

retirement tax deferred savings
Understanding Your BenefitsRetirementTax-Deferred Savings
  • NYS Deferred Compensation(457 Plan)
    • State-sponsored employee benefit program open to all NYS employees.
        • Visit web site or call 800-422-8463
  • Tax-Deferred and Supplemental Retirement Annuities through many investment providers. (403b Plans)
    • Depends on your negotiating unit.
slide25
Understanding Your Benefits

Retirement

Tax-Deferred Savings

  • 2007 Limits
    • Minimum- $10 per payroll period Maximum- 100% of salary up to $15,500 for all 401K and 403B contributions combined
    • Employees age 50 and over can contribute an additional $5,000
    • NYS Deferred Comp (a 457 plan) and other 403B savings plans are not mutually exclusive
loans from tax deferred savings
Understanding Your Benefits Loans from tax deferred savings
  • Available from all investment providers.
    • TIAA-CREF
    • Fidelity
    • ING
  • NYS Deferred Compensation
slide27
Understanding Your Benefits

Savings Bonds

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

slide28
Understanding Your Benefits

Flex Spending Accounts

  • Health Care Spending Account
    • A way to use up to $4K of your pre-tax dollars on un-reimbursed medical, dental, and vision costs
  • Dependent Care Advantage Account
    • A way to use up to $5K of your pre-tax dollars to pay for necessary dependent care while you are at work
flex spending accounts
Understanding Your BenefitsFlex Spending Accounts
  • Open enrollment for 2008
  • Began September 24, 2007
  • Deadline to enroll:

November 16, 2007 at Midnight EST

  • Have to re-enroll every year
  • Enroll online at:

www.flexspend.state.ny.us

or via phone 1-800-358-7202.

new york rides
Understanding Your BenefitsNew York Rides
  • Employees living in the 5 boroughs of NY City can purchase mass transit passes on a pre-tax basis through payroll deduction from New York Rides
  • NYS-Rides Eligible expenses include: buses, ferries, subways and trains
  • Enroll by going to: NY Rides
slide31
Understanding Your Benefits

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

pre tax contribution program open period
Understanding Your BenefitsPre-tax Contribution Program open period
  • Can change from/to participation in the PTCP.
  • Participation in the PTCP limits arbitrary changes during the calendar year.
  • Open period for changes for 2008 is November 1st – November 30th.
nyship option change period
Understanding Your BenefitsNYSHIP Option Change Period
  • One period of time during the year you can change your health insurance option for any reason.
    • You can change from an HMO to The Empire Plan or vice versa.
    • Can change from family to single coverage.
    • Can voluntarily cancel coverage
    • For NYS employees, is not applicable for changing from single to family coverage or electing coverage for yourself.
nyship option change period34
Understanding Your BenefitsNYSHIP Option Change Period
  • To add coverage, NYS employees must apply 5 payroll periods before the effective date desired.
    • If you would like coverage to start the beginning of the year, need to fill out paperwork between October 18th and October 31st
  • Will be notified of the Option Transfer Period dates
  • Any changes you make will be effective December 27, 2007.
slide35
Understanding Your Benefits

Health Insurance

Changes

  • The late penalty may be waived if there is an IRS-defined qualifying event
  • Always contact Employee Benefits for a change in dependent status
  • Notifying your doctor or health insurance plan is not enough – you must notify Employee Benefits within seven days of most events
mynyship
Understanding Your BenefitsMyNYSHIP
  • To obtain your MyNyship password to be able to change your option during open enrollment period, request cards, change your address, or view your benefit record go to:
  • www.cs.state.ny.us/mynyship
research foundation
Understanding Your BenefitsResearch Foundation
  • Open enrollment period is from November 1 - November 30th
    • Flex Spending
      • Enroll online at www.myfbmc.com
    • Making changes to health insurance
    • Sign up for Short-Term Disability
    • Sign up for Tax-Deferred Savings Plans
    • Information is sent to home address the week of October 24th.
opportunities for pre tax savings
Understanding Your BenefitsOpportunities for Pre-tax Savings

QUESTIONS???

Next topic:

Tuition Reimbursement & professional development

tuition assistance employees at suny campuses
Understanding Your BenefitsTuition AssistanceEmployees at SUNY Campuses
  • SUNY Tuition waiver program
    • Partial waiver of tuition
    • At SUNY schools
    • Available for employees in a salaried position
    • Administered by office of VP for Administration
    • Complete B-140 form
tuition assistance
Understanding Your Benefits Tuition Assistance
  • Space Available (Article 49 in UUP Contract)
    • Free course if not filled (must pay for books and fees)
    • Get application from Registrar at SUNY campus where course is given
  • UUP provides undergraduate tuition support for dependent children of UUP members. Visit UUP web site for more information.
tuition assistance41
Understanding Your Benefits Tuition Assistance
  • Many other educational opportunities available
    • For more information, visit NYS & CSEA Partnership for Education and Training
slide42
Understanding Your Benefits

Tuition Assistance

  • GOER M/C Tuition
  • Reimbursement
    • Up to $1750/State fiscal year
    • See GOER website
  • Many training opportunities through GOER for all employees
    • Online training available
    • Links to other programs
      • Example: Supervisor training
professional development awards
Understanding Your BenefitsProfessional Development Awards
  • ESC Foundation Development program.
    • Educational opportunities available for other training institutions, conferences, and professional development.
    • Please visit ESC web site.
    • Available for support staff and faculty employees.
competitive exam announcements
Understanding Your BenefitsCompetitive Exam Announcements
  • CSEA and PEF employees can sign up with the civil service website to be added to the e-mail list and be notified when new examination announcements are issued.
workers compensation
Understanding Your BenefitsWorkers Compensation
  • Report work related injury if seek medical attention or not able to work at least a whole day
    • Inform supervisor and they will contact HR
    • Fill out Accident Report Form
    • Call State Insurance Fund 1-888-800-0029
  • Tell doctor’s office that visit is due to work related injury
other benefits fmla
Understanding Your BenefitsOther BenefitsFMLA
  • Family Medical Leave Act
    • Allows you to take up to 12 weeks of unpaid leave per year to care for a serious medical condition for yourself or an immediate family member
    • Have to have worked at least one year at ESC and work 1250 hours per year to be eligible.
  • Grace Pell will be doing an additional presentation on Time and Attendance including FMLA and other leaves.
slide49
Understanding Your Benefits

Human Resources

Questions Call:

518-587-2100, ext. 2240

518-587-5448 (fax)

1 Union Ave.

Saratoga Springs, NY 12866

Website: www.esc.edu/hr

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