Understanding your Benefits Payroll Office of Human Resources 2007 Benefits www.esc.edu/hr
Understanding Your Benefits Benefits Topics Orientation Topics Retirement Plans Payroll Benefits Tax Advantaged Savings Programs Option Change Period and Pretax Contribution Program Tuition/Professional Development Other programs
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.
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
Understanding Your Benefits Retirement 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
Understanding Your Benefits Retirement 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.
Understanding Your Benefits Retirement 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.
Understanding Your Benefits Retirement 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.
Understanding Your Benefits Loans 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
Understanding Your Benefits 2007 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
Understanding Your Benefits 2007 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
Understanding Your Benefits 2007 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%)
Understanding Your Benefits 2007 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.
Understanding Your Benefits 2007 Retirement Plans QUESTIONS??? Next topic: Payroll
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
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
Understanding Your Benefits Payroll SEFCU State Employees’ Federal Credit Union offers commercial-type options Direct deposit Find a location near you at SEFCU
Understanding Your Benefits Payroll QUESTIONS??? Next topic: Pre-tax Savings Opportunities
Understanding Your Benefits Opportunities 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.
Understanding Your Benefits Opportunities 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
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
Understanding Your Benefits RetirementTax-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.
Understanding Your Benefits Retirement Tax-Deferred Savings Programs 2007
Understanding Your Benefits Retirement Tax-Deferred Savings Provider Contacts
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
Understanding Your Benefits Loans from tax deferred savings • Available from all investment providers. • TIAA-CREF • Fidelity • ING • NYS Deferred Compensation
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
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
Understanding Your Benefits Flex 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.
Understanding Your Benefits New 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
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
Understanding Your Benefits Pre-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.
Understanding Your Benefits NYSHIP 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.
Understanding Your Benefits NYSHIP 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.
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
Understanding Your Benefits MyNYSHIP • 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
Understanding Your Benefits Research 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.
Understanding Your Benefits Opportunities for Pre-tax Savings QUESTIONS??? Next topic: Tuition Reimbursement & professional development
Understanding Your Benefits Tuition 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
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.
Understanding Your Benefits Tuition Assistance • Many other educational opportunities available • For more information, visit NYS & CSEA Partnership for Education and Training
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
Understanding Your Benefits Professional 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.
Understanding Your Benefits Competitive 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.
Understanding Your Benefits Tuition Assistance and Professional Development QUESTIONS??? Next Topic: Other Benefits
Understanding Your Benefits Workers 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
Understanding Your Benefits Confidential Referal Services • New York State EAP • LifeWorks
Understanding Your Benefits Other 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.
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