Transcript M/C Benefits Orientation

Understanding your Benefits
Office of
Human Resources
2007
www.esc.edu/hr
Understanding Your Benefits
Orientation
Benefits Topics
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 Eligibility
Full-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 Eligibility
Part-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
Payroll
Direct Deposit
VOID
 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
Payroll
Direct Deposit
VOID
 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
 Find
deposit
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
Retirement
Tax-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
CSEA PEF UUP MC RF
NYS Deferred Comp
Yes
Yes Yes
Yes No
TIAA-CREF TDA’s
Yes
Yes No
No
TIAA-CREF SRA
No
No
Yes
Yes Yes
Fidelity Investments
No
No
Yes
Yes Yes
ING Life Ins. & Annuity No
No
Yes
No
No
No
Understanding Your Benefits
Retirement Tax-Deferred
Savings Provider Contacts
Provider
Phone Number
Web Site
AIG VALIC
1800-892-5558
Peter Brucato
716-626-3926
Gary Witten
1800-343-0860
www.aigvalic/.com/SUNY
1888-377-8999
James Phillips
1866-842-2046
David Lynch
www.metlife.com/suny
ING
Fidelity
MetLife
TIAA-CREF
www.ingretirementplans.co
m/custom/suny
www.fidelity.com/atwork
www.tiaa-cref.org/suny
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
When
deduction of any amount toward purchase
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
A way
Care Advantage Account
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 1-877NYSAVES (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 Assistance
Employees 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
O th e r B e n e fits
Services
New York State
 E m EAP
p lo ye e A ssista n ce P ro g ra m
LifeWorks

(E A P )
 P ro vid e s a ssista n ce to
e m p lo ye e s a n d fa m ily m e m b e rs.
 R e ce ive co n fid e n tia l in fo rm a tio n ,
a sse ssm e n t, a n d re fe rra l
se rvice s
 R e fe rs to q u a lity co m m u n ity
p ro vid e rs.
 F o r m o re in fo rm a tio n , visit E A P
Understanding Your Benefits
Other Benefits
FMLA
• 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