New Faculty & Staff New Faculty & Staff Benefits OrientationBenefits Orientation

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Human Resources

and Payroll

New Faculty & Professional Staff New Faculty & Professional Staff Benefits OrientationBenefits Orientation

Human Resources

and Payroll

Lag PayrollLag Payroll

Federal & State WithholdingFederal & State Withholding

Direct DepositDirect Deposit

SEFCUSEFCU

Savings BondsSavings Bonds

Union MembershipUnion Membership

Federal & StateFederal & StateWithholding FormsWithholding Forms

W4 and IT 2104 are used to specify:

- number of exemptions

- tax marital status

- additional dollars toward tax liability

Federal & StateFederal & StateWithholding FormsWithholding Forms

New forms are required tomake changes in tax exemptions,tax marital status or additional dollars toward tax liability

Lag PayrollLag Payroll

First check date is contingent upon completion of I9 form

Paychecks arrive two weeks after end of pay period

If effective date of appointmentis 9/1/00, first check will be 9/27/00

Direct DepositDirect Deposit

Takes effect second paycheck

If depositing to checking account,attach voided check

VOID

If depositing to savings account,your financial institution is requiredto complete the direct deposit form

Electronic transfer of paycheck to banking institution of your choice

Direct DepositDirect Deposit

Can deposit to 8 different savingsor checking accounts in up to 8different financial institutions nationwide

Employee name must be on account

Financial institution must useAmerican Clearing House

SEFCU (credit SEFCU (credit union)union)

Direct deposit

Offers commercial-typeoptions

Savings BondsSavings Bonds NYS employees can purchase

US Savings Bonds Payroll deduct any amount

toward purchase

When purchase price is reached, bond is issued

National Bond and Trust Co.1-800-426-9314

Purchase price 1/2 of face value

Union MembershipUnion Membership

UUP - United University Professions

Non-union members required to payagency fee

1% of biweekly gross salary with base pay of $19,112 or more

Based on biweekly gross, minus Extra Service and Summer Session

In summary ...In summary ...

Paid every two weeks

Payday is Wednesday

Recommend reviewing paycheckor direct deposit advise each pay period

Strongly encourage direct deposit

Tax-Deferred AnnuitiesTax-Deferred Annuities

Long-term DisabilityLong-term Disability

Health Insurance/Health Insurance/ Prescriptions Prescriptions

Vision & DentalVision & Dental

Retirement PlansRetirement Plans

NYS Employees’ Retirement System

NYS Teachers’ Retirement System

Teacher’s Insurance and Annuity Association/College Retirement

Equities Fund

Retirement PlansRetirement Plans

Final average salary andyears of employment

Employer / employee contributions and success of investments

Defined Defined BenefitBenefit

Defined Defined ContributionContribution

Vesting PeriodsVesting Periods

5 years of full-time service

13 months Existing contracts

Employee ContributionsEmployee Contributions

3 %

Before tax contributions for Federal 414H contributions for NYS tax purposes Refund of contributions

3 %

Employer ContributionsEmployer Contributions

Lump-sum annually to pension funds, not to individual accounts

8% of salary for first 7 years of service;10% of salary thereafter

Payout OptionsPayout Options

Lifetime annuity Lifetime annuity

Cash withdrawals subject to certain limitations

Death BenefitsDeath Benefits

Maximum: 3 times salary

Minimum: lesser of 1/2 salary or $10,000

Value of contracts on date of death

Minimum: lesser of 1/2 salary or $10,000

Transfer of funds from CREF to:Transfer of funds from CREF to: MetLife VALIC Aetna

Alternate Funding Alternate Funding VehiclesVehicles

- Must be vested- Must be vested

- Can transfer only CREF (not TIAA)- Can transfer only CREF (not TIAA)accumulationsaccumulations

RetirementElectionForm

STATE UNIVERSITY OF NEW YORKOPTIONAL RETIREMENT PROGRAM

RETIREMENT PROGRAM HISTORY SHEET

This form is to be completed by all employees electing the optional Retirement Program

Name: _____________________________

Social Security #: _______________________

1. Do you presently own retirement contracts from Aetna, Met Life, TIAA/CREF or VALIC? Yes No

If yes,

a) Which carrier ____________________________

b) Contract # _______________________________

2. Are you presently a member of the New York State Employees’ Retirement System or the New York State Teachers’ Retirement System? If yes, and you have less than ten years of service credit, please complete the “Public Retirement System Determination” (Form ORP-4) and attach it to this form.

Yes No

3. Are you presently receiving a retirement benefit from any public retirement system of New York State? If yes, from which system? ____________________

__________________________________________

Yes No

Signed: _______________________________ Date: _________________

ORP-3April 2000Office of Resource Planning

TIAA/CREFEnrollmentForm

TIAA/CREFform, pg 2

TIAA/CREFEnrollmentForm

Tax Deferred AnnuitiesTax Deferred Annuities

Optional

TIAA/CREF TDA/SRA Program

Aetna Opportunity Plus

NYS Deferred Compensation Plan

Long-term DisabilityLong-term Disability

Carrier: TIAA - CREF

No cost

Automatic coverage

Long-term DisabilityLong-term Disability

Wage replacement benefit equal to 60% of monthly salary ($5,000 cap)

Contributions to retirement planscontinue throughout disability period

One year waiting period

Health Insurance /Health Insurance /Prescription DrugsPrescription Drugs

42-day waiting period

Individual / family coverage

See “Choices” booklet

COBRA

Plan OptionsPlan Options

HMO’sHMO’s

HMO-CNY, Inc.

MVP Health Plan

Blue Cross HOSPITAL

CIGNA/Express Scripts (formerly Value Rx)

PRESCRIPTIONS

United HealthCare

MAJOR MEDICAL

- participating / non-participating providers

- managed care

Plan OptionsPlan Options

CostCost

Bi-weekly premiums

See “Benefits at a Glance”

2000 Bi-weekly Cost2000 Bi-weekly Cost

Empire PlanEmpire Plan

IndividualIndividual FamilyFamily

$11.40$11.40 $46.28$46.28

HMO-CNY, Inc.HMO-CNY, Inc. $9.11$9.11 $63.75$63.75

MVP Health PlanMVP Health Plan $10.58$10.58 $68.50$68.50

EnrollmentEnrollment

Indicate choices on enrollment forms

Return within 30 days

Health insuranceenrollment form,pg1

Health InsuranceEnrollmentForm (PS404)

Health insuranceenrollment form,pg2

Health InsuranceEnrollmentForm (PS404)

HMO Enrollment Form

Complete only if enrolling in an HMO

Vision & DentalVision & Dental

42-day waiting period

No premium cost

UUP Benefit Fund

Vision & DentalVision & Dental

Partial reimbursement for services through participating and non-participating providers

Yellow enrollment card

DentalDental

80% of fixed cost for diagnostic

and preventative services

Carrier: Delta Dental

60% of fixed cost for basic restorative services

Participating dentist:

50% of fixed cost for other services *

* see UUP Benefit Trust Fund booklet

DentalDental

80% of customary fees for diagnostic and preventative services 60% of customary fees for basic restorative services

Non-participating dentist:

50% of customary fees for other services *

* see UUP Benefit Trust Fund booklet

VisionVision

Carrier: Davis Vision

Benefits available once every24 months; once every 12 months for childrenunder 19

VisionVision

Access services by callingDavis Vision for voucher800-999-5431

VisionVision

Participating provider: one pair glasses or plan-covered contact lenses with $25 copay

Non-participating provider: $10 for exam $35 toward glasses or

contact lenses

Enrollment

within 30 days

of appointment!

30

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