understanding your benefits

Understanding your Benefits

Office of Human Resources

2007

www.esc.edu/hr

Understanding Your Benefits

Orientation TopicsOrientation Topics

Retirement PlansRetirement Plans Payroll BenefitsPayroll Benefits Tax Advantaged Savings ProgramsTax Advantaged Savings Programs Option Change Period and Pretax Option Change Period and Pretax

Contribution ProgramContribution Program Tuition/Professional DevelopmentTuition/Professional Development Other programsOther programs

Benefits TopicsBenefits Topics


Health Benefits EligibilityHealth 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.


RetirementRetirementPlan ComparisonPlan Comparison

ERS and TRS are ERS and TRS are Defined Benefit PlansDefined Benefit Plans that take into account your final average that take into account your final average salary and years of service when salary and years of service when calculating retirement benefitscalculating retirement benefits

ORP is a ORP is a Defined Contribution PlanDefined Contribution Plan How much your retirement account is How much your retirement account is

worth depends on worth depends on employer/employee contributions employer/employee contributions and the success of your investmentsand the success of your investments


Retirement Plan EligibilityRetirement Plan EligibilityFull-Time EmployeesFull-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 EligibilityRetirement 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 EligibilityRetirement Plan EligibilityPart-Time EmployeesPart-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 EligibilityRetirement 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 Loans from Retirement SystemsSystems

• 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 2007 Optional Retirement Plan (ORP) EnhancementsPlan (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



• 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



• 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%)



• 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.


2007 Retirement Plans2007 Retirement Plans

QUESTIONS???

Next topic:Payroll


PayrollPayrollDirect DepositDirect 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

VOID


PayrollPayrollDirect DepositDirect 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

VOID


PayrollPayrollSEFCUSEFCU

State Employees’ Federal State Employees’ Federal Credit Union offers Credit Union offers commercial-type optionscommercial-type options

Direct depositDirect deposit Find a location near you Find a location near you

at at SEFCU


PayrollPayroll

QUESTIONS???

Next topic:

Pre-tax Savings Opportunities


Opportunities for Tax Opportunities for Tax SavingsSavings

• 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 Opportunities for Tax SavingsSavings

• 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


RetirementRetirementTax-Deferred SavingsTax-Deferred Savings

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

Investment optionsInvestment options Can make changes up to four Can make changes up to four

times a yeartimes a year Can start or discontinue at any Can start or discontinue at any

timetime Must submit a salary reduction Must submit a salary reduction

agreement to Payroll officeagreement to Payroll office



NYS Deferred Compensation (457 Plan)(457 Plan) State-sponsored employee benefit program State-sponsored employee benefit program

open to all NYS employees.open to all NYS employees. Visit web site or call 800-422-8463Visit web site or call 800-422-8463

Tax-Deferred and Supplemental Retirement Tax-Deferred and Supplemental Retirement Annuities through many investment Annuities through many investment providers. (403b Plans)providers. (403b Plans) Depends on your negotiating unit.Depends on your negotiating unit.


Retirement Retirement Tax-Deferred Tax-Deferred Savings Programs 2007Savings Programs 2007

CSEA PEF

UUP MC RF

NYS Deferred Comp Yes Yes Yes Yes No

TIAA-CREF TDA’s Yes Yes No 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


Retirement Retirement Tax-Deferred Tax-Deferred Savings Provider ContactsSavings Provider Contacts

Provider Phone Number Web Site

AIG VALIC 1800-892-5558

Peter Brucato

www.aigvalic/.com/SUNY

ING 716-626-3926

Gary Witten

www.ingretirementplans.com/custom/suny

Fidelity 1800-343-0860 www.fidelity.com/atwork

MetLife 1888-377-8999

James Phillips

www.metlife.com/suny

TIAA-CREF 1866-842-2046

David Lynch

www.tiaa-cref.org/suny



2007 Limits2007 Limits Minimum- $10 per payroll period Minimum- $10 per payroll period

Maximum- 100% of salary up to Maximum- 100% of salary up to $15,500 for all 401K and 403B $15,500 for all 401K and 403B contributions combinedcontributions combined

Employees age 50 and over can Employees age 50 and over can contribute an additional $5,000contribute an additional $5,000

NYS Deferred Comp (a 457 plan) and NYS Deferred Comp (a 457 plan) and other 403B savings plans are not other 403B savings plans are not mutually exclusivemutually exclusive


Loans from tax deferred Loans from tax deferred savingssavings

• Available from all investment providers.• TIAA-CREF

• Fidelity

• ING

• NYS Deferred Compensation


Savings BondsSavings Bonds

Payroll deduction of any amount toward purchasePayroll deduction of any amount toward purchase

When purchase price is reached, bond is issued.When purchase price is reached, bond is issued.

For up to 30 years (or until the bond is cashed), For up to 30 years (or until the bond is cashed), savings bond interest is exempt from state tax.savings bond interest is exempt from state tax.

Federal income tax is deferred until bonds are Federal income tax is deferred until bonds are cashed. For details, call National Bond and Trust cashed. For details, call National Bond and Trust Company at: 800-426-9314 or go to their website Company at: 800-426-9314 or go to their website at: at: www.nbtco.com


Flex Spending AccountsFlex Spending Accounts

Health Care Spending AccountHealth Care Spending Account

A way to use up to $4K of your pre-tax A way to use up to $4K of your pre-tax dollars on dollars on un-reimbursedun-reimbursed medical, medical, dental, and vision costsdental, and vision costs

Dependent Care Advantage AccountDependent Care Advantage Account

A way to use up to $5K of your pre-tax A way to use up to $5K of your pre-tax dollars to pay for necessary dependent dollars to pay for necessary dependent care while you are at workcare while you are at work


Flex Spending AccountsFlex 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 RidesNew 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


College Savings AccountsCollege Savings Accounts

Portion of pay may be placed in the New York Portion of pay may be placed in the New York State 529 College Savings Account. Call 1-877-State 529 College Savings Account. Call 1-877-NYSAVES (1-877-697-2837)NYSAVES (1-877-697-2837) Up to $5K annually is deductible from NYS Up to $5K annually is deductible from NYS income taxes for single filers, $10K for married income taxes for single filers, $10K for married filing jointly .filing jointly . Find out more (and how your money can grow Find out more (and how your money can grow faster using UPromise) at faster using UPromise) at NY 529 Savings Plan


Pre-tax Contribution Pre-tax Contribution Program open periodProgram 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 NYSHIP Option Change PeriodPeriod

• 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 NYSHIP Option Change PeriodPeriod

• To add coverage, NYS employees must apply 5 payroll periods before the effective date desired..• If you would like coverage to start the beginning If you would like coverage to start the beginning

of the year, need to fill out paperwork between of the year, need to fill out paperwork between October 18October 18thth and October 31 and October 31stst

• Will be notified of the Option Transfer Period dates

• Any changes you make will be effective December 27, 2007.


Health InsuranceHealth InsuranceChangesChanges

• The late penalty may be waived if there is The late penalty may be waived if there is an IRS-defined qualifying eventan IRS-defined qualifying event

AlwaysAlways contact Employee Benefits for a contact Employee Benefits for a change in dependent statuschange in dependent status

Notifying your doctor or health insurance Notifying your doctor or health insurance plan is not enough – you must notify plan is not enough – you must notify Employee Benefits within seven days of Employee Benefits within seven days of most eventsmost events


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


Research Foundation 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.


Opportunities for Pre-tax Opportunities for Pre-tax SavingsSavings

QUESTIONS???

Next topic:Tuition Reimbursement & professional development


Tuition AssistanceTuition AssistanceEmployees at SUNY CampusesEmployees at SUNY Campuses

SUNY Tuition waiver programSUNY Tuition waiver program Partial waiver of tuition Partial waiver of tuition At SUNY schoolsAt SUNY schools Available for employees in a salaried positionAvailable for employees in a salaried position Administered by office of VP for Administration Complete B-140 formComplete B-140 form


Tuition AssistanceTuition Assistance

Space Available (Article 49 in UUP Space Available (Article 49 in UUP Contract)Contract) Free course if not filled (must pay for Free course if not filled (must pay for

books and fees)books and fees) Get application from Registrar at Get application from Registrar at

SUNY campus where course is SUNY campus where course is givengiven

UUP provides undergraduate UUP provides undergraduate tuition support for dependent tuition support for dependent children of UUP members. Visit children of UUP members. Visit UUP web site for more information.UUP web site for more information.



Many other educational Many other educational opportunities availableopportunities available For more information, visit For more information, visit

NYS & CSEA Partnership for Education and Training



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

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 Competitive Exam AnnouncementsAnnouncements

• 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.


Tuition Assistance and Tuition Assistance and Professional DevelopmentProfessional Development

QUESTIONS???

Next Topic: Other Benefits


Workers CompensationWorkers 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


Confidential Referal Services

New York State EAP

LifeWorks

Other BenefitsOther Benefits

Employee Assistance Program Employee Assistance Program (EAP)(EAP)

Provides assistance to employees and family members.

Receive confidential information, Receive confidential information, assessment, and referral assessment, and referral servicesservices

Refers to quality community providers.

For more information, visit For more information, visit EAPEAP


Other BenefitsOther BenefitsFMLAFMLA

• 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.


Human ResourcesHuman Resources

Questions Call:Questions Call:

518-587-2100, ext. 2240518-587-2100, ext. 2240518-587-5448 (fax)518-587-5448 (fax)

1 Union Ave.1 Union Ave.Saratoga Springs, NY 12866Saratoga Springs, NY 12866

Website: www.esc.edu/hrWebsite: www.esc.edu/hr

understanding your benefits

Documents

retirement account

retirement systemsers

retirement benefitsorp

retirement date approaches

anticipated date of

different plan

state support

parttime staff