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					    Understanding your Benefits


   Office of
Human Resources
     2007



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 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
VOID           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



                     Payroll
VOID             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
 StateEmployees’ Federal
 Credit Union offers
 commercial-type options
 Direct   deposit
 Finda 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    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
                                Understanding Your Benefits


                     Retirement Tax-Deferred
                   Savings Provider Contacts
Provider    Phone Number     Web Site
AIG VALIC   1800-892-5558    www.aigvalic/.com/SUNY
            Peter Brucato
ING         716-626-3926     www.ingretirementplans.co
            Gary Witten      m/custom/suny
Fidelity    1800-343-0860    www.fidelity.com/atwork
MetLife     1888-377-8999    www.metlife.com/suny
            James Phillips
TIAA-CREF   1866-842-2046    www.tiaa-cref.org/suny
            David Lynch
                  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 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
                     Other Benefits
                                Services
New York State EAP Assistance Program
            Employee
              (EAP)
                 Provides assistance to
                  employees and family members.
LifeWorks       Receive confidential information,
                  assessment, and referral
                 services
                 Refers to quality community
                  providers.
                 For more information, visit EAP
                                 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

				
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