CHARITABLE CONTRIBUTIONS
You may make charitable contributions to the State
Employee Campaign for Health and Human Services by
payroll deduction on a biweekly basis. An annual fund
raising drive is conducted through each department in the
fall.
COLONIAL SUPPLEMENTAL ACCIDENT INSURANCE PROGRAM
You have the opportunity to participate in a group
supplemental insurance program through payroll deduction.
This program pays cash benefits in the event of an
accident occurring either on or off the job. Income
protection, sickness or accident insurance and life
insurance supplemental coverage are offered. The program
is underwritten by the Colonial Life and Accident
Insurance Company.
This program will supplement any current group
coverage you may have. It does not replace, substitute
for, or interfere with any present coverage. The coverage
may also be continued at the same rates if you leave
state employment through retirement or separation.
DEPENDENT CARE ASSISTANCE PROGRAM (DCAP)
You are also eligible to participate in a Dependent
Care Assistance Program (DCAP). This program allows you
to pay for dependent care expenses with pre-tax wages,
thus saving income taxes. You are reimbursed from your
contributions to this account for actual dependent care
expenses. Expenses must be for your dependent children
under the age of thirteen, or a spouse or dependent older
than thirteen who is incapable of self-care and who
resides with you at least eight hours each day. The
dependent care must enable you or your spouse, if
married, to be employed. Please contact the Personnel
Office for further information.
CREDIT UNION SERVICES
Two credit unions are available to you as an employee
of the University. The credit unions offer savings and
checking accounts, money market certificates and loans.
The Connecticut State Employees Credit Union is open to
all employees and retirees. To join, complete a payroll
deduction authorization form (available in the Personnel
Office). The CSE Credit Union has offices in: Hartford,
Middletown, New Haven, Newtown, Norwich and Storrs.
Achieve is also available for use by University employees.
Achieve is open to all employees and retirees. To join,
complete a payroll deduction authorization form
(available in the Personnel Office). There is also a
branch located on the campus.
DEFERRED COMPENSATION PLANS (DCP)
As a permanent University employee, you have the
option of deferring from income taxes a portion of
your income with one of several companies by payroll
deduction. The primary purpose of a DCP is to allow you
to set aside a portion of salary for retirement. Federal
income taxes are not paid on these deferrals until they
are withdrawn. Interest and dividends are also not taxed
as they accumulate. For more information contact the
Personnel Office.
TAX DEFERRED ANNUITIES (TDA)
Similar to deferred compensation plans, tax deferred
annuities (TDA) permit you to set aside earnings before
taxes as a supplemental retirement investment plan.
Investing in a TDA reduces taxable income by the amount
of the tax-deferred contributions. Your contributions are
voluntary. To invest before-tax dollars in a TDA, you
sign an agreement to have your annual salary reduced via
payroll deduction. The amount of reduction is then sent
to the TDA account you have selected where it is invested
in individual supplemental retirement annuities.
Agreements can only be entered into on a quarterly basis.
The agreement applies to future earnings only. The amount
of income you may tax-defer is limited by the Internal
Revenue Code. Your retirement plan, tax deferred annuity
or deferred compensation plan contributions made in prior
years, age, and date of employment are all factors in
determining these limits.
SAVINGS BONDS
You may buy Series EE U. S. Savings Bonds through
payroll deduction. Call 1-800-US BONDS for current
interest rates. Bonds can be purchased in the following
denominations: $100; $200; $500; $1,000; $5,000.
VOLUNTARY PROGRAMS