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VOLUNTARY PROGRAMSThe following voluntary programs are available to you. The University does not subsidize, match funds, or advocate any of these programs, but makes them available as a service. CHARITABLE CONTRIBUTIONSYou may make charitable contributions to the State Employee Campaign for Health and Human Services by deductions from your salary on a biweekly basis. An annual drive is conducted through each department in the fall. COLONIAL SUPPLEMENTAL ACCIDENT INSURANCE PROGRAMYou 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. 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. Income protection, sickness or accident insurance and life insurance supplemental coverage are offered. 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 can be 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 information. CREDIT UNION SERVICESTwo 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, you complete a payroll deduction authorization form (available in the Personnel Office) or make deposits by mail or in person. The CSEA Credit Union has offices in: Hartford, Middletown, New Haven, Newtown, Norwich and Storrs. Valley Teachers' Credit Union (VTCU) is also available for use by University employees. This VTCU is also open to all employees and retirees. To join, you complete a payroll deduction authorization form (available in the Personnel Office) or make deposits by mail or in person. 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 ANNUITIESSimilar 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. This amount is then sent to the TDA, where it is invested in individual supplemental retirement annuities. Agreements can be entered into quarterly, with a maximum of three TDA's at any one time. 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. The 1986 Tax Reform Act introduced new dollar limits on salary reductions. SAVINGS BONDSYou 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
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