Voluntary Deduction Plans

 

Voluntary Deduction Plans

Group Auto and Homeowners Insurance (VIP Services)

Through group purchasing power, RIT is offers employees an opportunity to purchase auto, homeowners, and other kinds of personal insurance at group rates. Employees will be eligible to purchase policies covering:

  • Automobile
  • Boat owners
  • Condominium
  • Dwelling Fire
  • Homeowners
  • Motor Home
  • Motorcycles
  • Personal Excess Liability
  • Personal Articles Floater
  • Renters
  • Seasonal Rental Property
  • Trailers

VIP Services is administered by Marsh @Work Solutions. The insurance is provided by MetLife Group Property & Casualty, one of the largest underwriters of sponsored auto/home programs. While rates are not guaranteed, typical savings in this program are between 10 and 20 percent off Metropolitan's retail insurance rates.

To obtain a free quote, simply contact the VIP Services representatives at Seabury and Smith - it takes only about 8 minutes and could save you hundreds of dollars. You can also obtain a quote from their website @ http://www.metpay.com - simply use RIT's Company Code of 01725.

Long-Term Care Insurance

RIT offers this benefit through MedAmerica-Long Term Care Insurance Company. This insurance coverage is offered to employees and their extended family members at group rates.

Long-Term Care Insurance provides a level of protection against the significant cost of needing care due to chronic medical conditions, disabling accidents and injuries, or simply from the complications of growing older.

The need for Long-Term Care Insurance is becoming critical considering that long-term care services are the greatest health care expense most retirees face, yet the only one not covered by traditional medical insurance plans or Medicare.

There are several different programs available, depending on what you foresee your needs to be. For more information, contact MedAmerica Long Term Care directly at 800-544-0327 or TTY 585-454-2845, or refer to their website athttp://www.yourlongtermcare.com.

Health Questions

New York's College Savings Program

New York's 529 College Savings Program Direct Plan provides a flexible, convenient, and low-cost way to save for college. The Program features a wide range of investment choices, tax-free withdrawals when used for qualified higher education expenses, and contributions that are tax-deductible (up to certain limits) for New York State residents.

You can save for a child, grandchild, friend - or even yourself. And the Program includes a valuable opportunity to accelerate your college savings through Upromise Rewards - a free service that returns a percentage of your spending at thousands of America's leading companies and can transfer that money directly to your Program account.

Here are some of the highlights of New York's 529 College Savings Program Direct Plan:

  • Payment from a Tuition Savings Account can be made to accredited schools anywhere in the country.
  • The program is designed to pay for qualified higher education expenses, including tuition, fees, supplies, room and board, books, and equipment required for enrollment or attendance at an accredited undergraduate, graduate, or professional institution of higher education, or at an approved business, trade, technical or other occupational school.
  • Funds in the account will not be used toward the calculation of New York State financial aid under state-administered financial aid programs. However, federal or institution-based programs may take the amounts in the account into consideration when determining eligibility.
  • The first $5,000 invested each year will be excluded from New York State income -- and none of the investment earnings will be taxed by the State -- as long as the money is used for qualified higher education expenses at any accredited college in the United States. The earnings component of a qualified withdrawal will also be exempt from federal tax (unless extended, federally tax-free treatment of qualified withdrawals will expire after December 31, 2010).
  • Choose from three age-based options that adjust your assets over time to more conservative allocations as your beneficiary nears college and 12 individual portfolios that you adjust yourself according to your own investment strategy and risk tolerance. You can select up to five investment options per account.
  • You can open and manage your account online and choose to receive account statements and transaction confirmations online throughhttp://nysaves.uii.upromise.com/.

For more information, contact New York's College Savings Program directly at 877-697-2837 (for TTY, use New York State relay), or refer to their website at www.nysaves.org.

U.S. Savings Bonds

RIT employees have the opportunity to save money by purchasing U.S. Savings Bonds using TreasuryDirect®, a 21st century voluntary option for payroll savings, using a simple payroll direct deposit that is just like any other direct deposit. In addition to the EE Series Bond and I Bond, you can also purchase Treasury bills, notes, and inflation-protected securities (TIPS) through payroll contributions.

Why Invest in Savings Bonds?

Competitive - U.S. Savings Bonds offer competitive rates that compare favorably with other forms of saving. Interest accrues monthly and compounds semiannually.

Convenient - Buy bonds online through TreasuryDirect or where you work or bank.

Safe - The United States backs savings bonds with its full faith and credit. Your paper bonds are registered, so Treasury can replace them if they're lost, mutilated, or stolen. Bonds bought electronically through TreasuryDirect are safely maintained in your account with the U.S. Treasury.

Accessible - Need your money quickly? It's right there for you, although the longer you let your bonds grow, the more you benefit. Still, you can redeem them anytime after 12 months.

Tax Benefits - Interest is exempt from state and local income taxes. Federal income tax is deferred until your bonds mature or you redeem them, whichever is first. Using savings bonds to pay for some education expenses may offer additional federal tax benefits if all conditions are met.

Affordable - Save with as little as $25 or as much as $5,000 of each series (EE and I) each year.

Using the payroll option in TreasuryDirect is simple

  • You open a TreasuryDirect account (www.treasurydirect.gov);
  • You set up a direct deposit in one of two ways (an instruction sheet is available in TreasuryDirect, under Manage Direct, View My Funding Options)
  • Your direct deposit is used to purchase a Zero-Percent Certificate of Indebtedness (C of I), which does not earn any interest, but is used as a source of funds to purchase savings bonds (or other security) within your TreasuryDirect account.
  • You may buy a savings bond after accumulating a minimum of $25 (both EE and I bonds are purchased at face value, which means you pay $50 for a $50 bond) or a marketable security after accumulating a minimum of $100 in the C of I or by scheduling a purchase in advance. The security is then posted to your TreasuryDirect account.

 

Why Should I Choose TreasuryDirect?

TreasuryDirect is an easy way for you to save on a regular basis by purchasing electronic Treasury securities. With TreasuryDirect:

  • You can buy, manage, and redeem Treasury securities online 24/7 wherever you have secure Internet access.
  • You can diversify your holdings since TreasuryDirect also offers Treasury bills, notes, bonds, and Treasury Inflation-Protected Securities (TIPS).
  • You can establish multiple registrations in one account.
  • You can schedule recurring purchases of savings bonds for up to five years in advance. Marketable securities purchases can also be scheduled in advance. If you're interested in this option, you'll find more information on our website, www.treasurydirect.gov and in your TreasuryDirect account.
  • Savings bonds purchased through TreasuryDirect are generally added to your account in just one business day.
  • When the funds are needed, after the minimum term of ownership has been reached, you can cash part or all of a savings bond or savings bonds. The payment will be deposited to the checking or savings account you choose. Redemption funds should reach your bank or credit union in one business day.
  • TreasuryDirect tracks details such as issue date and current value for you.
  • Since the savings bonds are electronic, there is no paper to lose, nor do you need to go to your local bank to redeem them.
  • You can even set up accounts for minor children, as well as custom accounts for specific purposes such as a vacation, within your TreasuryDirect account.
  • TreasuryDirect provides a summary of account activity, including recent purchases, payments, and account balance.