Voluntary Programs

All employees are eligible for this 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.

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.
  • 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
• You can open and manage your account online and choose to receive account statements and transaction confirmations online through www.nysaves.org.

See this summary for more details.

Customer Service Contact 

NY College Savings Plan

877-697-2837/V

All 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.

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.

Using the payroll option in TreasuryDirect is simple

• You open a TreasuryDirect account;
• You set up a direct deposit online in Workday
• 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.

Customer Service Contact 

800-487-2663/v

As required by law, RIT matches the employee's FICA tax contributions. There are two components of the FICA tax: 1) Social Security, and 2) Medicare. The employee and RIT contributions for Social Security provide retirement, disability and dependent benefits. The employee and RIT contributions for Medicare fund Medicare Part A. The employee Social Security and Medicare deductions are made automatically each pay period and are combined with RIT's contributions and forwarded to the Federal Government for these programs.

Employees who terminate may be eligible for unemployment insurance benefits from their state of residence. Employees should check with their state Department of Labor, Unemployment Insurance Division, to investigate possible eligibility.