Human Resources - Benefits
The following is a summary of benefits for employees that occupy the Part-Time Adjunct/
Lecturer Faculty (AAUP) job category. For more details
please contact Maureen Jeans in the Human Resources Department at (203)
837-8631.
Table of Contents
I.
Health Benefits
II. Three
Percent (3%) Retiree Health Fund
III. Dental Benefits
IV. Retirement Benefits
V. Tuition Waiver
VI. Direct Deposit
VII. Tax Sheltered Annuity
403(b) Plan and Roth 403(b) Plan
VIII. State Deferred Compensation
457 Plan
IX. CHET Program (CT. Higher Education Trust)
I. Health Benefits
IMPORTANT INFORMATION
State of Connecticut Health Enhancement Program
The State Medical/Dental plans have a new option for employees called the Health Enhancement Program (HEP). Please click on the link below for the handout published by the State Comptroller's Office that describes HEP in detail. Click Here: Health Enhancement Program Information Click Here for the HEP On-Line Enrollment Link: www.CTHEP.com
If you would like to elect to participate in the HEP and to take advantage of the cost savings, you must do so by completing an election form. This election form can be completed on-line. Please click on the following link for instructions on how to access the website and enter your information. Click Here: Health Enhancement Program Enrollment Instructions
Please Note: Employees should use their Employee ID # not their Social Security # because if the last four (4) numbers are the same, they will get other employees’ info. Employee ID #'s can be found on your paycheck stub.
- Enrollment & Dependent Information
- Making Changes to Insurance
- Medical Insurance Benefits
- Health Insurance Summaries
- Telephone numbers and Websites of Health Insurance Carriers
- Claim Forms for Anthem Preferred or BlueCare Plans
- Monthly Insurance Rates
- Prescription Drug Benefits
Enrollment & Dependent Information
Part-time AAUP employees have thirty (30) days from their employment date to enroll themselves and their eligible dependents onto the health and/or dental insurance coverage. The insurance coverage will be effective the 1st of the upcoming month. An enrollment application may be obtained from the Human Resources Department. Adjunct employees will receive a monthly bill from the WCSU Payroll Department. Failure to make a scheduled monthly payment for two months will result in the insurance coverage being terminated for non-payment. Termination of coverage for non-payment voids the employee’s right to COBRA insurance.
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Children's Coverage At Age Nineteen (19):
Dental: A dependent child’s dental coverage must terminate at the age of 19. When the coverage ends, the child will be offered the option of purchasing dental coverage through COBRA regulations.
Medical: In accordance with the "Affordable Care Act" medical/prescription drug eligibility rules are revised to allow enrollment of the Subscriber's natural, adopted child, or stepchild who are: 1) up to age 26 2) any age if permanently and totally disabled, and who are enrolled as a dependent in the State plan or an equivalent plan at the time the disability occurred; 3) And, whether or not they are:
When a dependent's medical coverage ends the child will be offered the option of purchasing medical coverage through COBRA regulations. |
Making Changes to Insurance
Changes to insurance such as adding dependents, changing insurance company or changing plan level may only be made during the Open Enrollment period or through a Qualifying Event, according to the Office of State Comptroller’s rules.
· Open Enrollment: The Office of State Comptroller annually conducts an Insurance Open Enrollment period, which allows employees to make changes to their insurance plans. This is a time for employees to make changes such as; changing insurance company, plan level or adding dependents. Open Enrollment normally takes place during the month of May, with an effective date of change on July 1st.
· Qualifying Event: During the year an employee may experience a Qualifying Event, which allows them a thirty (30) day open window to enroll a dependent and/or spouse onto their health and/or dental insurance. Employees must complete the required paperwork within thirty (30) days from the date of the event. Failure to do so will result in having to wait until an annual Open Enrollment period to make a change.
Qualifying Events & Required Paperwork
Marriage: Copy of marriage certificate required.
Birth/Adoption of Child: Copy of adoption papers required.
Loss of Coverage: Documentation required stating employment termination date and insurance end date.)
Other: Court Orders: Documentation required.
An employee, who has an enrolled dependent on their insurance plan, has the responsibility to inform the State of Connecticut of a change in the dependents status such as divorce, legal separation, or a child losing dependent status eligibility.
Employees may cancel insurance coverage anytime during the year. Employees must contact the Human Resources Department to cancel their coverage.
Medical Insurance Benefits
Currently the State of Connecticut has three (3) medical insurance companies offering coverage to state employees; Anthem Insurance, Health Net Insurance, and Oxford Insurance. Employees select a company to provide benefits, and also select a Plan Level of care. The different Plan Levels are noted below, and refer to requirements such as in-network benefits only, out-of network services, or requirements such as gatekeeper coordination.
For employees who reside outside of Connecticut the State of Connecticut offers two (2) out-of-area plans. Employees may choose from Anthem Insurance or Oxford USA.
Health Insurance
Summaries
Point of Service: Under the Point of Service (POS) option, health care services are available both within and outside a defined network of physicians and other health care providers. POS members who obtain health care services from network providers pay a small co-payment, and are eligible for all benefits provided by the plan according to the schedule of benefits. Services may be obtained from participating providers without a referral. Covered services obtained from non-participating providers are reimbursed at the rate of 80% of the plan allowance for in-network services, after the annual deductible has been met. Pre-authorizations may be required for non-network services, unless the care is necessitated by a bona fide emergency. Four POS options are offered.
Point of Enrollment (No Gatekeeper): Under the Point of Enrollment (POE) option, health care services are available only from a defined network of physicians and other health care providers. Each covered member must choose a Primary Care Physician (PCP); however, no referral from the PCP is necessary to receive care from participating providers. POE members who obtain health care services from providers outside the network must pay the full cost of these services, unless the care is necessitated by a bona fide emergency. Three POE options are offered.
Point of Enrollment (Gatekeeper): Under the Point of Enrollment with Gatekeeper (POE-G) option, health care services are available only from a defined network of physicians and other health care providers. Each covered member must choose a Primary Care Physician (PCP) who coordinates all care. A referral from the PCP is required for all specialist services. POE members who obtain health care services from providers outside the network, or without a referral from their PCP, must pay the full cost of these services, unless the care is necessitated by a bona fide emergency. Three POE-G options are offered.
Out of State Residents: State employees who reside outside of Connecticut have the option of enrolling in the Anthem Out of Area Plan or the Oxford Out of Area medical plans.
Telephone Numbers and Websites of Health Insurance Carriers and Prescription Drug Carrier
|
Anthem Blue Cross Oxford Medical Caremark |
800-922-2232 800-385-9055 800-318-2572 |
Claim Forms for Anthem Preferred or BlueCare POS Plan
For Out-of-Network Claim Forms for Anthem Preferred or BlueCare POS Plans only: To secure an online claim form go to www.anthem.com/statect select FAQ, then select Claims, then select How do I file a claim?, then select Secure Online Form. Employees will be instructed to provide information so a claim form can be mailed to them.
Monthly Insurance Payments
Adjunct faculty are required to send their insurance payment's) monthly
into the Payroll Department at Western Connecticut State University.
Payment's) must reach the Payroll Department by the 10th of each month
for coverage the following month. Failure to have your check received
by the 10th of each month could possibly result in removal from the insurance
plan. Checks should be made out to the insurance carrier chosen and are
to be mailed into Western Connecticut State University, 181 White Street,
Danbury, CT 06810, Attention: Payroll Department, University Hall.
Initial Enrollment into an insurance plan must be done by coming into the
Human Resource Department. The first payment is due at initial enrollment.
Monthly Insurance Rates - Effective July 1, 2011 through June 30, 2012
Types of Plans |
Subscriber |
Subscriber Plus One |
Family |
|
Point of Service Plans (POS) $15.00 office visit co-pay. In-network & out-of-network benefits |
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| Anthem State BlueCare POS | $624.24 | $1,373.33 | $1,685.45 |
| Oxford Freedom Select POS | $506.53 | $1,114.37 | $1,367.63 |
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Point of Enrollment Plans (POE) $10.00 office visit co-pay. In-network benefits only |
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| Anthem State BlueCare POE | $604.18 | $1,329.20 | $1,631.29 |
| Oxford HMO Select POE | $481.97 | $1,060.33 | $1,301.32 |
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Point of Enrollment - Gatekeeper Plans (POE-G) $10.00 office visit co-pay. In-network benefits only. Referrals required. |
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| Anthem State BlueCare POE Gatekeeper | $601.78 | $1,323.92 | $1,624.81 |
| Oxford HMO | $443.33 | $975.33 | $1,196.99 |
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Out of State - Out of Area Plans (OOA) $15.00 office visit co-pay. |
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| Anthem - Out of Area Plan | $855.41 | $1,881.91 | $2,309.61 |
| Oxford USA - Out of Area Plan | $537.23 | $1,181.91 | $1,450.52 |
Adjunct faculty may be eligible for state sponsored medical and/or dental insurance rates. To be eligible for state sponsored insurance rates you must be teaching nine (9) or more credits in the aggregate, per semester, at multiple locations within any of the State of Connecticut university or college systems: Connecticut State University Systems (CCSU, ECSU, SCSU, WCSU), University of Connecticut, or any of the state community colleges. If eligible for this benefit, lecturers would be required to pay monthly premiums and then receive a reimbursement payment at the end of the semester. For more information regarding this benefit please contact Lisa Lengel in the Human Resources Department at 203-837-8666.
Prescription Drug Benefits
Caremark is the State of Connecticut pharmacy benefits provider for all covered employees, retirees, and their eligible dependents.
Co-pays: $5.00 generic/$10.00 brand name prescription for up to 34-day supply. $25.00 Non-preferred brands (that have a preferred alternative)
*The prescription benefits plan is a mandatory generic substitution plan, except that a physician may authorize an override for a brand name prescription based upon medical necessity certified by the physician in accordance with the Pharmacy Benefit Manager’s (PBM) process. Contact Caremark at 800-318-2572 for information about the PBM process.
Caremark 's prescription drug plan will enable you to:
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Obtain prescriptions through Caremark 's network of over 52,000 chain and independent retail pharmacies.
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Obtain maintenance prescriptions through Caremark 's Mail Service Pharmacy. Your medications will be delivered directly to your home within seven to ten days. Co-pays will apply.
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Caremark's HealthLine, a telephone information and education center you can call for answers to common health and medication related questions.
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Utilize www.caremark.com/members/stateofct to easily view your plan design and co-pay information, search for details on prescription medications, locate a pharmacy near you, review your claim history, and order your refills through Caremark Direct.
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Employees are only allowed to use an Out-of-Network pharmacy in an emergency situation or when overseas. Contact Caremark for further details.
Telephone Number and Website
Caremark: 800-318-2572 www.caremark.com/members/stateofct
Claim Form: In the event a prescription is filled at a non-participating pharmacy (emergency situations or overseas travel only) employees will have to submit a claim form to request reimbursement.
Claim forms are available on-line at www.caremark.com/members/stateofct, Select Members, select Services, under My Benefits select Forms, select Direct Membership Reimbursement. To submit a claim follow the instructions on the claim form. Reimbursement may take approximately 6 to 8 weeks to process.
II. Three Percent (3%) Retiree Health Care Fund
Effective July 1, 2009 all new health care eligible employees shall, during their first 10 years of employment, contribute three percent (3%) of their salaries to a fund established for the provision of health care coverage to retired state employees.
Adjunct faculty in higher education who are intermittently eligible for active employee health care shall not be required to make the above contributions; provided, however, that if any such employee ever qualifies for retiree health care, he/she will be required to pay back such contributions for the full 10 qualifying years.
III. Dental Benefits
- Dental Benefits Description
- Dental Plan Comparison
- Telephone Numbers and Websites of Dental Carriers
- Monthly Rates
- Claim Forms for United Healthcare Basic & Enhanced PPO Plans
Dental Insurance Benefits Summaries
Currently the State of Connecticut offers three (3) different dental plans to provide dental benefits to employees.
United HealthCare Basic Dental Plan: A plan which has no defined network and allows employees the freedom to select a dentist of their choice. Because there is no defined network, the percentage of benefits covered is based on usual and customary rates prevailing in the geographic area in which the expenses are incurred.
United HealthCare Enhanced PPO: This is an expanded dental plan that covers a broader array of procedures, from either a defined network or out of network dentists. If services are provided from an out of network dentist the benefit percentage applies to the schedule of maximum allowable charges. Maximum allowable charges are limitations on billed charges in the geographic area in which the expenses are incurred. Some orthodontia coverage is available with this plan.
Cigna Dental Care® DHMO: Cigna Dental Health Maintenance Organization covers employees for some procedures at one hundred percent (100%). Employees must remain in-network at all times. No out of network benefits are allowed. Upon hire, employees will be required to select a dental office from the network, and will be required to receive treatment from their dentist location selected. Employees wishing to change dental locations must call Aetna first to register with another dental office. Employees using another dental location without contacting Cigna will result in no benefit coverage. Some orthodontia coverage is available with this plan.
Dental Plan Comparison
| UHC Basic | UNC Enhanced PPO | CIGNA | |
| Service Areas | Any Licensed Dentist |
Check with United HealthCare for participating PPO dentists in your area | Check with Cigna Dental Care® for Cigna DHMO network dentists in your area. |
| Annual Deductible | None |
$25 individual/$75 family |
None |
| Annual Maximum | None |
$3,000 per individual (not including Ortho) |
None |
| Diagnostic & Preventive Care | |||
| Exam | Covered at 80% | Covered at 100% | Covered at 100% |
| X-Rays | Covered at 80% | Covered at 100% | Covered at 100% |
| Simple Restoration | |||
| Fillings | Covered at 80%1 | Covered at 80%1 | Covered at 100%2 |
| Oral Surgery | Covered at 67% | Covered at 67% | Covered at 100%2 |
| Orthodontia | |||
|
Children (under 19) |
Not Covered | Plan pays $1,500 per individual per lifetime | Patient pays $1,500 fixed co-pay |
|
Adults & Children Age 19 and older |
Not Covered | Plan pays $1,500 per individual per lifetime | Patient pays $1,500 fixed co-pay |
1 For fillings and crowns on molars, the least expensive equally effective procedure will be reimbursed
2 Additional charges may apply for other than simple restoration.
Telephone Numbers and Websites of Dental Carriers
| UnitedHealthCare Dental® | 800-896-4834 | www.myuhcdental.com/statect |
| CIGNA Dental Care® - DHMO | 800-244-6224 | www.cigna.com |
Dental Monthly Rates - Effective July 1, 2011 through June 30, 2012
Subscriber only |
Subscriber Plus One |
Family |
|
| United HealthCare Basic Dental Plan | $42.11 | $128.44 | $128.44 |
| United HealthCare Enhanced Dental Plan | $38.75 | $118.19 | $118.19 |
| CIGNA Dental Care® - DHMO | $25.80 | $56.76 | $69.66 |
Claim Forms for United Healthcare Basic & Enhanced PPO Plans only
To secure an online claim form go to www.myuhcdental.com/statect, select Claims Information, then select Claim Form, then select Claim Form again. At this point you may print the online claim form. Claim forms should be mailed to the address on the back of the employees United Healthcare identification card.
IV. Retirement Benefits
Additional retirement information is available through the Office of State Comptroller's Retirement Division's website at: http://www.osc.state.ct.us/rbsd/highered/optionsagcy.htm
A State of Connecticut Plan Comparison chart is available on this site. This chart can be used as an aid to compare the similarities and differences between the retirement plans. http://www.osc.state.ct.us/rbsd/highered/RetPlnCmpChrtHEd.pdf
Retirement Benefits:
Within ninety (90) days of your initial employment with the University, adjunct faculty employees must select whether they wish to participate in one of the eligible retirement options or whether they will waive their right to participate in a retirement plan. Waiver of participation in a retirement plan is irrevocable and for the entire time an individual is employed as an adjunct faculty member within the Connecticut State University System, the University of Connecticut, or any of the Connecticut Technical & Community Colleges.
Adjunct faculty who fail to elect retirement participation or waiver of participation within ninety (90) days after their initial employment as an adjunct faculty will be automatically enrolled into the State Employees Retirement System – Tier 2A Plan in compliance with Internal Revenue Services (IRS) regulations.
PLEASE NOTE: All retirement enrollment forms must be completed and returned to the Human Resources department in "Good Order" in order to be processed. Enrollment forms received "Not in Good Order" will not be processed and could result in the employee defaulting into the SERS-Tier 2A retirement plan. Employees mailing in their retirement forms are encouraged to call Lisa Lengel at 203-837-8666 to ensure forms were received and completed in "Good Order".
Retirement Plan Options Available:
State Employees Retirement System (SERS) – Tier 2A Plan
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Defined benefits plan where employee pension benefits are determined based on a formula using salary history (three (3) highest years of salary) and length of state service.
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Participation in this plan does not require the participant to make judgments about the financial markets.
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Employees contribute two percent (2%) their biweekly gross income before taxes.
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After you have five (5) years of actual state service, you have earned a permanent vested right to a benefit.
Full Plan description is available at
http://www.osc.state.ct.us/empret/tier2asumm/index.html.
Click here for State Employees Retirement System Enrollment Forms*
*Please fill in Yellow Highlighted Sections Only
Alternate Retirement Plan (ARP) – Managed by ING Financial Advisers, LLC
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Defined contribution plan where a certain percentage of money is set aside by both the employee (five percent (5%) of biweekly gross income before taxes) and the employer (eight percent (8%) of gross income before taxes) and invested in financial vehicles tied to the financial markets.
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Withdrawals of funds are governed by both the plan administrator and the Internal Revenue Service.
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Future retirement balances are dependent on choice of investment and their financial performance.
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Employees who terminate employment with less than five (5) years of ARP participation and who elect to withdraw their funds in a lump-sum amount or rollover their funds to another eligible retirement plan or IRA will forfeit the employer contributions and employer earnings.
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Employees who terminate employment with less than five (5) years of ARP participation who do not close their account and who annuitize their retirement will retain the employer contributions.
Full Plan description is available at:
http://www.osc.state.ct.us/empret/arpinfo/index.html
(select: www.ctdcp.com - select ARP).
Click here for Alternate Retirement Plan (ARP) Enrollment Form* - 1 of 2
Click here for ARP Beneficiary Designation Form* - 2 of 2
*Please fill in Yellow Highlighted Sections Only
Teachers Retirement System (TRS)
-
Enrollment allowed for current employees in the Teachers Retirement System-only.
Click here for Teachers Retirement System (ARP) Enrollment Form*
*Please fill in Yellow Highlighted Sections Only
Waiving Retirement Participation
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Adjunct faculty have a one-time irrevocable right to waive participating in a retirement plan. (This applies only to part time adjunct employment. Should you become employed full time in a benefited position you would be allowed the right to join a retirement plan). This waiver must be initiated within ninety (90) days of your initial employment as an adjunct faculty member.
Click here for Waiver of Participation in Retirement Plan*
*Please fill in Yellow Highlighted Sections Only
Information needed at time of enrollment in any retirement program:
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Date of Marriage (if applicable).
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Beneficiary Information (there can be more than one beneficiary).
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Name(s),
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Address(es),
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Social Security Number(s),
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Date(s) of birth.
Dual Employment: Individuals who already work for another State agency and currently participate in SERS, ARP or TRS are not entitled to change retirement plan participation as a result of accepting supplemental employment with the State Universities. Such employees must remain in the retirement plan to which they are assigned at the time of commencing dual employment.
Part-time adjuncts that also work for the University of Connecticut and have waived retirement plan membership are ineligible for retirement plan membership during any part-time adjunct employment with one of the four State Universities (Western Connecticut State University, Central Connecticut State University, Eastern Connecticut State University, and Southern Connecticut State University).
Returning Retiree Employment: Individuals who have retired from State employment from State Employee Retirement System, Alternative Retirement Plan or Teachers Retirement System are not eligible to rejoin a retirement plan. If you have any questions, please contact Lisa Lengel at 203-837-8666.
Click here for Returning Retirees Retirement Enrollment Form*
*Please fill in Yellow Highlighted Sections Only
If you would like more information please contact Lisa Lengel in the Human Resources Department at (203) 837-8666.
V. Tuition Waiver
Please refer to the following link for details on the Tuition Waiver benefit for AAUP Part-Time Adjunct/Lecturer Faculty. Tuition Waiver Benefits
VI. Direct Deposit
Employees of Western Connecticut State University may elect to have their paychecks automatically deposited into a personal checking or statement savings account.
For more information, please access our Direct Deposit link: Direct Deposit
VII. Tax Sheltered Annuity 403(b) Plan and Roth 403(b) Plan
Tax Sheltered Annuity 403(b) Plan
The 403(b) Plan allows participants to allocate contributions to mutual funds and variable annuities on a pre-taxed basis for retirement purposes, and which have the potential to grow tax-deferred. Withdrawals from your account prior to age 59 ½ may be subject to a 10% IRS penalty, and be taxed as ordinary income the year of withdrawal.
Effective January 1, 2006 ING Life Insurance and Annuity Company (ING) was selected to act as a third-party administrator for the State of Connecticut 403(b) Plan. ING will be responsible for counseling participants on asset allocations, financial education, and record keeping for the 403(b) account. The annual administrative fee is .12% for ING services.
The ING 403(b) investment menu will offer participants 25 different options to invest in. These investment options fall into four categories.
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A Stable Value Option: provides a periodically declared rate and a guaranteed minimum rate of 3.00%.
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Target Date Life Cycle Funds: a portfolio of investment options that track to a certain date for retirement.
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Passively Managed Index Funds: designed to mirror a specific market index.
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Actively Managed Funds: receive the attention of a portfolio or team manager who monitors the individual stock positions in their fund on a daily basis.
A fund fact sheet for each of the funds is available at www.CTdcp.com (select 403(b) Plan).
Enrollment: Employees interested in participating in the State of Connecticut’s 403(b) Plan may contact ING directly at 1-800-584-6001. Enrollment into the 403(b) Plan is made directly through ING. Upon enrollment participants will receive a confirmation letter from ING and a Personal Identification Number for accessing their account.
Annual Limits: Federal law restricts the amount you may contribute to a 403(b) Plan. The annual limitation on deferrals for the year 2009 is $16,500 (with cost-of-living increases in $500 increments set for the years after). Some employees might be eligible to defer additional amounts through the Catch-Up provision (employees 50 years or older might be allowed to defer an additional $5500 each year).
Please Note: If you are contributing to both the traditional pre-tax 403(b) Plan and the
Roth 403(b) Plan your aggregate contributions cannot exceed $16,500, or $22,000 if you elected the Age 50+ Catch-Up option.
Employees with questions regarding the 403(b) Supplemental Tax Deferred Annuity Plan may contact Lisa Lengel in the Human Resources Department at 203-837-8666.
The Office of State Comptroller has complete responsibility for oversight of the Plan and is held to fiduciary standards under State and local law in its ongoing monitoring of the Plan.
Roth 403(b) Plan
The Roth 403(b) Plan is designed to allow employees to save additional money for retirement purposes on an after tax basis. The Plan allows participants to allocate contributions to mutual funds and variable annuities for retirement purposes which have the potential to grow, tax free. Withdrawals from your account prior to age 59 1/2 may be subject to 10% IRS penalty.
Effective in 2007, ING Life Insurance Company was selected to act as a third-party administrator for the State of Connecticut Roth 403(b) Plan. ING will be responsible for counseling participants on asset allocations, financial education, and record keeping for the Roth 403(b) account. The annual administrative fee is .12% for ING services.
The ING 403(b) investment menu will offer participants 25 different options to invent in. These investment options fall into four categories.
- A Stable Value Option: provides a periodically declared rate and a guaranteed minimum rate of 3.00%.
- Target Date Life Cycle Funds: a portfolio of investment options that track to a certain date for retirement.
- Passively Managed Index Funds: designed to mirror a specific market index.
- Actively Managed Funds: receive the attention of a portfolio or team manager who monitors the individual stock positions in their fund on a daily basis.
For further information regarding the Roth 403(b) Plan go to www.CTdcp.com (Select 403(b) Plan, Education).
Enrollment: Employees interested in participating in the State of Connecticut's Roth 403(b) Plan may contact ING directly at 1-800-584-6001. Enrollment into the Roth 403(b) Plan is made directly through ING. Upon enrollment participants will receive a confirmation letter from ING and a Personal Identification Number for accessing their account.
Distributable Events: Separation from Service, Retirement, Disability (as defined by the Internal Revenue Code), Death or Financial Hardship.
(If the distribution is not a Qualified Distribution, the accumulated earnings will be subject to tax, and an additional federal penalty tax may apply).
Tax Free Qualified Distribution: You are eligible for a Tax Free Qualified Distribution only if the following criteria are met.
You have met the 5 year holding period requirement and the distribution is due to: Separation from Service and attainment of age 59 1/2,
Disability (as defined by the Internal Revenue Code)
Death
Annual Limits: Federal law restricts the amount you may contribute to a Roth 403(b) Plan. The annual limitation on deferrals for the year 2009 is $16,500 (with cost-of-living increases in $500 increments set for the years after). Some employees may be eligible to defer additional amounts through the Catch-Up provision (employees 50 years or older might be allowed to defer an additional $5500 each year).
Please Note: If you are contributing to both the traditional pre-tax 403(b) Plan and the Roth 403(b) Plan, your aggregate contributions cannot exceed $16,500 or $22,000 if you elected the Age 50+ Catch-Up option.
Employees with questions regarding the Roth 403(b) Plan may contact Lisa Lengel in the Human Resources Department at 203-837-8666.
The Office of State Comptroller has complete responsibility for oversight of the Plan and is held to fiduciary standards under State and local law in its ongoing monitoring of the Plan.
VIII. Deferred Compensation Program
457 Deferred Compensation Plan
The 457 Plan allows participants to allocate contributions to a number of investment options. The options are long term investment vehicles designed for retirement purposes. Contributions are made on a pre-taxed basis, and have the potential to grow tax-deferred. Early withdrawal may be taxed as ordinary income the year of withdrawal.
Effective July 1, 2005 ING Life Insurance and Annuity Company (ING) was selected to act as a third-party administrator for the State of Connecticut Deferred Compensation 457 Plan. ING will be responsible for counseling participants on asset allocations, financial education, and record keeping for the 457 Deferred Compensation Program account. The annual administrative fee is .12% for ING services.
The ING 457 Plan investment menu will offer participants 25 different options to invest in. These investment options fall into four categories.
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A Stable Value Option: provides a periodically declared rate of interest.
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Target Date Life Cycle Funds: a portfolio of investment options that track to a certain date for retirement.
-
Passively Managed Index Funds: designed to mirror a specific market index.
-
Actively Managed Funds: receive the attention of a portfolio or team manager who monitors the individual stock positions in their fund on a daily basis.
For further information regarding the 457 Plan go to www.CTdcp.com (select 457 Plan).
Enrollment: Employees interested in participating in the State of Connecticut’s 457 Deferred Compensation Plan may contact ING directly at 1-800-585-6001. Enrollment into the 457 Plan is made directly through ING. Upon enrollment participants will receive a confirmation letter from ING and a Personal Identification Number for accessing their account.
Annual Limits: Federal law restricts the amount you may contribute to a 457 Plan. The annual limitation on deferrals for the year 2009 is $16,500 (with cost-of-living increases in $500 increments set for the years after). Some employees might be eligible to defer additional amounts through the Catch-Up provision (employees 50 years or older might be allowed to defer an additional $5500 each year).
Employees with questions regarding the 457 Deferred Compensation Plan may contact Lisa Lengel, in the Human Resources Department at 203-837-8666.
The Office of State Comptroller has complete responsibility for oversight of the Plan and is held to fiduciary standards under State and local law in its ongoing monitoring of the Plan.
IX. Connecticut Higher Education Trust (CHET)
An account can be opened by or for any Connecticut resident for the purpose of investing for college and graduate school expenses.
For more information, please access our
Connecticut Higher Education Trust (CHET) link:
Connecticut Higher Education Trust (CHET)
WCSU is an AA/EEO Educator/Employer.
