You are eligible for basic term life insurance by payroll deduction. The amount of coverage available is approximately $4,000 more than your annual salary. The maximum is $85,000 for employees not included in any collective bargaining unit contract, and $38,000 for all others. The coverage automatically increases as your salary increases. The State of Connecticut shares the cost of this group term insurance. You contribute 20 cents bi-weekly for each $1,000 of insurance. If you enroll during your first six (6) months of employment, coverage is guaranteed. You will be required to prove insurability to enroll after that time.

Link: http://www.osc.state.ct.us/empret/grouplife/index.html

Employees covered by a collective bargaining agreement, which allows for supplemental life insurance coverage, or employees exempt from collective bargaining with a yearly gross compensation of $45,000 or more may buy additional coverage up to a maximum of $50,000.

An employee who terminates active work for any reason should contact the Employee Benefits Unit of the Office of the State Comptroller, to determine what arrangements, if any can be made to continue the insurance in force or to exercise any rights under the group policy when insurance terminates.

All permanent State employees have the option of deferring a portion of their income by payroll deduction. The primary purpose of a DCP is to allow the employee 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 Federal income taxes are not paid on these deferrals until they are withdrawn.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. An upper limit is set on such deferred earnings by Title 26, Section 457 of the Internal Revenue Code, which provides that the maximum amount which may be deferred under the plan for the taxable year shall not exceed the lesser of $8,500 or 33 1/3% of the participant’s includible compensation. Generally the limit is 25% of gross taxable compensation. The dollar limit is $15,500 for 2007. Contributions can be taken out of the Plan when the employee retires, leaves State employment, or in some emergency financial situations. For more information on deferring compensation, please visit the following website's.

• State of Connecticut Deferred Compensation Plan Information
• State of Connecticut Defined Contribution Plans

Similar to deferred compensation plans, TSAs permit you to set aside earnings before taxes as a supplemental retirement investment plan. Investing in a TSA reduces taxable income by the amount of the tax-deferred contributions. Your contributions are voluntary.

To invest before-tax dollars in a TSA, you sign an agreement to have your annual salary reduced via payroll deduction. This amount is then sent to the TSA, where it is invested in individual supplemental retirement annuities. The Internal Revenue Code limits the amount of income you may tax-defer. Your retirement plan, tax sheltered 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.

The Connecticut State Employees Credit Union is a cooperative thrift and loan association, which provides savings and checking accounts, money market certificates, and loans. Under most circumstances, a member may not be granted a loan until completing nine months of state service. Loans are repaid through payroll deduction. The credit union also provides home equity loans, money orders, traveler’s checks, and Individual Retirement Accounts.

The Connecticut State Employees Credit Union is open to all employees and retirees. To join, employees fill out a payroll deduction authorization or make deposits by mail or in person. CSE Credit Union locations: Hartford, Middletown, New Haven, Newington, Norwich, Southbury and Storrs.

• CSE Credit Union
• Direct Deposit Form

ECSU recognizes that each employee is a valuable asset to the university. The employee Assistance Program is provided to employees and their families for free. EAP provides confidential counseling on just about any kind of concern you have, including depression, divorce, , substance abuses, debt problems, and compulsive gambling. It can be utilized through in-person or telephone counseling. For information or an appointment, please call 1-800-526-3485, or access the web site at http://www.solutions-eap.com.

For more information on supplemental benefits, please check http://www.osc.state.ct.us/empret/supplemental/index.html