Voluntary Deduction Plans
- Notice of Privacy Practices for Certain RIT Benefit Plans
- Group Auto and Homeowners Insurance (VIP Services)
- Long Term Care Insurance
- New York's College Savings Program
- U.S. Savings Bonds
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 at http://www.yourlongtermcare.com.
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 through http://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. The familiar EE Series Bond as well as the I Bond are available, and you may purchase the bonds through simple payroll deduction. For as little as $5.00 per pay period, you may start saving.
Some of the reasons to think about investing in U.S. Savings Bonds include:
- Interest is exempt from state or local income tax and federal income tax is deferred until you redeem them (for up to 30 years)
- May be federally tax exempt for college, if qualified
- Interest accrues monthly, compounds semi-annually
- Can be cashed in after as little as 12 months
- Earns interest for up to 30 years
- An easy, affordable way to begin saving for the future
- No fees or service charges
- Safe and secure
For more information, visit their website at http://www.nbtco.com. To start saving for U.S. Savings Bonds, contact the Savings Bond representative Teanna Avalon (315) 247-2448.
