Benefits: UUPers urged to consider 403(b)

Staying current with your benefits is a full-time job; I know, it’s what I do. Here’s a reminder of some benefit details that you may have forgotten.

If you have a 403(b) plan, you may have some new maximums to consider. For 2002, the limit has increased to $11,000 ($14,000 for certain employees). If you are currently contributing to this supplemental retirement system, you may want to consider raising your contribution.

You may also be eligible for the “catch-up provision” for employees with 15 years of service whose contributions, on a yearly average, are less than $5,000. To determine if you are eligible for the catch-up provision, you should contact your Opportunity Plus — or your 403(b) — representative.

There is also a new catch-up provision for older workers. This provision allows for employees over age 50 to make an additional elective deferral of $1,000 in 2002. For full details on this provision, contact your 403(b) representative.

If you do not currently participate in a 403(b) plan, I urge you to begin. The 403(b), similar to the private sector’s 401(k) plans, offers a way to save money for your retirement on a pre-tax basis. UUP endorses the Opportunity Plus program through ING Aetna Financial Services. To contact an ING representative, call (800) 677-4636.

Another way to save money is through the UUP Benefit Trust Fund scholarship program. The program is for dependent children of UUP Benefit Trust Fund participants (with the exception of retirees and COBRA participants). The dependent child must be enrolled and eligible in the UUP Benefit Trust Fund at the time of the award.

The scholarship is awarded at the conclusion of the semester after the application and the official transcript are received. The official transcript must demonstrate the child successfully earned at least 12 undergraduate credit hours with a C or 2.0 grade-point average for that semester. All credit hours must have been completed at a state-operated SUNY school. For example, community colleges are not state-operated and would not qualify. A dependent child may receive the award for up to eight semesters.

The deadline to apply is 60 days following the last day of classes. If you had a child who attended a state-operated SUNY school in the fall 2001 semester, and met the above criteria, your application must be received in the Fund Office by mid-February (depending on the last day of classes at that SUNY campus). Sometimes, an official transcript cannot be received in time to meet this deadline. In those cases, the application should be sent separately and must be received by the deadline.

Details and an application for the program can be found at the UUP Web site at http://www.uupinfo.org under scholarship or at the Fund Office at (800) 887-3863.

— Gail Maloy, UUP Director of Member Benefits and Services