MetLife PERC Plan and Other
Part-Time Employee Benefits
1, 2011, all part-time Collin College employees will participate in
the Program for Extra Retirement Compensation (PERC)
in lieu of Social Security (FICA).
Insurance for Certain
Six Facts on How to Get Credit for Retirement Savings Contributions
IRS Tax Tip 2010-36
If you make eligible contributions to an
employer-sponsored retirement plan or to an individual retirement
arrangement, you may be eligible for a tax credit.
Here are six things you need to know about the Retirement Savings
Income Limits The Savers
Credit, formally known as the Retirement Savings Contributions
Credit, applies to individuals with a filing status and income of:
• Single, married filing separately, or qualifying widow(er), with
income up to $27,750
• Head of Household, with income up to $41,625
• Married Filing Jointly, with income up to $55,500
Eligibility requirements To
be eligible for the credit you must have been born before January 2,
1992, you cannot have been a full-time student during the calendar
year and cannot be claimed as a dependent on another person’s
Credit amount If you make
eligible contributions to a qualified IRA, 401(k) and certain other
retirement plans, you may be able to take a credit of up to $1,000
or up to $2,000 if filing jointly. The credit is a percentage of the
qualifying contribution amount, with the highest rate for taxpayers
with the least income.
Distributions When figuring
this credit, you generally must subtract the amount of distributions
you have received from your retirement plans from the contributions
you have made. This rule applies to distributions received in the
two years before the year the credit is claimed, the year the credit
is claimed, and the period after the end of the credit year but
before the due date - including extensions - for filing the return
for the credit year.
Other tax benefits The
Retirement Savings Contributions Credit is in addition to other tax
benefits which may result from the retirement contributions. For
example, most workers at these income levels may deduct all or part
of their contributions to a traditional IRA. Contributions to a
regular 401(k) plan are not subject to income tax until withdrawn
from the plan.
Forms to use To claim the
credit use Form 8880, Credit for Qualified Retirement Savings
For more information, review IRS Publication 590,
Individual Retirement Arrangements (IRAs), Publication 4703, Retirement
Savings Contributions Credit, and Form 8880. Publications and forms can
be downloaded at IRS.gov or ordered by calling 800-TAX-FORM
Form 8880, Credit for Qualified Retirement
Savings Contributions (PDF
Form 1040, U.S. Individual Income Tax Return
Form 1040A, U.S. Individual Income Tax Return
Publication 590, Individual Retirement
Arrangements (IRAs) (PDF
Insurance Information - Insurance Changes
September 1, 2010
increase for HealthSelect for dependent costs of 7.3% and CareMark
prescription drug service increase averaging close to 50% for Tier I,
40% for Tier II and 50% for Tier III. The ERS Board also approved
several changes to the health plan coverage including:
PCP office co-pays increase to
Specialist doctor office co-pays
increase to $40.
Annual coinsurance amounts
(out-of-pocket expense - your share of the costs) will increase to
$2,000 from $1,000 for in-network, to $7,000 from $3,000 for
out-of-network, and to $3,000 from $1,000 for out-of-area.
Inpatient facility co-pays will
increase to $150 per day (five day maximum) from $100 per day.
Emergency room co-pays will
increase to $150 from $100.
New urgent care facility co-pay
will be half the cost of the current emergency room co-pay. A $50
co-pay will be added for use of urgent care clinics. Previously, the
$100 emergency room co-pay was applied to urgent care clinic visits,
making this a co-pay reduction. Note: Effective June 1, 2010.
Prescription drug co-pays set at $15 for Tier
I - which are primarily generic drugs, to $35 for Tier II - which
are mainly preferred name brand drugs, and to $60 for Tier III -
which are name brand drugs that often have cheaper alternatives. The
deductible for all prescriptions will remain at $50.
View full details on the prescription drug
Chiropractic care coverage will
be limited to 30 visits per year, and a maximum charge of $75 per
New $100 high-tech radiology
co-pay (CTS scans, MRIs, and Nuclear Medicine). There will be
no change to the 20 percent coinsurance for these services.
State of Texas
discount purchase program website.
Employees, retirees, and their immediate families can use the site to
get discounts on many products and services, from computers to theme
park passes. There's
sign-up fee, registration, or cost to you. Visit today
to start saving.
Have questions? Review the
discount purchase program frequently asked questions.
up for email updates about the discount purchase program.