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MetLife PERC Plan and Other Part-Time Employee Benefits
 

  • Effective September 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 Associate Faculty
     

  • Also, see Miscellaneous Benefits for other benefits which apply to part-time employees.  Look for benefit items ending in asterisks:
     

    • * for ALL part-time employees

    • ** for all part-time non-student employees


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 Contributions Credit:
 

  1. 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

     

  2. 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 return.

     

  3. 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.

     

  4. 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.

     

  5. 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.

     

  6. Forms to use To claim the credit use Form 8880, Credit for Qualified Retirement Savings Contributions.

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 (800-829-3676).

Links:

  • Form 8880, Credit for Qualified Retirement Savings Contributions (PDF 46K)

  • Form 1040, U.S. Individual Income Tax Return (PDF 176K)

  • Form 1040A, U.S. Individual Income Tax Return (PDF 136K)

  • Publication 590, Individual Retirement Arrangements (IRAs) (PDF 449K)


Part-time Faculty Insurance Information - Insurance Changes

   Effective September 1, 2010

Rate 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 $25.
  • 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 co-pay chart.
  • Chiropractic care coverage will be limited to 30 visits per year, and a maximum charge of $75 per visit.
  • 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.

 

Discount Purchase Program

Visit the new 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 no sign-up fee, registration, or cost to you. Visit today to start saving.

Have questions? Review the discount purchase program frequently asked questions.

email iconSign up for email updates about the discount purchase program.



History of Changes for Part-time Faculty Insurance

September 1, 2004 Associate/Adjunct Faculty Insurance/TexFlex Eligibility

New for certain Associate Faculty:  Group insurance and flex plan eligibility for the State of Texas Group Benefits Program through ERS, under current State law, if you taught at least three credit hours or one credit course each of the last six long semesters (Fall and Spring) over the last three years, AND are scheduled to teach at least twelve hours at some point during the academic year.  Associate faculty are not eligible for a State contribution toward health insurance premiums or any other coverage under the State's plan.   

 

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Monica Barron.

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Last reviewed or revised 11/2008