NYSUT Benefit: Payroll, pension deduction saves money

Payroll deduction of NYSUT Member Benefits-endorsed programs eliminates check writing and late payments. This payment option is available to eligible bargaining unit members.

Pension deduction is available to retirees collecting a monthly pension benefit from the New York State Teachers’ Retirement System or New York State Employees’ Retirement System. It’s also an option for retirees who receive income from a monthly lifetime annuity from TIAA-CREF.

Annual premiums are easier to budget, since they are divided into smaller payments deducted from 26 paychecks or from 12 monthly pension benefits.

Payroll and pension deduction also yield reduced premiums or additional coverage at no cost for these NYSUT Member Benefits-endorsed programs: term life insurance; catastrophe major medical insurance; long-term care insurance; disability insurance; automobile, homeowners/renters, boat, personal excess liability (umbrella) and other personal property insurance; financial counseling program, legal service plan; and retiree dental plan.

The WrapPlan® II flexible premium adjustable life insurance plan can also be purchased using deductions.

For specifics, visit www.member benefits.nysut.org and click on the Payroll & Pension Deduction tab on the left-hand side of the home page. Or call Member Benefits at (800) 626-8101.

(For information about contractual endorsement arrangements with providers of endorsed programs, please contact NYSUT Member Benefits or refer to your NYSUT Member Benefits Trust Summary Plan Description. Agency fee payers to NYSUT are eligible to participate in NYSUT Member Benefits-endorsed programs.)


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