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Savings Programs
There are many companies included in the State of Delaware Vendor System that are available for savings programs through payroll deductions. All full-time and regular, part-time employees are eligible for these savings programs through payroll deductions. In addition, temporary, part-time employees working a minimum of 20 hours per week may participate in the Tax-Sheltered Annuity Plans through payroll deductions. Four of the most popular programs are described below:
- Deferred Compensation Program for Public Employees of the State of Delaware
The Deferred Compensation Program is a voluntary investment plan which enables eligible State of Delaware employees to supplement their eventual retirement income. No State or federal income taxes are owed on that portion of employee's income which is deferred (retained by the State) until the employee either retires or leaves State service. After an employee has been enrolled in the program for six (6) months, the State of Delaware will match $10.00 of the employee's investment each pay cycle. (Revised based on State policy, 4/12/05 )
- Tax-Sheltered Annuity Plans
There are many Tax Shelter Annuity vendors licensed to offer tax deferred plans through the State of Delaware Vendor System that eligible employees may enroll in through payroll deductions. Eligible employees must complete an agreement for salary reduction with their individual agent and have the form forwarded to the Office of the President Payroll Department. Vendors should be verified by the Office of the President Payroll Department for participation availability through the State of Delaware Vendor System prior to having the agreement sent for processing. This procedure will enable the correct vendor number to be assigned to the payroll deduction. All transactions involving payroll deductions are processed by the Office of the President Payroll Department. Eligible employees should contact their individual agents for further information concerning Tax Shelter Annuities.
- United States Savings Bonds
The United States Savings Bonds program allows savings through payroll deductions that may be used as an investment for educational or eventual retirement supplements. Bond denominations may range between $100 - $1,000 through payroll deductions. All transactions involving payroll deductions are processed by the Office of the President Payroll Department. Further information concerning United States saving bonds may be obtained from your Campus Payroll/Human Resources Office. If additional information is required, the Office of the President Payroll Department should be contacted by your Campus Payroll/Human Resources Representative.
(Amended Federal Regulation-Internal Revenue Service, 9/10/2000; amended by Board of Trustees 4/7/2009)