Today's MessagePosted: Monday, December 20, 2021
2022 Pre-Tax Contribution Program: Election Period - December 1-31
The Health Insurance Pre-Tax Contribution Program (PTCP) election period is December 1–December 31. The PTCP is a voluntary program that employees can choose to participate in when they are first eligible for health insurance benefits. Employees may also elect to participate or decline participation in PTCP each year during the PTCP election period.
If you choose to participate in PTCP, your share of the health insurance premium is deducted from your wages before taxes are withheld, which may lower your tax liability. In exchange for this reduction in your tax liability, you agree to maintain the same pre-tax health insurance deduction for the entire plan year, unless you experience a qualifying event that would allow you to make a change or cancel your coverage and provide timely notification (within 30 days) of the event. If you decline participation in PTCP, your share of the health insurance premium will be deducted from your wages after taxes are withheld. Employees who do not participate in PTCP may have greater flexibility to make changes to their NYSHIP coverage during the year, as long as those changes are consistent with NYSHIP rules.
You can check your current PTCP status by reviewing your paycheck.
- If you are enrolled in PTCP, your paycheck stub shows “Regular Before Tax Health” in the Before Tax Deductions section. Your health insurance premium is deducted from your wages before taxes are withheld.
- If you are not enrolled in PTCP, or part of your deduction is being taken after tax (e.g., for a non-federally-qualifying dependent), your paycheck stub shows “Regular After Tax Health” in the After Tax Deductions section. Your health insurance premium is deducted from your wages after taxes are withheld.
If you wish to change your pre-tax selection for 2022, you must submit a Health Insurance Transaction Form (PDF, 78 KB) to the Benefits Office in Cleveland Hall 403 by Friday, December 31. For more information about the PTCP, please see the "Planning for Option Transfer" brochure (PDF, 3 MB) or the PTCP Fact Sheet (PDF, 179 KB).
No action is required if you wish to keep your current tax status.
Thursday, December 23, 2021