| As a state university employee, you are eligible to take advantage of two assistance plans.
Dependent Case Assistance Plan
The dependent care assistance program provides employees with a vehicle to defer up to $5,000 of annual income before taxes to pay for the care of qualified dependents.
Medical Care Assistance Plan
The medical care assistance program lets employees defer up to $5,000 of pre-tax earnings per year to cover the cost of qualified medical and dental expenses.
Tax Deferred Annuities
A tax deferred annuity program is a long-term type of investment for employees of public schools and certain other tax-exempt organizations. These annuities permit employees to exclude a portion of their salary from taxable income for the purchase of an annuity contract and/or mutual fund custodial account. Payment of taxes on this money and on the interest it earns is deferred until the money is withdrawn, presumably at retirement when most people
are in a lower tax bracket. The Office of Human Resources will provide a list of companies and agents offering approved plans for SIU employees at the time of employment.
Deferred Compensation
Deferred compensation, an investment program offered by the State of Illinois, allows
employees to use before-tax dollars to build savings for a more secure future. This plan not only provides more flexibility than an annuity but allows employees the opportunity to divide their investment among two or more different companies. |
