Benefits
Credit Union
The West Springfield Municipal Employees Credit Union was organized to serve the financial needs of the employees of the Town of West Springfield. All permanent employees are eligible to join the Credit Union after a review of their application. Funds are available for personal loans, new and used car loans, home improvement loans and auto insurance.
The office is located at 58 Union Street, West Springfield, MA 01089
(413) 733-6108
Office Hours:
Lobby: M-F 9:00 a.m. - 4:30 p.m.
Drive-Up: M-F 8:00 a.m. - 5:00 p.m.
Direct Deposit
Paychecks are dispersed each Thursday for the previous week. Employees have the opportunity to have their net pay automatically deposited in a checking or savings account at the bank of their choice, as long as the bank is a member of the Automated Clearing House. Forms are available in the Human Resources Department or the Payroll Office.
U.S. Savings Bonds
Savings Bonds can be purchased on a voluntary basis through authorized payroll deductions. There is no state or local tax interest earned and federal income tax can be deferred until the bonds are cashed. Purchase price is half of the face value of the bond. These bonds can be utilized to save for a child's education or for retirement. For additional information, please contact the Human Resources Department or visit the United States Department of Treasury Savings Bond website at: http://www.publicdebt.treas.gov/.
Holidays
The following holidays shall be observed:
New Year's Day, Martin Luther King Day, Presidents' Day, Patriot's Day, Memorial Day, Independence Day, Labor Day, Veteran's Day, Thanksgiving Day, Friday following Thanksgiving and Christmas Day.
Each Fall the Human Resources Department issues a list of the specific dates each holiday is observed in the next calendar year. Holidays that fall on Saturdays are observed by the Town on the proceeding Friday. Holidays that fall on Sunday are observed on the following Monday.
Some departments must remain open on a scheduled holiday. When services are essential, such as Public Safety, specific departmental policies apply.
Deferred Compensation Plan
The Town's Deferred Compensation Plan consists of a written agreement between you and the Town which allows you to defer a specified amount of your current income. The payment of the deferred amount and all interest and dividend earnings will be made at a later date, presumably when you have retired and are in a lower income tax bracket.
Participation in the Deferred Compensation Plan is voluntary. The Town holds title to the funds, and you will receive a written agreement that payment of the proceeds will be made to you (or your beneficiary) in the event of retirement, termination of employment, or death.
Starting in 2002, the recently enacted Economic Growth and Tax Relief Reconciliation Act of 2001 rises to $11,000 the annual deferral; (dollar for 457b plans) ceiling on employee (employee and employer for 457b plans) contributions to tax qualified retirement plans. Better still, the limit will increase by $1,000 each year from 2003 to 2006, and then automatically increase in $500 increments as th cost of living rises.
Payments into a Deferred Compensation Plan are made on a pre-tax basis. Every dollar contributed is a dollar on which taxes, both federal and state, are deferred until the money is withdrawn from your account. Interest earned on the investment is also exempt from taxation until the funds are withdrawn. Funds contributed to the plan may be maintained in the account until retirement, or may be withdrawn after you leave Town service. Early withdrawl may be subject to penalty payments.
Tax Year Deferral (Dollar) Limit
2002 $ 11,000
2003 $ 12,000
2004 $ 13,000
2005 $ 14,000
2006 $ 15,000
2007 $ 15,000*
2008 $ 15,000*
2009 $ 15,000*
The Town's Deferred Compensation Plan is administered by Massachusetts Mutual Financial Group. Investment opportunities, administrative fees and withdrawl charges will vary depending on the individual plan that you choose. This program, administered through the convenience of payroll deduction, allows you to defer up to 25% of your gross pay, or $14,000 per year. If you are over 50 years of age, you are allowed to defer up to $16, 000 per year.
If you are interested in availing yourself of this important benefit, you must call the Massachusetts Mutual representative directly (see name below). You will be provided with the paperwork required for enrollment.
Brian N. Caine, CSA, CLTC Director Annuity Sales
Telephone (413) 452-5361
*Subject to adjustment for inflation in $500 increments after 2006.
Employee Assistance Program
The Town of West Springfield sponsors an Employee Assistance Program (EAP) for full-time employees and their families. This program of confidential (to the extent permitted by law), professional short-term counseling and referral for employees and family members who are experiencing difficulty in their personal or work lives. Counseling is available for a wide range of problems including addictions, alcohol, anxiety or depression, child/elder care issues, domestic violence, family conflicts, financial difficulties, gambling, grieving, stress work conflicts, and other personal problems, Counseling is provided by outside professionals who contract with the Town to provide confidential assistance. The EAP and the Town regularly send out information about our program, so that you can contact them confidentially. The EAP can be reached on a
24-hour basis at (413) 785-4222, or (800) 225-2527. You can also call the Human Resources Department at (413) 263-3232 with questions regarding the EAP.
Flexible Spending Account
Insurance Benefits
Please see Insurance Benefits for more information on Health Insurance and Life Insurance.
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