403(b) Tax-Sheltered Annuities
A 403(b) plan offers tax breaks on retirement savings, includes different options for investments and takes contributions directly from your paycheck. The TSA Consulting Group facilitates North Andover's 403(b) plans. If you are interested in starting, stopping or changing a 403(b) salary reduction agreement, click here: TSA Consulting Group. TSA will contact Payroll directly about new plans or changes. Here is more information about the process: Plan Summary Information.
Flexible Spending Accounts (FSA)
A Flexible Spending Account is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside. If you have a health plan through a job, you can use a Flexible Spending Account (FSA) to pay for copayments, deductibles, some drugs, and some other health care costs. Using an FSA can reduce your taxes.
f you have any questions regarding this program, please feel free to contact the Cafeteria Plan Advisors at 781-848-9848 or visit their website at www.CPA125.com. They are always easy to access and very helpful. The annual enrollment period is in November for a January 1 start. Any new employee who started after November can complete this enrollment form and send it directly to Cafeteria Plan Advisors. Here is a fact sheet for your reference, as well.
Short-Term Disability Insurance
Please see this link about short-term disability insurance through Colonial Life. Short-Term Disability Information
North Andover offers a Basic Term Life/AD&D Insurance Policy in the amount of $2,000 with Prudential Financial. There is a one month waiting period and deductions are taken one month in advance, the cost to the employee is $1.25 a month.
Employee Assistance Program
A free confidential employee assistance plan is available from MIIA AllOne Health and offers employees resources, counseling and referrals 24 hours a day, 7 days a week, call 800-451-1834 or EMPLOYEE ASSISTANCE PROGRAM