DepCare allows the payment of eligible dependent care expenses on a pretax, salary reduction basis. During Open Enrollment faculty and staff may enroll in DepCare, or change or cancel DepCare salary reduction amounts. If members are currently enrolled and do not make changes during Open Enrollment, their 1998 salary reduction amount will continue at the same rate in 1999. Otherwise, unless a member has other eligible dependents, they will forfeit all DepCare contributions for 1999. For more information, see the DepCare Summary Plan Description available from the Benefits Office.
TIP allows payment of health plan premiums, if any, on a pretax, salary reduction basis.
Participation in TIP is automatic. See the TIP Summary Plan Description for details. However, eligible faculty and staff may apply for these coverages at any time by completing a statement of health, with coverage subject to carrier approval. Likewise, once the borrower signs and returns the documents to the Loan Office, the check for the loan proceeds will be mailed directly to the borrower's home.