Mon, Dec 17, 2018 — 3:15 pm
Pre-Tax Contribution Program (PTCP) for Health Insurance Benefits
The Pre-Tax Contribution Program (PTCP) is a voluntary program that employees can choose when they are first eligible for health insurance benefits – this selection is made on the NYS Health Insurance Transaction Form (PS-404). Each year employees can elect to participate or decline in the PTCP during the election period. No action is required if you plan to keep your current PTCP status.
If you are participating in the PTCP, your share of the biweekly health insurance premium is deducted from your wages before taxes are withheld, which may lower your tax liability. By participating you agree to maintain the same pre-tax health insurance deductions for the entire plan year, unless you provide notice (within 30 days) of a qualifying event, which would allow you to make a change or cancel your coverage.
If you are not participating in the PTCP your share of the health insurance premium will be deducted after taxes are withheld. Employees who do not participate in the PTCP have more flexibility to make changes to their NYSHIP coverage during the year.
You can check your current PTCP status by looking at your paycheck. If you are enrolled your paycheck stub will show “Regular Before-Tax Health” in the Before-Tax Deductions section. If you are not enrolled in PTCP, your paycheck stub will show “Regular After-Tax Health” in the After-Tax Deductions Section.
If you would like to change your PTCP selection for 2019, you will need to submit a NYS Health Insurance Transaction Form (PS-404) between November 1st and November 30th to the Office of Human Resources. You can obtain this form from the Office of Human Resources or through the link provided below.