Flexible Spending Accounts
MWRDGC Pension Plan
MWRD Employees Credit Union
Voluntary Insurance Plans
Deferred Compensation Retirement Savings Plan
Vacation Pay
Holiday pay
COBRA
OPEB
Flexible Spending Accounts
Medical Flexible Spending Accounts (FSA):
Medical Spending Accounts offer pre-tax payroll deductions to be used to
pay for out-of-pocket medical expenses not covered by insurance.
This includes but is not limited to over-the-counter medical items, drug
co-pays, deductibles and co-insurance payments. Deductions are
taken bi-weekly over the plan year in an amount elected by you up to a
limit of $2,650 per year. For more information go to
http://www.chard-snyder.com.
Dependent Care Spending Accounts: Pre-tax dollars can be used to help pay for the expenses for the care of your child while you are at work. The federal pre-tax limit is $5,000 per year.
Transportation Spending Accounts: This is a pre-tax plan offered to employees using public transportation. Employees can use pre-tax dollars to pay for CTA transit cards or Metra
passes by enrolling for pre-tax payroll deductions and placing an order
from various media choices. The current Transportation pre-tax limit is
$260.00 per month.
Parking Spending Accounts: Employees may select an amount up to $260.00 per month to cover parking expenses incurred for work purposes. Pre-tax deductions are taken twice a month for the amount elected and claims are filed for reimbursement.
MWRDGC Pension Plan
Through a combination of District and tax-qualified employee contributions, the pension fund provides for retirement income based on salary and length of service. Enrollment forms are completed by all employees upon employment. The Retirement Fund Office is open 8:45am to 4:30pm, Monday thru Friday at the Main Office Annex Building. Call 312-751-3222.
MWRD Employees Credit Union
The MWRD Employees Credit Union offers savings, checking, loan and many other services and discounts. The credit union offices are located at the main office and at Stickney. Visit the website at www.mwrdecu.org.
Voluntary Insurance Plans
These plans are offered at group rates and are paid for with after-tax payroll deductions. Enrollment may begin at any time; however, enrollment within the first thirty days of eligibility will only require an abbreviated physical history questionnaire.
Group Universal Life Insurance: This is an additional life insurance option that is rated based on your age and health status at the time of application. The same rate will continue to be in force after leaving the District as long as premiums are paid on time.
Critical Illness Insurance: Benefits are paid out as a flat amount of money to the insured in the event of a diagnosis of certain life threatening illnesses. There is no restriction on how the money is used.
Deferred Compensation Retirement Savings Plan (457)
The Deferred Compensation Plan offers employees an opportunity to save for retirement on a pre-tax basis. Limits are adjusted annually according to IRS regulations. The Deferred Compensation Plan is an excellent way to prepare for financial stability during retirement while reducing taxable income.
Vacation Pay
The District provides paid vacation time based on length of service. Vacation is calculated as follows:
First 5 years |
2 weeks |
Next 10 years |
3 weeks |
After 15 years |
4 weeks |
After 25 years |
5 weeks |
Questions concerning earned vacation should be
directed to the Payroll Section of the Finance Department. Call
312-751-6526.
Holiday Pay
Employees are paid for ten holidays per year plus two or three optional holidays dependent upon start date with the District.
New Year’s Day |
Independence Day |
Martin Luther King Day |
Labor Day |
Lincoln’s Birthday |
Veterans Day |
Presidents’ Day |
Thanksgiving Day |
Memorial Day |
Christmas Day |
Click
here to see the 2019 Holiday Schedule.
Click
here to see the 2020 Holiday Schedule.
Questions concerning holiday pay should be directed to the Payroll Section of the Finance Department. Call 312-751-6526.
COBRA
COBRA provides continuation of health and dental coverage after certain qualifying events such as termination or divorce cause an individual to lose their benefits. COBRA is offered at group rates to former employees, retirees, spouses, former spouses and dependent children. Former employees and retirees are covered for a maximum of 18 months, while dependents are covered for 36 months. When a qualifying event occurs, the Compensation and Benefits Section automatically generates a COBRA Election Form.
www.dol.gov/ebsa
OPEB
In 2007, the District established a Retiree Health Care
Trust to partially fund future retiree health care expenses. The District
makes annual contributions to the Trust which is administered by the
Treasurer’s Office.
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