The flexible spending account program permits each employee to set aside up to $5,000 pre-tax dollars for dependent care expenses and up to $5,000 for medical expenses not reimbursed. Money that is reimbursed to you for paid expenses is tax-free. You pay no state, federal, social security, or Medicare taxes on that money.  You may only enroll during the open enrollment each December.  For additional information, contact the City of Waltham account representative with Sentinel Benefits at 1-888-762-6088, e-mail fsacsr@sentinelbenefits.com or visit their website at: httpL//www.sentinelbenefits.com/index.html.
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Credit Union
The Waltham Municipal Employees Credit Union was organized to serve the financial needs of employees of the City of Waltham. All permanent employees are eligible to join the Credit Union after a review of their application. Prospective employee's applications are reviewed and voted upon by the Board on the second Monday of each month.

Funds are available for: personal loans, new car loans, used car loans, and home improvement loans.

175 LEXINGTON STREET
WALTHAM MA 02452
(781) 899-0506

OFFICE HOURS:
Monday Tuesday Wednesday Thursday Friday		11:00 AM -12:30 PM 11:00 AM - 4:00 PM 11:00 AM - 4:00 PM 11:00 AM - 4:00 PM 11:00 AM -12:30 PM

*Last business day of each month they will close at noon.
**These hours are subject to change during the summer months.
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Direct Deposit
Paychecks are dispersed each Wednesday for the previous week. Employees have the opportunity to have their net pay automatically deposited into an account, at the bank of their choice. The bank must be a member of the Automated Clearing House.  All forms are available at the Personnel Department.  Once enrolled, if you change banks, please advise your department payroll clerk.
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Deferred Compensation Plan
This plan is permits you, on a voluntary basis, to authorize a portion of your salary to be withheld and invested for payment to you at a later date. Neither the deferred amount nor earnings on the plans are taxable until they are actually distributed to you. Further information can be obtained by contacting the plan client account managers identified by information in the orientation material.

The City of Waltham offers two plans*:

     Smart Plan - 1-877-457-1900 www.mass-smart.com

     Hartford Life - 781-344-1023 or toll free: 800-833-5575 http://www.thehartford.com/

  *you may participate in one plan at a time.
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United Way
Employees of the City of Waltham may contribute to the United Way through payroll deduction. Information is provided in your orientation package.  For additional information visit the United Way of America website: http://national.unitedway.org/
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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 Personnel Department or visit the United States Department of Treasury Savings Bond website at: http://www.publicdebt.treas.gov/
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