Flexible Spending Account Program
A Flexible Spending Account (FSA) allows employees to pay for certain reimbursed healthcare and dependent care expenses with before-tax dollars. For many participants, the FSA plan provides a better tax benefit than is available to an individual taxpayer.
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 or visit their website.
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
*Please contact the credit union for hours.
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.
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:
Smart Plan – administered by Great West – 877-457-1900 or www.mass-smart.com
For specific benefit infromation please contact the Payroll Department at 781-314-3270.
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