December 2014 statement message

Please note: 1) This is your 2014 year-end statement. Every December, we send you a summary of your year-to-date payment information for the calendar year. This is provided as a service to you, and is simply for your reference. 2) Some of you may notice a change in the amount of your health insurance premium. If you have insurance questions, please contact your district or, if applicable, the Group Insurance Commission (mass.gov/gic). 3) By the end of January, we will send you your 2014 1099-R tax form and 2015 benefit verification form in the same envelope. Questions? Call us at 617-679-6877.

How to read your check or direct deposit statement

“Earnings” box (first column) Your gross pay is broken into the following components:

  • BASE: Your total monthly benefit amount plus any past cost-of-living adjustments (COLAs).
  • COLA: The monthly amount for the current year’s COLA, if any. For example on check stubs and direct deposit statements for July 2013 through June 2014 payments, “COLA” refers to the FY2014 COLA.
  • BASE-ADJ: If applicable, the amount of an adjustment to your payment.

“Deductions” box (second column) If you receive your insurance coverage through:

  • the state’s Group Insurance program, the amount withheld for your group health and life insurance premium will be listed as “GROUP INS,” and any amount withheld for a dental insurance premium will be listed as “GIC DNTL.”
  • your school district’s program, an individual premium amount for each type of insurance coverage will appear:
    • MEDICAL D: Cost of the first health insurance which you carry through your group insurance program.
    • MEDICAL I: Cost of a second health insurance coverage if your spouse is included in your coverage.
    • DENTAL: Cost of your dental coverage (if offered by your group insurance program)
    • LIFE INSU: Cost of your basic life insurance (normally, between $1,000 and $12,500 worth of coverage). You can contact your Benefits Coordinator at your district to determine the value and beneficiaries of your life insurance policy.
    • OPTIONAL: Cost of any optional life insurance coverage you may have (if offered by your group insurance program)
    • OTHER MED: Cost of your vision coverage (if offered by your group insurance program)
    • FEDERAL I: Monthly federal income tax withheld

If you receive your benefit by direct deposit (also known as electronic funds transfer), you will note that your bank’s routing number, your bank account number and the type of account are also listed on the statement. For security purposes, only the last four digits of your banking numbers appear; the initial members are replaced with Xs.