The City offers many savings and benefit programs related to your pay, including bonds, IRAs, and access to a Credit Union to help you manage your money wisely.

Municipal Credit Union
The Municipal Credit Union (MCU) is a full-service financial institution that offers its members a broad range of services including checking and savings accounts, Visa cards, mortgages, loans, ATM access, money market accounts, and individual retirement accounts. All City employees are eligible to join the MCU.
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IRA Payroll Deduction Program
Maintain your Individual Retirement Account through the convenience of automated payments deposited into your IRA account.
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Savings Bonds
New York City employees have the opportunity to purchase United States Savings Bonds and pay for them through payroll deductions. Series I and Series EE bonds are available.

• Series I Bonds will pay 3.39% when purchased between May 1, 2004 and October 31, 2004. This rate is a combination of a fixed rate of 1.0% and an inflation adjustment of 2.38%.
• Series EE Bonds will pay 2.84% when purchased between May 1, 2004 and October 31, 2004. This rate is 90% of the average five-year Treasury securities yields for the preceding six months.
• The annual limitation on purchases of United States Savings Bonds will be set at $5,000 per Social Security Number, effective January 1, 2008. The limit applies separately to Series EE and Series I savings bonds, and separately to bonds issued in paper or electronic form. Under the new rules, an individual can buy a maximum of $5,000 worth of electronic and paper bonds of each series in a single calendar year, or a total of $20,000, in single ownership form. If paper bonds are issued in co-ownership form, the limit applies to the first-named co-owner. All limits are based on the issue price of the securities.

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Health Benefits Buy-Out
This plan allows City employees who are covered under a health insurance plan through an employer other than the City of New York to waive their City health insurance and receive a cash incentive.
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Beneficiaries
Certain third parties have the right to part or all of a City employee's paycheck.
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