Summer Savings Program
The Summer Savings Program was developed at the request of some 10 month classified staff who were wanting to receive their pay over 12 months. It is optional and each 10 month staff member will be able to make their own choice as to whether or not they wish to participate.
Frequently Asked Questions
Upon written notification from the individuals who want this, we will set up “banks” that will store your money for you and pay you in July and August the amount of monies that you saved in the “bank”.
Who can participate?
Any 10 month employee who is currently in receipt of ASEBP benefits will be eligible to participate in the Summer Saving Program.
How much will I save each month?
Each month 16.67% of your net pay from your regular assignment will be withheld after all of your deductions have processed. 16.67% equates to 2/12ths of your salary.
Can I choose to save a different percentage?
Unfortunately, we can only set the bank up for a single percentage and everyone will have to have the same percentage taken off their pay.
Can I withdraw my money early, or do I have to wait for July or August?
If for some reason, you find that you require your money, we can provide the entire amount to you on our next pay run. However, we want to discourage people signing up and then removing themselves as this is very time consuming for the payroll department. If you do request to receive your “banked” money, we will not be able to reactivate you until the following year. A new activation form will need to be completed and forwarded to the payroll department for reactivation.
Can individuals who start work later in the year participate?
Yes, new hires or later hires can apply for this deduction. Please note however, the only way to receive the full amount for July and August is to work the full 10 months and to contribute exactly 2/12th of your pay.
What will happen if my net pay fluctuates throughout the year?
Anytime your gross pay decreases or increases this affects your “bank”. If you take time without pay for whatever reason, you will have a smaller net pay and a lesser amount of monies will be put into the “bank” for you. If you have a FTE increase or decrease, this will also increase or decrease your July/August pay.
Will deductions process off the monies paid from the “bank”?
No, you will receive a pay but no deductions will be taken from the July and August pay.
Will this affect my pension?
This will not affect your pension. Your pension and contributions will remain exactly the same. You will not contribute to the pension in July and August.
Can I still get EI over the summer? Will I receive a ROE?
Yes, you will receive an ROE exactly as you would normally.
We are not able to answer this question as EI is administered by Service Canada. For EI questions please contact Service Canada at 1-800-206-7218.
When will this begin?
The pilot year will begin starting the 2014/2015 School year and only after a signed activation form has been received by the payroll department.
How can I sign up?
Simply sign this authorization form and forward it to the payroll department either electronically or through inter office school mail.
When is the deadline to sign up?
For the 2014/2015 school year we would appreciate having the forms back by June 30th. You may still sign up in September or at any time and have the deduction start in the next payroll cycle as long as we receive your form by the 15th of the month.
If I sign up for one year, can I drop out for the next year?
Yes, you can send an email request to firstname.lastname@example.org requesting to be removed from the deduction at any time. Just remember, if you remove yourself and wish to be added the following year, you must complete a new activation form.
Do I need to sign up every year?
No, you only need to sign up once. We will continue to make deductions from your net pay each month until we are informed in writing by you to cease deducting.
What will happen when I cease employment?
If your employment ceases prior to June 30th and you have made contributions, your “bank” will be paid out in full on your final pay.