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Save for Summer Program

Changes Coming to the Extended Pay Plan (EPP) Beginning January 2, 2018

Overview

The A&M System is retiring its legacy HR and payroll tools in December 2017 and moving to Workday

In January 2018, the EPP will be replaced by a new program called Save for Summer. EPP participants as of December 1, 2017 will be automatically enrolled in Save for Summer on January 2, 2018

If you want to continue to have the A&M System withhold a portion of your net pay and insurance premiums, you don’t need to make any changes right now. We are sending this notice to let you know what is happening and give you time to ask questions.

As a reminder, you can change your EPP elections or withdraw from the program at any time through submitting an updated EPP form located: http://www.tarleton.edu/FINADMINWEB/payroll/forms/EPP_form.pdf

After January 2, 2018 you may make changes to or withdraw from the Save for Summer program after by submitting the newly updated Save for Summer Authorization form located:http:/www.tarleton.edu/FINADMINWEB/payroll/forms/saveforsummerauth.pdf

Net Pay

Today, a percentage of your net pay is held back and returned to you in the July, August and September paychecks. Beginning January 2018, a flat dollar amount will be held back that equals the percentage amount held back today. The dollar amount held back remains the same until you fill out an updated authorization form and submit to payroll services.

  • If you receive a pay increase after January 2, your flat dollar amount will not be adjusted automatically. You might want to increase the amount held back to reflect the change in your base pay.

Insurance Premiums

Today, a percentage of your insurance premiums are held back and returned to you in May when the June, July and August insurance premiums are paid. Beginning January 2018, a flat dollar amount will be held back that equals the percentage amount held back today. The dollar amount held back remains the same until fill out an updated authorization form and submit to payroll services.

  • If you need to change your benefit elections between January 1st and April 1st, contact payroll services and ask them if you need to change the amount held back to reflect the change in your insurance premiums.

Beginning September 2018, insurance premiums will be paid during nine working months and deducted from your October – June paychecks, whether you work 9, 9½, 10,10½, or 11 months.

  • Save for Summer will no longer hold back a portion of insurance premiums and you will no longer pay for summer insurance in May.

Comparing the Programs

Save for Summer

Extended Pay Plan

Withhold flat, dollar amount of net pay

Withhold % of net pay

Enroll using a paper form

Enroll using a paper form

Withdraw at any time; receive held back pay in the next paycheck

Withdraw at any time; receive held back pay in the next paycheck

See your current balance monthly on your Paystub

See your current balance monthly on your Paystub