What is Save for Summer?

Save for Summer is a program that allows employees working in a less than a 12-month annual work period to elect a flat dollar amount to be deducted from their net pay each month. The balance in the program is then paid over the summer month(s) when not working.

The amount withheld from the net pay is after all deductions, including insurances, TRS/ORP, FICA, FIT, etc.   

Save for Summer deductions continue until cancelled.  Re-enrollment is not required each fiscal year.  Employees may enroll after September 1 each year but will begin participation with the next available pay period.  There is no “catch up” option for any expired or previous portion of the fiscal year.   

  • Save for Summer 9 : receive a payout in July, August and September  
  • Save for Summer 10: receives a payout in August and September 
  • Save for Summer 11: receives a payout in September 

For example, if you are in a 9-month position, paid on the monthly pay cycle, and choose to have $1,000 deducted each month beginning the first monthly payday would have $9,000 as your Save for Summer balance as of 5/31.  Your pay would be $3,000 for the months of June, July and August.   Since the amount was deducted from your net pay, no insurance/taxes are deducted on the Save for Summer payout. 

FAQ

How to I enroll, change or cancel my enrollment?

Submit a newly completed Save for Summer Authorization Form

If I cancel my enrollment in Save for Summer when will I get paid out?

A participating employee can elect to be paid out their accrued balance on their next available pay date or wait until the original summer payout months that were originally selected. 

I enrolled in Save for Summer last fiscal year, will I be automatically enrolled in the next fiscal year? 

Workday will automatically re-enroll an employee in Save for Summer at the beginning of the new Fiscal Year, based on their previous enrollment choices.  If you would like to make changes to your net pay withheld or cancel, please complete the appropriate section of the Save for Summer Form (link form) and e-mail it to the address listed on the bottom of the form. 

How does an employee check their Save fo Summer balance?

Save for Summer Balance Report

Is there an alternative to Save for Summer if I still want to set aside money to pay myself during non-working months? 

Yes. Save for Summer was created because our legacy system wasn’t able to allow multiple payment elections. An employee could only set up one account for direct deposit. With Workday, you are allowed to choose up to 5 different payment election options. You may decide to set up an additional checking, savings, money market, etc. account and direct the same net dollar ($) amount as you would under the Save for Summer program. 

Pros:

  • Employee is in control of their “Save for Summer” income 
  • Employee may earn interest income based off account type;  
  • Employee can access saved income quickly if they decide to no longer set aside a portion of net pay for summer or during summer months 
  • Changes can be made at any time to your payment elections and amount of net pay to save 

You may enroll, make changes or cancel from the Save for Summer program by submitting an updated Save for Summer Authorization Form. 

Keep in mind any changes made will be effective on your next pay date.