Summer Savings. Ten (10) month employees may, by the fifth day of September on the prescribed form authorize the Board to deduct an amount of money from each of his/her 20 pays in order to facilitate payment in July and August. Interest will not be paid on the funds deducted to make the July and August payments. The amount of the authorized deduction shall remain unchanged from year to year unless a request for change is made on the prescribed form by September 5 of the affected school year. The deductions throughout the year shall not be changed or withdrawn during the school year. The total deductions during the school year shall be electronically deposited in four equal installments on the 15th and last day of July and August.
Summer Savings. At the election of a contract or regular faculty member, an after tax deduction “Summer Savings “may be elected wherein a portion of the salary is placed into a non-interest bearing trust account for each of the months that are paid. In July and August that savings is returned in two equal payments. (When requested by a unit member, to the extent permitted by law in accordance with Section 13519 of the Education Code, an amount equal to 16 2/3 percent of each monthly payment shall be withheld and the total amount so deducted shall be paid in two equal installments, one installment to be paid not later than the 5th day of August next succeeding and one installment to be paid not later than the 5th day of September next succeeding. Pay dates shall be the last working day of each month.)
Summer Savings. The Board shall implement a summer savings plan through an employee “check off,” and these funds shall be deposited in an individual interest-bearing account at one bank for all. The amount elected to be deposited may be ten percent (10%) or a variable portion of net paycheck.
