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Summer Deferred Payment
Program (SDPP)
An optional program for
those employed between nine and eleven months at West Virginia University
Not everything you need
to know about SDPP
This Power Point is intended
to provide a brief overview of SDPP.
Interested employees should
read the full description of the program available at http://www.hr.wvu.edu/benefits/benefits.cfm
What is SDPP?
Deferred payment benefit program
Available on all WVU campuses
Withholds employee-specified
amounts to be distributed during summer months when not under contract
Only program that will be
available for payments in Summer 2008
How does this differ from
the WVU Credit Union program?
The Credit Union allows you
to change the amount deducted at any time. In SDPP, the amount
deducted may only be changed during an election period.
The Credit Union allows you
to withdraw funds at any time. In SDPP, the funds are only available
in the months not under annual contract and are paid in equal amounts.
The Credit Union pays interest
on deposits. SDPP will not.
Who may enroll?
Any benefits-eligible employee
whose:
Annual contract covers
11 or fewer months but at least 9 months
Annual contract is continuous
at least between August 16 and May 15
All or a portion of the period
between May 16 and August 15 is not covered by annual contract
Payroll checks are direct
deposited
How do I enroll in SDPP?
Election period depends on
the date of your first annual contract paycheck
Existing employees will use
electronic election form available through: http://www.hr.wvu.edu/benefits/benefits.cfm
Employees not enrolling during
election period must wait until the next year00 election period
When are the election
periods?
If your first annual contract
paycheck is issued on August 31 or September 16, you must elect to participate
between April 1 and July 31.
If your first annual contract
paycheck is July 16, August 1 or August 16, you must elect to participate
between April 1 and June 1.
How do I decide how much
I want deducted?
The deduction amount is determined
solely by the employee.
Some may want equal payments
roughly equivalent to their regular pay.
Some may know they will have
some summer employment so may find reduced payments sufficient.
Ways to decide what to
have deducted
Current employee may want
to use net pay amount on past pay stubs.
Current or new employees may
want to use the online estimator accessed through: http://www.hr.wvu.edu/benefits/benefits.cfm
Employees may want to use
a financial advisor to make that determination.
SEE THE FULL PROGRAM DESCRIPTION
FOR ADDITIONAL INFORMATION.
How will SDPP work?
Amount deducted during contract
year will be distributed in equal payments during the summer months
when the employee is not under contract.
Distributions will be made
through the regular payroll and must be direct deposited.
Distributions may be current
or in arrears. Contact your EBO to determine whether you are paid
currently or in arrears. Generally, those hired after July 1,
2002 are paid in arrears.
What if I teach or have
research funding in the summer?
Pay earned will be paid through
the regular payroll process.
Appropriate deductions (taxes,
etc.) will be taken from pay earned in the summer.
No deductions will be taken
from the SDPP distributions made in the summer. Those deductions
will have already been made during the annual contract period.
How do I terminate my
participation in SDPP?
Participation during the year
may only be ended if employment by WVU ceases or there is an unusual
hardship, like catastrophic illness.
Participation will automatically
continue from year to year unless an employee provides notification
that they wish to end enrollment.
The amount deducted may be
changed each year during the applicable election period.
Where can I get further
information?
Check the program description
at http://www.hr.wvu.edu/benefits/benefits.cfm
If your annual contract is
for more than nine months, Linda Strawser, Asst. Director, Payroll &
Tax Services is available to help you (304-293-3379 or linda.strawser@mail.WVU.edu).
download Summer Deferred Payment Program (SDPP)
