Save for Summer

Workday offers a Save for Summer program for employees working in a less than twelve-month annual work period. This program allows you to specify a certain amount to be withheld from net pay each monthly payday or 1 and 2 biweekly paydays within a month you work, which allows you to receive a paycheck during the summer month(s) you are not working. The amount withheld from net pay is after all deductions, which includes but are not limited to TRS/ORP, FICA, FIT, parking, user fees, garnishments and withholding orders.

An employee may enroll after September 1 each year, but will begin their participation with the next available pay period. There are no catch-up provisions for any expired portion of the fiscal year.

An employee can complete and sign the Save for Summer form for all actions and send it to the appropriate email address at the bottom of the form. The Save for Summer withholding amount is determined by the employee and can be updated during the period of participation. Changes will be effective on the next available pay period.

Save for Summer Enrollment Elections

• Save for Summer 9: receive a payout on July, August, and September pay dates
• Save for Summer 10: receive a payout on August and September pay dates
• Save for Summer 11: receive a payout on September pay date

Biweekly paid only: final summer payout will be the last biweekly pay day each August.

Insurance Premiums

• Save for Summer does not hold back a portion of insurance premiums, and there will be no extra deductions taken in May for summer insurance premiums.
• Those enrolled in the 12 over 9 benefits program will have insurance premiums withheld at a slightly higher rate during the year (September–May) to pay for the summer insurance premiums.
• Those who are not yet eligible to participate in the 12 over 9 benefits program will have extra deductions taken in May for summer premiums.

Net Pay

• You select the amount of net pay to be held in Save for Summer.
• No changes are automatically made to net pay held back.
• Complete the Active Participant Update section of the Save for Summer form to initiate changes to your held back amount

Enrollment and Cancellation

You may enroll, update or cancel participation in the Save for Summer program at any time during the fiscal year by completion of the Save for Summer form.

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. You will make your payout selection in the Cancellation section of the Save for Summer form.

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

If an employee is in a monthly paid position, the payments will be paid out on the normal monthly pay date for the months not working.  For example, in FY21, if you chose Save for Summer 9 (3 equal payments during the summer), you would receive your first payment on July 1st (for June), the second payment on August 2nd (for July) and the third payment on September 1st (for August).

If an employee is in a biweekly paid position, the payments will be paid out on the biweekly pay dates closest to the 1 of the month for July, August & September.  For example, in FY21, if you chose Save for Summer 9 (3 equal payments during the summer), your first payment would be July 2 (for June), the second payment would be July 30 (for July) and the final summer payout  would be August 27.

Your summer payments have no benefits, taxes, or other deduction taken since your payout balance is from prior net pay.

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 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; money held in the Save for Summer program is retained in TAMU's bank accounts and TAMU is earning interest off the account balance until summer payouts are completed
• 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