Employees who are currently on Traditional Leave Plan or employee's who transferred from the Traditional Leave Plan to the Universal Leave Plan with a Bank C balance must select the Leave Transition/Payout Election Form, select one of the options and sign the form.
The form must be submitted no later than July 17, 2009 to Diana Allen via email (dallen@scgov.net), interoffice (1301 Cattlemen, Building B) or fax (861-6247).
If an employee does not select one of the options, the default is to be paid out one-half of the available sick leave balance and the remainder will be transferred to Bank B.
Deferred Compensation Vendors
Deferred compensation vendors (listed below) will be available at the information sessions listed above to answer questions regarding leave payout deferred compensation contributions.
Gabe Alba Fritz Sprenger Stephen Monagas
ICMA ITT Hartford Nationwide
202-531-4579 957-1310 727-709-4028
galba@icmarc.org fritz@professionalbenefits.org monagas@nationwide.com
W-4
To change your tax withholdings for this payout (paycheck August 7, 2009), submit a new W-4 with the election form no later than July 17, 2009.
The employee will have to submit a 2nd W-4 to change the withholdings back for the August 21, 2009 paycheck. (All paperwork should be turned
in at the same time if possible to ensure it is processed properly)
Taxes – If you choose to defer some or all of your payout into a deferred comp account, please be advised although the federal taxes are deferred, there is a 7.65% tax for Social Security and Medicare on the deferred money that will come out of the August 7, 2009 paycheck.
Employees need to ensure there will be enough money in their paycheck to cover the taxes.
Example: If the payout amount is $3,000, 7.65% equals $229.50 paid in taxes out of the August 7, 2009 paycheck)
If an employee elects to have the payout deposited into a deferred comp account, it is preferred that the deferred comp form be submitted to Diana Allen with the election form and W-4 no later than July 17, 2009.
Questions should be directed to your chain of command or the TPM Service Center at 861-5353.
The leave accrual is through the pay period ending July 31, 2009 and the payout will be on the August 7, 2009 paycheck.