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, 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 no later than September 15th each year, but will begin their participation with the next available pay period. 

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

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.

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

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 if you chose Save for Summer 9 (3 equal payments during the summer), you will receive your payments on the first working day of each month.

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 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