Voluntary payroll deductions are those controlled by the employee. To start or stop a voluntary deduction, an employee must complete the necessary authorization form or revocation form. Following are the voluntary deductions available to employees:
Currently, two types of savings bonds are available to employees.
- Series EE Bonds are available in denominations of $100, $200, and $500. The cost of each bond is half the face value, i.e., a $100 bond can be purchased for $50. Series EE Bonds start earning interest the first month and continue to do so for 30 years. EE Bonds have a minimum holding period of six months and bonds cashed in before five years will have a 3-month interest penalty.
- Series I Bonds are available in denominations of $50 and $75. The purchase price for each bond is the face value. Series I Bonds earn a fixed rate of return over and above inflation. I Bonds start earning interest the first month and continue to do so for 30 years. I Bonds cashed in before five years are subject to a 3-month earnings penalty.
To start a payroll deduction for savings bonds, an authorization card must be completed for the type of bond that is to be purchased. For more information concerning U.S. savings bonds, contact the Payroll Office, Room 207, Old Main, 581-2214. Information can also be obtained at the Department of Treasury, Bureau of Public Debts website at www.savingsbonds.gov .
EIU has an arrangement with the local branch of Credit Union 1 that allows employees to make regular deposits to their Credit Union 1 account through payroll deduction. The employee must have an account set up with Credit Union 1 to take advantage of this payroll deduction. Payroll deduction authorization cards are available in the Payroll Office, Room 2011, Old Main.
Donations to various departments or organizations at EIU can be made by payroll deduction. Employees should contact the Business Office or the EIU Foundation to get the appropriate form to start this deduction.
Tax sheltered annuities (TSAs) are available through several companies. For information about TSAs and the companies that are authorized to market products to EIU employees, contact the Benefits Office at extension 5825 or go to their website .
The Deferred Compensation Plan is a supplemental retirement plan available to full-time State employees. For information about deferred compensation, contact the Benefits Office at extension 5825 or look under Deferred Compensation Plan (457b) on their website .
There are various types of optional insurance available to EIU employees. For information concerning optional insurance, contact the Benefits Office at extension 5825 or go to their website .
Employees that use campus parking are required to display a parking permit in their vehicles. Parking permits are obtained at the University Police Department and may be purchased for periods of one semester or one year. Employees have two options when paying for parking permits. They may pay with cash or a check, or they may choose to pay via payroll deduction. To purchase a permit by payroll deduction, an employee must complete and sign a deduction card. Deduction cards are available at the University Police Department. Once completed, the card will be sent to the Payroll Office. The cost of the permit will then be deducted from the employee's next paycheck. Because this is a one-time deduction, a revocation card is not necessary.
The Illinois Department of Central Management Services (CMS) offers eligible employees the opportunity to participate in the Flexible Spending Account (FSA) Program. The program allows an eligible employee to designate an amount to be deducted from their paychecks before taxes are deducted. Because this is a pre-tax deduction, the employee's taxable income is reduced, resulting in a reduction in the amount of taxes withheld. There are two flexible spending accounts available.
- The Medical Care Assistance Plan (MCAP) allows employees to use tax-free dollars to pay eligible medical expenses.
- The Dependent Care Assistance Plan (DCAP) allows employees to use tax-free dollars to pay eligible child and/or adult care expenses.
Although the Flexible Spending Program is an optional deduction, certain restrictions apply to enrollment (and enrollment cancellation) and deduction changes. For additional information on the program, contact the Human Resources Benefits Office at extension 5825.
Voluntary deductions must be canceled through the same office that initiated the deduction.
Payroll Office: U.S. Savings Bonds and Credit Union 1 deductions
Business Office: EIU Foundation deductions
Benefits Office: TSAs, Deferred Compensation, Flex Spending and Optional Insurance deductions.
These offices have the revocation cards or forms necessary to stop deductions. A signed revocation card must be received in the Payroll Office to stop a deduction. For employees paid on a monthly basis, a revocation must be received by the 15th of the month to be included in that month's payroll. For employees paid on a biweekly basis, the due date for revocations is the same date the time cards are due. This day is noted in the lower left corner of the time card or can be found on the Payroll Schedule .
When can I start or make changes to a voluntary deduction?
New payroll deductions or changes to current payroll deductions must be received in the Payroll Office by certain dates to be included in a payroll. For employees paid on a monthly basis, the 15th of the month is the deadline to start a new deduction or to make changes to an existing deduction. For employees paid on a biweekly basis, the deadline is the same day your time card is due in the Payroll Office. This date is located in the lower left corner of the time card or on the Civil Service Biweekly Payroll Schedule . Please remember that TSAs, Deferred Compensation, Flex Spending and Optional Insurance deductions must be handled in conjunction with the Benefits Office and EIU Foundation deductions are handled by the Business Office.
Can I have a payroll deduction to a savings/checking account other than Credit Union 1?
No. Currently our direct deposit policy allows employees to have their net pay deposited each pay period into the bank of their choice. The Credit Union 1 payroll deduction is the only method by which an employee can have a set amount put into a second account each pay period.
Why didn't my Foundation deduction stop when it should have?
It is the employee's responsibility to make sure a revocation card is completed to stop a Foundation deduction. A revocation card can be completed at the same time that the authorization card is done. Make sure to note the date the deduction is to be stopped on the revocation card.
With the exception of those employees who deposit their paychecks directly into their bank accounts and AFSCME 981 night-shift employees (in accordance with their contract), all EIU employees, including students, shall retrieve their paychecks from the Cashier's Office on the applicable scheduled pay date. Employees must have proper identification and it will be necessary to sign a "pick-up sheet".
In order for a person to pick up a check other than his/her own, they must have, in their possession, a signed and dated permission slip from the employee asking that their paycheck be given to that person and specifying the appropriate pay date . The person retrieving check(s) shall sign individually for each check and must show identification.