The Holiday Savings Plan allows returning Life School employees to create a short-term savings type account. The plan allows employees to choose a determined amount to be deducted from their paycheck each month or biweekly to be disbursed the Friday before leaving for Thanksgiving Break.
The holiday season can be stressful. Here’s a way to relieve a little of that stress and practice one of Life School’s LifeLeader attributes of Financial Literacy. No matter what you’re celebrating this winter season, the holidays are a time of the year when money is needed most. Our Holiday Savings Plan is designed to help you plan ahead and have confidence in your savings plan for the holidays.
Highlights:
- Deductions begin the first paycheck in June and will end the last paycheck in December each year. (Note: Biweekly employees will only have the funds deducted twice per month)
- Employees will be disbursed the full saving amount in November on the Friday before leaving for Thanksgiving Break.
- Only offered to current employees during May enrollment.
- New hires will be eligible to participate during the following year’s May enrollment.
- No contribution amount changes, cancellations or early withdrawals during the year.
- Money will be returned to the employee if he/she resigns or fails to receive a paycheck due to excessive docks. The money can be applied to outstanding balances owed at the time of resignation or at the time no paycheck is issued (if applicable).
You may select one of three dollar amounts to save.
- $50/month ($25/biweekly) for a total of $350
- $75/month ($37.50/biweekly) for a total of $525
- $100/month ($50/biweekly) for a total of $700
REMINDER: Payroll deductions will be made June through December. The total amount of the savings plan selected will be disbursed to you on the Friday before leaving for Thanksgiving Break.
