System Process Document
Voluntary Deductions - Retirement
Department
File Name
Document Generation Date
Date Modified
Last Changed by
Human Resources
Voluntary Deductions Retirement_SPD.docx
5/31/2012 7:46:00 AM
5/31/2012 7:46:00 AM
April Strowbridge
Voluntary Deductions - Retirement
Trigger:
Concept
Voluntary Retirement Deductions are for eligible employees of the University who wish to taxshelter a portion of their salary in addition to the amount, if any, sheltered under the Basic
Retirement Plan. The University will agree to reduce the employee's gross salary by the amount
or percentage specified and apply the amount or percentage of such salary reduction to the
purchase of a Section 403(b) / 457(b) account from approved companies designated by the
employee.
Note: You must establish contracts and submit application to vendor prior to effective date of
reductions.
Visit our retirement web site for more information: http://www.maine.edu/system/hr/retplan.php
(http://www.maine.edu/system/hr/retplan.php)
Retirement deductions will be withheld on a before-tax basis unless otherwise noted.
Last changed on: 5/31/2012 7:46:00 AM
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System Process Document
Voluntary Deductions - Retirement
Procedure
Step
Action
1.
Click the Main Menu button.
2.
Click the Self Service menu.
3.
Click the Payroll and Compensation menu.
4.
Click the Voluntary Deductions menu.
Step
5.
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Action
Click the Add Deduction button.
Last changed on: 5/31/2012 7:46:00 AM
System Process Document
Voluntary Deductions - Retirement
Step
Action
6.
Click the Look up *Type of Deduction (Alt+5) button.
7.
Choose your desired deduction. For this example, we chose the TIAA-CREF
Additionl Before-Tax deduction.
Note: Each deduction is deducted on a before-tax basis unless noted otherwise.
8.
Click the Select whether Deduction is a Flat Amount or Percent list.
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System Process Document
Voluntary Deductions - Retirement
Step
Action
9.
For this example, we chose Amount.
10.
Enter the desired information into the Enter Amount or Percent to be
deducted field. Enter either the flat amount or enter percentage as whole number
percentage (i.e. “50” = 50%).
11.
Enter Goal Amount if desired. Your deduction will stop once this goal has been
reached.
Enter Start Date if desired. If Start Date is left blank, the deduction will start
immediately.
Enter Stop Date if desired. Enter today’s date if you wish to stop a current/active
deduction.
12.
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Click the Submit button. By clicking Submit, you authorize the University of
Maine System to remit the amount of salary reduction designated in Voluntary
Deductions to the investment vendor(s) for contributions to an IRS defined 403(b)
and/or 457(b) annuity contract. The University may cancel this agreement or
change the amount of reduction in order to comply with IRS limits.
Last changed on: 5/31/2012 7:46:00 AM
System Process Document
Voluntary Deductions - Retirement
Step
13.
Action
Click the OK button.
14.
End of Procedure.
Last changed on: 5/31/2012 7:46:00 AM
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