• Deferred Option Plan
• Summer Share Account

Deferred Option Plan

• This is a 10 month account which earns interest at a rate of 0.01% (subject to change based on the Federal rate). Interest is compounded and added to the account monthly. 
• The funds are restricted until the plan reaches the date of maturity.
• There will be no early withdrawal penalties if the funds are withdrawn prior to the date of maturity.
• The date of maturity is the same for all employees and is determined by OCPS. This date changes every year. The date of maturity for the 2024-2025 school year is July 1, 2025.
• There will be 20 payroll deductions throughout the school year (same schedule as insurance deductions).
• Funds will not be deducted during summer months.
• The account remains open from one year to another, unless the employee terminates deductions through OCPS. The Deferred Option Plan will be deactivated during the summer and reactivated at the return of the new school year.

Summer Share Account

• This account earns interest at a rate of 0.01% (subject to change based on the Federal rate). Interest is compounded daily from the date of deposit and is added to the account on the last day of each month, and the account remains active all year for 12 month employees.
• This account earns interest at a rate of 0.01% (subject to change based on the Federal rate). The interest is compounded daily from the date of deposit and is added to the account on the last day of each month, and the account remains active only during the school year for 10 month employees.
• The funds are available at any time.
• There is no penalty for withdrawing monies.

When the Deferred Option Plan reaches its date of maturity, the funds are available and automatically rolled into your Addition Financial savings account. The account and dollar amount will remain active from one school year to another unless the employee closes the account or submits the appropriate paperwork to stop this deduction.

The employee must contact the Addition Financial branch to withdraw funds. Branch locations are located on Addition Financial's website.

Yes, the funds may be increased or decreased at anytime during the year.

Yes, funds can be withdrawn prior to the date of maturity. There will be no early withdrawal penalities. A minimum balance of $5.00 is required for the account to remain active.

Yes. Employees must contact Addition Financial for additional information.

Yes.

These accounts must be set-up through OCPS or Addition Financial based on the information below:

• If you are currently a member of Addition Financial, do the following:
• A Addition Financial payroll deduction authorization form must be completed with the appropriate bi-weekly dollar amount to be deducted and deposited into the desired account. This form can be located in the OCPS Payroll Office, at the nearest Addition Financial branch, or at the Payroll website.
• If you are not a member of Addition Financial, do the following:
• Complete an application for membership located at the nearest branch, and open a savings account with a minimum deposit of $5.00. You can open the Deferred Option Plan or summer savings and complete the payroll deduction form while at the branch.
• A Driver’s license and Social Security Card are required for identification.
• An Addition Financial payroll deduction authorization form must be completed with the appropriate bi-weekly dollar amount to be deducted and deposited into the desired account. This form can be located in the OCPS Payroll Office, at the nearest Addition Financial branch, or at the Payroll website.

OCPS

• Limited access to funds
• Access only during office hours
• No Interest
• Percentage Only (11%, 12%, 13%, 14%)
• $46.00 Minimum Payroll Deduction (11%)
• Must withdraw all funds and cannot contribute to the Deferred Plan until next school year.

Addition Financial

• Unlimited access to funds
• Call Center and Internet Access including weekends
• 0.01% on Deferred Option Plan and 0.01% on Share Savings (subject to change based on the Federal rate)
• Dollar amount
• $20.00 Minimum Payroll Deduction
• May withdraw a Portion of the Funds and may continue to contribute for the remaining school year.

If you currently have a payroll deduction with the Addition Financial, the total amount on the front of the card must include the deferred deduction and any active Addition Financial deductions previously authorized. This authorization will override any previous payroll deductions you have authorized with Addition Financial.

Example:

The Sum of $75.00

$50.00 Loan Payment

$25.00 Deferred Option Plan

Each teacher has a choice to elect deferred or nondeferred payments during the year. Teachers who elect deferred pay can choose to have the percentage amount they want deferred from the gross contract salary/197-day pay. These options are 11%, 12%, 13% or 14%, which are calculated from the gross wages each pay period and deducted from the net paycheck. This means that at the end of the fiscal year, the employee will receive one payment, for the deferred deduction, with no taxes deducted and no payroll deductions.

Employees may change their status one time each fiscal year. This change may be to enroll, drop or change the plan option.

Teachers who select the deferred pay plan must complete the Teacher Choice of Salary Payment form online (deferred/nondeferred form). If they wish their first check to be deferred, the form must be completed online no later than the close of business on the last day of pre-planning, at 4:30 p.m.

When an employee begins work they will automatically be put on the non-deferred plan. It is the employee's responsibility to request a change to the deferred plan.

A request for the payout of the deferred money must be due to a financial hardship. The request should be sent or emailed to the Director of Payroll. This will be considered the one time change. The employee will then be reclassified to a non-deferred pay status. The deferred payout will be an actual check and may be mailed or picked up by the employee.

No, as long as there was no break in service (i.e. you termed and have now been rehired). Employees should contact the payroll office during normal working hours to verify their status.

An Addition Financial deduct can only be made to Addition Financial. This is a specific amount determined by the employee which is deducted from every paycheck and sent to their Addition Financial account.

Direct Deposit can be activated for any bank providing the institution is an ACH participant. This requires the entire net check to be sent to either a checking or savings account. It is possible to have both a Addition Financial deduct with Addition Financial and direct deposit with another bank.

• No waiting for a check on payday! The money will already be in your account.
• If you miss work on a payday, your money is in the bank automatically.
• You won’t have to worry about losing a paycheck or having it stolen before you can get to the bank.
• Your money will start earning interest as soon as it’s deposited into your account.
• You can have portions of your pay sent to several separate accounts with Addition Financial, which saves time.

To sign up for direct deposit, you must access Employee Self-Service > Personal Information > Personal Profile > Bank Information.  Access this link for more information.

An ACH reversal will be initiated for an overpayment of an active employee who currently receives direct deposit if the employee is terminating and the overpayment will not be recoverable in future checks.

Also, if the full amount of the check is an overpayment and none of the monies are due the employee, a reversal will be initiated.

If monies are due an employee, they will be notified that they will receive a corrected off-cycle check. The off-cycle check will be issued after bank confirmation is received by Orange County School Board that the reversal has been completed.

When possible, the employee/worksite will be notified before the ACH reversal is initiated. Employees may request a hardship creditor letter detailing the circumstances of not receiving a check timely.

Yes. Direct Deposit is mandatory for all employees of Orange County Public Schools.

No.  You can sign up to have your paycheck deposited into any US territory bank.  You can only have one direct deposit account.  Your net payment cannot be split or deposited into two separate accounts.  It is possible to have both an Addition Financial deduct with Addition Financial and direct deposit with another bank.

No. If you have an established account at a financial institution, you do not have to sign up with Wells Fargo.

Yes. Access myOCPS, then Employee Self-Service, Personal Information, and Personal Profile.  Pay close attention to the "Valid From" check date to ensure you do not close an account too early.

Payment for time worked will be generated upon being set up in SAP by Employment Services. Employees will receive payment for days worked in the attendance period based on the payroll calendar.

All OCPS employees are paid bi-weekly each Wednesday by direct deposit. When an employee participates in the direct deposit program, their wages will be paid directly to their checking or savings account. Employees will receive a pay stub which will provide a detailed description of all monies received. All employees must give OCPS written permission to activate direct deposit by completing the Direct Deposit Authorization Form.  As of April 13, 2023, the Direct Deposit Authorization is completed through myOCPS > Employee Self-Service > Personal Information > Personal Profile > Bank Information.

Income verifications are completed by the Payroll Department. Please fax a signed request to 407.317.3224. Employees must include how they wish to have the completed form distributed (pick up, mailed or faxed).

For a listing of any programs or benefits relating to the Addition Financial, please contact them at 407.896.9411 or on line at Addition Financial.

Due to the U.S. Treasury Department termination of paper savings bonds through payroll deduction effective January 1, 2011, National Bond and Trust is CLOSED.

 
As an Authorized Issuing Agent we issued paper savings bonds through November 2010. Any payroll deductions received by December 7, 2010 were used to issue final savings bonds.

Payroll deductions received after December 7th, were returned to the employer.

If you are a former participant and require assistance please go online to TreasuryDirect for any information, forms or assistance you may need with your existing paper U.S. Savings Bonds or to enroll in the paperless savings bond program with Treasury Direct. For telephone assistance from the Treasury regarding TreasuryDirect please call the Treasury Retail Securities site that services your region.

If there is a residual balance in the employee’s account after issuing final bonds, the account balance was sent back to the Employer on or before 12/31/10. The employer is responsible for disbursement to employees. If you have a question regarding your refund or final payroll deductions, please contact your payroll department.

The Payroll Department does not assign the employee's hourly rates or salary amounts. Inquiries relating to the hourly rate an employee will receive should be directed to the Compensation Department at 407.317.3387.

Employees in an unpaid status before and after the holiday are not eligible to receive compensation for the holiday.

An employer is not required to deduct and withhold income tax upon payment of wages to an employee if the employee has filed a valid certificate of exemption from withholding. An employee may claim exemption from income tax withholding if he or she (1) had no income tax liability last year and (2) expects to have no tax liability this year. Code section 3402(n). See the Form W-4 instructions for more information.

An employee must submit a Form W-4 to the employer each year by February 15th to claim exemption from withholding. If the employee does not provide a new Form W-4, the employer must withhold tax as if the employee were single with no other adjustments.

No. Every employee must furnish to the employer a signed withholding exemption certificate (Form W-4) on or before the date of employment. The Form W-4 must indicate the employee's marital status.  Beginning with the 2020 Form W-4, employees will no longer be able to request adjustments to their withholding using withholding allowances.  Instead, using the new Form W-4, employees will provide employers with amounts to increase or decrease the amount of taxes withheld and amounts to increase or decrease the amount of wage income subject to income tax withholding.  If the employee fails to provide a Form W-4, the employer must withhold as if the individual were single with  no other adjustments.  (Publication 15-T For use in 2020)