UC aims to resume ScholarShare payroll deductions
UC is working to resume payroll deductions for employee contributions to ScholarShare, the California college savings plan, starting with the first full payroll in April 2012. For most employees, this will be the April monthly earnings paid May 1.
Employee contributions to the ScholarShare program were temporarily discontinued in November 2011 as the program management transitioned from Fidelity Investments to TIAA-CREF Tuition Financing Inc. UC had to reprogram the payroll system and business processes to support this transition.
Employees who previously had ScholarShare contributions deducted from their paycheck when Fidelity Investments managed the program will not have to sign up again. Their ScholarShare deduction information will flow through from Fidelity to TIAA-CREF.
If employees made other arrangements to contribute directly to ScholarShare through either an Automatic Contribution Plan (ACP) from their checking or savings accounts or by direct mailing of checks in the interim, they may want to stop these payments to avoid an additional deduction once the payroll deduction resumes.
Employees who had not previously contributed who want to sign up for ScholarShare payroll deductions can find the UC enrollment/payroll deduction form on the ScholarShare website. Employees currently contributing to ScholarShare can use the same form to change or cancel their deductions. The form should be mailed to:
ScholarShare College Savings Plan
P.O. Box 55205
Boston, MA 02205-5205