01-P-003 Addition of New Deduction Code
|DATE:||July 11, 2000|
|SUBJECT:||Addition of New Deduction Code|
|EFFECTIVE DATE:||Payroll Period beginning July 23, 2000|
|CONTACT:||Roger Basinger||(785) email@example.com|
|SUMMARY:||Addition of New Deduction Code for the Kansas Learning Quest Education Savings Program|
The Kansas Learning Quest Education Savings Program became available July 1, 2000 and is administered by the Kansas State Treasurer's Office. American Century Investment Company was selected as the program manager and is responsible for managing the investments.
House Bill 2655 authorized a payroll deduction for the Learning Quest program to become effective in Fiscal Year 2001. The Learning Quest bi-weekly payroll deduction will be effective for the payroll period beginning July 23, 2000 and ending August 5, 2000 paid August 18, 2000. The Learning Quest deduction will be taken on an after tax basis and will have the deduction code of 'LEARNQ'. The new deduction will be displayed on paycheck stubs/advices and the Regent's warrant registers as 'LEARN QUEST'.
Payroll deductions for the Learning Quest program will be remitted to American Century on payday. American Century should also post the payroll deductions to the individual employee accounts on payday.
State of Kansas employees interested in participating in the Learning Quest program through payroll deduction should complete the following steps:
Call 1-800-579-2203 or visit www.learningquestsavings.com to request an enrollment packet.
- Advise the representative they are a State of Kansas employee interested in participating in the payroll deduction program.
- An enrollment packet will then be sent to the employee's home with the payroll deduction forms. The payroll deduction forms need to be completed and returned to American Century.
- After enrollment is approved by American Century, a confirmation letter will be sent to the employee.
- If the employee elects a payroll deduction, the employee will give the confirmation letter to the agency's personnel/payroll officer for entry into the payroll system. Agency personnel are reminded that no payroll deduction should be set up for a Learning Quest Account without the confirmation letter from American Century to the employee.
SHARP on-line agencies will enter enrollment data for Learning Quest through the General Deduction Data panel using the following path: Go, Compensate Employees, Maintain Payroll Data U.S., Use, General Deduction Data, Update/Display All. SHARP paper agencies should complete an 'Employee Data Sheet' adding the deduction for the employee and submit the 'Employee Data Sheet' to the Division of Personnel Services. The Division of Personnel Services is currently revising the 'Employee Data Sheet' to enable entry of the Learning Quest deduction. SHARP paper agencies should enter the 'LEARNQ' deduction code and the appropriate deduction amount on the 'Employee Data Sheet' in the section entitled 'Other General Deductions'. Note: the deduction calculation routine for the 'LEARNQ' deduction should be equal to 'flat amount'.
The Learning Quest bi-weekly deduction will become effective the next payroll period following the date the confirmation letter is signed, and will remain in effect until written authorization is received to cancel or change the deduction, or until termination of employment.
Index code 9762 has been added to the STARS system for each of the Regent's payroll funds to record the receipt of the deduction by the individual Regent's institutions.
The Division of Accounts and Reports, Payroll Systems Team will add the Learning Quest deduction to the SHARP payroll system. Regent's institutions are responsible for ensuring that the Learning Quest deduction is available on their individual systems for paychecks issued on or after August 18, 2000.