(UPDATED MAY 3, 2018)--Additional information from payroll:
You can change your 457/403b deduction for that pay period. To do so, you would arrange for the deduction change with Prudential.
Forms and instructions are here: http://www3.prudential.com/email/retirement/IMFPWeb/hosted_websites/ts/ctdcp/forms.html
Be sure to note Prudential's deadlines.
What else to know:
- You'll need to remember to submit a second deduction change for the following pay period to put the deduction back to where it was.
- The gross amount of the $2,000 lump sum is still subject to deductions like retirement, so if if you send $2,000 to Prudential, you will see your 'normal' net pay drop, or if there isn't enough 'normal' pay to cover those deductions, nothing will be sent to Prudential.
As previously reported:
- Deadline to use furlough time is June 30, 2018. Remember, furlough days must be approved by your supervisor, just like vacation days.
- Both the $2,000 lump sum (prorated for less than 1.0 FTE) and the April 2018 longevity payment (for those eligible) will show up in the paycheck dated July 20, 2018*. If you want to adjust your withholdings for that paycheck, be sure to contact someone in Payroll for the appropriate paperwork and clarification on when that paperwork has to be submitted.
*Both the lump sum and deferral of longevity payment are from the 2017 SEBAC agreement.