INSTALLMENT OPTIONS

Hickory City Schools offers two different types of summer installment options for licensed, 10 month teachers, not in a substitute, contract or temporary position.

State Employees Credit Union summer cash account

State Installment Plan

All 10 month employees can participate in the NCSECU Summer Cash Plan. Please visit the local NCSECU branch to sign up.

Licensed, 10 month teachers will need to complete an election form for the current school year if you choose to opt for the State Installment Plan and not currently on installments(see attachment). The optional 12 month installment option form must be completed and returned to Kathy Carpenter, payroll, no later than the first required workday of the school year. Any form received after the first required workday of the school yearwill not be considered.It will be your responsibility to visit your local NCSECU branch and cancel your participation. If interested, form is available on our website. - Click on Departments – Finance - Payroll

Below is information to help you decide the best option. You will see below that the NCSECU Summer Cash Plan is most advantageous and most flexible to the employee.

NCSECU (Summer Cash Plan) / State Installment Plan
Available to all 10 & 11 month employees / available only to licensed, 10 month teachers
Late arriving/new employees may participate / Must be employed on or before the 1st work day of the school year to participate
Late arriving/new employees may elect to make a one-time catch up deposit / Must be enrolled in payroll department via attached form on or before the 1st work day of the school year
Employee may choose any amount / Amount must equal 1/12th of annual pay
If employee goes out of pay status, money is available during summer months / If employee goes out of pay status for any length of time we are required to pay off installment amount, and the money would not be available during summer months. Entire pay out amount would be subject to taxes.
Employee earns interest / State retains the interest
Amounts are available for emergencies…Medical--cancer heart, car, accident, etc / Amounts are only available at scheduled dates in the summer
Employee health cost for the summer months will be deducted February – May. / Employee health cost for the summer months will be deducted from 12 checks.
Employees may enroll at any time / A signed form must be received in payroll on the first day of the school year