UC Aims to Resume ScholarShare 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, 2012.

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. The University of California 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.

The UC enrollment/payroll deduction form is posted in Related Information so that employees who had not previously contributed can sign up for payroll deductions for ScholarShare. Employees currently contributing to ScholarShare can use the form to change or cancel their deductions. The form should be mailed to TIAA-CREF: ScholarShare College Savings Plan, P.O. Box 55205, Boston, MA, 02205-5205.

 

Campus Human Resources, Benefits Services
Phone: (310) 794-0830 | Fax: (310) 794-0835