Vacation Pay Deferral Program The Vacation Pay Deferral Program is comprised of two (2) sub-programs, Post Separation Vacation Pay Deferral Program and Early Vacation Payout Program. These are voluntary programs that provide University employees the ability to shelter their compensation that he or she receives for unused vacation leave credits to the State’s 457 Deferred Compensation Plan and/or the University’s 403(b) Tax Deferred Annuity Program due to separation from service (i.e. resignation, retirement, termination, etc.). Deferring pay for unused vacation leave credits (usually a sizeable amount) can provide tax-savings on such pay in addition to significantly increasing an employee’s retirement savings. Employees may want to contact a financial advisor to determine if participating in the Vacation Pay Deferral Program is the right thing to do. Post-Separation Vacation Pay Deferral Employees may defer pay for unused vacation received after separation from service (i.e. resignation, retirement, termination). The deferral of the vacation pay must occur within 2-1/2 months from the date of separation or by the end of the calendar year in which an employee’s separation from service occurs, whichever is later. Pay receive after separation from service may be deferred to the State’s 457 Deferred Compensation Plan (Island $avings Plan) and/or University’s 403(b) Tax Deferred Annuity Program if the following requirements are met: 1)
The deferral request is made while employed with the University (no later than fourteen (14) days prior to the last date of employment (COB date); and
2)
Deferral takes place within 2-1/2 months (approximately 75 calendar days) from the date of separation from service (COB date) or by the end of the calendar year in which the separation from service takes place, whichever is later; and
3)
The deferral is within the applicable annual contribution limits, as established by the Internal Revenue Service. (To receive assistance in determining the contribution limit for the State’s 457 Deferred Compensation Plan, please call an Island $avings Plan representative from the Prudential Retirement - Honolulu Office at 1-888-712-5642 and pressing ‘2’ when prompted. For assistance on the University’s 403(b) Tax Deferred Annuity Program, please call the Office of Human Resources at 956-8643.)
Any portion of the unused vacation pay that is not deferred will be paid in the usual manner for post-separation pay. All State and Federal taxes shall apply. Early Vacation Payout Program The early vacation payout program allows the payout and deferral of pay received for unused vacation leave credits prior to the employee’s separation from service (restricted to employees planning to retire). Employees participating in the Early Vacation Payout Program may also participate in the Post-Separation Vacation Pay Deferral Program. To participate in the Early Vacation Payout Program the employee must: 1)
be retiring and have a planned retirement date; and
2)
have a vacation balance of at least 80 hours or any other applicable amount that is the equivalence of 10 vacation days; and
3)
submit to all involved parties the necessary Early Vacation Payout forms by the stated deadlines (see University of Hawai‘i Early Vacation Payout Schedule).
Any portion of the unused vacation pay not deferred under the Early Vacation Payout Program will be paid in the usual manner after separation.
Page 1 of 1. Vacation Pay Deferral Program. The Vacation Pay Deferral Program is comprised of two (2) sub-programs, Post Separation Vacation Pay. Deferral Program and Early Vacation Payout Program. These are voluntary programs that provide University. employees the ability to shelter their compensation that he or ...
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