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The following are interim instructions to use in processing manual Student Loan Repayment requests.
Agencies may distribute up to $10,000 per year, per eligible employee with a maximum repayment of $60,000. Other contingencies of the Student Loan Repayment Program are as follows:
The following information must be provided to the Division of Payroll in order to process the reimbursement request: a copy of the signed service agreement and a copy of the statement from the employee's lending institution verifying the indebted amount as well as the account and EFT routing numbers.
The Servicing Personnel Office will manually process NOAC 817/Student Loan Repayment for eligible employees. Each fiscal year, agencies must submit an NOAC 817 for each employee authorized to receive student loan repayment benefits in that fiscal year. The agency must submit an NOAC 817 for an employee upon the initial authorization of student loan repayment benefits and in any subsequent fiscal year in which benefits are authorized to be paid. If student loan repayment benefits are not authoized to be paid in a subsequent fiscal year, the agency does not need to submit an NOAC 817 for that fiscal year, even if the employee has not yet fulfilled the service agreement.
NOAC 817/Student Loan Repayment will be used for those individuals who do not have a personnel master, as well as for those who are currently in the agency.
An entry in the Legal Authority field is not required.
When enrolling an employee, use the beginning of the current pay period as the effective date.
The employment tax withholding due on supplemental wages are calculated under the flat rate method. The correct amount of Federal income tax withholdings is calculated by taking a flat 28 percent of the supplemental wages. State taxes would be calculated based on the employee's current withholdings. Social security tax and Medicare tax withholdings are calculated at the usual rates and are in addition to the 28 percent Federal income tax withholding.
The loan repayment is reported as Wages in Box 1 of Form W-2, Wage, and Tax Statement, and as Medicare Wages in Box 5 of Form W-2. The repayment is also reported as social security wages in Box 3 of Form W2.
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