Auburn University Salary Savings Program 

Auburn University Salary Savings Program 

Nine-month employees of Auburn University and Auburn Montgomery now have the option of saving a portion of their nine-month salary – which can then be distributed throughout the summer – with the Salary Savings Program!  Auburn University and Auburn University Federal Credit Union (AUFCU) are partnering to offer this service to our nine-month employees who request this option. The program is easy, convenient and free!

  • Employees who wish to take part in the Salary Savings Program must complete a Payroll Deduction Authorization at AUFCU.  (Participants must open or have an account at AUFCU. For more information on the program or to open an account, contact AUFCU at 844-4120.)

  • Employees choose to deduct a specified amount from their semi-monthly pay (See the Savings Program Calculator below).  The deducted amount is then deposited into the employee's savings account.  (Depending on which account the user selects, the deducted amount can even draw interest!)  Employees choose the desired amount of deduction.

  • Employees enjoy ultimate ownership and control of their account.  They can access their money at any time -- not just the summer months -- in the case of an emergency or unforeseen event.  

  • Employees also determine how often and when they want to receive their money.  An employee can pre-arrange or pre-schedule to receive it semimonthly over the summer -- ultimately resulting in the employee receiving their 9-month pay over a 12-month semi-monthly schedule.

  • Employees also enjoy the flexibility of starting or stopping the program when they choose.

How Much Should I Deduct?  Auburn University and AUFCU have developed an online Salary Savings Program Calculator which can help employees determine how much they should deduct:

  • In Self-Service Banner, go to the Employee Tab and then find “Salary Savings Program Calculator” at the bottom of the page.

  • Once you click on the calculator link, you should see your name and Current Net Pay Amount for 18 pay periods (semi-monthly for nine months).  The calculator will let you know how much money you need to spread your earnings equally over 24 pay periods (semi-monthly for 12 months). 

  • Once you have completed this step, complete the Payroll Deduction Authorization and submit it to AUFCU.

Last updated: 05/25/2018