Attention LA County and LA Superior Court employees who participate in the Horizons loan program:
The new eHR payroll system will impact your Horizons loan paycheck deduction and take-home pay. Horizons participants with outstanding loans will need to elect whether to have their payroll deductions deducted on a semi-monthly basis or on a monthly basis. Please review the estimated payment amount options listed in your personalized Loan Payment Election Form and mail your completed election form to Great-West, Horizons plan administrator. Your completed form must be received by April 20, 2010.
Elect Option 1 to have semi-monthly Horizons Plan Loan payroll deductions.
o This means your monthly Horizons loan amount will be paid in two equal payments.
o Electing Option 1 will ensure that your 15th and your 30th paycheck are approximately equal to each other.
Elect Option 2 to have the full monthly payment deducted from the 15th of the month paycheck.
o Your
15th paycheck will be less, perhaps significantly less, than the 30th
paycheck since the Horizons monthly loan amount is been taken from one
paycheck.
Your completed election form must be received by Great-West by
April 20, 2010, for the first semi-monthly payroll deduction to be
reflected on April 30th paycheck. (This is the first check under the
new eHR payroll system.)
Note: If you do not submit an election form, you will be defaulted into Option 2 and your full monthly loan payment will be deducted from the 15th paycheck (commencing with the May 15th paycheck). If you realize that you cannot afford to have your 15th paycheck be less than the 30th paycheck, you can still submit an updated election to Great-West by September 30, 2010.
You can get a new election form at www.lacounty.com or if you contact the Great-West Service Center at 1-800-947-0845.