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School-year employees receive their full wages during their school-year employment period. This creates a need to plan in advance to meet living expenses over the summer break when school employment does not provide biweekly income. Some individuals rely upon summer employment and/or other household income to address this need. When these are not viable options, it may become necessary for an employee to set aside a portion of their school-year wages to cover summer months.
The District offers a Summer Income Bridge Program (SIBP) to assist school-year staff in setting aside wages for the summer months. Participating in the program allows school-year employees to have a portion of their wages each pay date. The set aside wages will then be available to assist the school-year employee bridge the summer months when school district employment is not providing current income. The deductions will be direct deposited into the financial institution of choice and available to assist the employee bridge the summer income gap.
- If you wish to participate in the SIBP you will need to complete the following:
- Set up an account at the financial institution of your choice
- Identify this unique account as your Summer Income Bridge Account
- Make a note of the routing and account number provided by the bank for this unique account
Use the SIBP Calculator, to determine the amount per paycheck that will be directed to your Summer Income Bridge Account.
Complete the SIBP Direct Deposit Form and submit it to the School District of Holmen – Business Services.
The most effective SIBP is set up early in the school-year. SIBP effectiveness is also improved when the wages being set aside are not accessed by the employee until the summer break.
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