Michigan Education Savings Program
Payroll Deduction Form
Use this form to establish or modify Payroll Deduction
Questions? Call toll-free 1-877-861-MESP (1-877-861-6377),
P.O. Box 55925, Boston, MA 02205-5925
Visit www.MIsaves.com
Instructions
Use this form to contribute to your Program Account(s) for one or more Beneficiaries. Be sure to attach an Account Application if you are
opening a new Program Account for any Beneficiary. Read the Employee Checklist on the reverse before completing this form.
Instructions contained in this form will replace any previous instructions on file. You must include ALL Investment Options or Beneficiaries
on this form even if you are changing the allocation for only one Investment Option or Beneficiary.
You can obtain additional copies of this form, or of any Program form at www.MIsaves.com.
Print in capital letters with blue or black ink. Give a copy of this form to your Employer and mail the original to the Program, along with an
Account Application, if applicable, to the address indicated above.
Note: The Program can only accept payroll contributions via Automated Clearing House (ACH) funds. If your employer cannot support
ACH, please consider establishing an Automatic Contribution Program (ACP). Visit the web site or call the Program for more information.
1
What would you like to do? (Check only one box, and then complete all sections of this form.)
Establish payroll deduction
Check this box to establish
payroll deduction for the first
time.
Change allocation
Check this box to reallocate your
payroll contributions among
Investment Options or Beneficiaries.
Use one form for all accounts.
Increase/decrease amount
Contact your employer to change the
amount or to stop payroll deduction.
Do not submit this form to the
Program.
2
Employee Information (The employee must be the Account Owner or the Custodian for a Minor.)
-
-
Employee Social Security or Taxpayer Identification Number
Employee Name (First, MI, Last, Suffix)
Employer Name
Employer Address
Employer City, State, Zip
Employer Contact Name
-
-
E x t.
Employer Contact Telephone Number
3
Contribution Instructions (You must complete all applicable parts of this section.)
Tell your employer how much to deduct from your pay each pay period.
The minimum contribution is $15 per Investment Option, per Beneficiary, per pay period.
Contribution Amount per pay period:
$
,
.
0 0
Tell your employer when to begin these deductions.
Unless otherwise indicated, your deductions will begin as soon as possible following receipt of all paperwork in good order.
Effective Date (MM/YYYY):
/
2 0
Tell your employer if this is a new or existing payroll deduction plan.
Your employer may require you to complete a different form to request payroll deduction.
New Plan
Existing Plan (change amount)
Important Information for Employers
Please begin payroll deductions for this employee only if your company can remit Automated Clearing House (ACH) funds. If your
company cannot support ACH payments, please advise your employee accordingly. Payroll deduction contributions will not be
accepted by check.
Please refer to the Employer Checklist on the reverse for information and remittance instructions.
4
Allocation Instructions (You must complete all applicable parts of this section.)
Tell the Program where to deposit your contributions.
Use only one form to contribute to all Account(s) for all Beneficiaries. Attach an additional sheet of paper, if needed.
Allocation instructions you provide in this section apply to your payroll deduction contributions only – not to future contributions you may
make to this account by check, automatic contribution plan, or any method except payroll deduction contributions.
Beneficiary Name
(Provide first and last name.)
Investment Options
(See list below.)
Is this a
new Option?
Percentage of each
contribution
1.
Yes or No . 0 0
%
2.
Yes or No . 0 0
%
3.
Yes or No
. 0 0
%
4.
Yes or No . 0 0
%
Total Allocation Per Pay Period
10 0 . 00
%
5
Employee Authorization and Signature (You must sign exactly as your Account is registered.)
By signing below, I authorize my employer to process periodic deductions from my paycheck for contribution into my Michigan
Education Savings Program Account(s). I acknowledge and agree that my remedy for any errors made in connection with these
transactions is limited to simple reimbursement of the amount of the error. I authorize the Program and its agents to make adjustments
to my Account(s) to correct such error.
I understand that my Program Account(s) may not be credited with my payroll deduction until the funds are received from my employer
and that the date on my payroll stub may not be the same date the deposit is credited to my Account(s). This authorization will remain in
effect until cancelled by me or by the Program, or upon termination of my employment with my employer.
Employee Signature (The employee must be the Account Owner or the Custodian for a Minor.) Date
Employee Checklist
This checklist has been developed to help employees establish payroll deduction for their Program Account(s). Please read it carefully before
completing this form.
Be sure to include your Social Security Number or Taxpayer Identification Number on this form. That’s how your payroll deduction is
remitted to the Program for deposit into your Account(s).
Use one form to allocate your payroll deduction into your Program Account(s) for one or more Beneficiaries. You may use an additional
sheet of paper, if needed, as long as the total allocation for all accounts equals 100%. Your payroll deduction form will be rejected in its
entirety if the any allocation is not a whole percentage or if any allocation results in a contribution amount of less than $15 for any
Investment Option (for any Beneficiary).
Refer to the Disclosure Booklet, then select from one or more of the following Investment Options for each Account you own:
Investment Option Names
Conservative Age Based Allocation Option
Moderate Age Based Allocation Option
Aggressive Age Based Allocation Option
Global Equity Index Option (1933)
Principal Plus Interest Option (1934)
Balanced Option (2190)
100% Fixed Income Option (2191)
U.S. Equity Index Option (2337)
International Equity Index Option (2338)
The employee must be the Account Owner on all Program Account(s). You cannot contribute payroll deductions into an Account owned
by your spouse, or by anyone else. It may take up to 10 days from the receipt of this form before a payroll deduction can be accepted.
Contact your employer to change the amount or to stop payroll deduction. Contact the Program to change the allocation only.
Employer Checklist
The following information has been developed to help you establish automatic payroll deduction for any employee. Please read it carefully
before sending funds to the Program on behalf of any employee via ACH (Automated Clearing House) funds.
Code the account as “checking” and transmit ACH funds to State Street Bank. Use State Street’s ABA number: 011000028.
Enter the account number, a 17-digit field, as follows. Do not use any spaces or dashes. The first 8 digits identify the Program. Use the
Program’s DDA number: 99055121.The next 9 digits identify the Employee. Use the Employee’s Social Security or Taxpayer Identification
Number. It may take up to 10 days from the receipt of this form before a payroll deduction can be accepted.
Questions? Visit www.MIsaves.com or call toll-free 1-877-861-MESP.
Mail this form to:
Michigan Education Savings Program
PO Box 55925
Boston, MA 02205-5925
.
A12314:10/2015