Montgomery County (Maryland) Public schools recently moved its summer pay program, which allows employees to set money aside throughout the school year for summer expenses, to the MCT Federal Credit Union starting in the next school year (2009-2010).
Funds saved through MCT’s summer pay program will be disbursed to MCPS employees during the summer of 2010 in five equal payments, which mirrors the payout structure of MCPS’ current summer pay program.
MCT FCU’s summer pay program is similar to the current program in that it allows MCPS employees to deduct as much as they wish from each paycheck during the school year. However, the program offers 2.00% APY on all funds saved through its program, while the current pay program does not pay interest.