Payroll Deduction

How to Set Up Payroll Deduction

To set up payroll deduction, please download the Employer Payroll Deduction Guide.

Payroll Deduction Features

• The minimum an employee can contribute via payroll deduction is $15 per Investment Option, per pay period. Prior to establishing payroll deduction, an account must be opened with an initial investment of $25.
• An employee can stop, start or change their payroll deduction contributions amount at any time. They do not need to submit a new payroll deduction form to the Vermont Higher Education Investment Plan to stop, start or change their contribution amount—the payroll deduction form should simply be provided to the employer. If they are changing their investment allocations and/or investment options, they must fill out another payroll deduction form and send it to the Vermont Higher Education Investment Plan to establish the new investment allocation or investment option. It takes approximately 10 days to process an investment allocation or investment option change.
• If an employee terminates employment or takes a leave of absence, neither the employer nor employee needs to notify the Vermont Higher Education Investment Plan if contributions stop. The employer needs to simply stop the contributions from the employee’s paycheck.

For address changes, please have the employee contact the Vermont Higher Education Investment Plan toll-free at 1-800-637-5860, Monday through Friday, 8:00 am - 8:00 pm Eastern Time.

Or, they can change their address or make other administrative changes by logging in to their account.

Communicating the Benefits of Payroll Deduction to Your Employees

There are a variety of ways to help communicate the Vermont Higher Education Investment Plan to your employees whether you offer payroll deduction for employees or simply want to educate them on the Plan.

• Add a clickable link to your Human Resources Benefits web site.
• Offer webinars or on-site presentations for your employees.
• Provide information through your online e-newsletters or via email.
• Keep brochures in your Human Resources information racks, if applicable.
• Provide information at a benefits fair or in new hire kits.

To request Vermont Higher Education Investment Plan enrollment kits or brochures, please contact us toll free at 1-800-637-5860, Monday through Friday, 8:00 am - 8:00 pm Eastern Time or click here.

How to Set Up Payroll Deduction

1. Check to see if your employer offers payroll deduction/direct deposit to the Vermont Higher Education Investment Plan
   If payroll deduction is not currently offered, and your employer is interested, please direct them to the employer instructions on setting up payroll deduction on this website.
2. Open a new account‚ online or by mail
   If you have an existing Vermont Higher Education Investment Plan account, please go to Step 3.
   
   To open an account online:
   
   • Read the Disclosure Booklet carefully
   • Click on "Open an Account", then click on "Enroll Online"
   • Follow the instructions to open an account. Repeat the process if opening more than one account
   • Print the Payroll Deduction Form to establish payroll deduction or direct deposit from your paycheck
   • Go to step 3 below
   
   To open an account by mail:
   
   • Read the Disclosure Booklet carefully
   • Visit www.vheip.org or contact us to receive applications via mail
   • From the Plan web site, click on Account Forms at the top of the Home page
   • Click and print the Individual account application for each beneficiary
   • Print the Payroll Deduction Form
   • Complete and sign the account application(s) and the Payroll Deduction Form
   • Mail the completed forms to the Vermont Higher Education Investment Plan address on the form
   • Make copies of the forms for your records and provide one copy of the Payroll Deduction Form for your employer
   • Go to Step 3 below
   
   It may take up to 10 days to open an account by mail. Payroll contributions will not be accepted unless the account is opened and each investment option is funded with at least $15 through recurring payroll contributions. The minimum per pay period must be $15 per Investment Option.
3. Complete the Payroll Deduction Form.
   Use only one form to allocate your payroll contribution for all accounts and/or investment options you own. Please make sure the allocation equals 100% and it is signed on the back.
4. Mail the original completed and signed Payroll Deduction Form and Account Application(s), if applicable, to the Vermont Higher Education Investment Plan address on the form.
5. Provide a copy of the Payroll Deduction Form to your payroll department. Payroll deductions will begin on or after the effective date indicated on your form. Contact your employer’s payroll department if the deductions don’t start as expected or if you have any questions about the timing of your payroll deductions.
6. For changes to your contributions in the future, please contact your employer. For any other changes to your account, please contact the Vermont Higher Education Investment Investment Plan toll-free at 1-800-637-5860, Monday through Friday, 8:00 am - 8:00 pm Eastern Time.