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MCPS Summer Pay Info
April 3, 2009
MCPS has partnered with the Montgomery County Teacher’s Federal Credit Union (MCT) to transition its Summer Pay program to MCT’s Summer Paycheck Savings program starting next school year (2009-2010). Just like your current MCPS Summer Pay plan, funds saved through MCT’s program will be paid to you during the summer in five equal payments and you will have the flexibility to deduct as much as you like from each pay period during the school year. In addition, you will receive 2.00% APY* on your funds saved through the MCT Summer Pay program!
How to open an MCT Summer Paycheck Savings
- If you already have an account at MCT
Simply complete sections 1,3,5, and 8 of the membership application (include the amount you like allocated to your MCT Summer Paycheck Savings account each pay period in section 5), If you currently have a flat amount of money coming into MCT through direct deposit, the total flat amount should include your summer paycheck savings amount.
If you need to increase your amount, please complete a new MCPS Direct Deposit form
- If you don’t have an account at MCT
Complete the MCT application and MCPS Direct Deposit Form
This change is being made to allow you the opportunity to earn higher interest on your summer savings and to reduce MCPS operating costs. MCPS highly recommends that you continue saving for your summer needs through MCT; however you also have the option of making summer savings arrangements with any financial institution of your choice. However, If you have any questions, please feel free to contact the Employee and Retiree Service Center at 301.517.8100 or MCT at 301.948.9880.
