CURRENT District Employees
If your contact information was up to date in ORS’s MiAccount system and this refund applies to you, you should have received an email from ORS on Friday, January 19th indicating the amount of your refund and interest.
Your refund and interest will be processed on a separate payroll. These funds are subject to federal and state tax. Your current exemption information on file will be used to process the payroll; no other deductions will be taken (United Way, insurance, etc.).
If you elect to have your refund transferred to an existing 403(b), you must submit a Salary Reduction Agreement. Please note, only the refund can be transferred to a 403(b), the interest cannot and is taxable.
If you currently have more than one bank account specified for direct deposit of your bi-weekly pay, your net pay for this transaction will be deposited into your “net check” bank account which when looking at your direct deposit pay stub is the last bank listed.
We are obligated to follow all laws and guidelines regarding taxation of these refunds. The refund is subject to federal and state tax. Since FICA was withheld on the initial deduction, the refund is not subject to FICA. The interest portion of the refund is interest that was earned while the funds were held in escrow by the state. This interest is taxable income to all recipients, however since the district did not earn the interest, it is not required to have taxes withheld and will not be separately reported to you on a form 1099-INT at year end. Employees will need to include it on their own tax filing at year end.
We have established a tentative timeline to complete these processes, with the goal of processing Whiteford’s refund payments on February 23rd, barring any last minute complications. We will post additional updates on our website if necessary.