Your bank is permitted to use payroll deduction to collect contributions for KBPAC from the corporations’s employees.
- Assign a deduction code to KBPAC contributions as you would with any other deduction, i.e. Medical, Dental, 401k, etc. Contributions to KBPAC do not qualify aspre-tax deductions. Once the deduction code has been assigned, enter in the amount being contributed per pay-period.
- For those employees that choose to participate in KBPAC through payroll deduction please send an initial list of contributors, as well as the following information: name, address, employer, contributors title, date of contribution and amount to KBPAC. (Subsequent deductions need only include name and amount.
- Your bank’s payroll deduction contact should send deductions for KBPAC contributions from employees’ payroll in aggregate by ACH, wire transfer to KBPAC’saccount, or a check bundling the deductions, within 10 days of the pay period, to the address listed below...
(Send list of contributors to:)
600 W. Main St, Suite 400
Louisville, KY 40202
(Send ACH, wire or check bundling to:)
Central Bank & Trust
Kentucky Bankers Committee for State Government
Any employee who wishes to discontinue his/her payroll deduction contribution to KBPAC must provide a written statement to your payroll deduction staff; otherwise, the contribution should be deducted regularly from the employees’ paycheck.