terrylee705
New Member
I received a copy of this Withholding Order from my employer. It states: Illinois Student Assistance Commission (ISAC) has been directed by Federal Law (PL 102-164; 20 U.S.C. 1095 et seq.) to order employers of debtors for payment of their student loans. This federal law expressly overrides any state law to the contrary.
Calculating "Disposable Pay"
First, determine the "gross earnings" of the debtor, which means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus or otherwise.
Then, subtract any amounts required by law to be withheld, for example, state (if applicable) and federal income tax, and Federal FICA or OASI tax (Social Security). You should not include deductions for savings bonds, employee contribution to retirement plans or health .insurance, and the like.
My question is: If I buy Savings Bonds through my employer savings plan, can I lower my disposable pay that is subject to the garnishment?
Calculating "Disposable Pay"
First, determine the "gross earnings" of the debtor, which means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus or otherwise.
Then, subtract any amounts required by law to be withheld, for example, state (if applicable) and federal income tax, and Federal FICA or OASI tax (Social Security). You should not include deductions for savings bonds, employee contribution to retirement plans or health .insurance, and the like.
My question is: If I buy Savings Bonds through my employer savings plan, can I lower my disposable pay that is subject to the garnishment?
