2.Number of pays
What’s the difference between a monthly payroll cycle and a semi-monthly?
3.You will receive two paychecks per month instead of one paycheck.
First, semi-monthly pay date is July 15th
How will my paycheck be impacted by this transition?
4.1st Pay check pays you for services perform from the 1st through 15th of the month
2nd pay check pays you for services performed from the 16th through the last working day of the month
What days are covered for each pay period?
5.What are the new semi-monthly pay dates?
7.9 Month Faculty paywill be disbursed fromAugust 31st – May 15th
8.Is Salary Deferred still an option for Faculty?
YES, as a faculty member, you can still chose to have your salary payments disbursed over 12 months.
Disbursement will be
September 15th – August 31st
For example, say your annual salary is $50,000
A 9 month employee salary is calculated as follows:
$50,000/18 pay periods = $2,777.78, is your gross semi-monthly pay.
A 12 month employee salary is calculated as follows:
$50,000/24 pay periods = $2,083.33 , is your gross semi-monthly pay.
10.Yes, if you currently have a split direct deposit allocation for a specific amount
Will I need to make any changes to my direct deposit?
11.Benefits will continue uninterrupted
ALL SELECTED DEDUCTIONS will be split in half and taken out of each semi-monthly paycheck except Supercard
Supercard charges will be deducted from the 2nd pay check of each month
How will this affect my benefit deductions?
The amount deducted will be based upon the rates defined in the semi-monthly IRS tax table.
Will my taxes be affected?
Changes will only be made if you submit a new W-4 form the Human Resources
Please consult your tax preparer for more information
Will I have to make any changes to my taxes or withholding?
The amount accrued over the course of the year will not vary from the statutory amounts
The accrued leave will be updated at the end of each month
Will I still accrue Vacation & Sick Leave?
15.Examine your personal budget to determine the impact of the pay frequency changes
Review any automatic bank drafts or loan payments
Is there anything I can do to plan for this change?
All University employees will be paid semi-monthly
Can I opt out of the semi-monthly payroll cycle?