Payroll deferral impact limitedBy Doug Martin, human resources manager
Spectrum Volume 18 Issue 31 - May 9, 1996
The 1997 payroll deferral should have little impact on the overall benefits programs. However, we are working on a regular basis with these state agencies responsible for the oversight and administration of the benefits and payroll functions to determine any specific areas that may be affected. Among the questions being posed at this time are the following:
How do we assure that the final university paycheck is included in retirement calculations?
Will health-care premiums and flexible-spending contributions be based on 23 or 24 paychecks in 1997?
Will tax-sheltered annuity contributions be based on 23 or 24 deductions in 1997?
How will the premiums for the optional life insurance, accidental death and dismemberment, and long-term disability plans be affected?
Will there be any effect on Savings Bond deductions?
Do we need to take any special action to assure that Social Security records are properly posted?
We will update all faculty and staff members as soon as we receive guidance from the appropriate state agencies on all our benefits programs. In the meantime, we welcome any other specific questions, comments or concerns that you may have regarding benefits during 1997.