Deductions Coming to Your September 20 Paycheck
The accelerated September 20 pay date will be the first of the academic year in which employees will see the full scope of deductions withheld from their paychecks. This is an accelerated payday for the hours worked between August 31 and September 13.
For 10-month employees, deductions that will be withheld beginning September 20 include—
- mandatory pension contributions (7.5 percent of salary),
- employee association dues,
- pretax accounts such as flexible spending and/or defined contribution plans [403(b) and/or 457(b)],
- health, dental and/or life insurance deductions, and
- charity campaign deductions.
For 12-month employees, deductions not withheld in the summer months also will resume on September 20 and include—
- mandatory pension retirement contributions (7.5 percent of salary) and
- employee association dues.
In addition to these benefit deductions, many employees will see imputed income for life insurance (shown as EXS Life on your pay advice). Learn more about EXS in the article, “What is EXS Life?” in this issue of For Your Benefit.
All employees will be paid again on October 11 (three weeks after the September 20 accelerated pay date) when the pay dates resume their regular biweekly schedule.