September 11 Paycheck Will Reflect Full Scope of Deductions

The September 11 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 hours worked between August 22 and September 4.

For nine- and 10-month employees, deductions withheld beginning September 11 will 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
• charity campaign deductions

For 12-month employees, deductions not withheld in the summer months will resume on September 11 and include:

• mandatory pension retirement contributions (7.5 percent of salary)
• 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 2, when the pay dates will resume the regular biweekly schedule.

Some Employees See Slight Reduction in Their Biweekly Pay

If you are a 12-month MCAAP, MCBOA or MCEA employee, or an Infants and Toddlers staff member whose salary is paid over 12 months, you may have noticed a small reduction in your biweekly paycheck. There will be an additional workday during the new fiscal year—on February 29, 2016. You are being paid the correct annual salary; however, because it is paid over one extra day, the result is a small reduction in your biweekly paycheck.

2015 Retirement Benefit Statements Available on PenPoint

Your 2015 Retirement Benefit Statement is now available on PenPoint, the MCPS self-service, online retirement system.

Each fall, eligible MCPS employees receive access to a statement of retirement benefits containing important financial and retirement service information for retirement planning. Your statement shows personal data such as plan membership, the dates you become eligible for normal and early retirement, and your projected retirement benefits.

If you are a member of the Maryland State Teacher’s Pension System (state core plan), you should receive an annual retirement benefit statement from the Maryland State Retirement Agency in September. Access your MCPS supplemental plan via PenPoint.

In addition to providing your benefit statement, PenPoint allows you to view your projected early and normal retirement benefit amounts. Even better, you are able to run your own retirement estimates based on other scenarios and see the projected benefit amounts and payment options.

You can access PenPoint from the MCPS Retirement Planning web page. To get there from the MCPS home page, click on the “Staff” link at the top of the screen. Once the Staff page opens, look for the “PenPoint” link under “Quick Links.” Clicking on the link will take you to the Retirement Planning web page. There you will see the PenPoint logo, a login button, and a link to video demonstrations that will show you how to use PenPoint.

To log in to PenPoint, click on the login button, and enter your MCPS username and password. This is the same username and password you use to log in to your MCPS Outlook email account. Once logged in, you will find a tutorial and a guide containing frequently asked questions and a glossary to further help you navigate the system.

If you have questions about your retirement statement or need clarification on a PenPoint estimate, contact the Employee and Retiree Service Center at 301-517-8100, Monday through Friday, between 8 a.m. and 4:15 p.m., or by email.

Links to a variety of resources to help you save for the future and better understand your retirement planning options are available within PenPoint or on the Retirement Planning web page.