The June 15, 2012 paycheck will reflect the 2012-2013 merit increase for staff. Merit increases are effective as of June 1, 2012. The pay cycle covered on the June 15, 2012 paycheck is May 27, 2012 through June 09, 2012. This means that your pay for June 15, 2012 will cover the following:
Four business days at your old rate of pay:
May 28, 2012 (Holiday) – Old regular rate of pay
May 29, 2012 – Old regular rate of pay
May 30, 2012 – Old regular rate of pay
May 31, 2012 – Old regular rate of pay
Six business days at your new rate of pay:
June 1, 2012 – New regular rate of pay
June 4, 2012 – New regular rate of pay
June 5, 2012 – New regular rate of pay
June 6, 2012 – New regular rate of pay
June 7, 2012 – New regular rate of pay
June 8, 2012 – New regular rate of pay
Non-exempt employees working on May 27 or the Memorial Day holiday (May 28, 2012) will be paid applicable overtime at the old rate. Non-exempt employees working June 2, 3 or 9 will be paid applicable overtime at the new rate.
Fringe Benefit Increases
The employee’s portion of the health care insurance premiums will increase in June 2012. Please contact the Human Resources department for the new health care insurance premiums. The new increase will appear on your June 30, 2012 paycheck.
Payroll Check Schedule
When a month that contains three paydays–medical, dental, flexible spending, transportation, and child support, etc.–deductions are normally withheld from the first and second pay days of the month with the third pay day having only pension deductions withheld. Transit pass deductions are withheld from the first pay of each month only.
Since the merit increases and health care insurance premium increases are effective on June 1, 2012, the three paydays enable the university to re-order the normal deduction schedules to allow employees to clearly see the merit increase and health care insurance increase. The schedule below outlines the June 2012 paycheck schedule for increases and deductions:
- June 1, 2012 paycheck will be paid at your current rate of pay and will contain your regular standard deductions (taxes, health care, dental, flex spending, transportation, transit, parking pass, pension, child support, alumni, etc.).
- June 15, 2012 paycheck will be paid at the old and new rate of pay and will contain taxes (federal, state, social security and Medicare) along with pension (403b) contributions deductions.
- June 30, 2012 paycheck will be paid at your new rate of pay and will contain your regular standard deductions (taxes, health care, dental, flex spending, transportation, transit, parking pass, pension, child support, alumni, etc.). The health care deduction will include the new rate increase.
Frequently Asked Questions
Q: Which pay cycle will my check, dated June 1, 2012, cover?
A: Your check dated June 1, 2012 will cover the period of May 13, 2012, through May 26, 2012.
Q: When will we receive our merit increases?
A: Your 2012-2013 merit increase will appear on your pay check dated June 15, 2012.
Q: What period does the check dated June 15, 2012, cover?
A: Your check dated June 15, 2012, covers the period of May 27, 2012 through June 9, 2012.
Q: Will the merit increase cover all ten (10) days of the pay cycle included on the June 15, 2012, check?
A: No, four (4) days of the pay cycle will be paid at your old rate of pay (May 28th through May 30th) and six (6) days will be paid at your new rate of pay (June 1st through June 8th).
Q: Will the June 15, 2012, pay check contain the new medical insurance deduction amounts?
A: No, the only deductions to be withheld from the June 15, 2012, check will be taxes and pension.
Q: When will the new medical deduction rate be withheld from my pay?
A: The 2012-2013 medical insurance deduction will be withheld from your check dated June 30, 2012, along with your normal standard deductions that were not withheld from your June 15, 2012, pay check.
Additional questions regarding the merit or benefit increase can be sent to the Payroll Department at payroll@iit.edu.