News release effective July 1, 2015
PLEASE REVIEW YOUR PAY STUB! Simply put, YOU the employee owe it to yourself to review your pay stub each and every payday. While most payroll changes are communicated to all agencies & employees via CPB newsletters and/or alerts, occasionally something may slip through the cracks that will change your take home pay. If that something is incorrect, the sooner Central Payroll or your employing agency knows about it, the sooner we can investigate and correct the issue.
Retirement Deduction Alert
Recently we have been informed that employee retirement deductions have been terminated by accident (mostly when transferring between agencies) and / or in rare cases never even initiated at time of hiring. When this happens the damage becomes two sided: First, the employee loses their pre-taxed contribution to their retirement system and secondly, the agency is unable to contribute the State’s subsidy share on your behalf. As a result, your retirement account loses all the way around and eventually you the employee and your employing agency will become responsible for re-payment of your missed deductions and subsidy amounts. So, PLEASE always review the information shown on your pay stub!
July 1, 2015 Increment / COLA inquires
Many employees have called Central Payroll asking when they could expect to see their July increment and/ or COLA. There were no increments and/or COLA’s scheduled for July 1, 2015. Your local payroll representatives and/or your local Human Resource Officers should be able to provide any additional information needed.
FY2016 is a Leap Year (July 1, 2015 – June 30, 2016)
As everyone knows, Leap years have 366 days vs. standard non-leap years of 365 days. And everyone should know that annual salaries are authorized on a Fiscal year basis (not calendar year).
Basically when calculating bi-weekly pay amounts, we take your authorized annual salary and divide by either 26.071428, for a non-leap year (365 days divided by 14 work days per cycle) or 26.142857, for a leap year (366 days divided by 14 work days per cycle).
Leap years always produce a slightly reduced bi-weekly payment because of the larger 26.142857 factor being used.
EX: Non-Leap Year ($45,000 / 26.071428 = $1,726.03)
EX: Leap Year ($45,000 / 26.142857 = $1,721.31)
Minimum Wage Increase
Effective July 1, 2015 the minimum wage will increase from $8.00 to $8.25. This will be the second minimum wage increase this year. The next scheduled increase will be July 1, 2016 ($8.75).
Employees use of Edeposits
Warning: Attempting to cash the same check more than once is a crime! Do not use Edeposit to deposit your pay check and then attempt to cash your paper pay check. Employees will be held responsible for complete repayment of any over payments made. Fraud is a crime punishable by use of disciplinary actions and / or termination of employment.
Robert Murphy Director