The following information is in reference to Benefit Deductions. Please note that the College remains in a bi-weekly pay period cycle.
In 2005 all elected benefits will be deducted over either 20 (21 method of pay) or 24 (26 method of pay) pay periods. These deductions will be made from the first two pay checks of the month. Other benefits such as savings deductions, etc and taxes will continue to be deducted on either 21 or 26 pay periods.
The elected benefits are as follows:
Long Term Care
Tax Deferred Annuity
Flexible Spending Accounts *
* Flexible Spending Accounts deductions will begin the second pay check in January. Therefore, FSA deductions will occur over 19 (21 method of pay) or 23 (26 method of pay) pay periods.
Tax Deferred Annuities
All goal amounts (divided by 20/24 deductions) will roll into 2005. You only need to return a new election form if you are making a change from your 2004 limit or elect to contribute more than the General Limit.
If you have any questions, you may contact any member of the Human Resources Department.
Alberta G. Lee
Human Resources Department