1. |
2005-06 Academic Year Dates = 8/8/05 through 5/5/06 |
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2. |
Number of Pay Periods in the 2005-06 Academic Year = 19.5 |
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3. |
Biweekly Payroll Schedule for the 2005-06 Academic Year. Attached is a 2005-06 Biweekly Payroll Schedule. This schedule lists the dates on which you will receive your biweekly pay checks (warrant date) and the pay periods associated with those checks. |
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Calculation of Gross Biweekly Pay. As noted on the attached, there are 19.5 pay period in the academic year. To calculate one’s gross biweekly pay, one should take his/her annual salary and divide it by 19.5 pay periods. For example, a faculty member making $50,000 should expect to see $2,564.10 each biweekly (give or take a few cents) before deductions (50,000/19.5). |
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Health Insurance Contribution. Effective July 1, 2005 through December 31, 2005, the following employer and employee deductions for health insurance are established: |
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Employer biweekly premium for individual coverage - $161.22
Employee biweekly premium for individual coverage - $24.34
Employer biweekly premium for family coverage - $333.42
Employee biweekly premium for family coverage - $87.57
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Effective January 1, 2006 (pay warrant January 6), the premiums will increase as follows: |
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Employer biweekly premium for individual coverage - $173.08 (+$11.86)
Employee biweekly premium for individual coverage - $25.00 (+$0.66)
Employer biweekly premium for family coverage - $357.96 (+24.54)
Employee biweekly premium for family coverage - $90.00 (+2.43)
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6. |
Retirement Plan Contribution. The University’s contribution to the Florida Retirement System (FRS) on behalf of a faculty member so enrolled is 7.83% of the employee’s earnings for that biweekly pay period. The University’s contribution to the Optional Retirement System (ORP) on behalf of a faculty member so enrolled is 10.43% of the employee’s earnings for that biweekly pay period. The ORP also allows an employee to contribute up to 10.42% of his/her salary to a variety of investment options. Information on investment options is available through the Office of Human Resources. |
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7. |
Life Insurance Deductions. The attached spreadsheet provides information for calculating the basic life insurance deduction. To determine the amount of the life insurance deduction that the Banner payroll system computes for your pay warrant, simply enter your biweekly salary on the line that says “Enter Biweekly Salary Here.” |
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8. |
Miscellaneous Issues: |
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a. |
The 2006 deductions for health, life, and supplemental insurances begin with the December 2005 pay warrants (12/9 and 12/23). |
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b. |
Months with Three Pay Checks. During the months which contain three pay periods, September and March, no deductions are made in the third pay warrant for health or life insurance, dental, vision, pre-paid tuition, or savings bonds. |
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Each individual may have additional deductions from his/her gross pay, for example United Way contributions or contributions to the UNF Foundation. Those deductions are unique to the individual and are reflected on the pay stub issued through Banner. |
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d. |
Attached is a list detailing the types of deductions which may be made from one’s pay as well as the truncated name listed on one’s pay warrant. |
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e. |
During the spring semester, 9-month faculty members will see that deductions for health, life, and supplemental insurances are doubled because there are no such deductions from the summer pay for those items. Double deductions for Spring 2006 are scheduled for February 3 and 17, March 3 and 17 (no pre-tax deductions on March 31), April 14, and 28, and May 12. These double deductions result in payment of insurance premiums through September 30. |
