Semimonthly Pay Schedule
Important Notice for 91老司机 Faculty and Staff
Effective Jan. 1, 2024, employees at the 91老司机 鈥� Fort Smith will see the frequency of their pay change to semimonthly.
Starting January 2024, all employees will receive their pay twice a month.
Keywords:
- Semimonthly: A semimonthly pay schedule means pay checks are distributed two times a month, usually on fixed dates.
- Contributions: Payroll-related costs that are paid by the employer such as the Federal Insurance Contributions Act (FICA) employer tax, employer contributions to the retirement systems, and employer payment for worker鈥檚 compensation insurance.
- Arrears: In arrears payroll is the practice of paying employees for labor completed during a previous time frame.
- Deductions: A deduction is money withheld from a paycheck to pay taxes, insurance, garnishments, or other payments.
- Part-Time, Non-Benefits-Eligible: Defined as employees who work less than an average of 20 hours per week or less than 1000 hours in a year. Examples include student workers, tutors, and student lab assistants.
- Exempt: Employees primarily performing work that is not subject to overtime provisions of the Fair Labor Standards Act. Exempt employees do not clock in and out.
- Non-Exempt: Employees primarily performing work that is subject to the overtime provisions of the Fair Labor Standards Act. Non-exempt employees clock in and out.
FAQs:
Semimonthly pay means employees will be paid twice a month, usually on the 15th and last business days of each month. Business days are defined as days other than weekends and university holidays. If the 15th falls on a Saturday or Sunday, pay day will be on the Friday before. An employee鈥檚 annual salary will not change because of the shift in paycheck frequency.
This change will impact all 91老司机 employees who are currently on the payroll.
Yes. This is not an optional change.
Semimonthly pay is common in the workplace, will provide employees' pay more frequently, and also aligns us with other UA System schools.
First, the university expects that most employees, after making initial adjustments to align with the twice-a-month payroll schedule, will find the more predictable payroll distribution makes budgeting easier. Second, this change provides more opportunities for increased earnings in retirement contributions, as half of the monthly contributions will be made earlier in the month, allowing more time for benefits to potentially grow.
All employees on the semimonthly payroll will have equal installments of their salary divided by 24. The first installment will be on the 15th of the month, and the second will be on the last working day of the month.
All employees on the semimonthly arrear's payroll will be paid based on the hours clocked during the set timeframe for the semimonthly arrear's payroll.
The final monthly payment will occur on Friday, Dec. 29, 2023, and the first semimonthly payment will occur on Friday, Jan. 12, 2024. There will be no gap in payment.
The final biweekly payment will occur on Friday, Dec. 29, 2023, and the first semimonthly payment will occur on Friday, Jan. 12, 2024. There will be no gap in payment.
For part-time, non-benefit-eligible employees, the final payment will be Friday, Dec. 29, 2023, and the first semimonthly arrears payment will occur Wednesday, Jan. 31, 2024. This payment date is based on the time entered in the previous period 1/1/2024 - 1/15/2024.
More targeted information will be released in the coming months.
Yes. Deductions and contributions will be made equally between both payments.
If you have an approved period activity pay that extends through 2024, this will still be paid out monthly to finish what was entered and approved. Any new period activity pays to begin paying out starting 2024 will now be paid semimonthly.
As a student worker, you are considered a part-time, non-benefit-eligible employee and would need to clock your hours in Workday accordingly to be paid on the semimonthly arrear's payroll.
Yes. All non-exempt employees will continue to clock in and out within Workday. It is important to note that all part-time, non-benefits-eligible employees will still be paid based on the hours they submit in Workday.
Non-exempt benefits eligible employees will continue to clock hours to ensure accurate compensation, overtime, and compensatory time (comp time) accrual.
Watch for specific instructions throughout the fall semester via Workday, email, HR Help Sessions, and regular mail.
For now, employees who budget based on a monthly or biweekly payroll schedule may wish to begin reviewing their personal finances budget to:
- Identify automatic payment amounts and determine whether adjustment to payment dates should be made in January.
- Examine other payment due dates with the new payroll schedule. These could include mortgages, rent, car loans, credit card payments and utility payments.
Additional resources and reminders are coming soon. Over the next three months, the University will provide education and support for employees as this change occurs including considerations like adjusting monthly budgets, adjusting withholding amounts for federal/state taxes, modifying direct deposits, drafts, and other automated financial transactions. Virtual office hours and in-person information sessions will be scheduled to provide employees with the opportunity to ask more specific questions.