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Q:
What does this mean for the July 2006 pay period?
A:
The pay period for this transitional month will be July
1 st through July 21 st . For this month only, the pay period will
be 6 days shorter than normal.
Q:
How will this shorter pay period impact my July pay check?
A:
To minimize the financial impact, the BOR has implemented
a program to advance funds to all employees to cover the six day
difference.
Q:
How will I repay the BOR?
A:
The advance for the 6 working days will be re-paid over
a 12 month period. For example, the July 2006 paycheck will include
15 working days plus an additional five and one-half (6 days advance
minus ½ day repayment) days. Employees will repay ½
day of the advance each paycheck for the fiscal year. Those
employees with less than 12 month employment will repay per the
number of months employed.
Q:
How will I know my advance balance?
A:
The balance will be shown on your pay stub.
Q:
What happens if I terminate my employment before the advance is
paid in full?
A:
The balance of the advance and any hours worked will be
calculated in your final paycheck.
Q:
What about the payments after July 31, 2006?
A:
Beginning in August, you will be paid for one-twelfth
of your annual salary, (minus half a day's salary to repay the advance
received in July), but the payment will cover different dates. Your
pay on August 31 st will be for the period from July 22 nd through
August 21 st , September will be for the period from August 22 nd
through September 21 st , etc.
Q:
In recent years, CSA employees have received a small adjustment
payment either at the end of June or in early July if the number
of hours in the fiscal year exceeded 2,080. Will these payments
continue?
A:
No. Since your position has been determined to be exempt
from overtime, you are exempt from keeping a timesheet or tracking
your hours worked. This means that you are compensated for your
work on a salaried basis, so an adjustment will not be necessary.
Q:
What if my pay changes during the year?
A:
The advance will be calculated and included in pay at the
beginning of the fiscal year. Repayments will be calculated
at the same time and loaded into the payroll system. Any pay
adjustments after this initial load will have no impact on the advance
or repayment. They will continue as initially determined.
Q:
Will my taxes be affected by the advance?
A:
The advance and repayment will be made on a net pay
to net pay basis. This means that the advance will be calculated
as an estimate of the difference in your net pay (after deductions). Repayments
will be calculated by dividing the amount of the advance by the
number of months in your repayment period. Therefore, there are
not implications to your taxes.
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