What’s happening: On April 16th, 2014, all non-exempt employees currently paid on the semi-monthly payroll cycle will transition to a biweekly pay cycle.
When: Non-exempt employees will begin the new biweekly pay cycle pay period on April 16 ending April 25. The first biweekly paycheck will be deposited May 2, 2014.
Why: Financial Accounting Services and Human Resources have determined that the transition to biweekly pay will aid in compliance with state and federal payroll requirements, improve efficiency including overtime payment calculation, support FLSA requirements, and provide better pay records.
What’s changing: Employees will receive 26 paychecks annually rather than 24. Paychecks will be issued on regular pay days (every other Friday beginning May 2), rather than the 15th and last working day of the month, which fluctuate each month.
What’s in it for me:
How to prepare: We are providing notice so that employees affected by the conversion can prepare for the transition. Review your financial situation including cash flow and bill payments to make adjustments for the transition.
April 1 - 15: Final semi-monthly pay period
April 15: Final semi-monthly paycheck deposited
April 16 - April 25: First biweekly pay period
April 30: Special payment deposited
May 2: First biweekly paycheck deposited