OCU has two types of payroll deductions:
1) Flat dollar amount deductions are set amounts that will not vary paycheck to paycheck. Examples are medical, dental and vision coverage premiums, parking permit, supplemental and voluntary deductions.
2) Percentage based deductions are proportionate to your earnings and may vary paycheck to paycheck. Examples are state and federal taxes, retirement contributions, FICA and Medicare, and garnishments.
Financial Accounting Service and Human Resources have determined that all flat dollar amount deductions will continue to be divided among the first two pay periods in a month. All percentage based deductions will be deducted from each check as indicated by your W-4 and/or retirement salary reduction agreement.
Fixed Amount Deductions:
Fixed deductions include health, vision and dental insurance, flexible spending contribution, voluntary elections (Liberty Mutual, Allstate, etc) and campus donations and will be withheld from the first two paychecks of each month at the current amounts.
Percentage Based Deductions:
Taxes will be withheld according to the most recent W-4 on record for each employee. Employees withholding additional amounts each semi-monthly pay period should contact HR/Payroll to complete a new W-4 to be effective April 16 with additional amounts that reflect the biweekly pay cycle.
We will continue to process your retirement contribution and remit to TIAA CREF according to the most recent salary reduction agreement on file for each employee. Complete and return a new salary reduction agreement to Human Resources by March 20 if you would like to change your current contribution amount.
PLEASE NOTE: When there are three biweekly paydays in one month, fixed amount deductions will only be deducted from the first two checks of the month. Percentage based deductions will be deducted on each paycheck. Typically, three paycheck months happen twice per year.