Paydays and Payment Options Sample Clauses

Paydays and Payment Options. Paydays shall coincide with the District’s normal schedule, as supported by Xxxxx-RESA’s SMART system for payroll, for all employees and will be established on a semi- monthly interval paid on the 10th and 25th of each month. The current 20-21 payroll biweekly schedule will remain intact through 6/30/21. For any 10th or 25th that falls on a weekend or a bank closure holiday, the payroll will be processed on the preceding Friday or day preceding the Holiday. Unless teachers notify the business office, in writing, to the contrary, their preference between the two options set forth below will be Option B. Any change must be submitted in writing by 4:00 P.M. on the first teacher workday of each school year. Failure to select any option will invoke Option B. Once a pay option is established, it may not change during that school year. Option A: 20 pays will be issued with each pay representing 1/20th of the contract salary. Payroll will be processed for 20 consecutive pay periods commencing on September 10th of each school year. Payroll deductions* will be taken out of all pays. Option B: 24 pays will be issued with each check pay representing 1/24th of the contract salary. Payroll will be processed for 24 consecutive pay periods commencing on September 10th of each school year. Payroll deductions* will be taken out of all pays. * Payroll deductions means Health Savings Account contributions annuity, credit unions, voluntary retirement, 403 (b) contributions and other similar deductions. The new rate’s effective date will be the second pay date after the rate schedule is submitted to the business office.
Sample 1
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Paydays and Payment Options. Paydays shall coincide with the District’s normal schedule for all employees and will be established on two week intervals until all the checks are issued for a given school year. Unless teachers notify the business office, in writing, to the contrary, their preference between the three options set forth below will be the same as in effect for the preceding year. Any change must be submitted in writing by 4:00 P.M. on the first teacher workday of each school year. Failure to select any option will invoke Option C. Once a pay option is established, it may not change during that school year. Salary Payment Options Option A - 21 checks will be issued with each check representing 1/21st of the contract salary. Checks will be issued for 21 consecutive pay periods commencing with the first pay date after teachers return to work at the start of the school year. Payroll deductions* will be taken out of all 21 pays. Option B - 26 checks will be issued with each check representing 1/26th of the contract salary. Checks will be issued for 26 consecutive pay periods commencing with the first pay date after teachers return to work at the start of the school year. Payroll deductions* will be taken out of all 26 pays. The pays that occur after the end of the teacher’s work year may be picked up by the employee, his/her written designee, or they will be mailed on the first work day after the pay date to the employee at the designated address. Option C - 21 checks representing the contract salary of the teacher will be issued. The first 20 checks will each represent 1/26th of the teacher’s contract and will be paid commencing with the first pay date after teacher’s return to work at start of the school year. The remaining 6/26th of the contract salary will be paid in a single check on the last pay date of the teacher’s work year or the teacher’s last work day, whichever is later. 1/26th of the 6/26th will be taxed the same as the first 20 pays. The remaining 5/26th of the salary will be taxed at a total percentage of 15% which represents Michigan State Income Tax, FICA and Federal Income Tax. Payroll deductions* will be taken out based on 21 pays (twenty regular pays and final pay). * Payroll deductions means annuity, credit unions, union dues, voluntary retirement, and other similar deductions. Dues will be specified by the REA and given to the business office on a per pay date basis with an effective date for the new rate to be utilized. The new rate’s effective date will...
Sample 1

Related to Paydays and Payment Options

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