Change of paycheck issuance date from July 1, 2011, to June 30, 2011

Paula Varnes Fussell, Vice President for Human Resource Services; Michael McKee, Assistant Vice President and University Controller

On May 26, 2011, Governor Scott signed Senate Bill 2100, which requires participants in the Florida Retirement System Pension Plan, Florida Retirement Investment Plan, and Optional Retirement Program (ORP) to contribute 3% of eligible earnings beginning with the pay date of July 1, 2011.

To help with a smooth transition, the University of Florida will change its original paycheck issuance date of July 1, 2011, to June 30, 2011, for the June 10 through June 23 pay period.

How this will impact UF faculty and staff:

• Employees will not have to contribute the 3% of eligible earnings for the June 30 paycheck – contributions will begin with the next paycheck dated July 15, 2011.
• Retirement contributions will be calculated using the rates in effect during the fiscal year 2010 – 2011.
• Some deductions, including 403(b) deductions, will not be processed due to June 30 being the third payday of the month.
• Employees who are not impacted by the 3% retirement contributions will also receive their paychecks on June 30, 2011.

Questions may be directed to University Retirement, at (352) 392-2477 or retirement@ufl.edu.