Because the July 13, 2012 pay will include only one week of salary, the University is offering a one-time, interest-free loan to lessen the impact on your personal finances.
- The advance is not earned salary.
- You do not have to pay any interest on it.
- It is not subject to taxes or retirement contributions and will not appear on your W-2 form.
How Much Will it Be?
The amount of the advance will equal one half of your FY 2012 bi-weekly pay multiplied by a factor of 75%. This amount approximates one week of net take home pay.
Full time employees can view the advance through the benefits online enrollment portal, Benefficiency. Select Start Enrollment, then go to Review Personal Data. Scroll down to read about the Payroll Transition. Your advance amount will be listed there. Review log in details for Benefficiency on the Benefits website)
What to Consider
If you decline an advance, your July 13, 2012 pay will include one week of salary. Before declining, employees must consider their personal situation (deductions, automatic payments, split deposits, billing cycle for personal expenses, etc.).
If your pay is split among direct deposit accounts, you may want to make a one-time adjustment to your direct deposit allocations.
How to Repay the Advance
The advance will be paid back through an automatic payroll deduction beginning July 13, 2012, for 26 or 52 equal payroll deductions.
If you leave the University before the advance is paid back, any remaining amount will be deducted from your final pay.
See the Questions and Answers for more details about the advance.