Phased retirement agreements
If you have an employee who has signed a phased retirement agree-ment, follow these steps to ensure he or she receives the proper pay and benefits:
- Enter the employee's revised job data into the HRMS.
- Email a copy of the employee's phased retirement agreement to Employee Services' Shelley Brown to make necessary benefits adjustments.
Departing academic-year faculty
If you have academic-year faculty members who are either resigning or retiring, please carefully review the type of contract they have to ensure they're paid properly.
9-pay-12 faculty contracts for employees departing after the academic year
Check for any adjust-ments necessary for the May payroll—particularly to ensure these faculty members receive any earned-not-paid funds. Any 9-pay-12 employees who will continue working past spring will be paid throughout the summer, and will continue to contribute to their ben-efits plans.
Please note: Large, final payouts to employees on 9-pay-12 contracts may affect their tax with-holding amounts by bumping them into a higher tax bracket. As such, these employees may wish to adjust their W-4 tax withholding amount, which they must do so by Tuesday, May 13, 2014. If you have questions, see our step-by-step instructions for terminating 9-pay- 12 contracts.