Payroll and Employee Benifits

Life Insurance

  • Life insurance coverage is calculated by taking the employee's ‘base pay' x 103% x 2 and rounding to the nearest thousand. The maximum coverage amount is $125,000.
  • Employee share of premiums is $0.05 per one thousand dollars of coverage.

Deductions

  • Bi-Weekly Staff/Service Employees have 50% of their monthly premium deducted from the first and second checks of the month.
  • Bi-Weekly Service 10 month Employees have their premium deducted from the first and second checks of the month for each of their regular (not including summer) pay periods (September thru May).
  • Exempt/Faculty/Professional Fiscal Year Employees have one monthly premium deducted from each monthly check.
  • Faculty/Professional Academic Year Employees have their premium deducted from each of the academic year payments (August through May), or 1/10th of the annual premium cost being deducted from each pay check.