The Biweekly Benefits Deduction Schedule shows the dates on which premiums for medical and legal insurance are deducted from the paychecks of employees who are paid biweekly. It also indicates the coverage periods to which all other insurance premiums are applied; all other premiums are divided and deducted from each biweekly paycheck. Effective with the 07/18/12 Pay Day these premiums will be split between the biweekly paychecks, see Pay Day Description below.
The columns on this report are as follows:
|Column Name ||Description |
|Pay Period ||The biweekly period covered by the pay check. |
|Pay Day || |
The pay dates with one asterisk indicate the date on which payments for full month's premium for medical and legal insurance, and for DepCare and Health Care Reimbursement Account payments, are deducted for coverage for the following month. Effective 07/18/12, these monthly benefit premiums will be split between two biweekly paychecks.
For example, on 03/14/12, the full amount for Medical Plans, Legal Plan, and Flexible Spending Account for Dependent Care and Health Care premiums for the month of April are deducted.
On 07/18/12, the monthly premium amount for Medical Plans, Legal Plan, and Flexible Spending Account for Dependent Care and Health Care premiums for August will be split between the biweekly paychecks of 07/18/12 and 08/01/12.
|Pay Cycle ||The biweekly pay cycle (1st biweekly or 2nd biweekly) associated with the pay day. |
|Insurance Premiums, etc. ||The portion of the month covered by the non-medical insurance premiums that are deducted from the associated pay check. |
For example, on 03/14/12, non-medical and legal insurance premiums (such as employee-paid life, AD & D and short-term disability) are deducted for coverage for the first half of April. Premiums covering the second half of April are deducted from the 03/28/12 pay check.
| Pay Compute ||The date the system calculates and writes the pay checks for the associated pay day. |