6/20/2008

DETAILED PAYMENT INFORMATION

The Office of the State Comptroller (OSC) has issued the payroll bulletins necessary to implement the raises and make retroactive payments required by the 2007-2011 Contract. Most of the adjustments (including base salary) will be made in checks dated July 3 (institution) or July 9 (administrative). Copies of the payroll bulletins are posted on the PEF Website at: http://www.pef.org/pst2007/contactindex.htm

DEFERRED COMPENSATION DEDUCTIONS

The Deferred Compensation Plan has issued a memo (we've posted it at our website http://www.pef.org/pst2007/contactindex.htm) concerning how enrollees can modify their election in anticipation of the payment of retroactive contract monies. As the memo details, employees on the Administrative payroll have until June 25 to submit any changes. For those on the institution payroll, because the payroll for the July 3 payments have already been processed, the time period for making changes in the deferral rate has already was passed; deductions taken for deferred compensation in the July 3 paycheck will be based on the election currently in place. However, we have been advised that enrollees who would have wanted to modify their deferral can change their deferral rate for the July 17 institutional payroll in an attempt to approximate the amount they would have had deferred from the lump sum paycheck. Those changes would have to be received at the HELPLINE no later than July 3. (The same action can also be taken at any point during the remainder of the calendar year). The staff at the Deferred Compensation Plan are aware of this problem and have offered to assist enrollees however they can.