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Summer Salary Savings Program
In consultation with Local 2364 of the American Federation of Teachers and Local 1031 of the Communication Workers of America, effective at the beginning of the '07 academic year, there will be a change to your pay cycle which will affect ten month employees. In addition, there will be a change in the deferred salary option currently available to ten month employees. Please note that the recommended changes are a result of a recent internal review of processing efficiencies, and external audit recommendations, and that neither change will impact your annual salary.
The first change will be to standardize ten month employee pay cycles. This will impact all ten month employees and will result in the even distribution of ten month salaries across 22 standard pay periods. Under the current system, such employees, at both the commencement and end of their annual employment, often receive biweekly paychecks of varying amounts. This change would address issues related to such abbreviated, individual pays and establish uniform biweekly paychecks for all affected employees. For ten month faculty, such a system would also eliminate the current confusion related to payments made when the academic year commences prior to September 1st, and the subsequent reduction in pay prior to June 30 th . For the next academic year, (Fall 06, Spring 07) eligible ten month employees will receive full ten day pays commencing on Friday September 8, 2006 and will receive their final full ten day pay on Friday June 29, 2007.
The second change relates to the voluntary Deferred Salary Program. This program allows ten month employees to have deductions taken throughout the academic year, in order to provide for summer income. The College will no longer be able to offer this program. In an effort to continue to provide salary deferral options to our ten month employees, the Credit Union of New Jersey has developed a Summer Savings Program, which will allow ten month faculty and staff to continue to defer compensation for the summer months directly with the Credit Union of New Jersey, through payroll deductions.
The Credit Union's program will provide for four distributions of deferred salary during the months of July and August. Ten month employees may choose to defer any amount of salary across the academic year. Like the current Deferred Payment Program, the Credit Union's program is completely voluntary.
The new Summer Savings Program will be effective at the beginning of the '07 academic year. Specific enrollment questions should be directed to the Credit Union of New Jersey.
The Credit Union of New Jersey is a full service multi branch credit union with headquarters located at 1301 Parkway Avenue in Ewing NJ .
Questions regarding this modification should be directed to the Office of Payroll Services at extension 2087 or email payroll@tcnj.edu.
