Retirement Seminar Payroll

Jessica Mosca, Payroll Manager

FINAL CHECK

Paper check – not direct depositIn cases

(sent to your school/department secretary)

ACCRUED VACATION TIME

Vacation Accumulated hours (only up to 60 days) are paid within 30

days of your retirement date A vacation payout received upon entering DROP will be used in the

calculation of the 60 day maximum Any amount of vacation above 60 days will be forfeited

No balance is maintained

ACCRUED SICK TIME

Sick Accumulated hours are paid within 60 days of your

retirement date Percentage of sick payout is based on years of service in the

District: 35% - 1-3 years 40% - 4-6 years 45% - 7-9 years 50% - 10-12 years 100% - 13 or greater

ACCRUED VACATION OR SICK PAID >$500

BENCOR Special Pay Plan 401(a) /403(b) If an employee receives greater than $500 in either accrued vacation or

accrued sick time the funds will be deposited into a qualified retirement plan held by BENCOR.

This plan is mandated by BPS Policy. 401(a) - maximum contribution = 100% of fiscal earnings, not to exceed

$53,000 Any excess funds will go into a 403(b)

Features of the Plan include: 100% vested in all contributions to the Plan, immediately. Income taxes on contributions and the earnings thereon are deferred

until withdrawal. Social Security and Medicare taxes are permanently saved on

contributions to the Plan.

ACCRUED VACATION OR SICK PAID <$500

Paper Check If an employee receives less than $500 in either accrued vacation

or accrued sick time they will receive the funds from BPS in a paper check These funds will be taxed:

25% federal withholding FICA (6.2%) Medicare (1.45%) FRS (3%) - for vacation payout only

The paper check will be mailed to your home address on file

MY INFORMATION CENTER (MIC)

MIC Features: View sick and vacation balances View and print pay statements (pay stubs) Update mailing address Update e-mail address Update phone number Request copy of W-2 (up to 4 years)Quick link to e-mail the Payroll group

BEFORE YOU RETIRE!

Within the fiscal year of your retirement Ask your school/department secretary for the contact

information of your Payroll Specialist Ask your Payroll Specialist for an estimate of your final

check, vacation payout and sick payout

EMPLOYEES

At retirement you are paid for the number of days you worked in the fiscal year.

Example: 12 month employee receiving $31,320 per fiscal year $15.00 per hour x 8 hours per day x 261 days in the fiscal year = $31,320 Paid semi-monthly receiving 24 checks $31,320 / 24 checks = semi-monthly check $1,305.00 Retirement date = April 4, 2017 = 198 days worked Fiscal amount = $31,320 divided by 261 days = $120.00 per day Worked 198 days x $120.00 = $23,760.00

EMPLOYEE EXAMPLE

PaydayBeginDate

End Date Amount Paid

Pay Period Days

Amount Due

Overpaid Per Pay Period

Accum. Overpayment

07/15/16 07/01/16 07/10/16 1305.00 6 720.00 -585.00 -585.0007/29/16 07/11/16 07/17/16 1305.00 5 600.00 -705.00 -1290.0008/15/16 07/18/16 07/31/16 1305.00 10 1200.00 -105.00 -1395.0008/31/16 08/01/16 08/14/16 1305.00 10 1200.00 -105.00 -1500.0009/15/16 08/15/16 08/28/16 1305.00 10 1200.00 -105.00 -1605.0009/30/16 08/29/16 09/18/16 1305.00 15 1800.00 495.00 -1110.0010/14/16 09/19/16 10/02/16 1305.00 10 1200.00 -105.00 -1215.0010/31/16 10/03/16 10/16/16 1305.00 10 1200.00 -105.00 -1320.0011/15/16 10/17/16 10/30/16 1305.00 10 1200.00 -105.00 -1425.0011/30/16 10/31/16 11/13/16 1305.00 10 1200.00 -105.00 -1530.0012/15/16 11/14/16 11/27/16 1305.00 10 1200.00 -105.00 -1635.0012/30/16 11/28/16 12/11/16 1305.00 15 1800.00 495.00 -1140.0001/13/17 12/12/16 01/01/17 1305.00 10 1200.00 -105.00 -1245.0001/31/17 01/02/17 01/15/17 1305.00 10 1200.00 -105.00 -1350.0002/15/17 01/16/17 01/29/17 1305.00 10 1200.00 -105.00 -1455.0002/28/17 01/30/17 02/12/17 1305.00 15 1800.00 495.00 -960.0003/15/17 02/13/17 02/26/17 1305.00 10 1200.00 -105.00 -1065.0003/31/17 02/27/17 03/19/17 1305.00 10 1200.00 -105.00 -1170.0004/14/17 03/20/17 04/02/17 270.00 10 1200.00 930.00 -240.0004/28/17 04/03/17 04/16/17 0.00 2 240.00 240.00 0.00

Total 23,760.00 198 23,760.00 -Daily Rate $ 120.00 Fiscal Amount = $31,320 Worked 198 days

$31,320 / 24 checks = $1,305 $31,320 / 261 =$120.00$120.00 x 198 = $23,760.00

CONTACT INFORMATION

Jessica Mosca, Payroll Manager 321-633-1000 ext 625 Mosca.jessica@brevardschools.org

Lori Allyn, Payroll Staff Accountant 321-633-1000 ext 653 Allyn.lori@brevardschools.org

Payroll 321-633-1000 ext 650

BENCOR – Customer Service 1-888-258-3422 www.bencorplans.com

QUESTIONS