Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Many employers provide group term life insurance as a benefit for their employees. Group term life insurance is a common part of employee benefit packages. Many employers provide, at no cost, a base amount of coverage as well as an opportunity for the employee to purchase additional coverage through payroll deductions.
The insurance plan also may offer employees the option to buy coverage for their spouses and children. Like other types of life insurance, group term life insurance pays out a death benefit to your designated beneficiary if you pass away while the policy is in effect. Group term life insurance covers not just you but your co-workers. Employers can decide how much of a death benefit to offer, whether to allow employees to increase their death benefit, and whether to make coverage available for spouses and children.
The coverage offered through a group plan varies among employers. The amount of coverage available to you also may differ depending on where you are situated in the organizational hierarchy. Benefits for highly paid executives and managers may be more robust than those offered to lower-level or hourly employees.
Other forms of compensation may be excluded, such as bonuses , sales commissions, or incentives that are reported as income—for example, an auto reimbursement or a restricted stock award. Your employer may provide a certain amount of coverage free of charge. Group term coverage is generally inexpensive, especially for younger workers. However, the rates go up as individuals age. Most plans also have rate bands in which the cost of insurance automatically goes up in increments—for example, at ages 30, 35, 40, etc.
The premiums for each rate band are outlined in the plan document. For group plans, all employees are typically enrolled in the base coverage automatically once they meet the eligibility requirements.
Those requirements might include working a certain number of hours per week or having been an employee for a specified length of time. Participants in a group plan may not be required to go through underwriting , the process that insurance companies use to assess how much of a risk a person poses when they apply for an individual policy. Instead, all eligible employees are automatically covered, regardless of their health.
Whether the employee is eligible to buy additional group term coverage also differs from employer to employer. In some plans, that is possible only when an individual is initially employed or after a qualifying event , such as the birth of a child. In other plans, supplemental group term coverage can be added during open enrollment periods.
Unlike basic coverage, supplemental coverage may require underwriting. Usually, it is a simplified underwriting process in which the employee answers some questions to determine eligibility rather than going through a physical exam. Benefit eligible employees who regularly work 20 or more hours per week throughout the academic or fiscal year are eligible to participate in a program in which Principia student loans are forgiven.
Loan forgiveness applies to employees only not to family members. For employees who terminate employment, the loan forgiveness benefit is discontinued when the next monthly payment is due. For questions regarding loan forgiveness please call Because the Budget Manager needs to make sure expenses are made within the approved budget, it is important to have this individual approve all purchases and reimbursements either on a check request, purchase requisition, or petty cash.
It is also important to take this step for internal control purposes. You will want to complete a check request form. Please sign it with your supervisor and send the completed form down to the Accounting office via interoffice mail. Accounts Payable will reimburse you via direct deposit. Always attach receipts for reimbursement requests. We do not reimburse for sales tax paid when it could have been exempted.
Please always feel free to call us for additional assistance. We can make a journal entry for you to move this charge from one account to another. Please send the completed form to Accounting. Do you have questions for Dear Accounting? Payroll information, such as time cards and exception reporting for time changes and additions are due:. Late time cards or extra pay will be processed with the next pay period or via a payroll advance. If a pay date falls on a holiday i. Dec 25th , the paycheck will be issued the day before the holiday Dec.
Overtime pay is paid for hours worked over 40 between Sunday — Saturday, the calendar work week, not the pay period. Vacation, sick, holiday and personal days do not count in the calculation of over time.
Detailed instructions to change ADP password [pdf]. You should update your federal and state W4 forms. You can either return the forms to Human Resources or Payroll. Federal W4 changes can be made on the ADP employee web portal. You also need to contact Human Resources and update your beneficiary policies. Direct deposit forms are available from Human Resources or on the Accounting website. You can also submit a direct deposit request via the ADP employee web portal.
If you are submitting the request via paper, you need to attach a voided check or an equivalent form from your financial institution.
Deposit slips cannot be used as a substitute. Return the documents to Payroll or Human Resources. If my address is not correct on my paycheck, who do I contact? Note, contacting Central Records, although important, does not change your payroll address. Some of the most common fringe benefits at Principia are gifts, equipment, loan forgiveness, and clothing. GTL stands for group term life. Your life insurance policy with Principia is for two times your annual salary.
If you are a benefit eligible hourly employee that amount is figured by taking your hourly rate times the number of contracted hours you work each fiscal year. For a full time employee who works 40 hours per week and 12 months per year that is 2, hours per year. This amount is not the amount deducted from your paycheck, but instead is the value of the taxable benefit that is used to calculate a deduction for social security 6. The pay dates are the 10th and 25th of each month.
The salary employees are paid on the 25th of each month. If the 10th or 25th fall on a weekend or holiday, the pay day is the work day prior to the weekend or holiday. The 4th — 18th with a pay date of the 25th of the month. The 19th — 3rd with a pay date of the 10th of the month. Employees who qualify as exempt are exempt from overtime regulations and minimum wage laws. Nonexempt employees must be paid for every hour of overtime they work.
Salary employees accrue 1. Full time hourly employees accrue 6. Up to 20 days less for part time employees of unused vacation can be carried into the next year. At termination of employment, accrued vacation earned but not yet taken is reimbursed to the employee.
Terminating employees reimburse Principia for the value of any vacation taken but not yet earned. In other words, if an employee has worked 34 hours by the end of day Thursday and has asked for Friday as a vacation day, the employee can only receive 6 hours of vacation time for Friday. This same policy applies to sick and personal time as well. Each benefit eligible employee receives their annual allotment of personal and sick leave days on July first of each year. The time can only be used in the same fiscal year and do not roll over to the next fiscal year.
Overtime is calculated on a per work week basis, which is defined at Principia as Sunday thru Saturday. Overtime pay is paid for hours physically worked over 40 hours between Sunday and Saturday. Vacation, sick, holiday and personal days do not count in the calculation of overtime. Imputed income is defined as the value of the domestic partner coverage minus the after-tax amount contributed toward the coverage.
How much life insurance do I need? A good rule of thumb is getting life insurance coverage that's times your income, but it depends on your individual financial circumstances. For many people, buying a life insurance policy is a smart move that will ensure financial coverage for family and loved ones. Is voluntary life insurance a pre tax deduction? These benefits may include life insurance. Life insurance benefits offered by your employer may also be paid for by your employer. On top of these benefits, your employer may offer you voluntary life insurance benefits, all of which are pretax to some degree.
How do life insurance policies work? Life insurance is a contract between you and a life insurance company. You agree to pay for the policy on a regular basis, and the insurer agrees to pay a sum of money to your beneficiaries if you die. Life insurance companies make money by investing the premiums, hoping to make more than they'll have to pay in claims.
Is imputed income considered earned income? Imputed income is the value of non-monetary compensation given to employees in the form of fringe benefits. This income is added to an employee's gross wages so employment taxes can be withheld.
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