2020 27th Pay Period Premium “Holiday”
For the VT campus, the first standard bi-weekly pay day of calendar year 2021 would have fallen on Friday, January 1st. However, because New Year’s Day is a national holiday the pay day will be moved to Thursday, December 31, 2020. This will create a 27th pay day in 2020.
What impact will that have on paychecks?
In terms of earnings it will be a standard pay period with employees receiving pay for work conducted from December 14 – December 27. However, because most benefits premiums are calculated based on a 26 pay periods in a year, employee deductions for standard core plans will be skipped in the 27th pay period of the year. This applies to health, dental, vision, voluntary life/ADD&D, flexible spending accounts and health savings accounts contributions.
If you have any questions about your last check of the year please contact email@example.com.