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UNDERSTANDING YOUR PAY STUB | 9-MONTH CONTRACT PAY OPTIONS

Direct Deposit

Why Use Direct Deposit

Direct Deposit provides employees the convenience of having paychecks electronically deposited directly into their bank account, making their paycheck available immediately on payday.

Direct Deposit is paperless - employees receive an email notification that pay has been processed and that pay stub information is available to review through Banweb prior to the deposit on payday.

When to Sign Up

Now.

Banweb allows you to enter bank account information until 5 or 6 days prior to the current month's pay day. If entered beyond that, the information will be in place for the following pay cycle.

Banweb

How to Sign Up For Direct Deposit

Employees may securely enter direct deposit information online using Banweb

Log into Banweb → select Employee Services → click on Pay Information and then on Direct Deposit Allocation.

There are three bold headings on the Direct Deposit Allocation page:

Pay Distribution as of (last paid date) - shows the most recent payment and the date of that payment.

Proposed Pay Distribution - enter account information.

Just below the heading is the (+) Add New button. Open the pull-down menus for Account Type, Amount and Priority, to the see options for each.
Select an Account Type; select an Amount (only one account may be set to ‘Remaining’); and select a Priority (the account set to ‘Remaining’ must be the last priority).

Reimbursements, Student Refunds, etc., - enter information for payments from the University other than payroll, if any. Only one account may be entered in the section.

How to Make Changes to Direct Deposit

Log into Banweb → select Employee Services → click on Pay Information and then on Direct Deposit Allocation.

There are three bold headings on the Direct Deposit Allocation page.

Pay Distribution as of (last paid date) - shows the most recent payment and the date of that payment.

Proposed Pay Distribution - change account information.

Just below the heading is the (+) Add New button. To activate the (-) Delete button, select the check-box to the left of the bank’s name.
Select an Account Type; select an Amount (only one account may be set to ‘Remaining’); and select a Priority (the account set to ‘Remaining’ must be the last priority).

Reimbursements, Student Refunds, etc., - change information for payments from the University other than payroll, if any. Only one account may be entered in the section.

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Employee Pay Stub

Refer to a Number Below to Learn More About Each Section

Header: Lists PSU ID, name, address, the pay date, and the pay period.
Summary: Includes the current pay period and year-to-date (YTD) totals of gross pay, personal deductions, the resulting net pay, and employer paid contributions associated with employment. Summary information corresponds with earnings and deduction totals in sections 4 and 5.
Leave Balances: Leave taken this month (last month for salary employees), leave accrued this month, and available balances remaining at the end of the pay period.
Earnings: Earnings paid, separated by job, for the current pay period and YTD. Hours or units paid and the pay rate are displayed. Earnings types include, but are not limited to:

Regular hours and salary
Leave time taken, such as sick days, vacation, personal days and accrued comp time
Other cash earnings, such as overtime, overload pay, stipends, SEIU differentials, deferred payout, and cash allowances (cell/Internet)
Note: Non-cash earnings are listed separately. These include furlough pay reduction, deferred pay accrual, and overtime accrued as leave (rather than paid).

Benefits, Deductions and Taxes: Deductions from pay, contributions paid by PSU on the employee's behalf (or as an employer-paid cost associated with employment), and gross wages subject to deductions. The section has three subcategories, with current and YTD amounts listed for each:

Deductions before Federal Tax are the deductions taken from earnings before tax is applied to income. Includes healthcare plan, tax deferred investments and other pre-tax retirement contributions, flexible spending account deductions, pre-tax parking or bus pass costs, and other pre-tax deductions.
Taxes include both the tax withholdings from pay AND tax assessments paid by PSU on the employee's behalf as an associated cost of employment.
Deductions after Federal Tax are all other deductions taken from earnings. These include post-tax deductions, PSU-paid retirement account contributions, PERS employer cost assessments, union dues, PEBB post-tax life/disability/long term care deductions, charitable donations, campus rec membership, and others.

Taxable Fringe Benefits: Non-cash benefits subject to taxation that an employee has received, including but not limited to taxable tuition benefits, domestic partner benefits, and taxable moving expenses.
Check or Direct Deposit: Depending on the method by which an employee is paid, this will list either a check number or a transaction number and bank information.
Tax Withholdings: Both the Federal Tax and Oregon State Tax blocks show self-elected tax withholding filing status, number of withholding allowances, and any additional fixed dollar amount tax withholdings.
Printer Friendly Button: Select this option to print or save your stub when an official PSU pay statement is requested to provide proof of employment and wages received.

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Faculty 9-Month Contract Pay Options

Overview

Portland State University offers two options for employees in 9-month faculty positions to set aside salary for the summer months.

Bank Savings Option
IRS Qualified Payroll Redistribution Plan

The following chart illustrates the differences among the plans:

Type of Plan	Bank Savings Option	IRS Qualified Plan - 12-month Payroll Redistribution Plan
Interest paid	YES*	NO
May withdraw funds at any time	YES	NO, must follow IRS guidelines
May change deferral amount at any time	YES	NO, the amount is set according to the plan guidelines
May re-enroll in plan at any time	YES	NO, employees must wait until the next plan year during the fall enrollment period
First paycheck delayed one month	NO	YES, this occurs only in the first year of enrollment

*Based on your bank or credit union terms of service

Bank Savings Option

Plan Summary

The Bank Savings Option allows employees to earn interest on deferred pay by depositing the amount into the employee's savings account. Employees may have their bank or credit union move the funds from checking to savings each month. Or they may establish direct deposit into a savings account, directly. If the goal is to have available funds in the summer months equal to the academic year monthly pay, the recommended method is to set aside one-fourth (¼) of monthly net pay.

Enrollment

Bank Transfer: Employees may contact their bank or credit union and have them set up a monthly deposit from a checking account into a savings account.

Direct Deposit: Log in to Banweb and set up direct deposit to deposit the amount directly into a savings account.

Deadline

By the 15th of the month.

Note: This is the only plan in which a deferral earns interest. It is also the most flexible plan in the choices available since employees may change the deferral amount or stop and resume the plan at any time.

12-Month Redistribution Option

Plan Summary

The 12-Month Payroll Redistribution Plan provides a method for employees in academic 9-month appointments to spread their 9-month gross salary approximately equally over the 12-month plan year (October 1st through September 30th of the following year).

Before enrolling in this option, please review the following information:

This plan is for employees in full-time faculty positions on a 9-month academic year contract.
The total amount deferred will be paid out in accordance with the standard distribution schedule (July 1/3, August 1/3, and September 1/3)*.
Interest will not be paid on the deferred amount.
Open enrollment for the plan year ends September 15th.
Employees entering the plan for the first time will not receive pay in September.
Checks and/or direct deposits will be processed as any other payroll payment.

Disbursement Schedule

On the 12-Month Payroll Redistribution Plan the 9-month payroll schedule changes from the standard pay schedule of September through June TO October through June with a deferral for each of these months of approximately 25%. The total deferred amount is paid out during July, August and September (one-third each month).

The generalized example below illustrates the payment schedule for an employee in a 9-month appointment with a yearly salary of $36,000.

October through June: $3,000 each month (equal to gross wages of $4,000, less the 25% deferral). Total deferred equals $9,000.
July, August and September: $3,000 each month (equal to total deferred divided over 3 months).

Enrollment

To enroll in the plan an employee will complete, sign and date a "12-Month Pay Redistribution Plan” form. This form must be returned by September 15th. Enrollment in the plan becomes effective at the beginning of the plan year (October 1st).

Termination/Withdrawal

Election to participate in the plan is irrevocable during the plan year. Pay out prior to the standard distribution schedule may be made only in the event of the employee’s termination of employment or death. Under current federal tax regulations, these restrictions are necessary in order for the payments to be taxed when received by the employee.

Where the payroll system is currently so programmed, the plan continues in effect until the employee terminates the plan. To withdraw from the plan, the employee must sign and date a “Request for Termination of Payroll Redistribution” form. This form must be returned by September 15th. Termination will be effective at the end of the plan year (September 30th) and the employee’s salary will revert back to a standard 9-month distribution effective September 16th.

If an employee terminates their employment with Portland State University the deferred balance will be paid out on the next regular payday or with their termination paycheck. If a participating employee dies, the money accumulated in the redistribution pay account will be paid to the surviving spouse or children or to the estate according to normal payroll policies and procedures.

Note: 9-month faculty positions are not eligible to participate in this program if their annual compensation exceeds the federally established 401(a)(17) subject salary limit.

*Amount deferred will be impacted if the employee is on leave or their appointment changes during the academic year.

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