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Money Issues

Paychecks

Most employees have their paychecks directly deposited. However, you may choose to personally pick up your paycheck at the Business Office, with a picture I.D., after 11:00 a.m. on the first of the month (or the first business day thereafter). Direct deposit paperwork must be received in the Payroll Department by the 20th of the month to be in effect for the next payroll on the 1st. The payroll office strongly encourages you to check your online payroll records (see below) prior to your first paycheck in order to verify method of payment and your account number.

Employees no longer receive a monthly paper copy of their paycheck stub. Instead employees can view their pay stub information online using mySFA. Pay stub information will be ready a few days prior to the first of each month. After logging into mySFA, go to "myServices," click on "Employee Services," click on "Payroll" and then click on "Pay Stub." The Employee Services page will also give you access to many other types of information, such as accrued sick leave hours, benefits information, and other personal information in the system.

There are several payroll items which may require clarification.

Insurance

SFA offers health and basic life insurance to all benefits-eligible employees. Enrollment in health insurance coverage may be subject to a 90-day waiting period. You may choose to add:

These coverages will be tax sheltered, with the exception of dependent life, short-term and long-term disability. In addition, there is a prescription drug program. You will need to make arrangements to pay health insurance premiums for dependents in the summer if you are not teaching or did not choose a 12-month distribution.

In order to receive a paycheck and benefits, you must attend an orientation session with Human Resources. Items you need to bring to the orientation session include: social security card, documents for I-9 identification (such as driver’s license, birth certificate, or passport), and information on beneficiaries (such as addresses, birth dates, and social security numbers). In addition, you will be asked to select a primary care physician at this initial meeting. Therefore, you should inquire and solicit opinions regarding local physicians prior to the meeting (although you can easily change this later if desired). Human Resources has a directory available which lists eligible physicians.

The health care reimbursement account allows you to set aside tax-free money to cover eligible health care expenses you incur for yourself and your eligible dependents during the plan year. With a dependent care reimbursement account, you may set aside money, tax free, to cover child care and care of elderly or disabled dependents. In both cases, if you do not use the money set aside during the plan year, you lose it.

Retirement

All employees appointed for at least four and one-half months or a full semester at 50% must contribute to a retirement plan. Faculty and certain administrators are given an option to choose either the Teacher Retirement System of Texas (TRS) or the Optional Retirement Plan (ORP) at the time they are first employed in Texas at 100% for a full semester or 4-1/2 months. ORP eligible employees will receive a packet of information and will have 90 days from date of employment in which to choose ORP in lieu of TRS. Faculty members will be enrolled in TRS until the Benefits Office is notified by the faculty member within 90 days that he/she wishes to enroll in the Optional Retirement Plan. Otherwise, the faculty member will permanently remain a participant in TRS.

If you choose to go with the ORP, you will contribute 6.65% of your gross income through payroll deductions. In addition, SFA contributes 6% of your gross income so that 12.65% of your income goes toward retirement. If you choose to go with TRS, you will contribute 6.4% of your gross income through payroll deductions. In addition, SFA contributes 6% of your gross income so that 12.4% of your income goes toward retirement. With either retirement plan, normal social security contributions will be deducted from your gross income, thus providing you with social security retirement benefits.

It does not matter which company you choose for your ORP as long as it is on SFA's list of authorized ORP companies. This list is available from Human Resources. You may choose to deduct additional money (above your required 6.65%) from your paycheck to put in a supplemental retirement annuity (Tax Sheltered Annuity) and/or deferred compensation plan. There is a limit to these extra deductions which Human Resources calculates, and this additional money will NOT be matched by the state.

Most of these ORP companies offer a variety of funds; you can make choices among all the different funds a company offers. Most have a range of investment options, so you can diversify your portfolio depending on your age, life situation, and investment goals. In addition, if you leave the state of Texas, be aware that not all ORP companies operate in all states. If you think you will not be staying at SFA, this should factor into your decision.

Summer Pay Options

Summer Pay: 9 OR 12 Month Pay

If you have a 9 month contract, you may elect to be paid over 9 months or 12 months. If you have a 10-month, 10.5-month or 11-month contract, you may elect to be paid over the months of the contract or 12 months. You make this election by completing the salary spread form available in the Budget Office or Human Resources. Once elected, the salary spread option will continue unless cancelled in writing. Keep in mind that changes may only be made at the beginning of a fiscal year (by September 15th) and remain in effect for the entire year. The calculation for the salary spread is your gross annual pay divided by 12 months.

Extra Money Options

What options do you have at SFASU if you would like to earn some additional money beyond your salary? While these options might not be available to everyone in every department, they are available to at least some on campus.

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