December 2015: Your Last Paycheck This Year

By Benefits Newsletter

Your Last Paycheck This Year

The pay date for the last pay period of the year would normally occur on Friday, Jan. 1 which is a bank holiday. Therefore, we moved the pay date to Dec. 31 which causes 27 pay periods to occur in 2015. Benefit premiums are calculated off of 26 deductions in a year for the following:

  • Medical/Prescription
  • Dental
  • Vision
  • Flexible Spending Accounts
  • Disability
  • Life and AD&D Insurance

For this reason, Texas Health will not deduct premiums for the benefits listed above on the paycheck you receive on Thursday, Dec. 31, 2015. This is applicable to the pay period beginning on Dec. 13 and ending on Dec. 26.

Other Things to Know

  • Your 401(k) contribution is not calculated on a set number of pay periods in a year. It is based on all eligible compensation. Your contribution will be deducted on this paycheck and the match from Texas Health will also occur.
  • Any PTO Conversion you elected for 2015 will not be added to this paycheck.
  • For those participating in the Long Term Care (LTC) program, the final LTC deduction will be deducted from this paycheck.
  • Your benefits will remain active and will not be affected.
  • There are 26 pay periods in 2016. Not having a deduction this pay period will not affect your paychecks next year.
  • With the pay date occurring in 2015, these earnings will be included on your 2015 W-2.
  • Your PTO Accrual will not be affected. Your accrual will still be earned.
  • Any deductions you have coming out of your check beyond the benefits listed above will be taken out of your check.
  • If you owe on any of the benefits listed above from previous pay periods, those deductions will occur.
  • If you wish to sell PTO before the end of the year, please do so before 2:30 p.m. on Dec. 12, 2015 by going to MyTHR.org. You cannot sell PTO again until January 2, 2016.