slide1 l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Florida International University PowerPoint Presentation
Download Presentation
Florida International University

Loading in 2 Seconds...

play fullscreen
1 / 20

Florida International University - PowerPoint PPT Presentation


  • 115 Views
  • Uploaded on

Florida International University. HR Liaisons Meeting. January 15, 2009. Agenda. Introduction Payroll Audit Audit Findings Audit Action Plan Payroll Update FICA Alternative Plan Open Forum. Payroll Audit. Scope of Audit.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Florida International University' - lynley


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

Florida International University

HR Liaisons Meeting

January 15, 2009

slide2

Agenda

  • Introduction
  • Payroll Audit
    • Audit Findings
    • Audit Action Plan
  • Payroll Update
  • FICA Alternative Plan
  • Open Forum
slide4

Scope of Audit

  • Fieldwork conducted from August 24, 2008 to October 30, 2008
  • Audit Period: January 1, 2008 through August 31, 2008
  • Objective:
      • (a) time worked and leave taken were properly approved;
      • (b) adding or removing employees from payroll and executing pay rate changes were limited to appropriate personnel;
      • (c) payroll expenditures were reconciled properly and timely.
slide5

Audit Methodology

  • Selected 24 Cost Centers out of 1,045
  • Selected Cost Centers consisted of 790 out of 7,672 Employees
  • Selected 4 Pay Period
    • January 24
    • February 7
    • August 7
    • August 21
  • 4 Pay Period totaled $41,382,084.00
slide8

Audit Action Plan – Time Approval Process

  • Post Guidelines on HR Website
  • Targeted Communication to Time Approvers every

three months

  • Information will be presented in the monthly HR

Liaison meetings periodically

  • Human Resources will send area Vice President the

list of Individuals that were not signed-off by Time

Approvers and get them to assist the enforcement of

timely approvals for their respective areas and

request they go back to validate reported or non-

reported work time and/or leave.

slide9

Audit Action Plan

  • Nepotism
    • Employee and Labor relations will be contacting the

affected employees and they must complete the

nepotism form within two weeks

  • Access Control
    • EV4 access will be restricted to the following

schedule:

      • Monday through Friday 6:00 a.m. to 8:00 p.m.
    • Update Access Request Form to include EV4 request
slide11

Payroll Update

  • Form W-2:
    • The Form W-2 for 2008 will be mailed to your home by January

31, 2009.

    • Electronic Form W-2 will be available on Employee Self Service

(ESS) after January 31, 2009.

  • Requesting Duplicate 2008 Form W-2:

- Available on-line through ESS after January 31, 2009.

- Log on to ESS: https://portal.adp.com/public/index.htm

- Paper copies can be requested after February 16, 2009.

- Use W-2 Replacement Form available on Payroll Website: http://www.fiu.edu/hr/formslibrary/payroll/w2replacement.pdf

- Please specify if you would like the duplicate mailed or picked up.

- All duplicate requests will be processed within three business days.

slide13

FICA Alternative Plan

  • IRS Approved Savings Plan for all Temporary

Employees (exception: FT students)

  • Allows employee pre-tax contributions of 7.5%

earnings and tax-deferred growth as an alternative

to Social Security tax.

  • Medicare tax of 1.45% of earnings is not affected by

the FICA Alternative Plan.

slide14

FICA Alternative Plan

  • No matching contributions from employer:

6.2% savings on Social Security withholding

  • FIU 1st year estimated savings: $1.5M
  • No separate administrative fees
slide15

Employee Benefits

  • Funds are 100% Vested Immediately
  • Employee Beneficiary Designations
  • Self-Directed Investment Options:
      • Guaranteed Pooled Fund - default account, interest-bearing

3.85% as of 01/01/2009

      • 17 no-load mutual fund platform
  • BENCOR Administrative Services processes all account changes
  • Account information accessible:
    • Internet: www.bencorplans.com
    • Customer Service: (888) 258-3422
slide17

FICA Plan Implementation Process

  • Mailing of packages to all temporary employees by

Bencor

  • Plan effective date: February 6, 2009
  • 1st Deductions to take place February 27, 2009
  • Communication for new temporary employees via

HR liaisons and new hire package

slide18

Fund Withdrawals

  • Separation from Service*
    • Participants can roll money to an IRA, 401(k), 401(a), 403(b), etc.
  • Retirement*
  • Attainment of 70 ½ or retirement, if later.
  • Total disability
  • Death (beneficiaries)

* 10% tax penalty may apply to early withdrawals under IRS guidelines (Age 55 at service separation or age 59 ½)

slide19

Participating Florida Universities

  • University of Florida
  • University of South Florida
  • Florida State University
  • Florida Atlantic University
slide20

Open Forum

Questions or Comments?