Managerial and OJ employees with Tax Deferred Accounts (TDA) (401, 457, IRA, etc.):
Any managerial and OJ employee that would like to make a change to their TDA or 457 contributions may request that their retroactive pay be held until a pay date later than March 27, 2015.
It is the employee’s responsibility to log onto OLR’s Deferred Compensation website and change their deferral amount and effective date. Currently, April 24, 2015 is the earliest effective date for any changes made to your plan; and therefore, your retro would be paid May 8th.
In addition, it is the employee’s responsibility to notify their Payroll Unit of the choice to delay the retroactive pay. It is recommended that this notification to payroll is made by noon on Tuesday, March 17, 2015 otherwise, retroactive pay will appear in the March 27, 2015 pay check.
We do not have retroactive payment amounts at this time as they will not be available until later in the week. As a rule of thumb, consider that if you were an active manager from 9/1/11 until now you will be receiving 3 years and 7 months of retroactive payment for the first increase, 2 years and 7 months for the second, and so on.
Notify your Payroll Office should you seek a Hold on your retroactive payment. You should do this ASAP.