Option for Biweekly-paid Employees to Ease Impact of Insurance Premium Increase
To ease the impact of increasing insurance premiums in 2011, employees who are paid biweekly will have the option of establishing twice-monthly payroll deductions for premiums. Splitting between both paychecks each month is intended to help make the insurance increase more manageable and to equalize net pay between the first and second biweekly payrolls of the month.
The decision whether to take advantage of this option is completely up to each biweekly-paid employee. The employee may decide to take advantage of this option at any time and can cancel at any time.
This deduction option is available now, and Dec. 15 is the deadline to enroll so that the change takes effect in January.
Thereafter, biweekly-paid employees can enroll by the 15th day of each month, with the change taking effect with the second biweekly payroll in the same month. Upon enrolling, employees can cancel at any time.
A plan description and the enrollment form can be found online at http://payroll.tennessee.edu/holdback.htm.
Please contact your campus or institute HR office for more details or to get help with any questions you may have.
On the Knoxville campus, employees with questions should contact Rob Chance at firstname.lastname@example.org or (865) 974-5251.