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Pay Date 01/01/10
Benefits & Compensation
Pay Date 01/01/10
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
We pay BW and have pay date 1-Jan of 2010. I want to understand what other companies are doing (earlier vs. later) and any compliance issues you have seen. I am told that as long as we are consistent
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Forums » Topic Forums » Benefits & Compensation » Pay Date 01/01/10
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Pay Date 01/01/10
posted at 11/9/2009 3:00 PM EST
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Posts: 10
First: 3/8/2005 Last: 1/11/2010 |
We pay BW and have pay date 1-Jan of 2010. I want to understand what other companies are doing (earlier vs. later) and any compliance issues you have seen. I am told that as long as we are consistent in the manner with which we address holidays as pay dates (next or prior business day) then should be no issue, but want to be extra careful as this one has direct effect on W-2 and as such I am sure to get an earful from several in my company either way we go. |
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Pay Date 01/01/10
posted at 11/10/2009 6:02 AM EST
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Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
We pay the business day before any scheduled holidays. If it falls on January 1, then they will get paid on December 31st for us. And yes, that means the W-2 will show that paycheck in this calendar year instead of next.
You could make an exception and pay that check on the following Monday (the next calendar year) if that made some sort of huge difference to everyone, but we would not do that. |
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Pay Date 01/01/10
posted at 11/13/2009 7:09 AM EST
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Posts: 217
First: 3/22/2005 Last: 8/29/2011 |
I'm surprised this is the first time this has happened. Most organizations I've worked for paid the Friday before. Many employees have their mortgage due on the 1st and it may come out on the 1st. And remember, this is 2009 so bank system don't take a holiday like they used to. |
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Pay Date 01/01/10
posted at 11/24/2009 3:39 AM EST
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Posts: 35
First: 8/3/2004 Last: 6/20/2011 |
We always pay the day before the holiday, so ours will be paid on Dec. 31st which will make 27 pay periods this year. Since it will be 27 pay periods we will not be deducting for Flex Accounts or Dental Accounts as both of those amounts are based on a 26 pay period year. |
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Pay Date 01/01/10
posted at 11/24/2009 5:22 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
We also will be paying on the 31st with no benefits deductions. But that check will also have the value of personal use of company cars and other fringe benefits. Should be an interesting payroll processing week! |
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Pay Date 01/01/10
posted at 12/16/2009 4:59 AM EST
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Posts: 3
First: 12/16/2009 Last: 10/6/2010 |
very old topic, but the correct answer is check your state laws. Most states require that employees must be paid within so many days from the end of the pay period and you need to make sure you do not pay too late because of the holiday and moving it further. |
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Pay Date 01/01/10
posted at 12/16/2009 9:15 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Agree with srtoady to check your pay periods and pay date.....And what notification you have to give employees to do so.
And just realize that if you do move it into 2010 that you might have the same issue at the end of 2010 into 2011. Because at some point, you will have to catch up that extra payroll that happens over 9-10 years of biweekly payrolls. It's not something that will just eventually go away. |
Forums » Topic Forums » Benefits & Compensation » Pay Date 01/01/10
