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Efficient PeopleSoft Overtime Calculations for Financial Management Services

Learn how to calculate overtime in PeopleSoft according to FLSA regulations. Topics include multiple job rates, retro overtime, and bonus payments.

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Efficient PeopleSoft Overtime Calculations for Financial Management Services

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  1. PeopleSoft Overtime Calculations Marci Becker Sandy McElhinney Financial Management Services 04/23/08 CATS Presentation

  2. Today’s Agenda Calculating Overtime according to PeopleSoft and FLSA – Fair Labor Standards Act • Over 40 Hours Report - TIME • Multiple Jobs/Rates – Weighted Average • Bonus Payments • Overtime Only jobs • Paying Retro Overtime • Professional Staff – Overtime Eligible • Online Calculator

  3. Over 40 Hours Report/Process

  4. TIME • TIME will automatically convert hours over 40 to OVT or CPE, depending on the department’s setup • Hours recalculate as they are entered on timesheet • Over 40 report/process will be obsolete when all BW & HR employees are on TIME

  5. – Multiple Jobs – Weighted Average Example • Employee has 2 jobs with different rates • Job 0 - $8.00/hour • Job 1 - $10.00/hour • Employee worked the following hours • Job 0 - 24 hours • Job 1 - 28 hours

  6. – Multiple Jobs – Weighted Average Example • Step 1 – Calculate the Regular Pay they will receive • Job 0: 24 hours * $8.00 = $192.00 • Job 1: 16 hours * $10.00 = $160.00 • Total Regular Pay = $352.00 • Step 2 – Calculate the first 1.0 of OVT time • Job 1: 12 hours * $10.00 = $120.00

  7. – Multiple Jobs – Weighted Average Example • Step 3 – Calculate the FLSA Rate to be used for additional 0.5 of OVT time • Total Amount: $352.00 (reg) + $120.00 (ovt) = $472.00 • Total Hours: 24 + 16 + 12 = 52 hours • FLSA Rate = Total Amount / Total Hours • FLSA Rate = $472.00 / 52 = $9.076923

  8. – Multiple Jobs – Weighted Average Example • Step 4 – Calculate additional .5 amount • Overtime Hours * 0.5 * FLSA Rate • 12 hours * 0.5 * $9.076923 = $54.46 • Step 5 – Combine all types of pay • Regular Pay = $352.00 • First 1.0 of OVT = $120.00 • Remaining .5 of OVT = $54.46 • Total Pay for Period = $526.46

  9. Overtime Pay when combined with bonus-type Pay • Certain types of bonus pay will inflate the FLSA rate used to pay the additional .5 of OVT • SBY – Standby • INP – Incentive Payment • AWD – Award • OC1 – On Call • HA1 – Hazard Pay (AFSCME Union)

  10. Overtime Only Jobs Hire eDoc comp rate = regular pay rate for the type of work being performed Rate will be * 1.5 during payroll calculation

  11. Overtime Only Jobs Job Comp Rate = $20.00 Rate calculated on paycheck = $30.00

  12. Retro Overtime Retroactive Rate Adjustments – enter the regular and overtime retro codes with the difference in the regular rate. Payroll calculation will increase rate.

  13. Overtime Eligible Professional Staff • Employees track work hours by month • Overtime rate will inflate if employee received any bonus-type pay during the earnings period the overtime was worked • Overtime hours worked are submitted on adjustment vouchers and paid in the following month

  14. Online Calculator Coming Soon to the FMS Website Payroll > Payroll Procedures > FLSA Overtime Calculation http://www.fms.iu.edu/payroll/procedures.asp

  15. Questions?

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