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Florida International University

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.

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Florida International University

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Presentation Transcript

  1. Florida International University HR Liaisons Meeting January 15, 2009

  2. Agenda • Introduction • Payroll Audit • Audit Findings • Audit Action Plan • Payroll Update • FICA Alternative Plan • Open Forum

  3. Payroll Audit

  4. 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.

  5. 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

  6. Audit Findings

  7. Audit Findings

  8. 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.

  9. 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

  10. Payroll Update

  11. 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.

  12. FICA Alternative Plan

  13. 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.

  14. 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

  15. 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

  16. Paycheck Example

  17. 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

  18. 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)

  19. Participating Florida Universities • University of Florida • University of South Florida • Florida State University • Florida Atlantic University

  20. Open Forum Questions or Comments?

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