Posted 8:21 a.m. Friday, Nov. 10, 2023
The payroll schedule for the UW 403(b) Supplemental Retirement Program (SRP) and Wisconsin Deferred Compensation (WDC) 457 Program will be changing effective January 2024.
Currently, contributions to the UW 403(b) SRP and the WDC 457 Program are processed on every paycheck (typically 26 paychecks a calendar year). Starting in 2024, UW 403(b) SRP and WDC contributions will be processed on the first two paychecks of each month (24 paychecks during the calendar year).
This change is being made to align the UW 403(b) and WDC contribution deduction schedule with other benefit plan deductions.
Contribution Elections
- Contributions set up as a flat dollar amount or percentage will continue to be processed at the elected amount on the first and second paycheck of each month.
- For employees paid over 12 months, contributions will be processed on 24 paychecks (from the first and second paycheck of each month) instead of 26 paychecks.
- For employees paid over 9 months, contributions will be processed on the 18 paychecks during the academic year (from the first and second paycheck of each month) and from any summer pay, if applicable.
You may want to review and/or change your contribution if you are trying to meet a specific dollar amount by the end of the year.
Example: Flat Dollar Contribution Amount
You want to contribute $12,000 for the year. $12,000 divided by 24 paychecks equals $500 per paycheck. Your flat dollar contribution amount is $500.
Example: Percentage Contribution Amount
You contribute 5% of your gross pay. Your gross pay is $1,500 per paycheck. 5% of $1,500 is $75. $75 multiplied by 24 paychecks is $1,800. Your total annual contributions will be $1,800.
Contribution Election Changes
You may change your 403(b) SRP and/or WDC contributions at any time.
- Information on changing your 403(b) SRP contributions can be found on the UW System Employee Benefits website on the 403(b) web page under Deduction.
- Information on changing your WDC contributions can be found on the UW System Employee Benefits website on the WDC web page under Contribution Changes.
Resources
Payroll Schedules
