Gap Bridging Retention Payment
Changing to semimonthly payroll may place some employees in a temporary hardship during January 2025. This one-time situation would be due to the long stretch between the December 18, 2024 pay date and the next pay date on January 31, 2025, covering Jan. 1 - 15, 2025. From that time on, employees will receive their paychecks on a semimonthly basis with no gaps.
The Board of Trustees approved a Gap Bridging Retention Payment for eligible full-time employees, equal to half the monthly salary, to be paid on Monday, Dec. 30, 2024. This additional payment is for employees to retain and does not need to be repaid.
The funding for this additional payment will be included in the balanced budget for FY2025, ensuring all our eligible full-time employees will not experience a gap in pay due to this transition.
Comparing Pay Schedules
See the example below comparing gross pay under a monthly schedule and a semimonthly schedule. This example is for an employee earning $3,000 monthly gross pay. Thanks to the Gap Bridging Retention Payment, employees will not have any disruptions in their pay. By the end of January 2025, the total gross wages would be the same.
| Pay Period | Pay Date | Gross Pay |
|---|---|---|
| Monthly Pay Schedule | ||
| Dec. 1 - 31, 2024 | Dec. 18, 2024 | $3,000 |
| Jan. 1 - 31, 2025 | Jan. 31, 2025 | $3,000 |
| Total Gross Pay for December and January: $6,000 | ||
| Semimonthly Pay Schedule | ||
| Dec. 1 - 31, 2024 | Dec. 18, 2024 | $3,000 |
| Gap Bridging Retention Payment | Dec. 30, 2024 | $1,500 |
| Jan. 1 - 15, 2025 | Jan. 31, 2025 | $1,500 |
| Total Gross Pay for December and January: $6,000 | ||
This example covers gross wages, meaning the total amount of pay. Actual net pay (the amount the employee takes home) will vary based on individual payroll taxes, medical benefits, retirement contributions, and other deductions.
