NOTICE TO READER:
Segments of this document in bold, italic print represent policy which can be changed only by authorization of the VMI Board of Visitors. All other segments represent procedures which may be changed by authorization of the Superintendent.
TABLE OF CONTENTS
50100 Payroll Policies
50200 Payroll Procedures
This section explains the Institute’s payroll procedures. The Human Resources Department is responsible for all personnel policies, hiring procedures, termination procedures, leave accounting, retirement matters and insurance information.
50110 Payment Distribution [Return to top]
VMI shall pay all of its employees on the 1st and 16th of each month. If the 1st or 16th fall on a Saturday, Sunday or a holiday, then payday will be the last previous working day. Pay dates for the extended Christmas holiday are published in the “Faculty and Staff Weekly Bulletin”. Pay advices for employees on direct deposit are delivered via PostView for those who have on-line access; otherwise, the direct deposit advice is mailed to the employee’s department the day before payday. Checks for employees not on direct deposit are mailed to the employee’s home address. Cadet Assistant and College Work Study checks are mailed to cadet post office boxes, and to home addresses during breaks.
50120 Electronic Direct Deposit [Return to top]
Electronic direct deposit is mandatory for new full time employees. Part-time employees (including cadets) are highly encouraged to participate in direct deposit.
Employees may utilize up to four separate fixed direct deposit accounts in addition to their regular direct deposit account. The fixed direct deposits may be at different financial institutions from the regular direct deposit account. Employees shall notify the payroll section immediately of changes to their financial institution or account number. In this case, the employee shall complete a new Employee Direct Deposit Authorization Form.
The Employee Electronic Direct Deposit Advice provided by the Comptroller’s Office is a non-negotiable document that shows: 1) the amount of net pay; 2) bank name(s); and 3) the last four digits of bank account number(s). This advice provides the same deduction information as a “regular” paycheck stub.
50130 New Employees [Return to top]
All new employees shall complete W-4 and VA-4 Forms and submit them to the Comptroller’s Office. New full time employees shall also complete health care, retirement, and life insurance forms. These forms are available from Human Resources. Direct deposit is mandatory for new full time employees; therefore, all new full time employees shall also complete the Employee Electronic Direct Deposit Authorization form.
50140 Hourly Employee Time Sheets [Return to top]
Departments shall submit directly to the Comptroller's Office time sheets for hourly employees. Pay periods run from 1st through the 15th and the 16th through the 31st of each month. The payday for hours worked the 1st through the 15th will be the 1st of the following month and the payday for hours worked the 16th through the 31st will be the 16th of the following month.
VMI shall not pay hourly employees for estimated hours worked, thus all time sheets shall reflect actual hours worked. Time sheets are due in the Comptroller’s Office by 1700 Hours on the second business day after the end of the pay period. The departments shall prepare the time sheets in ink; furthermore, both the employee and his/her supervisor shall sign the time sheet in ink. If any changes are made to a time sheet, both the employee and the supervisor must initial the correction. Failure to follow these procedures may result in a delay in payment.
Cadet Assistants and College Work Study Cadets are also paid by the hour but are handled differently. For employment of a cadet, please contact the Office of Career Services for the proper procedures.
50150 Payroll Changes [Return to top]
Payrolls are scheduled to allow adequate time for processing. Employees requesting changes in miscellaneous deductions, marital status, or dependents claimed shall submit the changes to the Comptroller's Office by the 1st of the month for the 1st through the 15th payroll and by the 16th of the month for the 16th through the 31st payroll. Employees shall submit these changes directly to the Comptroller’s Office. Individuals desiring to start or change a tax shelter shall submit them to Human Resources. The Director of Auxiliary Services shall approve all post housing rent notices and changes before any change can be made on the payroll.
Human Resources shall notify the Comptroller’s Office of any time loss, code changes, pay increases or decreases that may affect the employee during a given pay period. In some cases of time loss and if the employee is not working, then VMI will hold the paycheck or stop the direct deposit; in such cases, VMI will only pay the employee the actual amount due.
50210 Miscellaneous Payroll Deductions [Return to top]
The payroll system allows VMI to withhold miscellaneous payroll deductions from employees’ pay and distribute them to the proper vendor. The following is a list of current payroll deductions:
Pre-Tax Deductions: Flex Dependent
Tax Sheltered Annuities: American Express Financial Advisors
Capital Growth Management
Commonwealth of Virginia Deferred Compensation Plan
Diversified Investment Advisors
Fidelity Retirement Services
Lincoln National Life Insurance Company
New York Life
T Rowe Price
Teachers Insurance and Annuity Association
Variable Annuity Life Insurance Company
Virginia Retirement Specialists, Inc.
After Tax Deductions:
Aetna Long-Term Care Insurance
Combined Virginia Campaign
Flex Administrative Fee
Guardian Disability Insurance
Rent (Post Housing Only)
U.S. Savings Bonds
Virginia Governmental Employees Association
Virginia Prepaid Education Program
VMI Keydet Club
VRS Optional Life Insurance
50220 W-2 Information [Return to top]
W-2 forms are required by law to be distributed by 31 January of each year. VMI mails W-2 forms to employees’ home addresses. Unofficial copies of W-2s may also be viewed on PostView.