FY24 Key Dates and Deadlines
Important Pay & Benefit Dates and Deadlines for Fiscal Year End
The Big Picture: The end of Fiscal Year 2024 is fast approaching, which means important deadlines for benefits, leave, and pay. Here’s a quick rundown of forthcoming key dates, and what they mean for you.
Why it Matters: Fiscal year end doesn’t have to be complicated. Bookmark this story as a one-stop shop you can return to for key deadlines as July 1 approaches.
Pay & Benefits Dates and Deadlines
- June 16-29 (R14) — Last Pay Period to Use FY24 Personal Holiday Leave: Per University Regulations, personal holiday leave is not permitted during the pay
period in which July 1 occurs. July 1 occurs in R15 this year, so R14 is the last pay period in which personal holiday leave may be used. FY25 personal
holiday leave may be used starting in R16.
- June 30 — FY25 Benefit Premiums Begin (check date: July 26): The Benefits plan year runs on our fiscal year of July 1 – June 30. This means benefit
premiums go into effect during the pay period in which July 1 occurs, which is R15
this year.
- June 30-July 13 (R15) — 240 Hour Annual Leave Cap Applied: Any unused leave in excess of 240 hours will be forfeited at the end of the pay period in which June 30 falls because only a maximum of 240 hours can be carried into a new fiscal year, per BOR Policy.
- Employees may use annual leave during R15 before the cap is applied during payroll processing.
More details about annual leave and annual leave cash-in are available here.
- July 14-27 (R16) — FY25 Salary Increases Applied (check date: August 9): Salary increases are funded based on Governor approval and Legislative appropriation,
and are applied in the first full pay period of the fiscal year. For this year, that pay period is R16.
- July 12 — Pay Day for R14 (June 16-29)
- July 14 — First Pay period to use FY25 Personal Holiday Leave
- July 26 — Pay Day for R15 (June 30-July 13) at FY24 Salary Rate w/ FY25 Benefit Premium Rates Applied
- August 9 — Pay Date for R16 (July 14-27) w/ FY25 Salary Increases Applied
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Published in ÂÌÅ«Ì컨°å News 5/17/2024