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Town Hall Presentation Professional Practice Plan Updates Effective January 1 Presentation slides last updated 01/03/2021
Town Hall PresentationProfessional Practice Plan Updates
Effective January 1
Presentation slides last updated 01/03/2021
Topics• Reason for Changes• Changes to PPP• Pay Schedule & Tax Forms• Take Action Now• Deadlines• Questions
Reason for Changes• Compliance with federal retirement contribution limits• In 2021, contributions can be made on base pay earnings up to $290,000
What is changing?• Base pay and PPP earnings will be paid on the same paycheck• 401(a) DCP retirement contributions are made on base pay
earnings up to $290,000. • 401(a) DCP retirement contributions for PPP earnings remain
unchanged. Contributions will continue to be calculated as described in the university’s DCP plan document in the same way they were in 2020 and previous years.
Pay Schedule• Base pay and PPP earnings will be paid together on one of
your biweekly checks each month.• IMPORTANT - Plan Ahead!
• Payday varies• Twice in 2021 there are three paychecks in a month, May & October
* 2021 PPP Pay Calendar available at: ou.edu/CompassProject
Paydays for PPP in 2021Payday Is PPP Included? Deadline to Change W-4
01/15/21 PPP earnings 01/06/21
01/29/21 --- 01/19/21
02/12/21 PPP earnings 02/02/21
02/26/21 --- 02/16/21
03/12/21 PPP earnings 03/02/21
03/26/21 --- 03/16/21
04/09/21 PPP earnings 03/30/21
04/23/21 --- 04/13/21
05/07/21 PPP earnings 04/27/21
05/21/21 --- 05/11/21
06/04/21 --- 05/25/21
06/18/21 PPP earnings 06/08/21
07/01/21 --- 06/22/21
07/16/21 PPP earnings 07/07/21
07/30/21 --- 07/21/21
08/13/21 PPP earnings 08/04/21
08/27/21 --- 08/18/21
09/10/21 PPP earnings 09/01/21
09/24/21 --- 09/15/21
10/08/21 PPP earnings 09/29/21
10/22/21 --- 10/13/21
11/05/21 --- 10/27/21
11/19/21 PPP earnings 11/10/21
12/03/21 --- 11/24/21
12/17/21 PPP earnings 12/08/21
/ / / /
2 paychecks between PPP paychecks
2 paychecks between PPP paychecks
* 2021 PPP Pay Calendar available at: ou.edu/CompassProject
Tax Forms• Only one W-4 in 2021.• Tax withholding will vary from paycheck to paycheck. • Make changes to W-4 in Employee Self-Service. • Receive only one W-2 for Tax Year 2021 (mailed in Jan 2022).
Voluntary Retirement Plans• Important: Review voluntary retirement plans.
• ALERT: Some employees currently contribute most/all of their base pay to the 403(b) & 457(b) voluntary retirement plans.
• With PPP and base pay on one paycheck, the entire paycheck will be contributed at the percentage currently set on the base pay.
• DEADLINE: Makes changes by Dec 23 to affect the paycheck on Jan 15.
Tax Forms• If needed, update your W-4 on Dec 30-Jan 6.• Consult your personal tax accountant or financial advisor.
Don’t Miss Your January Pay!Take Action Now
DeadlinesBy Dec 23: Update 403(b), 457(b) retirement contributions Fidelity website: http://www.netbenefits.com/sooners
Dec 23-Dec 29: Employee Self-Service Unavailable
Dec 30-Jan 6: Update W-4 for Jan 15 paycheck Employee Self-Service: https://www.ouhsc.edu/selfserve Instructions on Payroll website:
https://financialservices.ouhsc.edu/payroll > Policies & Procedures > Search for “W4”
Jan 15: PPP paid on regular biweekly paycheck
http://www.netbenefits.com/soonershttps://www.ouhsc.edu/selfservehttps://financialservices.ouhsc.edu/payroll
• Contact your OU business administrator. • Consult your personal financial advisor or tax accountant.
• Payroll Services and Human Resources cannot advise about income tax withholdings or retirement planning.
• Review FAQs and videos at: ou.edu/compassproject• Questions can be sent to [email protected].
Questions?
mailto:[email protected]
Town Hall Presentation�Professional Practice Plan Updates�Effective January 1 TopicsReason for ChangesWhat is changing?Pay SchedulePaydays for PPP in 2021Tax FormsVoluntary Retirement PlansDeadlinesQuestions?
