In the regular payroll pay period ending 7/1/08 with a check date or 7/9/08, partial COLA and increment pay will be paid to eligible employees for 1 day (July 1). New health rates are effective in full for this pay period, and the increase from 4 to 5% for the State Employees Alternate Pension and State Teachers Alternate Pension plans will be activated. These changes may result in a net pay reduction on this check.
In the regular payroll pay period ending 7/15/08 with a check date of 7/23/08, full COLA and increment pay will be paid to eligible employees. The net pay for this payroll will be based on your full new salary.
For questions about COLA and increment pay, please contact the Financial Services help line at x4-5599 or {finservehelp@towson.edu}.
