Employee Resources
As the OU Norman campus works to transition all employees to a bi-weekly pay schedule, we want to provide our employees with resources we think may be helfpul. Below please find various tools that may help as you plan for this upcoming change in 2024.
Magellan Financial Workshops
Attend a financial planning workshop hosted by Magellan Health! If you're looking for assistance in setting up or just restructuring your personal budget as you transition from a monthly pay schedule to biweekly, this workshop will offer you some tools and resources to do so. You must register in advance to attend the live webinar.
Opportunities to attend a workshop:
- View a Recording of the November 28, 2023 Workshop and download the Budget Workbook provided by Magellan Health.
Biweekly Pay Calculator for 9/9 Faculty
The below pay schedule demonstrates an example of gross payments for a 9 paid in 9 employee whose annual salary is $50,000 for the 2024-2025 academic year.
The Excel version of this calculator can be downloaded HERE and allows you to enter your specific net and/or gross salary.
Biweekly Pay Calculator for 9/12 Faculty - Contract renews on 8/1
The below pay schedule demonstrates an example of gross payments for a 9 month faculty member paid over 12 months with a contract renewal of 8/1 and whose annual salary is $50,000 for the 2023-2024 and 2024-2025 academic year.
The Excel version of this calculator can be downloaded HERE and allows you to enter your specific net and/or gross salary.
Biweekly Pay Calculator for 9-12 Faculty - Contract renews on 8/16
The below pay schedule demonstrates an example of gross payments for a 9 month faculty member paid over 12 months with a contract renewal of 8/16 and whose annual salary is $50,000 for the 2023-2024 and 2024-2025 academic year.
The Excel version of this calculator can be downloaded HERE and allows you to enter your specific net and/or gross salary.
Retirement Bi-Weekly vs. Monthly Frequency - 9/9 Faculty
Faculty paid on a bi-weekly schedule have retirement contributions made over all regular pay periods. This includes faculty and employer contributions such as OTRS, 403(b), 457(b), and *401(a) contributions.
Example: Faculty with a base salary of $50,000.
Retirement Bi-Weekly vs. Monthly Frequency - 9/12 Faculty
Faculty paid on a bi-weekly schedule have retirement contributions made 26 pay periods. This includes faculty and employer contributions such as OTRS, 403(b), 457(b), and *401(a) contributions.
Example: Faculty with a base salary of $50,000.
Benefits for Bi-Weekly vs. Monthly Frequency - 9/9 Faculty
Faculty paid on a bi-weekly schedule have health, life, and disability premiums collected over 16 pay periods. Below are examples of the faculty cost for monthly premiums versus bi-weekly premiums.
Benefits for Bi-Weekly vs. Monthly Frequency - 9/12 Faculty
Faculty paid on a bi-weekly schedule have health, life, and disability premiums collected over 24 pay periods. Below are examples of the faculty cost for monthly premiums versus bi-weekly premiums.
Leave Accruals for Bi-Weekly vs. Monthly Pay Frequency - 9/9 Faculty
Full-time nine-month faculty with the rank of instructor or above will accrue 12 days of extended sick leave per year. Such faculty members working at least half-time (.50 FTE) but less than full-time (1.0 FTE) will receive leave accrual based on their FTE. There is no maximum on the accrual of extended sick leave.
Leave Accruals for Bi-Weekly vs. Monthly Pay Frequency - 9/12 Faculty
Full-time nine-month faculty with the rank of instructor or above will accrue 12 days of extended sick leave per year. Such faculty members working at least half-time (.50 FTE) but less than full-time (1.0 FTE) will receive leave accrual based on their FTE. There is no maximum on the accrual of extended sick leave.
Side-by-Side Comparison of Changes - 9/9 Faculty
Side-by-Side Comparison of Changes - 9/12 Faculty
Running Balance Comparison Monthly vs Bi-Weekly
The graph below demonstrates cumulative pay over the academic year 2024-2025 for a 9/9 faculty member, with the red line showing the new biweekly pay schedule and the blue line showing the old monthly pay schedule. Because of the increased pay frequency, the biweekly schedule results in employees receiving more of their paycheck sooner than the existing monthly schedule. Download an Excel "Running Balance" Spreadsheet specific to your appointment below and enter your own gross salary to calculate a cumulative balance of your pay over an academic year's time and it should also populate the graph specific to your gross salary beside the table.
9/9 Running Balance Spreadsheet
9/12 Contract Renews 8/1 Running Balance Spreadsheet - COMING SOON!
9/12 Contract Renews 8/16 Running Balance Spreadsheet - COMING SOON!
IRS Withholding Calculator
To ensure proper federal income tax withholding, employees may use the IRS Withholding Calculator.
The ‘calculator’ helps you determine the recommended withholding allowance and additional withholding (if any) you should report on your W-4 form.
IMPORTANT NOTE: This Withholding Calculator works for most taxpayers. People with more complex tax situations should use the instructions in Publication 505, Tax Withholding and Estimated Tax.
Additional information on the IRS Withholding Calculator is available on the IRS website: IRS Withholdings Calculator
