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Pay Information

Pay Information

Payroll Deductions

 

 

 

Tax Base

Rate

Social Security - FICA

$118,500

4.20%

Medicare

All Wages

1.45%

NJ State Unemployment Insurance

$32,000.00

0.425%

NJ Family Leave Insurance

$32,000.00

0.09%

 

 

 

Pension Deductions

Rate

Teacher Pension Annuity Fund (TPAF)

7.09%

Public Employee Retirement System (PERS)

7.09%

Defined Contribution Retirement Program (DCRP)

5.50%

      • The Pension booklet also provides other important information. Please note the non-contributory and contributory group life insurance plans. For further information you may use the Division of Pensions and Benefits site for "Member Benefits Online System MBOS" at http://www.state.nj.us/treasury/pensions/mbosregister.shtml. Log on and follow directions to register.  Here you can obtain important information about your account with the Division as well as obtain loans and purchase of service credit.
      • Direct Deposit is available to all contract employees
      • All employees are eligible to participate in an optional 403B and/or 457 Tax Sheltered Annuity Programs. These plans allow employees to save funds pre-tax for retirement via payroll deductions. See attached list of vendors on the Summary of your Employee Benefits sheet.
      • Employees may optionally participate in the 529 College Savings Plan Program. This plan allows employees to save after-tax funds for College via payroll deduction.
      • Summer Pay is available to all 10-month employees by submitting an enrollment form before June 30th. Participants will have 10% of their gross earnings deducted during each regular 10-month pay period, held in a non-interest bearing account, then paid out in four equal amounts on or about July 15th, July 30th, August 15th & August 30th.
      • Please complete and return the Form
      • Questions please contact Phyllis Goldstein - Payroll Manager x3112 or PGoldstein@oceanschools.org