Thu, Jan 18 2:00pm

Ring in 2018! 27 Pay Periods with Three "3" Pay Period Months

By Colleen, @pelkeycolleen

Celebrate the arrival of 2018 because there are 27 pay periods in 2018 and three months with three paychecks issued rather than the typical two months!

  • The paycheck date of 01/01/19 will be paid to employees on 12/31/18.
  • Because the normal pay date of 1/01/2019 falls on the New Year's Day holiday, the paycheck date is moved back one day to Monday, 12/31/2018.
  • The 12/31/18 paycheck will be the third paycheck in the month of December.

Three “3” Pay Period Months

Three pay periods in a month normally happens twice each year.  In 2018, this will happen three times.

1/30/18 will be the next third payday of the month followed by 7/31/18 and 12/31/18.

When a third paycheck is issued and certain deductions are not withheld from payroll. Your deposit may be larger if you participate in any of these voluntary plans via payroll deduction:

    • Medical Insurance
    • Dental Insurance
    • Vision Insurance
    • Life insurance
    • Cash Accumulation Fund contributions
    • Bus pass deduction (Rochester only)
  • Flexible Spending Accounts: Dependent Care FSA, Health Care FSA deductions are NOT withheld from a 27th paycheck
  • For planning purposes, retirement savings plan contributions ARE deducted from the third payday in a month. If you are trying to spread out your deductions to maximize the employer match, you should plan for all 27 paychecks in 2018.

Happy New Year!

2018 Calendar

COMMENT

NopeSorry
@christinam

Posts: 1
Joined: Oct 01, 2014
Posted by @christinam, Fri, Jan 19 11:36am

The information on the 27th paycheck provided here is in direct apparent conflict to the information provided in the January 12th This Week Q&A, http://newsletters.mayo.edu/newscenter/Article.aspx?contentID=DOCMAN-0000173266 . “For planning purposes, retirement savings plan contributions are deducted from the third payday in a month. If you are trying to spread out your deductions to maximize the employer match, you should plan for all 27 paychecks in 2018. The 403(b)/401(k) estimator tool also will be updated to reflect 27 pay periods.” Please resolve.

Colleen
@pelkeycolleen

Posts: 3
Joined: Jun 20, 2014
Posted by @pelkeycolleen, Fri, Jan 19 12:44pm

Great catch! Thank you for pointing that out. The article has been updated to reflect this information.

Please login or register to post a comment.