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

Jan 18, 2018 | Colleen Jensen | @pelkeycolleen | Comments (4)

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

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.

REPLY

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

REPLY

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