Apr 14

VTA FAQ on 17-18 Changes in Money

 

 

  1. When will the new salary schedules be out?

The School Board still has to approve the ratification of the contract. That should happen at the April 26, 2018 special board meeting. After that, Human Resources/Payroll work to create new salary schedules (and we have several!) and then VTA checks over them to make sure they are correct before implemented. This will happen in May.

 

  1. What will be my new salary be?

Take your current base salary and multiply it by 1.015 for your new salary.

 

  1. What about the Masters/Doctorate stipends?

Masters and Doctorate stipends have been 3.1% and 6.2% of Column 3, Step 3 of Schedule A. This same percentage dates back to the 1980-1981 contract (from 1977-1979 is was 3.051%!).

The new Masters only amount is: $1481.25

The new Doctorate amount is: $2962.49

 

  1. How will I know if my salary retro amount is correct?

Take your current base salary and multiply by .015; that is your salary retro amount.

 

  1. How will the retro for salary and medical come?

We don’t know if retro will be on a separate check(s) or included on a regular pay warrant. We also don’t know if that will come in May, June or one retro in May and then one in June.

 

  1. How will I know if my medical out of pocket cost retro is correct?

This amount is more complicated to figure. There are several factors, including:

-what medical plan you are currently in?

-do you take out medical premiums through a 125K plan? (pre tax or taxed?)

-are you on 10-month or 12-month pay?

 

Here is an example of a calculation:

 

Kaiser Bay single (12-month pay)

6 months of paying $163.88/mo ($983.28 total)

6 months of now paying $4.86/mo ($29.16 total)

Difference: 983.28-29.16=$954.12 retro amount

 

If that amount came out of your check pre-tax, you should be taxed on that retro amount.

 

If you didn’t do a 125K plan to have your premiums taken out pre-tax, then you shouldn’t be taxed on them again when you get the retro amount.

 

WHEN IN DOUBT, contact PAYROLL to discuss your individual situation. The payroll department should be able to explain to you what your retro is and what it is based on.

 

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