In order to lessen the impact of medical premium increases (effective July 1, 2015) for active employees, UNM Administration has elected to provide active employees with a premium holiday in December 2015. Therefore, medical premiums will not be deducted from December paycheck(s). The premium holiday applies to active employees enrolled in UNM’s medical coverage as of December 1, 2015.
As a result, take home pay from December biweekly and monthly paychecks may be larger than previous paychecks. Medical premiums are typically deducted on a pre-tax basis, thus reducing taxable income. Since premiums will not be deducted in December, taxable income for employees eligible for the premium holiday will increase by an amount equal to the biweekly or monthly medical premium. Keep in mind, in most cases, because taxable income increases, the increase in your net pay will likely be less than the medical deduction amount. For example, if your medical premium deduction is usually $200, your net pay may increase by a lower amount, such as $180, due to the increase in taxable income.
To confirm your pay, deductions, and withholdings are correct, review your December pay stub(s) on LoboWeb. A $0.00 amount in the “Employee Current” column for your medical plan indicates no premium was deducted. Please refer to the sample pay stub, illustrating where to find your medical premium deduction.
Biweekly employees, the premium holiday will occur on your December 4 and December 18 paychecks.
Monthly employees, the premium holiday will occur on your December 22 paycheck.
If you have questions, call 277-MyHR (6947) and one of our HR Service Representatives will assist you.