Fiscal Year 2023 The Bi-Weekly Gross Salary Calculations are dependent upon the Contractual Annual Salary amount divided by the Pay Factor for the Fiscal Year (July 1st to June 30th). The Pay Factor represents the number of Pay Periods during the Fiscal Year. It’s calculated by dividing the number of working days in the Fiscal Year by 10 days per pay period. For Fiscal Year 2023 (July 01, 2022 to June 30, 2023) the number of working days for 12-Months employees is 261 including holidays and excluding weekends. The Pay Factor would be 26.1 The 10-Months employee’s working days are 217 and the Pay Factor is 21.7 Full Time Employees: If a 12-Month employee’s annual salary is $100,000, the bi-weekly base salary is $3,831.42 Example: Fiscal year 2023 = 261 work days Pay Factor: 261 Annual Work Days/10 Work Days Per Pay Period = 26.1 Annual Salary: $100,000/26.1 = $3,831.42 Biweekly Gross Earnings If a 10-Month employee’s annual salary is $100,000, the bi-weekly base salary is $4,608.29 paid over 10 months from September 1st to June 30th. No payments in July and August. Part Time and Student Employees: Part Time and student employees are paid based on the number of hours worked in the pay period multiplied by the Hourly Rate. Overload Payments: Overload payments are paid twice during the Spring, Fall, and Summer Semesters. Winter Session Overload is paid once. Adjuncts Payments: Adjuncts payments are calculated based on the minimum employee compensation per credit hour multiplied by the number of credits taught per semester, then divided over 8 payments in the Spring and Fall Semesters. For Fiscal Year 2022 the compensation rates per credit are: 1-12 semesters ($1705) 13+ semesters ($1755) Example: An adjunct who has been teaching more than 13 semesters, and is teaching 3 credits in the Fall, his or her bi-weekly gross amount would be $609.38 and calculated as follows: 3 * $1,755 = $5,265 divided by 8 payments = $658.12 Graduate Assistance Payments: Graduate Assistance stipends are paid over 10 months from September 1st to June 30th with a Pay Factor of 21.7 in Fiscal Year 2023. Normally, the GA stipend is $6,000 for the academic year and the Bi-Weekly payment is $276.50 (6,000 divided by 21.7). Stipend and Special Payments: Stipend and Special Payments are paid according to instructions from the hiring department. See "Pay Schedules" drop down above to view pay dates. NJ Department of Treasury - Financial Payroll Year-end Guidelines Fiscal Year 2023
