When considering options for spread pay for University of Idaho employees, Head of the Spread Pay Task Force Becky Tallent said there are many different things to consider.
“There are just so many working parts when you”re talking about a university and pay systems and departments,” Tallent said.
She said the task force is looking into three possible options for employee payment processes.
One option is for the employee to bypass spread pay altogether and stick with payment over nine months starting in mid-August. The second option is to begin spread pay on the start date listed on an employee”s contract and continue it for the duration of the year.
Tallent said the task force researched and agreed upon the first two options. The third option was proposed recently and members of the task force are still in the process of researching it. The third option would be spread pay through an employee”s financial institution, like a bank or credit union.
Each pay period, money would be given to an employee”s financial institution to put in their savings account, or somewhere similar, Tallent said. Then it would be up to the employee to work with their financial institution to set up the rate that their money would shift from their savings account into their checking account. This way, the money in the savings account can build interest.
The idea of this third option is to give employees the ability to fully control their money, if they choose to.
“I think it will have a certain appeal to some folks,” Tallent said. “Especially those that like the idea of having their money work for them through gaining interest.”
Tallent said right now, the task force may consider proposing all three options and allowing employees to choose which one they want. She said before they officially propose the idea though, they want to get input from faculty and staff.
“If we”re on the wrong track, tell us, please,” she said. “If we”re on the right track, tell us, please.”
Tallent hopes to make a survey on the options available to university employees, and said she”s planning to hold open forums to get direct feedback. She said she takes this responsibility seriously.
“I know how important it is to know your family is secure,” she said.
UI Provost and Executive Vice President John Wiencek said the task force should be ready to propose their idea by the end of the semester. Tallent agreed, but said it wouldn”t be until the 2016-2017 academic year when the change is implemented.
Erin Bamer can be reached at [email protected] or on Twitter @ErinBamer