Payroll Basics

Employers shall post and keep posted a notice specifying the regular paydays and the time and place of payment.

Hourly Employees: Bi-weekly, every Friday

Monthly Employees: The last day of the month (except for June, which is July 1st)

Employees Paid Hourly - Payments are made bi-weekly (on Fridays) via a direct deposit to your checking and/or savings account(s).

Employees Paid Monthly - The reporting period for regular hours worked for monthly salaried employees is the first through the last day of the current month paid.  Example: if the current monthly pay date is April 30, the reporting period for salaried regular hours worked, exception hours, and leave usage is April 1 through April 30.  Recording of exception hours and leave usage is done the following month, so in this example it would be entered in Time Collection by the May Time Collection due date. Since the University of Colorado has a consolidated payroll system and cannot single out one employee type, the June payday for all monthly employees will be the first working day of July.  All other months will be paid on the last working day of the month.

Effective with the June 30, 2003 payroll, the State of Colorado has mandated that June pay each year be delayed by one day for all classified employees (other months are unaffected). In general, the standard University reporting period for leave usage such as vacation and sick leave is the first through the last day of the month.  Recording in Time Collection occurs in the following month.  

Direct Deposit - Direct deposit for net wage payments is mandatory for all employees at the University of Colorado.  The Payroll – Mandatory Direct Deposit policy was approved by the Office of the Vice President for Budget & Finance with an effective date of July 1, 2000.  Full enforcement of the Payroll – Mandatory Direct Deposit Policy was approved by the University of Colorado HR Operations Advisory Group with an effective date of September 1, 2002.

Employees are responsible for keeping their financial information current.  If a deposit must be returned due to a closed account, employees can expect a delay in the reissuing of those funds.  Employees are also responsible for verifying that their direct deposit requests have been processed correctly by reviewing their pay advice and/or calling their financial institution to confirm receipt of funds.  The university is not responsible for any overdraft charges if funds are not deposited as expected.

Employees should regularly review the information printed on the earnings advice, particularly when expecting a change in wages, additional pay such as overtime, changes to deductions and any direct deposit changes.  If an error is noted, please contact your Department HR Liaison.

W-2 Reporting - Each year the University must issue a W-2 form to all employees who received taxable wage payments so that the employees can file their taxes.  These forms are sent out no later than January 31st, to report the taxable wages paid during the previous year.  W-2 forms are mailed to your Home address.  W-2 forms are also on My CU Portal