Page 25 - Police Federal Credit Union

COMPENSATION

PAYCHECKS

Police FCU employees are paid 26 paychecks per year distributed on a bi-weekly basis and dispersed
every other Friday. The Credit Union establishes the specific dates and may vary them if necessary to
accommodate a compelling need.

Paychecks are directly deposited into an employee’s checking and/or savings accounts or other

financial institution/s as designated on the direct deposit form submitted by the employee to Human
Resources. Employees may change their designation at any time by submitting a new completed
direct deposit form to Human Resources.

Employee compensation is a private matter and the Credit Union discourages employees from
discussing this matter with anyone other than their supervision and/or management.

SALARY DEDUCTIONS

Salary and wages are subject to all required deductions, such as federal, state, local taxes, court
ordered requests, and elected contributions, such as 401(k), insurance premiums, 401(k) loan
payments, etc.

If an employee believes that an improper deduction has been taken from his or her pay, the employee
should immediately report the deduction to Human Resources. The report will be promptly

investigated and if it is found that an improper deduction has been made, the Credit Union will
reimburse the employee on the next pay cycle.

Police FCU is legally required to pay exempt employees who are not entitled to earn overtime on a
salary basis. This means, among other things, exempt employees must receive the same pay for each
week in which they perform work, regardless of the quantity or quality of work performed, and
regardless of how many hours they work, unless an exception applies. Company policy prohibits
docking the pay of an exempt employee—that is, paying the employee less than his or her full regular

salary—except in the following circumstances:

a. When an employee is absent from work for one or more full days for personal reasons other
than sickness or disability;

b. for absences of one or more full days due to sickness or disability if the deduction is made in
accordance with a bona fide plan, policy, or practice of providing compensation for salary lost
due to illness;

POLICE FEDERAL CREDIT UNION EMPLOYEE MANUAL - APRIL 2017 25 | PAGE