Mid Year Contract Change-Retro Lump Sum

Mid Year Contract Change-Retro Lump Sum:

If the Contract is Stretch Paid:

• New Unit Amount = New Contract Amount (the full contract amount as if the amount was paid from the start of the contract)/New Contract Work Days

• Work Days Remaining = New Contract Work Days - New Contract Days Worked

• Contract Amount to be Earned = New Unit Amount X Work Days Remaining

• Full Retro Amount = (New Unit Amount - Old Unit Amount) X Days Since Raise

  • For Hourly Contracts:

    • If the New Unit Amount = Old Unit Amount, the Full Retro Amount = ((New Unit Amount X New Hours In Day) - (Old Unit Amount X Old Hours In Day)) X Days Since Raise

    • If the New Unit Amount does not equal the Old Unit Amount, the Full Retro Amount = ((New Unit Amount - Old Unit Amount) X (New Hours In Day)) X Days Since Raise

• Full Pay Per Period = New Contract Amount (the full contract amount as if the amount was paid from the start of the contract)/New Pays In Contract 

• New Retro Next Pay = 

  • If the Days Since Raise = New Contract Days Worked, then the New Retro Next Pay = (Full Pay Per Period - Old Pay Per Period) X New Pays Paid
    
    
    
    Otherwise, the calculations are based on frequency of pay as follows:
    
    
    
    If the New Pay Plan is Biweekly, the New Retro Next Pay = (Full Pay Per Period - Old Pay Per Period) X (Days Since Raise/10)
    
    
    
    If the New Pay Plan is Semi Monthly, the New Retro Next Pay = (Full Pay Per Period - Old Pay Per Period) X (Days Since Raise/11)
    
    
    
    If the New Pay Plan is Monthly, the New Retro Next Pay = (Full Pay Per Period - Old Pay Per Period) X (Days Since Raise/21)

• Retro Spread Over Remaining Pays = Full Retro Amount - New Retro Next Pay

  • Unless:

    • The New Retro Next Pay is less than zero and the Full Retro Amount is greater than zero, then the Retro Spread Over Remaining Pays will be the Full Retro Amount + New Retro Next Pay

    • If the New Retro Next Pay is less than zero, the system will multiply the New Retro Next Pay by negative to calculate a dock amount. 

• New Contract Obligation = (Contract Amount Earned + Contract Amount to be Earned + Full Retro Amount)

• Pays Remaining = New Pays In Contract - New Pays Paid 

• New Pay Per Period = (New Contract Obligation - New Amount Paid - New Amount Docked - New Retro Next Pay)/Pays Remaining

If the Contract is Not Stretch Paid:

• New Unit Amount = New Contract Amount /New Contract Work Days

• Work Days Remaining = New Contract Work Days - New Contract Days Worked

• Contract Amount to be Earned = New Unit Amount X Work Days Remaining

• Full Retro Amount = (New Unit Amount - Old Unit Amount) X Days Since Raise

• New Contract Obligation = (Contract Amount Earned + Contract Amount to be Earned + New Retro Next Pay)