December payslip reinforces financial value of employee benefits

Iowa State employees know one of the advantages of working at the university is the strong benefits package it provides.

With tax season approaching and employees looking for a complete view of their financial situation, it can be helpful to see the value of the benefits, especially following the last payslip of 2022 in December. Employees can access their payslips by clicking on the "Pay" app on the Workday home screen. Each one includes a section called "Employer Paid Benefits" where the cost of the university's share of benefits and mandatory deductions is listed and itemized, on both a per-pay-period and year-to-date basis.

With the year-to-date totals, every employee's December payslip shows how much Iowa State spent on their benefits that year, said Ed Holland, director of benefits for university human resources. While situations differ widely, the annual tally for ISU-paid benefits can be a sizable sum.

"The December payslip really gives you a good sense of what your employer has paid and what you have paid over the course of the year for benefits," he said. "It shows the investment the university puts into you each year."

Seeing indirect compensation outlined in an easy-to-understand manner also can help raise awareness about benefits, Holland said. Employees may notice that Iowa State, like all employers, matches employee tax contributions for Medicare and Social Security, the latter listed in Workday as OASDI (old age, survivors and disability insurance). Or they could see a benefit they forgot they had, such as basic life insurance, that's provided by ISU for employees.