The University of Minnesota functions as the common paymaster for University of Minnesota Physicians (UMP). The University and University of Minnesota Physicians are considered related corporations for purposes of a common paymaster arrangement of wage and tax reporting and reaching Social Security limits. This allows you to have only one FICA limit for your combined wages from both organizations.
University of Minnesota Physicians and the University of Minnesota follow the same pay cycles, but as a concurrent employee of both entities you receive two pay statements each period. The first reports University compensation and deductions. The second reports UMP compensation and UMP deductions. All pay statements are available by going to the My Pay tab in MyU.
As a concurrent employee of both the University of Minnesota and University of Minnesota Physicians, your income tax withholding is based on separate W-4 forms submitted for each organization.
To view or change your W-4 allowances for both UMP and the University, go to the My Pay tab in MyU and click W-4 Tax Information near the bottom of the page.
University of Minnesota Physicians will receive a single Form W-2 at the end of each calendar year, which will consolidate earnings from the University and UMP.
University of Minnesota Physicians offers both before-tax and personal deductions to employees who also concurrently work for the University.
The before-tax deductions include:
- University of Minnesota (UMP) Savings Plan – 401K Plan: Not subject to federal and state income tax withholding
- University of Minnesota Physicians Medical Reimbursement: Not subject to Social Security and Medicare withholding, or federal or state income tax withholding
- University of Minnesota Physicians Dependent Reimbursement: Not subject to Social Security and Medicare withholding, or federal or state income tax withholding. (Note: If you are already participating in the University's dependent care benefit program you cannot participate in this portion of UMP's Plan.)
Personal deductions offered to UMPhysicians employees include:
- UMPhysicians Long-Term Care Coverage
- UMPhysicians Disability
For more information about the University of Minnesota Physicians Retirement Savings and all other UMP benefits and deductions, contact the University of Minnesota Physicians HR Service Center at 612-884-0808.