Latest from bunker on Bancroft

UT employees screwed over by Admin again.

UT issued incorrect W2s for a very large number of employees.

This means everyone who has received an incorrect W2 will have to submit an ammended W2 if they have filed already. For some people, there are multiple mistakes and the amounts are thousands of dollars.

Today, an email went out that said there were EIGHT different areas where UT had screwed up the W2s. David Dabney, CFO & VP for Finance, sent out a mass email which said there are many areas where corrections to the W-2’s are being or have been made, including:

1. Mistakes with HSA Box 12W (Health Savings Accounts);

2. Dental benefits wrong for Health Sciences Campus;

3. Medical Residents not having federal and state taxes withheld first couple of pay periods due to W-4’s not being submitted timely to set up withholding. Gross income understated on initial W-2 because for pay periods where no federal or state withholding occurred the gross income was not included on the W-2.

4. Relocation expenses: included taxable and non-taxable. Had to separate and reissue.

5. Group Life Insurance contained many mistakes, including incorrect imputed income and not being set up for reduction in coverage due to age.

6. Many mistakes with imputed income - including it being calculated based on 12 months of pay, whereas most professors are on 9 month contracts. This seems to be related to the Banner system (which was introduced at ENORMOUS expense, with almost no training for anyone, and was not as good as the previous system... another brilliant idea)

7. Reduced coverage for those 70 or older was not factored in, resulting in overstatement of imputed income.

Even though UT's Admin has admitted this, they still haven't provided corrected W2s... meaning that people have had to delay filing their returns - and getting a refund - (or will have to resubmit, and perhaps even pay back money they've already spent).

BUT WAIT... IT GETS WORSE!!!!!!!!

They also said today that there were mistakes in the 2009 and 2010 W2s, but they won't even send out amended forms until JUNE of this year. They will not provide any financial assistance to cover the cost of people re-filing for those years; the limit is $100 for this year alone. And that is only if you have already submitted... if your accountant had done it, but you got notified of the error before you'd signed the final document, and so you just waited... there is no compensation for the extra expenses you will incur for them re-doing it.

People at UT are wondering out loud

Why are they so incompetent?

Why hasn't there been a complete rehaul of the finance department (including the people at the top losing their jobs) because of this gross negligence?

Why are they taking so long to do all these ammended W2s?

Why do they think June 2012 is an acceptable date to aim at for mistakes in 2009 and 2010?

How can the head of finance keep his job in these circumstances?

Truly appalling stuff. And the taxpayer will have to foot the bill for the massive fines UT will incur.

Sounds like Jacobs' Administration will give themselves huge bonuses for this 'job well done'.

And a class action law suit against the University might be coming this way! Stay tuned!