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Annual Aggregate limitations are capped at the Executive Level I rate or based on OPM certification for the increased limit to the Vice President's salary level. Base pay and reoccurring allowances/ differentials are projected forward, and premium pay/award payments are capped based on tables maintained for each year's maximum per OPM regulations.
Biweekly premium pay limitations are capped at the Executive Level V. Specific payments that exceed the maximum annual aggregate limit may be entitled to a deferred payment, which is generated at the beginning of the following year. Annual premium pay limitations are capped at the Executive Level V rate. Base pay and reoccurring premium pays and year-to-date payments are capped based on tables maintained. Annual premium pays that were exceeded may be entitled to a deferred payment, due to changes in the projections, etc. Deferred payments for active employees are generated the last pay period in the tax year. These deferred generated payments are reviewed for accuracy, by IBC, and released for payment. IBC receives a report each pay period for those who have exceeded annual and aggregate limitations, which is used internally to identify separated employees. If the employee separates, IBC will manually pay the employee after auditing their record.
First, Determine the Biweekly Cap on Premium Pay using the table provided by OPM titled Biweekly Caps on Premium Pay.
An employee can be paid premium pay only to the extent that, when combined, the premium pay and basic pay does not exceed the cap.
Then, Calculate your biweekly premium pay.
Leave and Earnings Statements do not reflect compensatory time earned in a dollar amount. To calculate biweekly premium pay using a Leave and Earnings Statement, manually calculate the value of compensatory time hours earned, and add that number to the other premium pay and base pay (including any locality payment or special rate supplement).
The value of an hour of compensatory time off is equal to the overtime hourly rate in effect when earned that is payable in dollars.
On the Leave and Earnings Statement use the information found under Current Earnings/Earned.
For additional information on premium pay see OPM's Fact Sheet: Premium Pay (Title 5).