How to set up Plan year period for a plan with a transaction every semimonthly?

How do I setup a Plan Year period wherein plan cycle is every semi-monthly per year?  Please validate if I am doing the right thing.

1.) Define Plan Year

    Start Date: 01-Jan-2016

    End Date : 31-Dec-2016

2.) Define Period Type:  Calendar

3.)  Define Within Year Periods:

      Start Day : 01

     Start Month:  January

      End Day:  15

      End Month:  January

      UOM: Other

    Start Day : 16

     Start Month:  January

      End Day:  31

      End Month:  January

      UOM: Other

  the list goes on until 16-Dec t0 31-Dec- 2016