Payroll Office: Faculty Pay Information
Faculty Salary Pay Election: Faculty employees have the option to choose a 12-month Salary Election for their 9-month salary appointment.
12-Month Salary Election -Faculty employee who chose the 12-month Salary Election will be paid from September until August of the following year in 12 equal payments.
By acceptance of the 12-month salary election of the faculty employee the following conditions apply:
1. No salary paid by a grant during the academic year (limitation does not apply to summer contracts salary).
2. No possibility of applying grant funding for salary during the academic year.
3. If a faculty employee receives a grant (anticipated or not), faculty will not be able to buy out any of time during the regular academic year.
Termination: If a Faculty employee who selected 12-month Salary Election terminates their employment prior to August 31, all deferred funds will be paid in a lump sum on the next regularly scheduled payroll to the employee.
9-Month Salary Election - Faculty employees who do not choose 12-month Salary Election default to the 9-month Salary Election for their 9-month salary appointment.
When an faculty employee chooses 9-month Salary Election, employee’s insurance premiums will be doubled for the months of March, April, and May to pay for June, July, and August insurance premiums.
Irrevocable Election: Internal Revenue Code Section 409a and Deferred Compensation require a 12-month Salary Election must be completed prior to the school year or work period. Furthermore, the election of either the 9-month or 12-month Salary Election is irrevocable during the school year. A Salary Election will remain in effect until a future Salary Election is submitted for a following work year.