Full-time, 9-10 month faculty appointed for the entire academic year are eligible to receive their annual salary in either 18 equal pays made semi-monthly over the academic year or in 24 equal pays made semi-monthly over a 12-month period. The pay cycle begins August 16th with either selection.
This form must be received in Faculty Personnel Services no later than August 15 of the appropriate academic year if you wish to choose the 24 pay plan. Your selection is irrevocable for the academic year once the work period has begun and will remain in effect until a new pay plan selection is submitted. Effective January 1, 2008, IRS imposes an additional 20% income tax penalty for changes to your deferral election made before the conclusion of the 12-month period.