Starting this coming academic year, the option for nine-month faculty to be paid over 12 months will now be available. This optional program is designed as a savings method to help bridge the gap between the nine-month work year and the desire to have 12 months of income. Electing a 12-month plan simply spreads the current nine-month salary over 12 months of pay periods; no additional salary is paid as a result of the election.
The annual enrollment period for this option will typically be from July 1 to Aug. 15 of each year or within 60 days of hire. Because this is the first year of availability, this year’s deadline will be Aug. 23. If a faculty member chooses to opt in this summer, the new payment program will become effective with the first full pay period beginning Aug. 24. While faculty may only opt in upon hire or during the annual enrollment period, they may opt out at any time. Opting in does not trigger an assignment or effort report for the summer. Adjunct faculty members are not eligible to participate.
This plan allows employees to select a fixed savings amount to be deducted from each of their 18 biweekly paychecks received during the fall and spring semesters. The total savings is then returned to the employee in equal amounts for the six biweekly paychecks received during the summer.
This program will not impact any summer appointments, including grants eligibility, and pay received for supplemental summer assignments will be unaffected. Those who earn summer salary, typically from grant support or a summer teaching assignment, will be paid as usual over the appropriate summer pay periods (on top of the deferred salary from the nine-month academic semesters). The pay plan is subject to tax limitations.
Enroll, complete calculations and learn more here.
Questions may be directed to Payroll & Tax Services at TimeLaborHelp@admin.ufl.edu.