Information Item# 1-Submitted by the UNF Human Resources (2014/2015- April)
Twelve Month Pay Plan Option (Deferred Pay) Summary
(Open enrollment is from March 2 to June 30.
After that date, the info would need to be taken off.)
The Twelve Month Pay Option Plan allows academic employees on a 9-month appointment to have their 9-month salary equally dispersed over the 12 month period (paydays August 21, 2015 through August 5, 2016) according to the standard biweekly salary payroll schedule.
Interest will not be paid on the deferred amount. Participation in the plan is only available to faculty members on a 9-month appointment. Checks or direct deposits will be processed like any other payroll payment. Benefits deductions will be processed over twelve months instead of having double deductions during the spring term.
To enroll in the plan, you must complete an “Authorization for the Twelve Month Pay Plan Option” form. This form must be returned to the Office of Human Resources by June 30, 2015. Enrollment in the plan becomes effective at the beginning of the next academic year: August 2015.
Once you enroll in the plan, your pay will continue to be deferred until you formally withdraw from the plan or resign from the University. This means that once you opt into the 12-month pay option, you cannot opt out until the next open enrollment period.
If you wish to cancel your participation in the Twelve Month Pay Option, you will be required to submit a “Request for Termination of Twelve Month Pay Option Plan” to the Office of Human Resources by June 30 of the respective academic year. Termination will be effective in August at the end of the current 12-month pay cycle and your salary will convert to a standard 9-month distribution beginning the next academic year.
If you retire or resign from your position, the deferral process ends and all monies that have been set aside for pay out during the summer months will be paid in full. In the event of your death, the money accumulated in the deferred pay account will be paid to your designated beneficiary.