The regular 18-pay semimonthly schedule (one half pay, sixteen full pays, and one half pay) of a Faculty member’s academic year regular salary begins on August 31st and ends on May 15th of the following year.
Participating in the Summer Option Program allows for a Faculty member to receive their academic year regular salary over 25 semimonthly pay periods (one half pay, twenty-three full pays, and one half pay) starting August 31st of the current year, ending August 31st of the following year.
Complete the Summer Option Program form to begin participating in the program or to cancel your participation. Cancelling your participation will result in the total of the Summer Option Deductions taken to date for the current academic year being refunded to you in the next semimonthly pay. Reference Pay Periods and Pay Dates for more information.
Contact Payroll with any questions about this program.
Refinements were made to the Summer Option Payroll program during Fall 2018
What are the changes?
- The reporting of taxes for your summer option have moved to the time period when you receive the funds. Historically, these were withheld and submitted during the semester.
- Take home pay remains similar under both methods but your taxable income for calendar year 2018 will appear lower. This is given the fact that your earnings for the summer deferral will occur when you receive them.
What benefits will you see?
- This change will allow for evenly distributing base salary over 12 months.
- The first year of the change, calendar year 2018, will result in less taxable income for the participants even though take home pay remained similar.
Should you have any questions please feel free to contact Brian Pendergast at 315-443-1426.